If you act in an exempt fiduciary capacity under Sec. 550.580, the funds of the fiduciary account may be invested only in the following:
(a) Your accounts, deposits, obligations, or securities.
(b) Other assets as the customer may direct, provided you do not exercise any investment discretion and do not directly or indirectly provide any investment advice for the fiduciary account. [62 FR 67703, Dec. 30, 1997, as amended at 67 FR 76299, Dec. 12, 2002]