Banks get more time for broker compliance.The SEC again extended--this time to September September: see month. 30, 2006--the date by which banks must comply with certain broker registration requirements under the Graham-Leach-Bliley Act (GLBA GLBA Gramm-Leach-Bliley Act of 1999 (Financial Modernization Act of 1999) GLBA Gay and Lesbian Business Association GLBA Great Lakes Booksellers Association GLBA Glacier Bay National Park and Preserve ) (www.sec.gov/news/press/2005-130.htm). Under GLBA, a bank engaging in securities activities must either conduct them through a registered broker-dealer Broker-Dealer A person or firm in the business of buying and selling securities operating as both a broker and dealer depending on the transaction. Notes: Technically, a broker is only an agent who executes orders on behalf of clients, whereas a dealer acts as a principal or ensure such activities fall within the limited exceptions to the terms broker and dealer granted banks under the act--which repealed the blanket exception banks formerly held. While the commission considers comments on a proposed regulation to implement the act's provisions, it continues to postpone post·pone tr.v. post·poned, post·pon·ing, post·pones 1. To delay until a future time; put off. See Synonyms at defer1. 2. To place after in importance; subordinate. the date by which banks must follow interim SEC rules passed earlier. |
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