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<div class='row'> <div class="col-xs-12 col-md-9"> <ol> <li class=""> <a class="breadcrumb-link" data-toggle="tooltip" data-placement="top" data-title="View Table of Contents for Title 12—Banks and Banking" href="/current/title-12">Title 12 <span class="print-only breadcrumbs-title" data-hierarchy="{'title':'12'}">—Banks and Banking</span></a> </li> <li class=""> <a class="breadcrumb-link" data-toggle="tooltip" data-placement="top" data-title="View Table of Contents for Chapter III—Federal Deposit Insurance Corporation" href="/current/title-12/chapter-III"> Chapter III <span class="print-only breadcrumbs-title" data-hierarchy="{'title':'12','chapter':'III'}">—Federal Deposit Insurance Corporation</span></a> </li> <li class=""> <a class="breadcrumb-link" data-toggle="tooltip" data-placement="top" data-title="View Table of Contents for Subchapter B—Regulations and Statements of General Policy" href="/current/title-12/chapter-III/subchapter-B">Subchapter B <span class="print-only breadcrumbs-title" data-hierarchy="{'title':'12','chapter':'III','subchapter':'B'}">—Regulations and Statements of General Policy</span></a> </li> <li class="breadcrumb-current"> Part 368 </li> </ol> </div> <div class="col-xs-12 col-md-3 text-right"> <ul class="prev-next-breadcrumb-nav"> <li> <a id="previous-content-link" data-title="Part 367—Suspension and Exclusion of Contractor and Termination of Contracts" data-html="true" href="/current/title-12/chapter-III/subchapter-B/part-367">Previous</a> </li> <li> <a id="next-content-link" data-title="Part 369—Prohibition Against Use of Interstate Branches Primarily for Deposit Production" data-html="true" href="/current/title-12/chapter-III/subchapter-B/part-369">Next</a> </li> <li id="breadcrumb-back-to-top"> <a data-title="Back to Top" data-turbo="false" href="#page-top">Top</a> </li> </ul> </div> </div> </div></div> <div class="row ecfr-content-wrapper"> <div class="col-xs-12 col-md-12 ecfr-content with-utility-bar"> <div class="row"> 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colspan="1"><span data-toggle="{"toggleTargetContext":"grandparent"}" class="icon-ecfr icon-ecfr-menu-arrow toggle"></span><span class="toc-text-secondary" data-toggle="tooltip" data-placement="top" data-title="View Text of <span class='avoid-wrap'>Part 368</span>">Part 368</span></td><td class="description" colspan="1"><span class="text-toc-secondary" data-toggle="tooltip" data-placement="left" data-title="View Table of Contents for <span class='avoid-wrap'>Part 368</span>"><a data-turbo="false" href="#part-368">Government Securities Sales Practices</a></span></td><td class="section-identifiers"><span class="toc-range" data-toggle="tooltip" data-placement="top" data-title="View Text of <span class='avoid-wrap'>Part 368</span>"><a data-toggle="tooltip" data-placement="left" data-title="View Table of Contents for <span class='avoid-wrap'>368.1 – 368.100</span>" href="/current/title-12/chapter-III/subchapter-B/part-368?toc=1">368.1 – 368.100</a></span></td></tr><tr class="group"><td colspan="3"><table class="table-of-contents"><tr class="section toggler-active"><td class="toc-label " colspan="1"><span class="toc-wrapper" data-toggle="tooltip" data-placement="top" data-title="View Text of <span class='avoid-wrap'>§ 368.1</span>">§ 368.1</span></td><td class="description" colspan="2"><span class="text-wrapper" data-toggle="tooltip" data-placement="left" data-title="View Table of Contents for <span class='avoid-wrap'>§ 368.1</span>"><a data-turbo="false" href="#368.1">Scope.</a></span></td></tr><tr class="section toggler-active"><td class="toc-label " colspan="1"><span class="toc-wrapper" data-toggle="tooltip" data-placement="top" data-title="View Text of <span class='avoid-wrap'>§ 368.2</span>">§ 368.2</span></td><td class="description" colspan="2"><span class="text-wrapper" data-toggle="tooltip" data-placement="left" data-title="View Table of Contents for <span class='avoid-wrap'>§ 368.2</span>"><a data-turbo="false" href="#368.2">Definitions.</a></span></td></tr><tr class="section toggler-active"><td class="toc-label " colspan="1"><span class="toc-wrapper" data-toggle="tooltip" data-placement="top" data-title="View Text of <span class='avoid-wrap'>§ 368.3</span>">§ 368.3</span></td><td class="description" colspan="2"><span class="text-wrapper" data-toggle="tooltip" data-placement="left" data-title="View Table of Contents for <span class='avoid-wrap'>§ 368.3</span>"><a data-turbo="false" href="#368.3">Business conduct.</a></span></td></tr><tr class="section toggler-active"><td class="toc-label " colspan="1"><span class="toc-wrapper" data-toggle="tooltip" data-placement="top" data-title="View Text of <span class='avoid-wrap'>§ 368.4</span>">§ 368.4</span></td><td class="description" colspan="2"><span class="text-wrapper" data-toggle="tooltip" data-placement="left" data-title="View Table of Contents for <span class='avoid-wrap'>§ 368.4</span>"><a data-turbo="false" href="#368.4">Recommendations to customers.</a></span></td></tr><tr class="section toggler-active"><td class="toc-label " colspan="1"><span class="toc-wrapper" data-toggle="tooltip" data-placement="top" data-title="View Text of <span class='avoid-wrap'>§ 368.5</span>">§ 368.5</span></td><td class="description" colspan="2"><span class="text-wrapper" data-toggle="tooltip" data-placement="left" data-title="View Table of Contents for <span class='avoid-wrap'>§ 368.5</span>"><a data-turbo="false" href="#368.5">Customer information.</a></span></td></tr><tr class="section toggler-active"><td class="toc-label " colspan="1"><span class="toc-wrapper" data-toggle="tooltip" data-placement="top" data-title="View Text of <span class='avoid-wrap'>§ 368.100</span>">§ 368.100</span></td><td class="description" colspan="2"><span class="text-wrapper" data-toggle="tooltip" data-placement="left" data-title="View Table of Contents for <span class='avoid-wrap'>§ 368.100</span>"><a data-turbo="false" href="#368.100">Obligations concerning 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The Electronic Code of Federal Regulations (eCFR) is a continuously updated online version of the CFR. It is not an official legal edition of the CFR.</p> <p><a href='/reader-aids/understanding-the-ecfr/what-is-the-ecfr'>Learn more</a> about the eCFR, its status, and the editorial process.<p></p></div></div></div></div><div class="content-block "> <div class="box box-enhanced slim toc-link no-footer"><div class="seal-block seal-block-header"><div class="seal-content"><h6>Enhanced Content</h6></div></div><div class="content-block "> <span class="icon-ecfr icon-ecfr-book "></span> View <a id="toc-utility-nav-link" href="">table of contents</a> for this page. </div><div class="seal-block seal-block-footer"></div></div> <div class="part" id="part-368"><h1 data-hierarchy-metadata="{"path":"/current/title-12/part-368","citation":"12 CFR Part 368"}">PART 368—GOVERNMENT SECURITIES SALES PRACTICES </h1> <div class="authority"><h4 class="inline-header">Authority:</h4><p class="inline-paragraph"><a href="https://www.govinfo.gov/link/uscode/15/78o-5" class="usc external" target="_blank" rel="noopener noreferrer">15 U.S.C. 78o-5</a>. </p></div> <div class="source"><h4 class="inline-header">Source:</h4><p class="inline-paragraph"><a href="https://www.federalregister.gov/citation/62-FR-13287" class="fr-reference" data-reference="62 FR 13287">62 FR 13287</a>, Mar. 19, 1997, unless otherwise noted. </p></div> <div class="section" id="368.1"> <h4 data-hierarchy-metadata='{"path":"/current/title-12/section-368.1","citation":"12 CFR 368.1"}'>§ 368.1 Scope.</h4> <p>This part is applicable to state nonmember banks and insured state branches of foreign banks that have filed notice as, or are required to file notice as, government securities brokers or dealers pursuant to section 15C of the Securities Exchange Act (<a href="https://www.govinfo.gov/link/uscode/15/78o-5" class="usc external" target="_blank" rel="noopener noreferrer">15 U.S.C. 78o-5</a>) and Department of the Treasury rules under section 15C (<a href="/current/title-17/section-400.1#p-400.1(d)" class="cfr external">17 CFR 400.1(d)</a> and <a href="/current/title-17/part-part401" class="cfr external">part 401</a>).</p> </div> <div class="section" id="368.2"> <h4 data-hierarchy-metadata='{"path":"/current/title-12/section-368.2","citation":"12 CFR 368.2"}'>§ 368.2 Definitions.</h4> <div id="p-368.2(a)"> <p class="indent-1" data-title="368.2(a)"><span class="paragraph-hierarchy"><span class="paren">(</span>a<span class="paren">)</span></span> <em class="paragraph-heading">Bank that is a government securities broker or dealer</em> means a state nonmember bank or an insured state branch of a foreign bank that has filed notice, or is required to file notice, as a government securities broker or dealer pursuant to section 15C of the Securities Exchange Act (<a href="https://www.govinfo.gov/link/uscode/15/78o-5" class="usc external" target="_blank" rel="noopener noreferrer">15 U.S.C. 78o-5</a>) and Department of the Treasury rules under section 15C (<a href="/current/title-17/section-400.1#p-400.1(d)" class="cfr external">17 CFR 400.1(d)</a> and <a href="/current/title-17/part-part401" class="cfr external">part 401</a>).</p> </div> <div id="p-368.2(b)"> <p class="indent-1" data-title="368.2(b)"><span class="paragraph-hierarchy"><span class="paren">(</span>b<span class="paren">)</span></span> <em class="paragraph-heading">Customer</em> does not include a broker or dealer or a government securities broker or dealer.</p> </div> <div id="p-368.2(c)"> <p class="indent-1" data-title="368.2(c)"><span class="paragraph-hierarchy"><span class="paren">(</span>c<span class="paren">)</span></span> <em class="paragraph-heading">Government security</em> has the same meaning as this term has in section 3(a)(42) of the Securities Exchange Act of 1934 (<a href="https://www.govinfo.gov/link/uscode/15/78c" class="usc external" target="_blank" rel="noopener noreferrer">15 U.S.C. 78c(a)(42)</a>).</p> </div> <div id="p-368.2(d)"> <p class="indent-1" data-title="368.2(d)"><span class="paragraph-hierarchy"><span class="paren">(</span>d<span class="paren">)</span></span> <em class="paragraph-heading">Non-institutional customer</em> means any customer other than:</p> <div id="p-368.2(d)(1)"> <p class="indent-2" data-title="368.2(d)(1)"><span class="paragraph-hierarchy"><span class="paren">(</span>1<span class="paren">)</span></span> A bank, savings association, insurance company, or registered investment company;</p> </div> <div id="p-368.2(d)(2)"> <p class="indent-2" data-title="368.2(d)(2)"><span class="paragraph-hierarchy"><span class="paren">(</span>2<span class="paren">)</span></span> An investment adviser registered under section 203 of the Investment Advisers Act of 1940 (<a href="https://www.govinfo.gov/link/uscode/15/80b-3" class="usc external" target="_blank" rel="noopener noreferrer">15 U.S.C. 80b-3</a>); or</p> </div> <div id="p-368.2(d)(3)"><p class="indent-2" data-title="368.2(d)(3)"><span class="paragraph-hierarchy"><span class="paren">(</span>3<span class="paren">)</span></span> Any entity (whether a natural person, corporation, partnership, trust, or otherwise) with total assets of at least $50 million.</p></div> </div> </div> <div class="section" id="368.3"> <h4 data-hierarchy-metadata='{"path":"/current/title-12/section-368.3","citation":"12 CFR 368.3"}'>§ 368.3 Business conduct.</h4> <p>A bank that is a government securities broker or dealer shall observe high standards of commercial honor and just and equitable principles of trade in the conduct of its business as a government securities broker or dealer.</p> </div> <div class="section" id="368.4"> <h4 data-hierarchy-metadata='{"path":"/current/title-12/section-368.4","citation":"12 CFR 368.4"}'>§ 368.4 Recommendations to customers.</h4> <p>In recommending to a customer the purchase, sale or exchange of a government security, a bank that is a government securities broker or dealer shall have reasonable grounds for believing that the recommendation is suitable for the customer upon the basis of the facts, if any, disclosed by the customer as to the customer's other security holdings and as to the customer's financial situation and needs.</p> </div> <div class="section" id="368.5"> <h4 data-hierarchy-metadata='{"path":"/current/title-12/section-368.5","citation":"12 CFR 368.5"}'>§ 368.5 Customer information.</h4> <p>Prior to the execution of a transaction recommended to a non-institutional customer, a bank that is a government securities broker or dealer shall make reasonable efforts to obtain information concerning:</p> <div id="p-368.5(a)"> <p class="indent-1" data-title="368.5(a)"><span class="paragraph-hierarchy"><span class="paren">(</span>a<span class="paren">)</span></span> The customer's financial status;</p> </div> <div id="p-368.5(b)"> <p class="indent-1" data-title="368.5(b)"><span class="paragraph-hierarchy"><span class="paren">(</span>b<span class="paren">)</span></span> The customer's tax status;</p> </div> <div id="p-368.5(c)"> <p class="indent-1" data-title="368.5(c)"><span class="paragraph-hierarchy"><span class="paren">(</span>c<span class="paren">)</span></span> The customer's investment objectives; and</p> </div> <div id="p-368.5(d)"><p class="indent-1" data-title="368.5(d)"><span class="paragraph-hierarchy"><span class="paren">(</span>d<span class="paren">)</span></span> Such other information used or considered to be reasonable by such bank in making recommendations to the customer.</p></div> </div> <div class="section" id="368.100"> <h4 data-hierarchy-metadata='{"path":"/current/title-12/section-368.100","citation":"12 CFR 368.100"}'>§ 368.100 Obligations concerning institutional customers.</h4> <div id="p-368.100(a)"> <p class="indent-1" data-title="368.100(a)"><span class="paragraph-hierarchy"><span class="paren">(</span>a<span class="paren">)</span></span> As a result of broadened authority provided by the Government Securities Act Amendments of 1993 (<a href="https://www.govinfo.gov/link/uscode/15/78o-3" class="usc external" target="_blank" rel="noopener noreferrer">15 U.S.C. 78o-3</a> and <a href="https://www.govinfo.gov/link/uscode/15/78o-5" class="usc external" target="_blank" rel="noopener noreferrer">78o-5</a>), the FDIC is adopting sales practice rules for the government securities market, a market with a particularly broad institutional component. Accordingly, the FDIC believes it is appropriate to provide further guidance to banks on their suitability obligations when making recommendations to institutional customers.</p> </div> <div id="p-368.100(b)"> <p class="indent-1" data-title="368.100(b)"><span class="paragraph-hierarchy"><span class="paren">(</span>b<span class="paren">)</span></span> The FDIC's suitability rule (<a href="/current/title-12/section-368.4" class="cfr external">§ 368.4</a>) is fundamental to fair dealing and is intended to promote ethical sales practices and high standards of professional conduct. Banks' responsibilities include having a reasonable basis for recommending a particular security or strategy, as well as having reasonable grounds for believing the recommendation is suitable for the customer to whom it is made. Banks are expected to meet the same high standards of competence, professionalism, and good faith regardless of the financial circumstances of the customer.</p> </div> <div id="p-368.100(c)"> <p class="indent-1" data-title="368.100(c)"><span class="paragraph-hierarchy"><span class="paren">(</span>c<span class="paren">)</span></span> In recommending to a customer the purchase, sale, or exchange of any government security, the bank shall have reasonable grounds for believing that the recommendation is suitable for the customer upon the basis of the facts, if any, disclosed by the customer as to the customer's other security holdings and financial situation and needs.</p> </div> <div id="p-368.100(d)"> <p class="indent-1" data-title="368.100(d)"><span class="paragraph-hierarchy"><span class="paren">(</span>d<span class="paren">)</span></span> The interpretation in this section concerns only the manner in which a bank determines that a recommendation is suitable for a particular institutional customer. The manner in which a bank fulfills this suitability obligation will vary, depending on the nature of the customer and the specific transaction. Accordingly, the interpretation in this section deals only with guidance regarding how a bank may fulfill customer-specific suitability obligations under <a href="/current/title-12/section-368.4" class="cfr external">§ 368.4</a>.<sup>[<a class="footnote-reference" href="#368.100-footnote-1" id="368.100-footref-1">1</a>] </sup> </p> </div> <div id="p-368.100(e)"> <p class="indent-1" data-title="368.100(e)"><span class="paragraph-hierarchy"><span class="paren">(</span>e<span class="paren">)</span></span> While it is difficult to define in advance the scope of a bank's suitability obligation with respect to a specific institutional customer transaction recommended by a bank, the FDIC has identified certain factors that may be relevant when considering compliance with <a href="/current/title-12/section-368.4" class="cfr external">§ 368.4</a>. These factors are not intended to be requirements or the only factors to be considered but are offered merely as guidance in determining the scope of a bank's suitability obligations.</p> </div> <div id="p-368.100(f)"> <p class="indent-1" data-title="368.100(f)"><span class="paragraph-hierarchy"><span class="paren">(</span>f<span class="paren">)</span></span> The two most important considerations in determining the scope of a bank's suitability obligations in making recommendations to an institutional customer are the customer's capability to evaluate investment risk independently and the extent to which the customer is exercising independent judgement in evaluating a bank's recommendation. A bank must determine, based on the information available to it, the customer's capability to evaluate investment risk. In some cases, the bank may conclude that the customer is not capable of making independent investment decisions in general. In other cases, the institutional customer may have general capability, but may not be able to understand a particular type of instrument or its risk. This is more likely to arise with relatively new types of instruments, or those with significantly different risk or volatility characteristics than other investments generally made by the institution. If a customer is either generally not capable of evaluating investment risk or lacks sufficient capability to evaluate the particular product, the scope of a bank's customer-specific obligations under <a href="/current/title-12/section-368.4" class="cfr external">§ 368.4</a> would not be diminished by the fact that the bank was dealing with an institutional customer. On the other hand, the fact that a customer initially needed help understanding a potential investment need not necessarily imply that the customer did not ultimately develop an understanding and make an independent investment decision.</p> </div> <div id="p-368.100(g)"> <p class="indent-1" data-title="368.100(g)"><span class="paragraph-hierarchy"><span class="paren">(</span>g<span class="paren">)</span></span> A bank may conclude that a customer is exercising independent judgement if the customer's investment decision will be based on its own independent assessment of the opportunities and risks presented by a potential investment, market factors and other investment considerations. Where the bank has reasonable grounds for concluding that the institutional customer is making independent investment decisions and is capable of independently evaluating investment risk, then a bank's obligations under <a href="/current/title-12/section-368.4" class="cfr external">§ 368.4</a> for a particular customer are fulfilled.<sup>[<a class="footnote-reference" href="#368.100-footnote-2" id="368.100-footref-2">2</a>] </sup> Where a customer has delegated decision-making authority to an agent, such as an investment advisor or a bank trust department, the interpretation in this section shall be applied to the agent.</p> </div> <div id="p-368.100(h)"> <p class="indent-1" data-title="368.100(h)"><span class="paragraph-hierarchy"><span class="paren">(</span>h<span class="paren">)</span></span> A determination of capability to evaluate investment risk independently will depend on an examination of the customer's capability to make its own investment decisions, including the resources available to the customer to make informed decisions. Relevant considerations could include:</p> <div id="p-368.100(h)(1)"> <p class="indent-2" data-title="368.100(h)(1)"><span class="paragraph-hierarchy"><span class="paren">(</span>1<span class="paren">)</span></span> The use of one or more consultants, investment advisers, or bank trust departments;</p> </div> <div id="p-368.100(h)(2)"> <p class="indent-2" data-title="368.100(h)(2)"><span class="paragraph-hierarchy"><span class="paren">(</span>2<span class="paren">)</span></span> The general level of experience of the institutional customer in financial markets and specific experience with the type of instruments under consideration;</p> </div> <div id="p-368.100(h)(3)"> <p class="indent-2" data-title="368.100(h)(3)"><span class="paragraph-hierarchy"><span class="paren">(</span>3<span class="paren">)</span></span> The customer's ability to understand the economic features of the security involved;</p> </div> <div id="p-368.100(h)(4)"> <p class="indent-2" data-title="368.100(h)(4)"><span class="paragraph-hierarchy"><span class="paren">(</span>4<span class="paren">)</span></span> The customer's ability to independently evaluate how market developments would affect the security; and</p> </div> <div id="p-368.100(h)(5)"> <p class="indent-2" data-title="368.100(h)(5)"><span class="paragraph-hierarchy"><span class="paren">(</span>5<span class="paren">)</span></span> The complexity of the security or securities involved.</p> </div> </div> <div id="p-368.100(i)"> <p class="indent-1" data-title="368.100(i)"><span class="paragraph-hierarchy"><span class="paren">(</span>i<span class="paren">)</span></span> A determination that a customer is making independent investment decisions will depend on the nature of the relationship that exists between the bank and the customer. Relevant considerations could include:</p> <div id="p-368.100(i)(1)"> <p class="indent-2" data-title="368.100(i)(1)"><span class="paragraph-hierarchy"><span class="paren">(</span>1<span class="paren">)</span></span> Any written or oral understanding that exists between the bank and the customer regarding the nature of the relationship between the bank and the customer and the services to be rendered by the bank;</p> </div> <div id="p-368.100(i)(2)"> <p class="indent-2" data-title="368.100(i)(2)"><span class="paragraph-hierarchy"><span class="paren">(</span>2<span class="paren">)</span></span> The presence or absence of a pattern of acceptance of the bank's recommendations;</p> </div> <div id="p-368.100(i)(3)"> <p class="indent-2" data-title="368.100(i)(3)"><span class="paragraph-hierarchy"><span class="paren">(</span>3<span class="paren">)</span></span> The use by the customer of ideas, suggestions, market views and information obtained from other government securities brokers or dealers or market professionals, particularly those relating to the same type of securities; and</p> </div> <div id="p-368.100(i)(4)"> <p class="indent-2" data-title="368.100(i)(4)"><span class="paragraph-hierarchy"><span class="paren">(</span>4<span class="paren">)</span></span> The extent to which the bank has received from the customer current comprehensive portfolio information in connection with discussing recommended transactions or has not been provided important information regarding its portfolio or investment objectives.</p> </div> </div> <div id="p-368.100(j)"> <p class="indent-1" data-title="368.100(j)"><span class="paragraph-hierarchy"><span class="paren">(</span>j<span class="paren">)</span></span> Banks are reminded that these factors are merely guidelines that will be utilized to determine whether a bank has fulfilled its suitability obligation with respect to a specific institutional customer transaction and that the inclusion or absence of any of these factors is not dispositive of the determination of suitability. Such a determination can only be made on a case-by-case basis taking into consideration all the facts and circumstances of a particular bank/customer relationship, assessed in the context of a particular transaction.</p> </div> <div id="p-368.100(k)"><p class="indent-1" data-title="368.100(k)"><span class="paragraph-hierarchy"><span class="paren">(</span>k<span class="paren">)</span></span> For purposes of the interpretation in this section, an institutional customer shall be any entity other than a natural person. In determining the applicability of the interpretation in this section to an institutional customer, the FDIC will consider the dollar value of the securities that the institutional customer has in its portfolio and/or under management. While the interpretation in this section is potentially applicable to any institutional customer, the guidance contained in this section is more appropriately applied to an institutional customer with at least $10 million invested in securities in the aggregate in its portfolio and/or under management.</p></div> <div class="box box-published no-footer footnotes"> <div class="seal-block seal-block-header"><div class="seal-content"><h6> Footnotes - <a href="/current/title-12/section-368.100" class="cfr external">368.100</a></h6></div></div> <div class="content-block"> <div class="footnote" id="368.100-footnote-1"><p><sup>[<a class="footnote-reference" href="#368.100-footref-1">1</a>]</sup> The interpretation in this section does not address the obligation related to suitability that requires that a bank have “ * * * a ‘reasonable basis’ to believe that the recommendation could be suitable for at least some customers.” <em>In the Matter of the Application of F.J. Kaufman and Company of Virginia and Frederick J. Kaufman, Jr.,</em> 50 SEC 164 (1989).</p></div> <div class="footnote" id="368.100-footnote-2"><p><sup>[<a class="footnote-reference" href="#368.100-footref-2">2</a>]</sup> See footnote 1 in <a href="/current/title-12/section-368.100#p-368.100(d)" class="cfr external">paragraph (d)</a> of this section.</p></div> </div> </div> </div> </div><script type="application/json" id="source-and-authority-data">{"origins":[{"level":"part","identifier":"368","label_level":"Part 368","hierarchy":{"title":"12","chapter":"III","subchapter":"B","part":"368"},"current":true,"authority":["\u003ca href=\"https://www.govinfo.gov/link/uscode/15/78o-5\" class=\"usc external\" target=\"_blank\" rel=\"noopener noreferrer\"\u003e15 U.S.C. 78o-5\u003c/a\u003e.\n"],"source":["\u003ca href=\"https://www.federalregister.gov/citation/62-FR-13287\" class=\"fr-reference\" data-reference=\"62 FR 13287\"\u003e62 FR 13287\u003c/a\u003e, Mar. 19, 1997, unless otherwise noted.\n"],"link":"/current/title-12/part-368","title":"Part 368"}]}</script> </div><div class="seal-block seal-block-footer"><h6>eCFR Content</h6></div></div> </div> </div> </div> </div> </div> </div> </div> <div class="site-footer container-fluid" id="footer"> <div class="container"> <div class="col-xs-12 col-md-12"> <div class="row"> <div class="col-xs-3 col-md-3"> <h2>Pages</h2> <ul class="list with-bullets"> <li><a href="/">Home</a></li> <li><a href="/">Titles</a></li> <li><a href="/search">Search</a></li> <li><a href="/recent-changes">Recent Changes</a></li> <li><a href="/corrections">Corrections</a></li> </ul> </div> <div class="col-xs-3 col-md-3"> <h2>Reader Aids</h2> <ul class="list with-bullets"> <li> <a href="https://www.ecfr.gov/reader-aids/using-ecfr">Using the eCFR Point-in-Time System</a> </li> <li> <a href="https://www.ecfr.gov/reader-aids/understanding-the-ecfr">Understanding the eCFR</a> </li> <li> <a href="https://www.ecfr.gov/reader-aids/government-policy-and-ofr-procedures">Government Policy and OFR Procedures</a> </li> <li> <a href="https://www.ecfr.gov/reader-aids/ecfr-developer-resources">Developer Resources</a> </li> </ul> </div> <div class="col-xs-3 col-md-3"> <h2>Information</h2> <ul class="list with-bullets"> <li><a href="/reader-aids/government-policy-and-ofr-procedures/about-this-site">About This Site</a></li> <li><a href="/reader-aids/government-policy-and-ofr-procedures/about-this-site#legal-status">Legal Status</a></li> <li><a href="/reader-aids/government-policy-and-ofr-procedures/privacy">Privacy</a></li> <li><a href="/reader-aids/government-policy-and-ofr-procedures/accessibility">Accessibility</a></li> <li><a href="/reader-aids/government-policy-and-ofr-procedures/foia">FOIA</a></li> <li><a href="https://www.archives.gov/eeo/policy/no-fear-notice.html">No Fear Act</a></li> <li><a href="https://www.archives.gov/federal-register/contact.html#coop">Continuity Information</a></li> </ul> </div> <div class="col-xs-3 col-md-3"> <h2>My eCFR</h2> <ul class="list with-bullets"> <li> <a href="/my/subscriptions">My Subscriptions</a> </li> <li> <a data-turbo="false" href="https://www.ecfr.gov/auth/sign_in?jwt=eyJhbGciOiJIUzI1NiJ9.eyJub3RpZmljYXRpb25zIjp7ImluZm8iOiJZb3Ugd2lsbCBiZSByZWRpcmVjdGVkIGJhY2sgdG8gdGhlIGVDRlIgYWZ0ZXIgeW91IGhhdmUgc2lnbmVkIGluIG9yIGNyZWF0ZWQgYW4gYWNjb3VudC4ifX0.-sYkHWfC02yb0CpuUqmPkxxnF0yzlNHaS5520hYIUy8&redirect_to=https://www.ecfr.gov/current/title-12/chapter-III/subchapter-B/part-368">Sign In / Sign Up</a> </li> </ul> </div> </div> </div> </div> </div> </body></html>