Interpretation of Regulation K on securities underwriting - Announcements

Federal Reserve Bulletin, April, 2003

The Federal Reserve Board on February 7, 2003, issued an interpretation concerning securities underwriting by banking organizations that are subject to the Bank Holding Company Act.

The interpretation clarifies that a banking organization that wishes to engage in underwriting securities that are to be distributed in the United States must be either a financial holding company or have authority to engage in underwriting activity under section 4(c)(8) of the Bank Holding Company Act.