Proposed New "Regulation B" Concerning Bank Broker Rules

We are considering whether to adopt a set of proposed rules, collectively known as "Regulation B," that would clarify and expand the securities-related business that banks, thrifts, and credit unions can engage in without having to register as brokers. This proposal would implement provisions of the Gramm-Leach-Bliley Act of 1999 (the "GLBA"), defining various terms in GLBA and broadening a number of exemptions already available to banks, savings associations, and savings banks that sell securities. The proposal would exempt credit unions that engage in limited securities activities that are conducted under the terms applicable to certain of the bank exceptions from the definitions of "broker" and "dealer." We welcome your thoughts on this issue.

The deadline to submit a comment on Regulation B has been extended from August 2, 2004, to September 1, 2004. You may send us your input electronically by clicking here. Alternatively, you may mail your comments (please send us three copies) to the following address:

     Jonathan G. Katz, Secretary
     U.S. Securities and Exchange Commission
     450 Fifth Street, N.W.
     Washington, D.C. 20549-0609

Please be aware that all comments we receive will become part of the public record of what we considered in this matter. If you send your comments electronically, they will be posted on our website. If you send your comments in hard copy, they will be available for inspection in our Public Reference Room and they will also be scanned and posted in PDF format.

Information About Our Rule Proposal:

• Complete Rule Proposal Issued by the Commission on June 17, 2004
   
• Submit a Comment on the Proposed Rule
   
• Read the Comments We've Received
   

Additional Information About Our Rule Proposal

• Press Release on the Rule Proposal
   
• Press Release on the Comment Period Extension
   
• June 2, 2004 Opening Statement on Gramm-Leach-Bliley Act Bank Broker Rules by Chairman Donaldson
   
• June 18, 2004 Speech by SEC Commissioner Glassman: The SEC's Role as a Functional Regulator of Bank Securities Activities
   
• PowerPoint Presentation on Proposed Rule by SEC Staff
   
• Interim Final Rules Promulgated May 11, 2001
   

http://www.sec.gov/investor/regbnew.htm