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TREAS/OTS

RIN: 1550-AC13

Publication ID: Spring 2009

Title: Recordkeeping Requirements for Savings Association Exceptions From Securities Broker or Dealer Registration
Abstract: The Gramm-Leach-Bliley Act of 1999 replaced broad exceptions for banks from the definitions of "broker" and "dealer" under the Securities Exchange Act of 1934 with specific exceptions. Each of the exceptions permits a bank to act as a broker or dealer with respect to specified securities products or in transactions that meet specific statutory conditions without being subject to regulation by the Securities Exchange Commission (SEC). More recently, the Financial Services Regulatory Relief Act of 2006 extended these same exceptions to savings associations and required the SEC and the Board of Governors of the Federal Reserve System (FRB) to jointly issue a rule to implement the exceptions. They issued a proposed rule on December 26, 2006. Following adoption of a final rule, the OTS, Office of the Comptroller of the Currency, FRB, and Federal Deposit Insurance Corporation will propose substantively identical recordkeeping rules for savings associations and banks and seek to avail themselves of the specific exceptions.
Agency: Department of the Treasury(TREAS)	Priority: Substantive, Nonsignificant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Proposed Rule Stage
Major: Undetermined	Unfunded Mandates: Undetermined
CFR Citation: 12 CFR 554
Legal Authority: 12 USC 1462 to 1462a 12 USC 1463 12 USC 1467a

Legal Deadline: None

Timetable:

Action	Date	FR Cite
NPRM	04/00/2009

Regulatory Flexibility Analysis Required: No	Government Levels Affected: None
Small Entities Affected: No	Federalism: No
Included in the Regulatory Plan: No
RIN Data Printed in the FR: No
Related Agencies: Joint: TREAS/OCC, FRS, FDIC;
Agency Contact: Martha Clarke Counsel Department of the Treasury 250 E Street, SW, Washington, DC 20219 Phone:202 906-5010 Judi McCormick Director, Trust and Specialty Department of the Treasury Office of Thrift Supervision 1700 G Street NW., Washington, DC 20552 Phone:202 906-5636 John P. Harootunian Senior Counsel, Business Transactions Division Department of the Treasury Office of Thrift Supervision 1700 G Street NW., Washington, DC 20552 Phone:202 906-6415