*Letters

SIA Submits Comments to the Federal Reserve on an Interim Rule for Financial Holding Companies

Published on:
March 27, 2000

The Securities Industry Association (SIA)* provides comments to the Board of Governors of the Federal Reserve (Federal Reserve) onaninterim rule for financial holding companies (FHCs) to implement provisions under Title I of the Gramm-Leach-Bliley Act (GLB Act) authorizing bank holding companies and foreign banks that meet certain criteria to become newly created “financial holding companies,” Docket No. R-1057. SIA’s concernsinclude: 1) the Board’s exercise of its supervisory authority to restrict financial holding company activities; and 2) the standards required for foreign banks to qualify as financial holding companies. In addition, SIAoffers several specific suggestions regarding revisions to particular sections of the rule.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.

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