Recordkeeping and Confirmation Requirements for Securities Transactions

The Federal Deposit Insurance Corporation (FDIC) is amending its regulations governing the procedures for recordkeeping and confirmation requirements with respect to effecting securities transactions for customers of an insured state nonmember bank or a foreign bank having an insured branch (Bank). The final rule updates, clarifies and streamlines the FDIC regulations and reduces unnecessary regulatory costs and other burdens. The final rule also reorganizes and clarifies the regulation in areas where it previously was confusing. In addition, the FDIC has incorporated significant interpretive positions and updated various provisions to address market developments and regulatory changes by other regulators that affect requirements for recordkeeping and confirmation of securities transactions by Banks.