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What is a collective investment fund (CIF)?

A CIF is a trust that pools assets from multiple clients and is held by a bank or trust company. The federal securities laws generally require entities that pool securities to register those pooled vehicles (such as mutual funds) with the Securities and Exchange Commission (SEC). However, CIFs are exempt from SEC registration and reporting requirements, so long as a bank or other authorized entity offers the CIF and as long as participation in the CIF is restricted to only customers covered by the exemption.

Last Reviewed: October 2020

Please note: The terms "bank" and "banks" used in these answers generally refer to national banks, federal savings associations, and federal branches or agencies of foreign banking organizations that are regulated by the Office of the Comptroller of the Currency (OCC). Find out if the OCC regulates your bank. Information provided on HelpWithMyBank.gov should not be construed as legal advice or a legal opinion of the OCC.

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