FDIC Federal Register Citations

[April 26, 1999 (Volume 64, Number 77)]

[Unified Agenda]

From the Federal Register Online via GPO Access [frwais.access.gpo.gov]

[DOCID:ua26ap99_053-8]

[Page 22316-22317]

Part LV

Federal Deposit Insurance Corporation

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FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) Final Rule Stage

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4232. QUALIFICATION REQUIREMENTS FOR THE RECOMMENDATION OR SALE OF

CERTAIN SECURITIES

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1818; 12 USC 1831

CFR Citation: 12 CFR 342

Legal Deadline: None

Abstract: This rulemaking is sponsored jointly by the OCC, the FRS, and

the FDIC. It establishes qualifications for those banks that sell

certain securities directly to retail customers through their employees

without having to register as a broker under the Securities Exchange

Act. More particularly, this action establishes filing requirements for

banks, and registration, testing, and continuing education requirements

for bank securities representatives consistent with the professional

qualification requirements for broker-dealers and registered

representatives under the Securities Exchange Act and rules thereunder,

and the rules of the securities self-regulatory organizations.

[[Page 22317]]

Timetable:

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Action Date FR Cite

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NPRM 12/30/96 61 FR 68824

NPRM Comment Period End 02/28/97

Final Action 05/00/99

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: William A. Stark, Assistant Director, Division of

Supervision, Federal Deposit Insurance Corporation, Washington, DC

20429

Phone: 202 898-6972

RIN: 3064-AB85

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