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12 CFR Parts 220, 221 and 224

[Regulations T, U and X; Docket No. R-0995 ]

Securities Credit Transactions

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Advance notice of proposed rulemaking and request for comment.

SUMMARY: In 1995 and 1996, the Board proposed three sets of amendments to its securities credit or margin regulations (Regulations G, T and U). These amendments were proposed in part based on a review of the margin regulations the Board is conducting pursuant to its internal policy of periodically reviewing its regulations and section 303 of the Riegle Community Redevelopment and Regulatory Improvement Act of 1994 and in part on statutory amendments to the Board's margin authority under the Securities Exchange Act of 1934 (the '34 Act) contained in the National Securities Markets Improvement Act of 1996. In a separate document published elsewhere in today's Federal Register, the Board is adopting final amendments to Regulations G, T and U in response to the three proposals. The final amendments include the extension of Regulation U to cover lenders formerly subject to Regulation G and the elimination of Regulation G.

In the course of the comment process for the Board's 1995-1996 proposals, commenters raised a number of issues not addressed by the Board in the proposals. In order to complete the periodic review of its margin regulations, the Board is publishing this advance notice and request for comment for Regulations T, U and X. After reviewing the comments, the Board may issue specific proposed amendments for public comment.

DATE: Comments should be received by April 1, 1998.

ADDRESSES: Comments should refer to Docket No. R-0995 and may be mailed to William W. Wiles, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, N.W., Washington, DC 20551. Comments also may be delivered to Room B-2222 of the Eccles Building between 8:45 a.m. and 5:15 p.m. weekdays, or to the guard station in the Eccles Building courtyard on 20th Street, N.W. between Constitution Avenue and C Street, N.W. at any time. Comments received will be available for inspection in Room MP-500 of the Martin Building between 9:00 a.m. and 5:00 p.m. weekdays, except as provided in 12 CFR 261.14 of the Board's rules regarding availability of information.

FOR FURTHER INFORMATION CONTACT: Oliver Ireland, Associate General Counsel (202) 452-3625; Scott Holz, Senior Attorney (202) 452-2966; or Jean Anderson, Staff Attorney (202) 452-2966, Legal Division; for the hearing impaired only, Telecommunications Device for the Deaf (TDD), Diane Jenkins (202) 452-3544.

Summary and proposed rule (31 KB PDF)

1997 Banking and consumer regulatory policy

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Last update: December 24, 1997, 10:00 AM