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Comptroller's Handbook for Collective Investment Funds

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  • Baker, John
    The Office of the Comptroller of the Currency has issued a Comptroller s Handbook for Collective Investment Funds (Oct. 2005). From a securities law
    Message 1 of 1 , Nov 1, 2005
      The Office of the Comptroller of the Currency has issued a
      Comptroller's Handbook for Collective Investment Funds (Oct. 2005).
      From a securities law perspective, collective investment funds include
      both (i) common trust funds for the collective investment of funds held
      by a bank in its fiduciary capacity and (ii) collective trust funds
      maintained by a bank consisting solely of assets of qualifying pension
      or profit-sharing trusts or governmental plans. While common trust
      funds have to some extent been superseded in recent years by bank
      investment of fiduciary assets in affiliated mutual funds, collective
      trust funds continue to be a popular avenue for the investment of
      pension assets, and I have worked with clients on several collective
      trust funds in the past year. The Comptroller's Handbook is a useful
      and reader-friendly guide to the formation and operation of these funds,
      with a particular emphasis on the processes that examiners will look
      for. Although the Handbook by its terms applies only to national banks,
      the OCC regulations in this area are preeminent and in many cases are
      made explicitly applicable by state law or by tax requirements. The
      Handbook is available online at

      http://www.occ.treas.gov/handbook/CIFfinal.pdf


      John M. Baker <JMB@...>
      Stradley Ronon Stevens & Young, LLP http://www.stradley.com
      1220 19th Street NW, Suite 600
      Washington DC 20036
      202.419.8413
      202.822.0140 fax
      FundLaw Listowner http://groups.yahoo.com/group/fundlaw
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