Voglio sapere a riguardo di…

jbell on DSKJLSW7X2PROD with RULES2

6790

Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Rules and Regulations
placed at more than one insured depository institution, engaging in one or more of the following activities:
A The person has legal authority, contractual or otherwise, to close the account or move the third partys funds to another insured depository institution;
B The person is involved in negotiating or setting rates, fees, terms, or conditions for the deposit account; or C The person engages in matchmaking activities.
1 A person is engaged in matchmaking activities if the person proposes deposit allocations at, or between, more than one bank based upon both the particular deposit objectives of a specific depositor or depositors agent, and the particular deposit objectives of specific banks, except in the case of deposits placed by a depositors agent with a bank affiliated with the depositors agent. A proposed deposit allocation is based on the particular objectives of:
i A depositor or depositors agent when the person has access to specific financial information of the depositor or depositors agent and the proposed deposit allocation is based upon such information; and ii A bank when the person has access to the target deposit-balance objectives of specific banks and the proposed deposit allocation is based upon such information.
2 Anti-evasion. Any attempt by a person to structure a deposit placement arrangement in a way that evades meeting the matchmaking definition in this section, while still playing an ongoing role in providing any function related to matchmaking may, upon a finding by and with written notice from the FDIC, result in the person meeting the matchmaking definition.
iv Engaged in the businessA
person is engaged in the business of placing, or facilitating the placement of, deposits as described in paragraph a5ii or iii of this section, respectively, when that person has a business relationship with third parties, and as part of that relationship, places, or facilitates the placement of, deposits with insured depository institutions on behalf of the third parties.
v
I An agent or nominee whose primary purpose is not the placement of funds with depository institutions; or 1 Designated business exceptions that meet the primary purpose exception. Business relationships are designated as meeting the primary purpose exception, subject to 303.243b3 of this chapter, where,
VerDate Sep<11>2014

20:25 Jan 21, 2021

Jkt 253001

with respect to a particular business line:
i Less than 25 percent of the total assets that the agent or nominee has under administration for its customers is placed at depository institutions;
ii 100 percent of depositors funds that the agent or nominee places, or assists in placing, at depository institutions are placed into transactional accounts that do not pay any fees, interest, or other remuneration to the depositor;
iii A property management firm places, or assists in placing, customer funds into deposit accounts for the primary purpose of providing property management services;
iv The agent or nominee places, or assists in placing, customer funds into deposit accounts for the primary purpose of providing cross-border clearing services to its customers;
v The agent or nominee places, or assists in placing, customer funds into deposit accounts for the primary purpose of providing mortgage servicing;
vi A title company places, or assists in placing, customer funds into deposit accounts for the primary purpose of facilitating real estate transactions;
vii A qualified intermediary places, or assists in placing, customer funds into deposit accounts for the primary purpose of facilitating exchanges of properties under section 1031 of the Internal Revenue Code;
viii A broker dealer or futures commission merchant places, or assists in placing, customer funds into deposit accounts in compliance with 17 CFR
240.15c33e or 17 CFR 1.20a;
ix The agent or nominee places, or assists in placing, customer funds into deposit accounts for the primary purpose of posting collateral for customers to secure credit-card loans;
x The agent or nominee places, or assists in placing, customer funds into deposit accounts for the primary purpose of paying for or reimbursing qualified medical expenses under section 223 of the Internal Revenue Code;
xi The agent or nominee places, or assists in placing, customer funds into deposit accounts for the primary purpose of investing in qualified tuition programs under section 529 of the Internal Revenue Code;
xii The agent or nominee places, or assists in placing, customer funds into deposit accounts to enable participation in the following tax-advantaged programs: Individual retirement accounts under section 408a of the Internal Revenue Code, Simple individual retirement accounts under
PO 00000

Frm 00050

Fmt 4701

Sfmt 4700

section 408p of the Internal Revenue Code, or Roth individual retirement accounts under section 408A of the Internal Revenue Code;
xiii A Federal, State, or local agency places, or assists in placing, customer funds into deposit accounts to deliver funds to the beneficiaries of government programs; and xiv The agent or nominee places, or assists in placing, customer funds into deposit accounts pursuant to such other relationships as the FDIC specifically identifies as a designated business relationship that meets the primary purpose exception.
2 Approval required for business relationships not designated in paragraph a5vI1. An agent or nominee that does not rely on a designated business exception described in this section must receive an approval under the application process in 303.243b of this chapter in order to qualify for the primary purpose exception.
3 Brokered CD placements not eligible for primary purpose exception.
An agents or nominees placement of brokered certificates of deposit as described in 12 U.S.C. 1831fg1A
shall be considered a discrete and independent business line from other deposit placement businesses in which the agent or nominee may be engaged.
4 Brokered CD means a deposit placement arrangement in which a master certificate of deposit is issued by an insured depository institution in the name of the third party that has organized the funding of the certificate of deposit, or in the name of a custodian or a sub-custodian of the third party, and the certificate is funded by individual investors through the third party, with each individual investor receiving an ownership interest in the certificate of deposit, or a similar deposit placement arrangement that the FDIC determines is arranged for a similar purpose.
vi Notwithstanding paragraph a5v of this section, the term deposit broker includes any insured depository institution that is not well-capitalized, and any employee of any such insured depository institution, which engages, directly or indirectly, in the solicitation of deposits by offering rates of interest with respect to such deposits which are significantly higher than the prevailing rates of interest on deposits offered by other insured depository institutions in such depository institutions normal market area.

b
4 Acceptance of nonmaturity brokered deposits. i A nonmaturity
E:FRFM22JAR2.SGM

22JAR2