|For immediate release|
The Federal Reserve Board today approved a final rule setting forth procedures for domestic bank holding companies and foreign banking organizations to qualify as financial holding companies.
The rule, effective 30 days after publication in the Federal Register, also lists financial activities permissible for financial holding companies under the Gramm-Leach-Bliley Act.
The final rule reflects public comment submitted on the interim rule in effect since March 11, 2000.
With respect to foreign banks, the final rule:
The Board believes that the standards and procedures for foreign banks represent a flexible approach that takes into account the statutory requirement for comparability of capital and management standards while ensuring that foreign banks operating in the United States are offered national treatment and equality of competitive opportunity.
The Board's notice is attached.
2000 Banking and consumer regulatory policy