The SEC and the FED Adopt Regulation R to Implement the Bank Broker Provisions of the Gramm-Leach-Bliley Act

November 01, 2007

As previously reported, on December 13, 2006 the Securities and Exchange Commission (the "SEC" or the "Commission") voted to publish for public comment new proposed rules under the Securities Exchange Act of 1934 (the "Exchange Act") to define the relationship between banks and brokers. On December 18, 2006, the Board of Governors of the Federal Reserve System (the "Board," and together with the Commission, the "Agencies") did the same, and the release of the joint rule proposal, designated Regulation R, occurred that same day. On September 19, 2007, the Commission voted to adopt Regulation R with some modifications (the "Final Rules"), and the Board voted to do the same on September 24, 2007. The Agencies jointly released Regulation R that same day. 

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