# 17 C.F.R. § 230.132 (2026): Definition of “common trust fund” as used in section 3(a)(2) of the Act

> Federal · Regulations · In force

URL: https://www.frixlaw.com/law-library/statutes/CFR_T17_P230_S230_132

## Section

- **Citation:** 17 C.F.R. § 230.132 (2026)
- **Heading:** Definition of “common trust fund” as used in section 3(a)(2) of the Act
- **Jurisdiction:** Federal
- **Kind:** Regulations
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Title 17 CFR: Commodity and Securities Exchanges / Chapter II: SECURITIES AND EXCHANGE COMMISSION / Part 230: GENERAL RULES AND REGULATIONS, SECURITIES ACT OF 1933 / § 230.132: § 230.132   Definition of “common trust fund” as used in section 3(a)(2) of the Act.

## Text

The term
common trust fund
as used in section 3(a)(2) of the Act (15 U.S.C. 77c(a)(2)) 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 (26 U.S.C. 1504(a)), 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:
(a) 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 entry; and
(b) 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.
(15 U.S.C. 77s(a))
[43 FR 2392, Jan. 17, 1978]

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/CFR_T17_P230_S230_132. Check the current official text before relying on it. Not legal advice.