Office of the Comptroller of the Currency 12 CFR Part 12
[Docket No. 96-29]
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12 CFR Parts 208 and 211 [Docket No. R-0950]
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12 CFR Part 342 RIN 3064-AB85 |
Qualification Requirements for Transactions in Certain Securities
AGENCIES: Office of the Comptroller of the Currency, Treasury; Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation. ACTION: Joint notice of proposed rulemaking. SUMMARY: The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (banking agencies) propose to adopt a qualification regulation for those banks that engage in bank-direct retail sales or recommendations of certain securities through their employees. Because banks are not required to register as a broker-dealer under the Securities Exchange Act of 1934, as amended, 15 U.S.C. 78 et seq. (Securities Exchange Act), the proposed regulation establishes requirements for banks and bank securities representatives that are consistent with the professional qualification requirements for broker-dealers and registered representatives under the Securities Exchange Act and rules thereunder and the rules of the securities self regulatory organizations (SSROs). The banking agencies invite comment on all aspects of the proposal as well as on the specific issues identified in the �Section-by-Section Summary and Request for Comment.� In a separate document published elsewhere in this separate part of the Federal Register as a companion Notice of Forms, the banking agencies are proposing to adopt four forms to be used in connection with the regulation: Form SB (Uniform Notice for Sponsoring Bank), Form SBW (Uniform Notice for Sponsoring Bank Withdrawal), Form U-4B (Uniform Application for Bank Securities Representative Registration or Transfer), and Form U-5B (Uniform Termination Notice for Bank Securities Representative Registration). The proposed forms are based on the uniform forms used in the securities industry for broker-dealers and their registered representatives. The use of these proposed forms, along with this proposed regulation, will promote the safe and sound operation of bank retail securities sales programs and customer protection by standardizing the qualification requirements of bank personnel engaged in the retail sale of certain securities. DATES: Comments on the proposed regulation must be received by February 28, 1997. ADDRESSES: Comments should be directed to: OCC: Communications Division, Office of the Comptroller of the Currency, 250 E Street, S.W., Washington DC 20219, Attention: Docket No. 96-29. Comments will be available for public inspection and photocopying at the same location. In addition, comments may be sent by facsimile transmission to FAX number (202) 874-5274 or by Internet mail to REGS.COMMENTS@OCC.TREAS.GOV. Board: William W. Wiles, Secretary, Board of Governors of the Federal Reserve System, 20th and Constitution Avenue, N.W., Washington, D.C. 20551, Attention: Docket No. R-0950, or delivered to room B-2222 of the Eccles Building between 8:45 a.m. and 5:15 p.m. Comments may be inspected in room MP-500 between 9:00 a.m. and 5:00 p.m. weekdays, except as provided in § 261.8 of the Board of Governors� rules regarding availability of information, 12 CFR 261.8. FDIC: Jerry L. Langley, Executive Secretary, Attention: Room F-402, Federal Deposit Insurance Corporation, 550 17th Street, N.W., Washington, D.C. 20429. Comments may be hand delivered to Room F-402, 1776 F Street, N.W., Washington, DC 20429, on business days between 8:30 a.m. and 5:00 p.m. or transmitted by fax or the internet. The FDIC�s fax number is (202) 898-3838 and its Internet address is: COMMENTS@FDIC.GOV. Comments will be available for inspection and photocopying in Room 100, 801 17th Street, NW, Washington, DC between 9:00 a.m. and 5:00 p.m. on business days. FOR FURTHER INFORMATION CONTACT: OCC: Joseph W. Malott, Examiner, Capital Markets (202) 874-5070, and Joel Miller, Senior Attorney, Securities and Corporate Practices (202) 874-5210. Board: Howard Amer, Assistant Director, Division of Banking Supervision and Regulation (202) 452-2958, and Angela Desmond, Senior Counsel, Division of Banking Supervision and Regulation (202) 452-3497. FDIC: William A. Stark, Assistant Director, Division of Supervision, (202) 898-6972; Lisa D. Arquette, Senior Capital Markets Specialist, Division of Supervision, (202) 898-8633; Ann Hume Loikow, Counsel, Regulations and Legislation Section, Legal Division, (202) 898- 3796; and Patrick J. McCarty, Counsel, Regulations and Legislation Section, Legal Division, (202) 898-8708. |
Summary and proposed rule (135 KB PDF) 1997 Banking and consumer regulatory policy