Securities Regulatory Equality Act of 1991

Securities Regulatory Equality Act of 1991 - Title I: Regulation of Securities Activities of Depository Institutions - Amends the Securities Exchange Act of 1934 to modify the definitions of broker and dealer to delineate under which circumstances a bank shall not be considered a broker or a dealer. Authorizes the Securities and Exchange Commission (SEC) to exempt any person from such definitions.

Prohibits any bank from acting as broker or dealer, except in the course of an exclusively intrastate business. Amends the Investment Company Act of 1940 to declare that bank affiliates of a registered management company may provide custodial services only within the regulatory scheme prescribed by the SEC.

Expands the definition of "affiliated person" to include a class of persons which the SEC has determined to be affiliated because it has had a material business or professional relationship within the last two fiscal years with an investment company principal underwriter, sponsor, promoter, or any affiliated person.

Prohibits a registered investment company from acquiring, during the underwriting phase, any security the proceeds of which will be used to retire any part of indebtedness owed to a bank which is affiliated with the registered company.

Prohibits a registered open-end company from borrowing from any affiliated bank unless exempted by special SEC ruling.

Amends the definition of "interested person" of another person to include: (1) any person that has engaged in specified transactions or loaned money within the last six months to the investment company or certain affiliated parties; or (2) any employee of a bank that acts as custodian or transfer agent for such company.

Prohibits a registered investment company, except in specified circumstances, from having a majority of its board of directors consist of personnel of any one bank or any one bank holding company (together with their affiliates or subsidiaries).

Declares that it is deceptive and misleading for a registered investment company which has a bank or affiliated person as an investment adviser or distributor to adopt as part of the company's name or logo (or that of any security it issues) any word or design that is the same or similar to that of the bank.

Amends the definition of "broker" to provide that it does not include a person solely because that person is an investment company underwriter. Amends the definition of "dealer" to exclude an insurance company or investment company. (Amends similarly the same definition in the Investment Advisers Act of 1940.)

Amends the Investment Company Act of 1940, the Securities Act of 1933, and the Securities Exchange Act of 1934 to exempt from the definition of "investment company" a common trust fund or similar fund that is administered by a bank and that is not offered to the general public.

Amends the Investment Advisers Act of 1940 to define as an "investment adviser" any bank or bank holding company which acts as an investment adviser to a registered investment company.

Title II: Administration of Securities Laws with Respect to Securities of Depository Institutions - Part A: Amendments to the Securities Act of 1933 - Amends the Securities Act of 1933 to remove from the list of exempt securities: (1) securities issued or guaranteed by any bank; and (2) savings association-issued securities. Adds to the class of securities exempt from coverage by the Act securities exchanges in connection with specified transactions which are part of a reorganization of a corporation into a holding company if certain conditions are met.

Specifies bank and savings association instruments which are excluded from the Act's purview except in certain circumstances.

Part B: Securities Exchange Act Administration Transfer - Repeals a provision of the Securities Exchange Act of 1934 relating to the issuance of securities by banks.

Part C: Miscellaneous Provision - Amends the Trust Indenture Act of 1939 to make a technical amendment.