Bank Holding Companies and Change in Bank Control; Clarification to the Board's Section 20 Orders
Fed · other · Published 1998-03-27 · Effective 1998-03-27 · 63 FR 14803
Document
Document number
98-7972
Federal Register citation
63 FR 14803
CFR reference
12 CFR 225
Type
Rule
Action
Final Conditions to Board Orders.
Category
other
Agency
US Federal Reserve System
Publication date
1998-03-27
Effective date
1998-03-27
Docket
Regulation Y
Abstract
The Board is clarifying one of the operating standards established in its decisions under the Bank Holding Company Act and section 20 of the Glass-Steagall Act permitting a nonbank subsidiary of a bank holding company to underwrite and deal in securities. The Board is modifying the customer disclosure operating standard to make clear that a section 20 subsidiary operating off bank premises may satisfy the standard by providing a one-time disclosure in writing when an investment account is opened.