Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 81 - CUSTODIAL AGREEMENTS AND THE USE OF CLEARING CORPORATIONS › Section 210-81-002 - Definitions

Current through June 17, 2024
002.01 Agent
"Agent" means a national bank, state bank, trust company, or
				  broker/dealer that maintains an account in its name in a clearing corporation
				  or that is a member of the Federal Reserve Systems and through which a
				  custodian participates in a clearing corporation, including the
				  Treasury/Reserve Automated Debit Entry Securities Systems (TRADES) or Treasury
				  Direct systems, except that with respect to securities issued by institutions
				  organized or existing under the laws of a foreign country or securities used to
				  meet the deposit requirements pursuant to the laws of a foreign country as a
				  condition of doing business therein, "agent" may include a corporation that is
				  organized or existing under the laws of a foreign country and that is legally
				  qualified under those laws to accept custody of securities.
002.02 Clearing corporation
"Clearing corporation" means a corporation as defined in
				  subdivision
				  8-102(a)
				  (5)  of the Uniform Commercial Code that is
				  organized for the purpose of effecting transactions in securities by
				  computerized book-entry, except that with respect to securities issued by
				  institutions organized or existing under the laws of a foreign country or
				  securities used to meet deposit requirements pursuant to the laws of a foreign
				  country as a condition of doing business therein, "clearing corporation" may
				  include a corporation that is organized or existing under the laws of a foreign
				  country and which is legally qualified under those laws to effect transactions
				  in securities by computerized book-entry. Clearing corporation also includes
				  "Treasury/Reserve Automated Debt Entry Securities System" and "Treasury Direct"
				  book-entry securities systems established pursuant to 31 U.S.C. § 3100et
				  seq., 12 U.S.C. pt. 391 and 5 U.S.C. pt. 301.
002.03 Custodian
"Custodian" means:
002.03(a) A national bank, state bank or
				trust company that shall at all times during which it acts as a custodian
				pursuant to the Insurers Investment Act be no less than adequately capitalized
				as determined by the standards adopted by United States banking regulators and
				that is regulated by either state banking laws or is a member of the Federal
				Reserve System and that is legally qualified to accept custody of securities in
				accordance with the standards set forth below, except that with respect to
				securities issued by institutions organized or existing under the laws of a
				foreign country, or securities used to meet the deposit requirements pursuant
				to the laws of a foreign country as a condition of doing business therein,
				"custodian" may include a bank or trust company incorporated and organized
				under the laws of a country other than the United States that is regulated as
				such by that country's government or an agency thereof that shall at all times
				during which it acts as a custodian pursuant to this regulation be no less than
				adequately capitalized as determined by the standards adopted by international
				banking authorities and that is legally qualified to accept custody of
				securities; or
002.03(b) A
				broker/dealer that shall be registered with and subject to jurisdiction of the
				Securities and Exchange Commission, maintains membership in the Securities
				Investor Protection Corporation, and has a tangible net worth equal to or
				greater than two hundred fifty million dollars ($250,000,000).