12 CFR 150.470
§ 150.470 Who directs the conduct of the audit?
United States · 12 CFR — Banks and Banking · Status: effective
Cite this
- Citation
- 12 CFR 150.470, § 150.470 Who directs the conduct of the audit?, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/43749
- Permanent ID
ys:prov:43749@1- SHA-256
91cde627d9af4dfa634a93064d0226ea9f20cff391e0c0e4055e245260948f02
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
Your fiduciary audit committee directs the conduct of the audit. Your fiduciary audit committee may consist of a committee of your directors or an audit committee of an affiliate. There are two restrictions on who may serve on the committee:
(a) Your officers and officers of an affiliate who participate significantly in administering your fiduciary activities may not serve on the audit committee.
(b) A majority of the members of the audit committee may not serve on any committee to which the board of directors has delegated power to manage and control your fiduciary activities.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.