[November 9, 1998 (Volume 63, Number 216)]
[Unified Agenda]
From the Federal Register Online via GPO Access [frwais.access.gpo.gov]
[DOCID:ua09no98_052-11]

[Page 62701]
 
FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)           Final Rule Stage

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4453. 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.

Timetable:
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Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/30/96                    61 FR 68824
NPRM Comment Period End         02/28/97
Final Action                    11/00/98

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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Last Updated 04/25/1997 regs@fdic.gov