General Rules and Regulations
promulgated
under the
Securities Exchange Act of 1934
Rule 3a12-6 -- Definition of "Common Trust Fund" as Used in Section 3(a)(12) of the Act
The term common trust fund as used in section
3(a)12 of the Act shall include a common trust fund which is maintained by a
bank which is a member of an affiliated group, as defined in section
1504(a) of the Internal Revenue Code of 1954, and which is maintained exclusively
for the collective investment and reinvestment of monies contributed thereto by one
or more bank members of such affiliated group in the capacity of trustee, executor,
administrator, or guardian; Provided, That:
The common trust fund is operated in compliance with
the same state and federal regulatory requirements as would apply if the bank maintaining
such fund and any other contributing banks were the same entity; and
The rights of persons for whose benefit a contributing
bank acts as trustee, executor, administrator, or guardian would not be diminished
by reason of the maintenance of such common trust fund by another bank member of
the affiliated group.
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