17 CFR § 270.17f-3 - Free cash accounts for investment companies with bank custodians.
---
identifier: "/us/cfr/t17/s270.17f-3"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "17 CFR § 270.17f-3 - Free cash accounts for investment companies with bank custodians."
title_number: 17
title_name: "Commodity and Securities Exchanges"
section_number: "270.17f-3"
section_name: "Free cash accounts for investment companies with bank custodians."
chapter_name: "SECURITIES AND EXCHANGE COMMISSION"
part_number: "270"
part_name: "RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940"
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. 80a-1 80a-34(d), 80a-37, 80a-39, 1681w(a)(1), 6801-6809, 6825, and Pub. L. 111-203, sec. 939A, 124 Stat. 1376 (2010), unless otherwise noted."
cfr_part: "270"
---
# 270.17f-3 Free cash accounts for investment companies with bank custodians.
No registered investment company having a bank custodian shall hold free cash except, upon resolution of its board or directors, a petty cash account may be maintained in an amount not to exceed $500: *Provided,* That such account is operated under the imprest system and is maintained subject to adequate controls approved by the board of directors over disbursements and reimbursements including, but not limited to fidelity bond coverage of persons having access to such funds.
(Sec. 17(f), 54 Stat. 815, 15 U.S.C. 80a-17(f), sec. 9, Pub. L. 91-547, 84 Stat. 1420)
[37 FR 9989, May 18, 1972]