12 CFR 150.40
§ 150.40 When do I have investment discretion?
United States · 12 CFR — Banks and Banking · Status: effective
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- Citation
- 12 CFR 150.40, § 150.40 When do I have investment discretion?, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/43708
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Full text
(a) General. You have investment discretion when you have, with respect to a fiduciary account, the sole or shared authority to determine what securities or other assets to purchase or sell on behalf of that account. It does not matter whether you have exercised this authority.
(b) Delegations. You retain investment discretion if you delegate investment discretion to another. You also have investment discretion if you receive delegated authority to exercise investment discretion from another.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.