http://www.sec.gov/news/press/2004-73.htm
SEC Votes To Propose Provisions Implementing Gramm-Leach-Bliley Bank Broker Rules
FOR IMMEDIATE RELEASE
2004-73
Washington, D.C., June 2, 2004 - The Securities and Exchange Commission today voted to publish for comment proposed Regulation B. This new 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.
Regulation B Proposals
The Gramm-Leach-Bliley Act (GLBA) replaced banks' complete exception from the definition of "broker" with eleven "functional exceptions." The Commission today voted to propose new rules to implement the GLBA definition by defining some of the statutory terms used in the eleven exceptions. It also proposed a number of new exemptions for some particular bank activities, under conditions that are consistent with investor protections. All of these provisions build off of rules the Commission adopted in 2001 (Interim Rules).