N.Y. Comp. Codes R. & Regs. tit. 3 § 36.1
Subject to the requirements of section 36.2 of this Part, a bank or trust company may invest in the shares of investment companies (henceforth referred to as a "fund" or "funds"), provided that the portfolio of the fund consists solely of investments in stocks and obligations in which banks or trust companies are permitted to invest directly. Investment companies include open-end and closed-end investment companies and unit investment trusts as those terms are used in the Investment Company Act of 1940 (title 15 United States Code,[FN*] section 80a-1 et seq.).
[FN*] For information regarding the United States Code (USC or U.S.C.), the Code of Federal Regulations (CFR) and the Federal Register, see Supervisory Policy G 1.
N.Y. Comp. Codes R. & Regs. Tit. 3 § 36.1