# Bank Holding Companies and Change in Bank Control; Clarification to the Board's Section 20 Orders
> **US Federal Reserve System** · Final Conditions to Board Orders. · Published 1998-03-27 · Effective 1998-03-27 · 63 FR 14803
## Document
- **Document number:** 98-7972
- **Category:** other
- **Agency:** US Federal Reserve System
- **Federal Register citation:** 63 FR 14803
- **CFR reference:** 12 CFR 225
- **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.

## Source
- [Federal Register document](https://www.federalregister.gov/documents/1998/03/27/98-7972/bank-holding-companies-and-change-in-bank-control-clarification-to-the-boards-section-20-orders)
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