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Banking Law Keyed to Carnell, 7th Ed.
Investment Company Institute v. Camp
Citation:
401 U.S. 617 (1971)Facts
In 1962, Congress transferred jurisdiction over most trust activities of national banks from the Federal Reserve to the Comptroller of the Currency. In 1963, the Comptroller issued new regulations (Regulation 9) expressly authorizing the collective investment of monies delivered to banks for investment management. In 1965, First National City Bank of New York established a collective investment fund under this regulation. Under this plan, bank customers could tender between $10,000 and $500,000 to the bank as managing agent. The customer’s investment was added to the fund, and the customer received units of participation representing their proportionate interest. These units were freely redeemable and transferable to anyone with a managing agency agreement with the bank. The fund was registered as an investment company under the Investment Company Act of 1940, and the bank served as the fund’s investment advisor. The Investment Company Institute challenged this arrangement as violating the Glass-Steagall Act’s prohibition on banks engaging in securities activities.
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