​ SEC Finalizes Exemption for Bank Sweep Account From Brokerage Rules. As expected, the SEC recently published its final "Definitions of Terms and Exemptions Relating to the '​Broker' Exceptions For Banks" amendments to section 3a-​4 of the Securities and Exchange Act of 1934. The "sweep exception" exempts a bank from the definition of "​broker" if it "effects transactions as part of a program for the investment or re-​investment of deposit funds into any no-​load, open-​end management investment company registered under the Investment Company Act that holds itself out as a money market fund." The SEC'​s "Proposed Rule 740" defines the terms "no-​load" and "money market fund" to "provide guidance on the sweep exception".

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