FOR IMMEDIATE RELEASE                             2001-37


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

Washington, DC, 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.

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