federal_register: 96-32326
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| document_number | title | type | abstract | publication_date | pub_year | pub_month | html_url | pdf_url | agency_names | agency_ids | excerpts |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 96-32326 | Qualification Requirements for Transactions in Certain Securities | Proposed Rule | 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. | 1996-12-30 | 1996 | 12 | https://www.federalregister.gov/documents/1996/12/30/96-32326/qualification-requirements-for-transactions-in-certain-securities | https://www.govinfo.gov/content/pkg/FR-1996-12-30/pdf/96-32326.pdf | Justice Department; Treasury Department; Comptroller of the Currency; Federal Reserve System; Federal Deposit Insurance Corporation | 268,497,80,188,164 | 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... |