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The Federal Reserve Board, along with the Federal Deposit
Insurance Corporation and the Office of the Comptroller of the
Currency (banking agencies), today requested comment on proposed
regulations regarding qualification requirements for bank
employees who sell mutual funds and certain other securities.
Comment is requested by February 28, 1997.
The principal provisions of the proposed regulations would
require:
- banks to sponsor their employees to take the appropriate
professional qualification test to become bank securities
representatives;
- bank employees to pass the appropriate professional
qualification test as a condition to selling covered
products to retail customers;
- bank employees to register with the banking agencies by
providing personal history, employment, and disciplinary
information that would eventually be made available to
the public;
- supervisors of bank securities representatives to pass
the appropriate professional qualification test and
register as a bank securities representative; and
- bank securities representatives to participate in
continuing education programs that incorporate the
requirements applicable to the securities industry.
The proposed regulations would promote the safe and sound
operation of bank retail securities sales programs and customer
protection by establishing standardized qualification
requirements for bank personnel engaged in the retail sale of
certain securities.
The interagency notice is attached.
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