long impasse between the SEC and banks regarding the appropriate interpretation

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what was that comply date asshole?

You stated that they held up the rules for 8 years. They did not. The rules were finalized in 2007. The rules were HELD up for 18 months under Clinton. Why? Because the BANKS and the SEC were negotiating the rules. A point you are too fucking stupid to realize.

Now you want to spin this into the fact that they didn't get implemented for another year?

Yes you fucking idiot, rules are typically given time for compliance. but again... WHAT rule would have stopped the downturn you fucking idiot?

 

[Cancel 2016.2]

https://en.wikipedia.org/wiki/Gramm–Leach–Bliley_Act



November 12, 1999

http://www.occ.treas.gov/news-issuances/bulletins/2007/bulletin-2007-42.html

 

[evince]

http://www.occ.treas.gov/news-issuances/bulletins/2007/bulletin-2007-42.html

The effective date of most of Regulation R's provisions is September 28, 2007. Banks are exempt from complying with the rules and the "broker" exceptions in Section 3(a)(4)(B) of the Exchange Act until the first day of their first fiscal year that commences after September 30, 2008. For most national banks the compliance date will be January 1, 2009. Regulation R was published in the Federal Register on October 3, 2007.



from your link asshole

 

[evince]

http://www.sec.gov/news/press/2007/2007-190.htm





SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers

Eight Years After Passage of the Gramm-Leach-Bliley Act, Key Provisions Will Now Be Implemented

FOR IMMEDIATE RELEASE
2007-190

Washington, D.C., Sept. 19, 2007 - Ending eight years of stalled negotiations and impasse, the Commission today voted to adopt, jointly with the Board of Governors of the Federal Reserve System (Board), new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.

 

[Cancel 2016.2]

The effective date of most of Regulation R's provisions is September 28, 2007. Banks are exempt from complying with the rules and the "broker" exceptions in Section 3(a)(4)(B) of the Exchange Act until the first day of their first fiscal year that commences after September 30, 2008. For most national banks the compliance date will be January 1, 2009. Regulation R was published in the Federal Register on October 3, 2007.



from your link asshole

From the same link retard.

and let me guess... you will still run away from telling us what the exceptions mean?

 

[Cancel 2016.2]

http://www.sec.gov/news/press/2007/2007-190.htm





SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers

Eight Years After Passage of the Gramm-Leach-Bliley Act, Key Provisions Will Now Be Implemented

FOR IMMEDIATE RELEASE
2007-190

Washington, D.C., Sept. 19, 2007 - Ending eight years of stalled negotiations and impasse, the Commission today voted to adopt, jointly with the Board of Governors of the Federal Reserve System (Board), new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.

ROFLMAO... tell us MORON... if the article is dated SEPT 19, 2007... HOW many years had Bush been in office at that time?

 

[evince]

I will spell it out for you Desh since you are too fucking stupid to figure it out on your own.

By your own links, it was Sept of 2007 that the rules were put in place. Bush took office in 2001. Thus it was about 6.5 years under Bush. The impasse BEGAN under CLINTON and continued under Bush. Yet you pretend it was all Bush.

So again... your 'FACT' was WRONG.

You still have yet to show WHAT rule or rules would have prevented the crash.

they were not PUT IN PLACE then you fucking asshole

 

[evince]

when did hey actually have to comply to those rules you fucking liar?

 

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they were not PUT IN PLACE then you fucking asshole

They were indeed put in place you fucking twit. They were given time to comply with a PORTION of the rules. A PORTION that YOU do not understand.

Because YOU STILL refuse to answer the fucking question...

WHAT FUCKING RULE(S) WOULD HAVE PREVENTED THE CRASH

 

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when did hey actually have to comply to those rules you fucking liar?

https://www.sec.gov/divisions/marketreg/tmcompliance/regulation_r_secg.htm

There are the rules retard... which would have prevented the crash?

 

[evince]

The FRB and the SEC approved Regulation R ("Final Regulation R") implementing the bank broker push out provisions under Title II of the Gramm-Leach-Bliley Act of 1999 ("GLBA"). A bank or thrift (collectively, a "bank") must start complying with Regulation R on the first day of the bank’s fiscal year starting after September 30, 2008, which for many banks will be January 1, 2009.

Regulation R was proposed by the FRB and the SEC jointly in an effort to resolve a years-long impasse between the SEC and banks regarding the appropriate interpretation of 11 statutory exceptions in the GLBA. The exceptions were intended to preserve bank activity after Congress repealed the blanket bank exception from broker regulation. The repeal was long-sought by the SEC in order to provide for functional SEC regulation of bank broker activities in response to banks’ entry into broader financial services securities activities, including the retail sale of mutual funds, in the 1980s.

To provide greater certainty to banks, the SEC made several attempts to issue regulations (proposed Regulation B in 2004 and the Bank Broker-Dealer Interim Final Rules in 2001) – these attempts were criticized by banks, banking agencies, and some members of Congress. Last fall, in adopting the Financial Services Regulatory Relief Act of 2006, Congress required the SEC to withdraw its rules and issue new rules jointly with the FRB in consultation with the other federal banking agencies.

Final Regulation R generally reflects proposed Regulation R, but also addresses banks’ concerns regarding legal and enforcement risk and contains further easing of bank regulatory burden in discrete areas, notably the "chiefly compensated" income test for exempted trust/fiduciary activity, the types of referral compensation permitted under the networking exemption, the scope of exempted custody activity, sweeps of deposit funds collected by another bank, and exempted transactions in variable insurance products effected with an insurance company.

Significant changes made by Regulation R, in comparison with previous proposals, are summarized below.



http://www.mondaq.com/unitedstates/x...e+Regulation+R

just fucking lying into the face of facts makes you a fucking idiot

 

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just fucking lying into the face of facts makes you a fucking idiot

Desh, you are too fucking stupid to be breathing. But keep running away from the explaining what you think the rules mean. We both know you will never attempt that.

 

[evince]

how is it any of his stupid fucking diversion of yours clearing the Bush fucks you are sucking the dicks of as we speak?

 

[evince]

"But the "broker" exclusions proved far more difficult. In order to continue to seek input from all interested parties, the Commission extended the blanket exception from the definition of broker, and has continued to do so to the present time. "


cox confirms there were no rules as of sept 2006





http://www.sec.gov/news/speech/2006/spch092106cc.htm

well?

 

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how is it any of his stupid fucking diversion of yours clearing the Bush fucks you are sucking the dicks of as we speak?

translation : 'I am an idiot. I don't know what the rules mean. But I keep screaming that the rules would have prevented the crash and blaming Bush for the crash. The reality is, Clinton repealed Glass Steagall and I want to run away from that.'

 

[evince]

"We are here today to repeal Glass-Steagall because we have learned that government is not the answer. We have learned that freedom and competition are the answers. We have learned that we promote economic growth and we promote stability by having competition and freedom.

"I am proud to be here because this is an important bill; it is a deregulatory bill. I believe that that is the wave of the future."
he quotes Phil Gramm

the fuck who wrote it

 

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well?

well what? You don't even know what the terms mean.

 

[evince]

http://www.sec.gov/news/speech/2006/spch092106cc.htm


"Congress recognized how difficult this whole process could prove to be for some banks, and included an 18-month implementation deadline. That was supposed to end in May 2001 — more than five years ago"



That is Cox himself


so dungheap was right


did you apologise?

no

 

[Cancel 2016.2]

the fuck who wrote it

we know it was a deregulatory bill you fucking moron. It repealed GLASS STEAGALL.

 

[evince]

Seven years after passage of the Gramm-Leach-Bliley Act, we still don't have the bank broker exceptions we need to implement the legislation.

I'm committed to completing that important task. Congress intended that the SEC write rules to implement this legislation. (I can say that with some authority, because I was a member of the House-Senate Conference Committee that wrote the final version of Gramm-Leach-Bliley.)

The rules are important because Congress fully understood that reasonable exemptions would be necessary to promote competition and efficiency, and to protect investors — the very purposes of the legislation in the first place.



I guess you don't agree with cox?


http://www.sec.gov/news/speech/2006/spch092106cc.htm

you are a mega asshole