{"data":{"id":"us/17-cfr-247.741","jurisdiction":"us","citation":"17 CFR 247.741","heading":"Exemption for banks effecting transactions in money market funds.","body":"(a) 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)) to the extent that it effects transactions on behalf of a customer in securities issued by a money market fund, provided that:\n(1) The bank either\n(i) Provides the customer, directly or indirectly, any other product or service, the provision of which would not, in and of itself, require the bank to register as a broker or dealer under section 15(a) of the Act (15 U.S.C. 78o(a)); or\n(ii) Effects the transactions on behalf of another bank as part of a program for the investment or reinvestment of deposit funds of, or collected by, the other bank; and\n(2)(i) The class or series of securities is no-load; or\n(ii) If the class or series of securities is not no-load\n(A) The bank or, if applicable, the other bank described in paragraph (a)(1)(B) of this section provides the customer, not later than at the time the customer authorizes the securities transactions, a prospectus for the securities; and\n(B) The bank and, if applicable, the other bank described in paragraph (a)(1)(B) of this section do not characterize or refer to the class or series of securities as no-load.\n(b) Definitions. For purposes of this section:\n(1) Money market fund has the same meaning as in § 247.740(b).\n(2) No-load has the same meaning as in § 247.740(c).","path":["Title 17—Commodity and Securities Exchanges","CHAPTER II—SECURITIES AND EXCHANGE COMMISSION","PART 247—REGULATION R—EXEMPTIONS AND DEFINITIONS RELATED TO THE EXCEPTIONS FOR BANKS FROM THE DEFINITION OF BROKER"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-17.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:31Z","sha256":"ae587e65c0b18200f075625e5bb6d2665e1a3b14e706ed37cc82d8e3693c782f","source_id":"us-cfr","stale":true,"prev":"us/17-cfr-247.740","next":"us/17-cfr-247.760"},"notice":"GroundRules: Original legal text. Not legal advice."}