§ 548.404. Transactions ordinarily incident to a licensed transaction.
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/us/cfr/t31/s§ 548.404·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Any transaction ordinarily incident to a licensed transaction and necessary to give effect thereto is also authorized, except:
(1)An ordinarily incident transaction, not explicitly authorized within the terms of the license, by or with a person whose property and interests in property are blocked pursuant to § 548.201; or
(2)An ordinarily incident transaction, not explicitly authorized within the terms of the license, involving a debit to a blocked account or a transfer of blocked property pursuant to § 548.201.
(b)For example, a license authorizing a person to complete a securities sale involving Company A, whose property and interests in property are blocked pursuant to § 548.201, also authorizes other persons to engage in activities that are ordinarily incident and necessary to complete the sale, including transactions by the buyer, broker, transfer agents, and banks, provided that such other persons are not themselves persons whose property and interests in property are blocked pursuant to § 548.201.