|For immediate release|
The Federal Reserve Board on Friday issued an interpretation concerning securities underwriting by banking organizations that are subject to the Bank Holding Company Act.
The interpretation clarifies that a banking organization that wishes to engage in underwriting securities that are to be distributed in the United States must be either a financial holding company or have authority to engage in underwriting activity under section 4(c)(8) of the Bank Holding Company Act.
A copy of the interpretation is attached.
2003 Banking and consumer regulatory policy