Fed Gives Nod To SEC Bank Brokerage Proposal

Law360, New York (December 18, 2006, 12:00 AM EST) -- The Federal Reserve Board has said it would endorse a set of rules proposed by the U.S. Securities and Exchange Commission that would help define the scope of brokerage services that commercial banks may conduct without registering with the agency as a securities broker.

The Board of Governors of the Federal Reserve System and the SEC on Monday revealed the release of the joint proposed rules, which would implement the broker exceptions for banks.

The proposed rules would implement the statutory exceptions that allow banks to...
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