Summary: | The FDIC is notifying FDIC-supervised banks of the attached joint proposed rulemaking by the Securities and Exchange Commission (SEC) and the Board of Governors of the Federal Reserve System that would implement the statutory exceptions from the definition of "broker" contained in the Gramm-Leach-Bliley Act (GLBA). The proposed regulation was drafted in consultation with the FDIC, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision, and is designed to protect investors in a manner that does not unduly disrupt current bank business practices. Comments are due to the SEC or the Federal Reserve by March 26, 2007. |
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