SEC Extends Comment Period For Proposed Regulation B, Provisions Implementing Gramm-Leach-Bliley Bank Broker Rules

The Securities and Exchange Commission today voted to extend for 30 days the comment period on the proposed Regulation B published in the Federal Register on June 30, 2004. This proposed regulation is designed to implement provisions of the Gramm-Leach-Bliley Act of 1999 that delineate the securities activities banks may engage in without registering as brokers under the Securities Exchange Act of 1934.

In a letter submitted to the Commission on July 1, seven trade associations representing financial institutions asked the Commission to provide the public with additional time to review, analyze and submit comments on the proposed regulation. In addition, other commenters also requested an additional 30-day period for public comment.

The public comment period on the proposed Regulation B will now end Sept. 1, 2004. The scope and comment process for this proposed Regulation B remain as stated in the original Federal Register notice of June 30, 2004, and comments should be received on or before Sept. 1, 2004.