Securities Activities of Banks in the GLB Era - Cleary Gottlieb Steen ...

(14) Asset management services provided as
fiduciary.
(15) Custody services (including securities
lending services).
(16) Paying agent, transfer agent and
registrar services.
(iii) The traditional bank product exception is arguably
broad enough to cover (A) all types of derivative
products, (B) all services provided in a “fiduciary
capacity”, (C) discretionary account management
services (and related deposit-mutual fund “sweeps”),
(D) investment and corporate finance advisory
services, (v) packages of settlement services and
mortgage loans, and (E) foreign exchange and related
services. 15
b. “Mixed-Product Arrangements”
(i) A bank may wish to provide a customer the freedom to
choose whether to satisfy a condition imposed by the
bank through the purchase of one or more traditional
bank products or “non-traditional” products (a “mixedproduct
arrangement”).
(ii) Where a bank offers a customer a mixed-product
arrangement, further analysis may be necessary to
determine whether the offer constitutes a tying
arrangement prohibited by the Anti-tying Statute. If
the customer that is offered the mixed-product
arrangement has a meaningful option to satisfy the
bank’s condition solely through the purchase of
traditional bank products, then the bank’s offer would
15 See, e.g., FSR Comment Letter; ABASA Comment Letter.
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