New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 22 - Common Trust Funds
Section 22.16 - Common trust funds restricted to true fiduciary purposes

Universal Citation: 3 NY Comp Codes Rules and Regs ยง 22.16
Current through Register Vol. 46, No. 12, March 20, 2024

Common trust funds which are established pursuant to Banking Law, section 100-c, may be operated only for true fiduciary purposes. The trust investment committee shall not permit any funds of any trust to be invested in any such common trust fund if it has reason to believe that such trust was not created or is not being used for true fiduciary purposes. A trust company administering a common trust fund shall not, in soliciting business or otherwise, publish or make representations which are inconsistent with this section or the other provisions of this Part and, subject to the applicable requirements of law, shall not advertise or publicize the earnings realized on any common trust fund or the value of the assets thereof, provided that nothing herein shall be construed to prohibit a trust company from advertising in accordance with the rules and regulations of the Comptroller of the Currency regarding the maintenance of common trust funds.

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