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U.S. Securities and Exchange Commission

Final Rule:
OTC Derivatives Dealers; Correction


17 CFR Parts 200, 240, 249

[Release No. 34-40594A; File No. S7-30-97]

RIN 3235-AH16

OTC Derivatives Dealers; Correction

AGENCY: Securities and Exchange Commission.

ACTION: Correction to final regulation.

SUMMARY:This document contains a correction to final regulations (34-40594), which were published Tuesday, November 3, 1998, (63 FR 59362). The regulations establish a new regulatory framework under the Securities Exchange Act of 1934 that tailor capital, margin, and other broker-dealer regulatory requirements to a class of registered dealers, called OTC derivatives dealers, that are active in over-the-counter derivatives markets.

EFFECTIVE DATE: January 4, 1999.


Michael Macchiaroli, Associate Director, at (202) 942-0132, Thomas K. McGowan, Assistant Director, at (202) 942-0177, or Christopher M. Salter, Attorney, at (202) 942-0148, Division of Market Regulation, Securities and Exchange Commission, 450 Fifth Street, N.W., Mail Stop 10-1, Washington, DC 20549.


I. Background

The final regulations that are the subject of these corrections supersede Part IIB of Form X-17A-5 on the effective date and effect OTC derivatives dealers required to file Part IIB of Form X-17A-5 pursuant to Securities Exchange Act Rule 17a-12 (17 CFR 240.17a-12).

II. Need for Correction

As published the final regulations contain errors which may prove to be misleading and are in need of clarification.

III. Correction of Publication

Accordingly, the publication on November 3, 1998 of final regulations (34-40594), which were the subject of FR Doc. 98-29007, is corrected as follows:

Part IIB of Form X-17A-5 (referenced in § 249.617) which was published beginning on page 59407 and ending on page 59434 is corrected to read as follows:

[Note: An incorrect copy of Form X-17A05 was published in the Federal Register. The paper and internet version had the correct form.]

* * * * *


By the Commission.


Jonathan G. Katz

Dated:   November 5, 1998