FDIC Federal Register Citations

[April 25, 1997 (Volume 62, Number 80)]

[Unified Agenda]

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

[Page 22653]

Part LI

Federal Deposit Insurance Corporation

_______________________________________________________________________

FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) Final Rule Stage

_______________________________________________________________________

4104. 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:

________________________________________________________________________

Action Date FR Cite

________________________________________________________________________

NPRM 12/30/96 61 FR 68824

NPRM Comment Period End 02/28/97

Final Action 08/00/97

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

_______________________________________________________________________