SEC, Fed approve rules for broker provisions of GLBA

Bank News, November, 2007 by Anonymous

New rules that will implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999 have been approved by the securities and Exchange Commission. The sec worked jointly with the Federal Reserve Board on the rules and the Fed voted on the rules at its meeting on Sept. 24. The sec and the Fed consulted with the Office of the Comptroller of the Currency, FDIC and Office of Thrift Supervision.

In addition, the sec also voted to issue a second release concerning certain bank dealer activities and other related matters.

"A customer should be able to walk into a financial institution and get any financial product he or she needs - securities, insurance, banking or trust services," said sec Chairman Christopher Cox. "But Congress recognized those benefits couldn't be...

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