Section 029-122-II - PURPOSEThe purpose of this regulation is to grant the authority to and provide the regulatory framework for banks and savings and loan associations to engage in certain securities brokerage activities so as to:
1) Bring about the greatest possible uniformity and encourage parity between federally-chartered and state-chartered financial institutions;2) Provide a wider variety of financial services to customers of state-chartered banks and savings and loan associations; and3) Assure uniformity in registration and reporting requirements among all participating financial institutions.02-029 C.M.R. ch. 122, § II