Fed · other · Published 2000-03-28 · Effective 2000-03-17 · 65 FR 16460
Document
Document number
00-7147
Federal Register citation
65 FR 16460
CFR reference
12 CFR 225
Type
Rule
Action
Interim rule, with request for public comments.
Category
other
Agency
US Federal Reserve System
Publication date
2000-03-28
Effective date
2000-03-17
Docket
Regulation Y
Abstract
The Board of Governors of the Federal Reserve System and the Secretary of the Treasury jointly adopt on an interim basis, effective March 17, 2000, and solicit comment on a rule that will govern merchant banking investments made by financial holding companies. This rule implements provisions of the recently enacted Gramm-Leach-Bliley Act (GLB Act) that permit financial holding companies to make investments as part of a bona fide securities underwriting or merchant or investment banking activity. A summary of the rule appears below in the executive summary in the SUPPLEMENTARY INFORMATION section.