Federal Reserve, SEC Slow Down With Banking Rules

Law360, New York (July 2, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission and the Board of Governors of the Federal Reserve have decided to allow banks to remain outside the broker label for another few months, hoping that the extension will shed more light on how best to implement the proposals arising from the Financial Services Regulatory Relief Act.

On Monday, the SEC and the Federal Reserve revealed that they had opted to push back the temporary exemption of banks from the definition of “broker” until Sept. 28, 2007 in order to...
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