FDIC Federal Register Citations

[October 29, 1997 (Volume 62, Number 209)]

[Unified Agenda]

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

[Page 58408-58409]

FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) Final Rule Stage

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4292. 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

[[Page 58409]]

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

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NPRM 12/30/96 61 FR 68824

NPRM Comment Period End 02/28/97

Final Action 11/00/97

Small Entities Affected: None

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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