Financial Services Regulatory & Enforcement Update: Regulation R - Broker "Push-out" Rules
22 October 2007
Mayer Brown Newsletter
22 October 2007 - Regulation R was jointly adopted by the Securities and Exchange Commission (SEC) and the Board of Governors of the Federal Reserve System (FRB) in September of 2007 to implement provisions of the Gramm-Leach-Bliley Act of 1999 (GLBA) governing bank brokerage activities. Regulation R defines key terms in some of the exceptions for banks from the definition of "broker" under the Securities Exchange Act of 1934 (the "Exchange Act"), as well as provides certain related exemptions.