My bank wants to develop a sweep product, for commercial accounts, where the funds would be swept into a money market fund. There would be a 3rd party involved, the one actually doing the investment for the bank.

What are the compliance and legal issues we should be considering in setting this up? We are consulting our attorney but that won't be until a few weeks down the road, when we have info. to take to him. I was asked to research the preliminary info. and creating a list of preliminary items for Management. Thanks so much.

Can someone please point me in the right direction to research my answer?

I appreciate any help. Thank you!!

Most of this is going to be contractual. There are very few Federal regulations that impact commercial sweep accounts unless you are referring to repurchase agreements.