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

---
identifier: "/us/cfr/t12/s218.781"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 218.781 - Exemption from the definition of “broker” for banks for a limited period of time."
title_number: 12
title_name: "Banks and Banking"
section_number: "218.781"
section_name: "Exemption from the definition of “broker” for banks for a limited period of time."
chapter_name: "FEDERAL RESERVE SYSTEM"
subchapter_number: "A"
subchapter_name: "BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM"
part_number: "218"
part_name: "EXCEPTIONS FOR BANKS FROM THE DEFINITION OF BROKER IN THE SECURITIES EXCHANGE ACT OF 1934 (REGULATION R)"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "15 U.S.C. 78c(a)(4)(F)."
regulatory_source: "Reg. R, 72 FR 56554, Oct. 3, 2007, unless otherwise noted."
cfr_part: "218"
---


# 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)) until the first day of its first fiscal year commencing after September 30, 2008.