Previously approved nonbank trustees and custodians need only satisfy the ongoing net worth requirement. It has been determined that this Treasury decision is not a significant regulatory action as defined in EO 12866. Therefore, a regulatory assessment is not required. However, other personnel from the IRS and Treasury Department participated in their development. List of Subjects in 26 CFR Part 1 Income taxes, Reporting and recordkeeping requirements.
T is removed.
Initial net worth requirement. The provisions of this special rule for assets held in fiduciary accounts by members of SIPC are illustrated in the following example. Trustee X is a broker-dealer and is a member of the Securities Investment Protection Corporation. Trustee X is the trustee for four IRAs.