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U.S. Securities and Exchange Commission

SEC Releases Statement on Extensions of Compliance Date for Gramm-Leach-Bliley Act Broker-Dealer Registration Requirements



Washington, D.C., April 17, 2001 – Today the Commission released the following statement with regard to extending the date upon which banks must comply with the broker-dealer registration requirements under the Gramm-Leach-Bliley Act:

We understand that banks may require additional time beyond the statutory deadline of May 12, 2001, to complete the process of ensuring that their securities activities either fall within the new exceptions to the definitions of broker and dealer or are conducted by registered broker-dealers.

The Commission intends to engage in rulemaking shortly on these exceptions. In connection with the rulemaking, the Commission expects to provide the following temporary exemptions for banks. First, the Commission expects to exempt banks from the definitions of broker and dealer until October 1, 2001 for their existing securities activities. Second, the Commission expects that, until January 1, 2002, the compensation received by banks and paid by banks to their employees will not affect the availability of any exception from the definitions of broker or dealer.


Modified: 04/18/2001