17 CFR § 247.781 - Exemption from the definition of “broker” for banks for a limited period of time.

---
identifier: "/us/cfr/t17/s247.781"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "17 CFR § 247.781 - Exemption from the definition of “broker” for banks for a limited period of time."
title_number: 17
title_name: "Commodity and Securities Exchanges"
section_number: "247.781"
section_name: "Exemption from the definition of “broker” for banks for a limited period of time."
chapter_name: "SECURITIES AND EXCHANGE COMMISSION"
part_number: "247"
part_name: "REGULATION R—EXEMPTIONS AND DEFINITIONS RELATED TO THE EXCEPTIONS FOR BANKS FROM THE DEFINITION OF BROKER"
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, 78, 78q, 78w, and 78mm."
regulatory_source: "72 FR 56554, Oct. 3, 2007, unless otherwise noted."
cfr_part: "247"
---


# 247.781 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.