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8 11367. Application of other laws

(a) Section 14(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78n(a)) does not apply to a solicitation related to a proposed change under this subchapter.

(b) If the Interstate Commerce Commission finds an issuance of a security, that is an interest in a railroad equipment trust as defined in section 3(aX6) of the Securities Act of 1933 (15 U.S.C. 77c(a)(6)), under this subchapter complies with section 11301 of this title, it is considered to be an issuance subject to section 11301 within the meaning of section 3(a)(6). Section 5 of that Act (15 U.S.C. 77e) does not apply to the issuance, sale, or exchange of certificates of deposit representing securities of, or claims against, a carrier that are issued by committees in proceedings under this subchapter. Those certificates and transactions under this subchapter are exempt from that Act (15 U.S.C. 77a et seq.).

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REGULATORY DEFINITION OF “SEPARATELY IDENTIFIABLE DEPARTMENT OR DIVISION OF A BANK”

Section 15B(b)(2)(H) of the Securities Exchange Act of 1934 (15 U.S.C. 780-4(b)(2)(H)), provides that the Municipal Securities Rulemaking Board shall define the term "separately identifiable department or division of a bank”, as that term is used in section 3(a)(30) of that Act (15 U.S.C. 78c(a)(30)). Pursuant to this provision, the Municipal Securities Rulemaking Board has adopted Rule G-1, which is set forth below:

RULE G-1. (a) A separately identifiable department or division of a bank, as such term is used in section 3(a)(30) of the Act, is that unit of a bank which conducts all of the activities of the bank relating to the conduct of business as a municipal securities dealer (“municipal securities dealer activities”), as such activities are hereinafter defined, provided that:

(1) Such unit is under the direct supervision of an officer or officers designated the board of directors of the bank as responsible for the day-to-day conduct of the bank's municipal securities dealer activities, including the supervision of all bank employees engaged in the performance of such activities; and

(2) There are separately maintained in or separately extractable from such unit's own facilities or the facilities of the bank, all of the records relating to the bank's municipal securities dealer activities, and further provided that such records are so maintained or otherwise accessible as to permit independent examination thereof and enforcement of applicable provisions of the Act, the rules and regulations thereunder and

the rules of the Board. (b) For purposes of this rule, the activities of the bank which shall constitute municipal securities dealer activities are as follows:

(1) underwriting, trading and sales of municipal securities;

(2) financial advisory and consultant services for issuers in connection with the issuance of municipal securities;

(3) processing and clearance activities with respect to municipal securities;

(4) research and investment advise with respect to municipal securities;

(5) any activities other than those specifically enumerated above which involve communication, directly or indirectly, with public investors in municipal securities; and

(6) maintenance of records pertaining to the activities de

scribed in paragraph (1) through (5) above; provided however, that the activities enumerated in paragraphs (4) and (5) above shall be limited to such activities as they relate to the activities enumerated in paragraphs (1) and (2) above.

(c) The fact that directors and senior officers of the bank may from time to time set broad policy guidelines affecting the bank as

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a whole and which are not directly related to the day-to-day conduct of the bank's municipal securities dealer activities, shall not disqualify the unit hereinbefore described as a separately identifiable department or division of the bank or require that such directors or officers be considered as part of such unit.

(d) The fact that the bank's municipal securities dealer activities are conducted in more than one geographic organizational or operational unit of the bank shall not preclude a finding that the bank has a separately identifiable department or division for purposes of this rule, provided, however, that all such units are identifiable and that the requirements of subparagraphs (1) and (2) of paragraph (a) of this rule are met with respect to each such unit. All such geographic, organizational or operational units of the bank shall be considered in the aggregate as the separately identifiable department or division of the bank for purposes of this rule.

INDEX TO APPENDIX
In general, items appear in the appendix in the order in which they are codified in the
United States Code. References in brackets [ ) are to the United States Code.

U.S.C. Reference

Subject

Page

405

407
413
423
429

430

431

432

433

435
435

435
437

439

[5 U.S.C. 551)..

Definitions from Administrative Procedure

Act.
[5 U.S.C. 552]

Freedom of Information Act
(5 U.S.C. 552a)

Privacy Act .....
[5 U.S.C. 552b)

Sunshine Act ......
[5 U.S.C. 553]

Rulemaking under Administrative Proce-

dure Act.
(5 U.S.C. 554]

Adjudications under Administrative Pro-

cedure Act.
[5 U.S.C. 555)

Ancillary matters under Administrative

Procedure Act.
[5 U.S.C. 556]

Hearings, etc., under Administrative

Procedure Act.
[5 U.S.C. 557]

Initial decisions, etc., under Administra-

tive Procedure Act.
[5 U.S.C. 704]

Agency actions reviewable by court .....
[5 U.S.C. 705).

Postponement of effective date of agency

action pending court review.
[5 U.S.C. 706).

Scope of court review of agency action
i7 U.S.C. 2].

Exclusive jurisdiction of Commodity Fu-

tures Trading Commission.
[7 U.S.C. 2a).

Puts, calls, and other options on securities

and groups or indexes of securities; con-
tracts for future delivery of groups or

indexes of securities.
[7 U.S.C. 6m)...........

Relation of securities laws to securities of

commodity pools.
(11 U.S.C. 1109(a)]...

Conferral of standing on SEC in bankrupt-

cy chapter 11 cases.
[11 U.S.C. 1125)

Disclosure and solicitation after filing of

bankruptcy chapter 11 petition.
[11 U.S.C. 1129(d)).................. SEC standing to object to confirmation of

certain bankruptcy chapter 11 plans.
[11 U.S.C. 1145].

Exemption for certain transactions subject

to bankruptcy code.
[12 U.S.C. 92a(a)-(b)] ..... Fiduciary powers of national banks re-

ferred to in Section 3(a)(6) of Securities

Exchange Act.
[12 U.S.C. 250).

Submissions by SEC to Congress relating to

legislation.
[12 U.S.C. 6351-4]....

Sale of bank loans
(12 U.S.C. 1141j(a))........... Definition of "cooperative association” re-

ferred to in section 12(g)(2)(E) of Securi-

ties Exchange Act.
(12 U.S.C. 1455(a), (g)]

Exemption for securities of Federal Home

Loan Mortgage Corporation.
[12 U.S.C. 1717(c)(1))..

Exemption for certain Government Nation-

al Mortgage Association securities.
[12 U.S.C. 1719(d)-(e))................ Exemption for certain securities of Federal

National Mortgage Association.

442

443

443

444

444

447

448

449
450

451

452

452

INDEX TO APPENDIX—Continued

In general, items appear in the appendix in the order in which they are codified in the
United States Code. References in brackets [ ] are to the United States Code.

U.S.C. Reference

Subject

Page

[12 U.S.C. 1723c). ...........

Exemption for securities of Federal Nation- 453

al Mortgage Association and Govern-

ment National Mortgage Association.
[12 U.S.C. 1841).

Definition of "bank holding company” re- 455

ferred to in section 3(a)(34) of Securities

Exchange Act.
(12 U.S.C. 3401-3422]

Right to Financial Privacy Act of 1978........... 460
(15 U.S.C. 78d nt).......

Reorganization plan transferring Commis- 477

sion functions to Chairman.
(15 U.S.C. 78d-1, 78d-2].... Delegation of Commission functions

479
(15 U.S.C. 780-4(b)(2)(H)]* Definition of "separately identifiable de-

530
partment or division of a bank”.
(15 U.S.C. 80–80c-3]... Small business capital formation

481
(15 U.S.C. 3901(a)(4)-3904(a)- Liability Risk Retention Act of 1986 ..

483
(c)].
[16 U.S.C. 824c(h)).................. Filings for securities issues approved by 485

Federal Energy Regulatory Commission.
(18 U.S.C. 152, 471-473, 494- Crimes subjecting persons to SEC sanctions..

486
495, 1001, 1341-43].
(18 U.S.C. 3571-3574]
Sentences

491
(18 U.S.C. 6001-6004)

Procedure for granting immunity in cer- 493

tain administrative proceedings.
[20 U.S.C. 1087–2(1))..................... Exemption for secu ies of Student Loan 496

Marketing Corporation.
[20 U.S.C. 1087hh(a)(4))............. Exemption for securities to fund direct stu- 497

dent loan program.
[22 U.S.C. 283h-283i)..... ....... Exemption for securities of Inter-American 498

Development Bank.
[22 U.S.C. 285h)....

Exemption for securities of Asian Develop- 500

ment Bank.
[22 U.S.C. 286k-1, 286k-2]. Exemption for securities of World Bank 501-502
[22 U.S.C. 290i-9].

Exemption for securities of African Devel- 503

opment Bank.
[26 U.S.C. 103]
Industrial development bonds....

504
(26 U.S.C. 401]

Pension, profit-sharing, and stock bonus 510

plans.
[26 U.S.C. 403(b)(1)]..
Certain annuity contracts

519
[26 U.S.C. 404(a)2)).
Certain annuity plans

520
126 U.S.C. 414(d)]........
Definition of “governmental plan”

521
[26 U.S.C. 501(a), (c)2), (c)(16))... Certain corporations organized by farmers 521

cooperatives and corporations organized
to hold title to property referred to in

section 3(a)(5) of Securities Act.
[26 U.S.C. 521(a)-(b)] ....... Farmers' cooperatives referred to in sec- 522

tion 3(aX5) of Securities Act.
[26 U.S.C. 851(e)(1), (3)]. Authority of SEC to certify as to invest-

523
ment companies furnishing capital to de-

velopment corporations.
[29 U.S.C. 1002(21))...

Definition of "fiduciary” referred to in sec- 525

tion 2(15) of Securities Act.
43 U.S.C. 1625]......

Exemption for corporations organized pur- 526

suant to Alaska Native Claims Settle-

ment Act.
[45 U.S.C. 720(g)).

Exemption for obligations of United States 527

Railway Association.
[47 U.S.C. 153(h), (t))....... Definitions of “common carrier" and 528

"State commission" referred to in section
3(aX22XA) of Securities Exchange Act.

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