*Letters

SIA Submits Comments to the SEC on Broker-Dealer Exceptions under Gramm-Leach-Bliley

Published on:
July 17, 2001

The Bank Retail Broker-Dealer Committee of the Securities Industry Association (SIA)* provides comments to the Securities and Exchange Commission (SEC) on interim final rules on the broker-dealer exceptions for banks, which implement Title II of the Gramm-Leach-Bliley Act (GLB Act). The final rules would affect banks under Sections 3(a)(4) and 3(a)(5) of the Securities and Exchange Act of 1934, Release No. 34-44291, File No. S7-12-01. SIA focus their views principally on the limitations and restrictions the interim final rules place on referral fees under the GLB Act’s third part brokerage exception.

*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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