|For immediate release|
The Federal Reserve Board, after consulting with the Secretary of the Treasury, has determined by rule that acting as a “finder” is an activity that is incidental to a financial activity and, therefore, a permissible activity for a financial holding company.
The Board’s final rule provides that a finder may act through any means to bring together buyers and sellers of products and services for transactions that the parties themselves negotiate and consummate. Among other things, a finder may host an Internet marketplace consisting of links to the web sites of buyers and sellers. A finder also may operate a web site that allows buyers and sellers to post information concerning products and services and to enter into transactions among themselves.
The rule, approved by the Board on December 13, is effective 30 days after publication in the Federal Register, expected shortly.
The Board's notice is attached.
2000 Banking and consumer regulatory policy