---
kind: "section"
citation: "12 C.F.R. § 218.781"
title: "12"
number: "218.781"
heading: "Exemption from the definition of “broker” for banks for a limited period of time."
url: "https://uscodex.org/cfr/12/218.781"
---

# §218.781. Exemption from the definition of “broker” for banks for a limited period of time.


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)](/usc/15/78c.md?p=a-4)) until the first day of its first fiscal year commencing after September 30, 2008.


## Notes

### Authority

Authority: 15 U.S.C. 78c(a)(4)(F).

### Source

Source: Reg. R, 72 FR 56554, Oct. 3, 2007, unless otherwise noted.