SEC Approves New Rules For Banks

Law360, New York (September 20, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission voted Wednesday to approve new rules to govern banks' securities trading activities, a major step forward after eight years of unsuccessful attempts at bringing banks under the umbrella of securities laws.

The body of rules, known as Regulation R, specify ways in which banks are exempt from securities law, even though they can provide securities services under the Gramm-Leach-Bliley Act of 1998. It is intended to allow banks to participate in the securities market without radically changing the way they...
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