Moreover, we would like to stress that as also prescribed in the Law, December 31st, 2006, marks the end of the use of the register designation “MTn” and the return to the designation “MT”, as well as the end of the mandatory double indication of prices in force since March 31st, 2006.
The Commission, however, has stated that the custody exception does not allow a bank to effect securities transactions for its custodial IRA or benefit plan accounts. This position essentially reads the explicit authorization adopted by the Congress out of the statute, is completely contrary to the purposes of the act, and would disrupt long-standing relationships between banks and their customers.