Proposed Revision to Rule on
Securities of Nonmember Insured Banks
(Part 335 of the FDIC's Rules and Regulations)
The FDIC Board of Directors is seeking comment on its proposed
revision to the Corporation's rule on securities of nonmember
insured banks (Part 335 of the FDIC's rules and regulations).
Written comments, including supporting analysis and data,
are due by September 26, 1996.
As proposed, the revised regulation would incorporate by
cross reference the comparable rules of the Securities and
Exchange Commission (SEC), rather than continue to maintain
the separate, but substantially similar, body of rules now
contained in Part 335. The FDIC believes this change would
be an effective way to assure that FDIC securities disclosure
requirements for banks with a class of securities registered
under Section 12 of the Securities Exchange Act of 1934 (Exchange
Act) remain substantially similar to those of the SEC.
Comments are invited on all aspects of the proposed rule,
the benefits and disadvantages of cross referencing as
a method for assuring substantial similarity between FDIC
and SEC regulations;
the potential cost savings or cost burden of cross referencing
(please include specific dollar estimates of any anticipated
benefits, and dollar estimates for transitional and continuing
costs for such expenses as reference services, staff training,
and additional necessary professional assistance);
whether the FDIC should consider any specific exemptions
from, or separate additions to, the SEC's regulations;
whether the FDIC should continue to require disclosure
of insider extensions of credit as it currently does under
its rules in 12 CFR 335.212 Item 7(b);
whether the FDIC should continue to make available Exchange
Act filings for inspection at the Federal Reserve Banks;
the appropriate time frame for implementing the final
rule, including when compliance with the rule should be
required following its publication in the Federal Register.
Copies of Exchange Act forms (except FDIC Beneficial Ownership
Report Forms F-7, F-8 and F-8A) may be obtained by writing
to the SEC, 450 Fifth Street, NW, Washington, D.C. 20549.
The SEC's general Exchange Act rules and regulations concerning
these forms are codified at 17 CFR Part 240. The SEC's rules
and regulations may be obtained by writing the Superintendent
of Documents, Government Printing Office, Washington, D.C.
20402-0325 or by contacting various commercial reference services.
Attached is a copy of the FDIC's proposed rule, published
in the Federal Register on June 28, 1996. Written comments
should be mailed to the Office of the Executive Secretary,
Federal Deposit Insurance Corporation, 550 17th Street, N.W.,
Washington, D.C. 20429.
For further information, please contact Lawrence H. Pierce
(202-898-8902) or M. Eric Dohm (202-898-8921) in the Division
of Supervision, or Gerald J. Gervino (202-898-3723) in the