SEC Releases Statement On Compliance Date for Gramm-Leach-Bliley Act Requirements
FOR IMMEDIATE RELEASE
Washington, DC, March 16, 2001 Today the Commission released the following statement with regard to compliance requirements under provisions of the Gramm-Leach-Bliley Act:
We understand that questions have arisen concerning the bank broker-dealer exceptions of the Gramm-Leach-Bliley Act. Accordingly, the Commission intends to engage in rulemaking within the next few weeks to clarify certain interpretative questions. We also intend to provide additional time from the current May 12, 2001 effective date for affected banks to come into full compliance with the requirements under the Gramm-Leach-Bliley Act. As part of this process the Commission will continue discussions with interested parties as these issues are further developed.