Record keeping and Confirmation Requirements
For Securities Transactions
FIL-01-97 January 13, 1997
CHIEF EXECUTIVE OFFICER
Notice of Proposed Rulemaking on Recordkeeping and Confirmation Requirements for Securities Transactions (Part 344 of the FDIC’s Rules and Regulations)
The FDIC Board of Directors has issued for public comment a revised Part 344 regulation
concerning securities transaction recordkeeping and confirmations. In preparing the proposed
amendments, the FDIC considered the comments received in response to its Advance Notice of
Proposed Rulemaking (see FIL-32-96, dated May 29, 1996). The FDIC made several changes
to the proposed rule in response to these comments. Two of the changes are particularly
Excepted from the FDIC’s recordkeeping and confirmation requirements are those
cases in which the customer has a direct contractual agreement with a broker/dealer
whose relationship is fully disclosed to the customer.
The requirement for reporting personal investment transactions has been expanded to
include certain financial institution Directors. Under the proposed amendments,
Directors who actively participate in making decisions or recommendations for the
purchase or sale of specific securities would be required to report personal investment
A copy of the Federal Register notice describing the proposed amendments is attached. The
FDIC will accept written comments through January 23, 1997. For more information, please
contact Miguel D. Browne, Manager, Division of Supervision, (202) 898-6789; John F.
Harvey, Review Examiner (Trust), Division of Supervision, (202) 898-6762; or Patrick J.
McCarty, Counsel, Legal Division (202) 898-8708.
Distribution: Insured Commercial Banks and FDIC-Supervised Savings Banks
Note: Paper copies of FDIC financial institution letters may be obtained through the
FDIC’s Public Information Center, 801 17th St., NW, Room 100, Washington, D.C.
200434 ((703) 562-2200 or 800-276-6003).