CFR /  Title 12  /  Part 218  /  Sec. 218.781 Exemption from the definition of ``broker'' for banks

A bank is exempt from the definition of the term ``broker'' under section 3(a)(4) of the Act (15 U.S.C. 78c(a)(4)) until the first day of its first fiscal year commencing after September 30, 2008.