[Federal Register Volume 69, Number 144 (Wednesday, July 28, 2004)]
[Proposed Rules]
[Page 44988]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-17112]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Parts 240 and 242

[Release No. 34-50056; International Series Release No. 1279; File No. 
S7-26-04]
RIN 3235-AJ28


Regulation B

AGENCY: Securities and Exchange Commission.

ACTION: Proposed Rule; extension of comment period.

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SUMMARY: On June 17, 2004, the Securities and Exchange Commission 
(``Commission'') issued and requested comment on proposed Regulation B 
(69 FR 39682, June 30, 2004). Regulation B proposes a number of new 
exemptions for banks from the definition of the term ``broker'' under 
Section 3(a)(4) of the Securities Exchange Act of 1934 (``Exchange 
Act''), as amended by the Gramm-Leach-Bliley Act (``GLBA''). The 
proposal would broaden a number of exemptions already available to 
banks, savings associations, and savings banks that effect transactions 
in securities. It also would define certain terms used in the GLBA. The 
Commission is extending the comment period on the Regulation B until 
September 1, 2004. This action will allow interested persons additional 
time to analyze the issues and prepare their comments.

DATES: Comments should be received on or before September 1, 2004.

ADDRESSES: Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/proposed.shtml); or
     Send an e-mail to [email protected]. Please include 
File Number S7-26-04 on the subject line; or
     Use the Federal eRulemaking Portal (http://www.regulations.gov/). Follow the instructions for submitting comments.

Paper Comments

     Send paper comments in triplicate to Jonathan G. Katz, 
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW., 
Washington, DC 20549-0609. All submissions should refer to File Number 
S7-26-04. This file number should be included on the subject line if e-
mail is used. To help us process and review your comments more 
efficiently, please use only one method. The Commission will post all 
comments on the Commission's Internet Web site (http://www.sec.gov/rules/proposed.shtml). Comments are also available for public 
inspection and copying in the Commission's Public Reference Room, 450 
Fifth Street, NW., Washington, DC 20549. All comments received will be 
posted without change; we do not edit personal identify information 
from submissions. You should submit only information that you wish to 
make available publicly.

FOR FURTHER INFORMATION CONTACT: Linda Stamp Sundberg, Attorney Fellow, 
or Brice Prince, Special Counsel at (202) 942-0073, Office of the Chief 
Counsel, Division of Market Regulation, Securities and Exchange 
Commission, 450 Fifth Street, NW., Washington, DC 20549-1001.

SUPPLEMENTARY INFORMATION: On June 17, 2004, the Commission requested 
comment on its proposed Regulation B concerning the securities 
activities of banks, savings associations, savings banks and credit 
unions.\1\ Proposed Regulation B would establish a number of new 
exemptions for banks from the definition of the term ``broker'' under 
Section 3(a)(4) of the Exchange Act, as amended by the GLBA. The 
proposal would broaden a number of exemptions already available to 
banks, savings associations, and savings banks that effect transactions 
in securities. It also would define certain terms used in the GLBA.
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    \1\ Exchange Act Release No. 49879, International Series Release 
No. 1278 (June 17, 2004); 69 FR 39682 (June 30, 2004).
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    Several trade associations that represent banks, savings 
associations, and savings banks have requested that the Commission 
extend the public comment period for the proposed Regulation B for an 
additional 30-day period. The trade associations have indicated that 
such an extension would enable them and their members to better analyze 
and address the substantive, operational and legal issues associated 
with the proposed Regulation B.
    In light of these requests, the Commission is providing the public 
additional time until September 1, 2004 to comment on the proposed 
Regulation B.

    Dated: July 22, 2004.

By the Commission.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 04-17112 Filed 7-27-04; 8:45 am]
BILLING CODE 8010-01-M