View Rule

View EO 12866 Meetings Printer-Friendly Version     Download RIN Data in XML

FRS RIN: 7100-AC73 Publication ID: Fall 2016 
Title: Regulation H--Membership of State Banking Institutions in the Federal Reserve System  

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 of Governors of the Federal Reserve System (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: Final Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 12 CFR 208   
Legal Authority: 12 U.S.C. 1828(t)   
Legal Deadline:  None
Action Date FR Cite
Board Requested Comment  10/03/2007  72 FR 56514   
Board Expects Further Action  12/00/2016 
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 
Agency Contact:
Michael Waldron
Senior Special Counsel
Federal Reserve System
Legal Division,
Washington, DC 20551
Phone:202 452-2798