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FRS

RIN: 7100-AC73

Publication ID: Fall 2008

Title: Regulation H--Membership of State Banking Institutions in the Federal Reserve System
Abstract: Section 204 of the Gramm-Leach-Bliley Act added a new subsection (t) to section 18 of the Federal Deposit Insurance Act requiring the Board, in consultation with the Securities and Exchange Commission (SEC), to establish record-keeping requirements for state member banks and branches and agencies of foreign banks that rely on the exceptions from the definition of "broker" or "dealer" provided in section 3(a)(4) or (5) of the Securities Exchange Act of 1934 (Exchange Act). The Board and the SEC, as required by the Financial Services Regulatory Relief Act of 2006, issued joint final rules implementing the "broker" exception in section 3(a)(4) of the Exchange Act (October 3, 2007, 72 FR 56514). As part of the final rulemaking, a bank is exempt from compliance with the definition of "broker" until the first day of the bank's first fiscal year commencing after September 30, 2008. The Board and other Federal banking agencies, in consultation with the SEC, are developing rules to implement the statutory record-keeping requirement, which will be proposed for public comment. It is not anticipated that the Board's proposal, when issued, would have a significant economic impact on a substantial number of small entities subject to the Board's regulation.
Agency: Federal Reserve System(FRS)	Priority: Substantive, Nonsignificant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Proposed Rule Stage
Major: No	Unfunded Mandates: No
CFR Citation: 12 CFR 208
Legal Authority: 12 USC 1828(t)

Legal Deadline: None

Timetable:

Action	Date	FR Cite
Board Requested Comment	06/30/2004	69 FR 39682
Board Will Consider Requesting Additional Comment By	11/00/2008

Regulatory Flexibility Analysis Required: No	Government Levels Affected: None
Included in the Regulatory Plan: No
RIN Data Printed in the FR: No
Agency Contact: Michael Waldron Senior Special Counsel Federal Reserve System Legal Division, Washington, DC 20551 Phone:202 452-2798