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12 CFR Parts 207, 220, 221, 224 and 265

[Regulations G, T, U and X; Docket Nos. R-0905, R-0923 and R-0944]

Securities Credit Transactions; Borrowing by Brokers and Dealers

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Final rule.

SUMMARY: The Board is adopting final amendments to Regulations G, T and U. These amendments are based on proposed amendments issued for comment by the Board in December 1995 (Docket R-0905), April 1996 (Docket R-0923) and November 1996 (Docket R-0944). The amendments reduce regulatory distinctions between broker-dealers, banks, and other lenders and implement changes to the Board's securities credit regulations to reflect changes to the Board's statutory authority under the Securities Exchange Act of 1934, as amended by the National Securities Markets Improvement Act of 1996.

Effective Date: April 1, 1998.
Compliance Date: Compliance with Regulation T is optional until July 1, 1998.

FOR FURTHER INFORMATION CONTACT: Oliver Ireland, Associate General Counsel (202) 452-3625; Scott Holz, Senior Attorney (202) 452-2966, Jean Anderson, Staff Attorney, (202) 452-3707, Legal Division; for the hearing impaired only, Telecommunications Device for the Deaf (TDD), Diane Jenkins (202) 452-3544.

Summary and final rule (220 KB PDF)

1997 Banking and consumer regulatory policy

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