Retirement: A third have less than $1,000 put away

evince said:
http://www.sec.gov/news/press/2005-31.htm




SEC EXTENDS TIME FOR BANKS TO COMPLY WITH GRAMM-LEACH-BLILEY ACT BROKER REGISTRATION REQUIREMENTS

FOR IMMEDIATE RELEASE
2005-31

Washington, D.C., March 8, 2005 - The Securities and Exchange Commission announced today that it issued an order further extending until Sept. 30, 2005, the compliance dates for banks with respect to certain broker registration requirements contained in the Gramm-Leach-Bliley Act (GLBA). The Commission does not expect banks to develop compliance systems to meet the terms of the "broker" exceptions until the Commission amends its rules. Banks have indicated that they will need time to implement systems to ensure compliance with the new statutory requirements regarding the definition of "broker."

The GLBA repealed an exception from broker-dealer registration requirements in the Securities Exchange Act of 1934 that had allowed banks to engage in securities activities without registering as a broker or dealer. The GLBA replaced this exception with new functional exceptions that were to become effective May 12, 2001. On May 11, 2001, the Commission adopted interim final rules (Interim Rules) that, among other things, gave banks time to come into full compliance with the more narrowly tailored exceptions from broker-dealer registration. To further accommodate the banking industry's continuing compliance concerns, the Commission delayed the effective date of the bank "broker" rules through a series of orders that ultimately extended the temporary exemption from the definition of "broker" to March 31, 2005
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and NOW you go back to the rules that are a part of GLB?

Make up your mind desh... what rules matter?

Tell us what the exceptions for banks from broker dealer registration has to do with the sub prime mess.
 
the fact is that Bush held back the rules so they would have no rules to comply with.

that was the aim of holding back the rules
 
evince said:
the fact is that Bush held back the rules so they would have no rules to comply with.

that was the aim of holding back the rules
Click to expand...

That is complete bullshit desh.

Again... which of the rules that Bush held back would have altered what happened had it been in place?

Why can't you answer that Desh?

Why do you keep posting bullshit and then refusing to discuss it?

You just post links that you hope say one thing, when in reality they say another. THAT is why you refuse to discuss, because you KNOW you have no fucking clue what those rules mean.
 
http://www.sec.gov/divisions/marketreg/bankdealerguide.htm



Staff Compliance Guide to Banks on Dealer Statutory Exceptions and Rules

Division of Trading and Markets

This Staff Compliance Guide to Banks on Dealer Statutory Exceptions and Rules was prepared by and represents the views of the staff of the Division of Trading and Markets and does not constitute rules, regulations, or statements of the Securities and Exchange Commission ("Commission"). The Commission has neither approved nor disapproved its contents.

Beginning October 1, 2003, banks that buy and sell securities need to consider whether they are "dealers" under the federal securities laws.

Dealer activity is not interpreted the same way under securities law and banking law.

Banks need to be aware that "dealer" activity under the federal securities laws is not necessarily the same thing as "dealer" activity under banking law. For example, so-called "riskless principal" transactions are dealer activity for securities law purposes, even though they are agency activity for banking law purposes. Similarly, repurchase agreement transactions are treated as purchases and sales of securities for securities law purposes. Generally, these transactions would also be characterized for securities law purposes as transactions in the underlying security.
 
http://www.sec.gov/news/press/2005-31.htm


SEC EXTENDS TIME FOR BANKS TO COMPLY WITH GRAMM-LEACH-BLILEY ACT BROKER REGISTRATION REQUIREMENTS

FOR IMMEDIATE RELEASE
2005-31

Washington, D.C., March 8, 2005 - The Securities and Exchange Commission announced today that it issued an order further extending until Sept. 30, 2005, the compliance dates for banks with respect to certain broker registration requirements contained in the Gramm-Leach-Bliley Act (GLBA). The Commission does not expect banks to develop compliance systems to meet the terms of the "broker" exceptions until the Commission amends its rules. Banks have indicated that they will need time to implement systems to ensure compliance with the new statutory requirements regarding the definition of "broker."

The GLBA repealed an exception from broker-dealer registration requirements in the Securities Exchange Act of 1934 that had allowed banks to engage in securities activities without registering as a broker or dealer. The GLBA replaced this exception with new functional exceptions that were to become effective May 12, 2001. On May 11, 2001, the Commission adopted interim final rules (Interim Rules) that, among other things, gave banks time to come into full compliance with the more narrowly tailored exceptions from broker-dealer registration. To further accommodate the banking industry's continuing compliance concerns, the Commission delayed the effective date of the bank "broker" rules through a series of orders that ultimately extended the temporary exemption from the definition of "broker" to March 31, 2005.
 
I gotta go dudes and I will be back like always.

I have overstayed just to give you more info.


see you next day
 
Yoda said:
How dare you demand that the GOVT with working americans and their tax money as well build the very infrastructure that makes them RICHER. How dare they use Police and Fire at will and EMTS and all public first responders. When they have a fire its A HUGE cost to every taxpayer.

Know what Don give it a break, supposed conservatives cant dazzle people with bullshit anymore.
The facts just prove you wrong time and time over.
Click to expand...

This thread is about people having enough savings not fire departments which are locally funded.

Epic fail

You lefties make me laugh. Everytime your left wing talking point implode you trot out this lame argument

Tell ya what. You limit gobblement spending to just the things you outlined and you won't here a peep from me. Deal?
 
Obama's budget is going to limit future 401k deduction to 28 percent
Effectively raising taxes 11 percent on the top bracket
 
Superfreak said:
That is complete bullshit desh.

You just post links that you hope say one thing, when in reality they say another. THAT is why you refuse to discuss, because you KNOW you have no fucking clue what those rules mean.
Click to expand...

With all due respect, it's your fault.

Arguing facts with Desh is an undertaking pre-destined for failure. You'd find more mental stimulation in putting your scrotum on an anvil and whacking it repeatedly with a ballpeen hammer.
 
well then maybe you can explain to me why Bush held back the broker rules in GLBact for 8 years and then announced that our economy was going to crash right before they were finally implimented?
 
what was it they were trying to do by extending and extending non compliance of the rules by the banks?

what were they accomplishing for the country by doing that?
 
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