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TREAS/OTS RIN: 1550-AC13 Publication ID: Spring 2011 
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). Subsequently, 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 final rule on September 24, 2007. 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 that seek to avail themselves of the specific exceptions. 
Agency: Department of the Treasury(TREAS)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 12 CFR 553   
Legal Authority: 12 USC 1462a    12 USC 1463    12 USC 1464    12 USC 1828(t)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  06/00/2011    
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