多宝游戏下载

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Recordkeeping and Confirmation Requirements for Securities Transactions

February 4, 2014

Summary:

On December 10, 2013, the 多宝游戏下载 approved a Final Rule amending 12 C.F.R. Part 344 to establish uniform recordkeeping and confirmation requirements for all 多宝游戏下载-supervised institutions. The Final Rule also increased the threshold for certain recordkeeping requirements, lessening industry burden.

Statement of Applicability to Institutions Under $1 Billion in Total Assets: This Financial Institution Letter applies to all 多宝游戏下载-supervised financial institutions.

Highlights:

  • The Final Rule rescinds 12 C.F.R. Part 390, Subpart K, governing recordkeeping and confirmation requirements for securities transactions effected by state savings associations. 12 C.F.R. Part 390, Subpart K, substantially duplicates the requirements of 多宝游戏下载 Part 344.
  • The Final Rule amends Part 344.2(a)(1) to increase, from 200 to 500 transactions, the threshold of Part 344's Small Transaction Exception. The increase in the number of transactions is consistent with changes in SEC rules since Part 344 was originally implemented.
  • The Final Rule replaces the term "bank(s)" with the term "多宝游戏下载-supervised institution" to ensure Part 344 provides uniform recordkeeping and confirmation requirements for all 多宝游戏下载-supervised insured depository institutions that effect securities transactions for customers.
  • The designation of Part 344 as a single authority with respect to recordkeeping requirements for all 多宝游戏下载-supervised institutions serves to streamline the 多宝游戏下载's rules and eliminate unnecessary regulations.

Suggested Distribution:

  • 多宝游戏下载-Supervised Banks (Commercial and Savings)

Suggested Routing:

  • Chief Executive Officer
  • Trust Officer
  • Compliance Officer

 

多宝游戏下载 Financial Institution Letters (FILs) may be accessed from the 多宝游戏下载's Web site at www.fdic.gov/news/financial-institution-letters/2014/index.html .

 

 

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/index.html .

 

 

Paper copies of 多宝游戏下载 FILs may be obtained through the 多宝游戏下载's Public Information Center,

 

 

3501 Fairfax Drive, Room E 1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).

 

FIL-7-2014
Attachment(s)
Contact(s)
John Jackwood, (202) 898-3991

Last Updated: February 4, 2014