Revised Rule on Securities of Nonmember Insured
Banks (Part 335 of the FDIC's Rules and Regulations)
The FDIC Board of Directors has approved revisions to the
Corporation's rule on securities of nonmember insured banks
(Part 335 of the FDIC's rules and regulations). The rule
sets forth disclosure requirements that involve state
nonmember banks with a class of securities registered under
Section 12 of the Securities Exchange Act of 1934 (Exchange
Act). The revisions to Part 335 will take effect on January
1, 1998, but early compliance will generally be permitted.
The final rule is attached.
The revised rule incorporates by cross reference the
comparable regulations of the Securities and Exchange
Commission (SEC), rather than continuing to maintain a
separate, but substantially similar, body of rules. The FDIC
believes this change will be an effective way to ensure that
FDIC securities disclosure requirements for banks with a
class of securities registered under the Exchange Act remain
substantially similar to those of the SEC.
Instructions for obtaining pertinent materials follow:
Copies of Exchange Act forms (except FDIC Beneficial
Ownership Report Forms) may be obtained by writing to
the SEC, 450 Fifth Street, NW, Washington, D.C. 20549.
FDIC Beneficial Ownership Report Forms F-7, F-8 and F-8A,
along with the forms' instructions, may be obtained
by writing to the FDIC's Registration, Disclosure and
Securities Operations Unit at 550 17th Street N.W.,
Washington, D.C. 20429.
The SEC's general Exchange Act rules and regulations
concerning these forms are codified at 17 CFR Part 240.
The rules and regulations may be obtained by writing to
the Superintendent of Documents, Government Printing
Office, Attn: New Orders, P.O. Box 371954, Pittsburgh,
PA 15250-7954 (202-512-1800) or by contacting various
commercial reference services.
For further information, please contact Lawrence H. Pierce
(202-898-8902) or M. Eric Dohm (202-898-8921) in the Division
of Supervision, or Jamey G. Basham (202-898-7265) in the
Nicholas J. Ketcha Jr.
Attachment: Federal Register, Vol. 62, No. 31, Feb. 14, 1997,
pp 6852-6860 (available on FDIC website, www.fdic.gov)
Distribution: Selected FDIC-Supervised Banks
Note: Paper copies of FDIC financial institution letters may
be obtained through the FDIC's Public Information Center, 801
17th Street, N.W., Room 100, Washington, D.C. 20434 ((703) 562-2200