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2000 - Rules and Regulations


Subpart S—Applications for a Stay or Review of Actions of Bank Clearing Agencies

§ 308.400  Scope.

This subpart is issued by the Corporation pursuant to sections 17A(b)(3)(g), 17A(b)(5)(C), 19 and 23 of the Securities Exchange Act of 1934 (Exchange Act), as amended (15 U.S.C. 78q-1(b)(3)(g), (b)(5)(C), 78s, 78w). It applies to applications by banks insured by the Corporation (other than members of the Federal Reserve System) for a stay or review of certain actions by clearing agencies registered under the Exchange Act, for which the Securities and Exchange Commission (Commission) is not the appropriate regulatory agency under section 3(a)(34)(B) of the Exchange Act (bank clearing agencies).

[Codified to 12 C.F.R. § 308.400]

[Section 308.400 added at 61 Fed. Reg. 48403, September 13, 1996, effective October 15, 1996]

§ 308.401  Applications for stays of disciplinary sanctions or summary suspensions by a bank clearing agency.

Applications to the Corporation for a stay of disciplinary action imposed by registered clearing agencies pursuant to section 17(b)(3)(G) of the Exchange Act, or summary suspension or limitation or prohibition of access under section 17(b)(5)(C) of the Exchange Act shall be made according to the rules adopted by the Commission (17 CFR 240.19d--2). References to the "Commission" in 17 CFR 240.19d--2 are deemed to refer to the "Corporation."

[Codified to 12 C.F.R. § 308.401]

[Section 308.401 added at 61 Fed. Reg. 48403, September 13, 1996, effective October 15, 1996]

§ 308.402  Applications for review of final disciplinary sanctions, denials of participation, or prohibitions or limitations of access to service imposed by bank clearing agencies.

Proceedings on an application to the Corporation under section 19(d)(2) of the Exchange Act for review of any final disciplinary sanctions, denials of participation, or prohibitions or limitations of access to service imposed by bank clearing agencies shall be conducted according to the procedures set forth in rules adopted by the Commission (17 CFR 240.19d--3). References to the "Commission" in 17 CFR 240.19d--3 are deemed to refer to the "Corporation."

[Codified to 12 C.F.R. § 308.402]

[Section 308.402 added at 61 Fed. Reg. 48403, September 13, 1996, effective October 15, 1996]


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