12 C.F.R. § 220.5

Special memorandum account

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(a) A special memorandum account (SMA) may be maintained in conjunction with a margin account. A single entry amount may be used to represent both a credit to the SMA and a debit to the margin account. A transfer between the two accounts may be effected by an increase or reduction in the entry. When computing the equity in a margin account, the single entry amount shall be considered as a debit in the margin account. A payment to the customer or on the customer's behalf or a transfer to any of the customer's other accounts from the SMA reduces the single entry amount.

(b) The SMA may contain the following entries:

(1) Dividend and interest payments;

(2) Cash not required by this part, including cash deposited to meet a maintenance margin call or to meet any requirement of a self-regulatory organization that is not imposed by this part;

(3) Proceeds of a sale of securities or cash no longer required on any expired or liquidated security position that may be withdrawn under § 220.4(e); and

(4) Margin excess transferred from the margin account under § 220.4(e)(2).

[Reg. T, 63 FR 2824, Jan. 16, 1998]

Notes of Decisions

Cited in 3 cases, 1997–2009 · leading case: Marriott Int'l Resorts, L.P. v. United States, 586 F.3d 962 (Fed. Cir. 2009).

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Marriott Int'l Resorts, L.P. v. United States, 586 F.3d 962 (Fed. Cir. 2009). “12 C.F.R. §§ 220.5 (b)(1), 220.12(d) (1994) 18 Only items in MORI’s margin account in which the short sales were conducted could be considered by CS First Boston to determine whether MORI had posted the required margin collateral.”

Marriott Int'l Resorts, L.P. v. United States, 83 Fed. Cl. 291 (Fed. Cl. 2008). “12 C.F.R. §§ 220.5 (b)(1), 220.12(d) (1994).”

Schreiber Fam. Charitable Found. v. First Fin. Acceptance Co., 965 F. Supp. 397 (E.D.N.Y 1997). “At the time of the events in question, this regulation was codified at 12 C.F.R. § 220.5 (b)(2). 4 . According to NASDAQ quotes provided by defendants, the Securities closed at $6.”

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