Banks get more time for broker compliance.

The SEC again extended--this time to September 30, 2006--the date by which banks must comply with certain broker registration requirements under the Graham-Leach-Bliley Act (GLBA) (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 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such activities fall within the limited exceptions to the terms broker and dealer granted banks under the act--which repealed the blanket exception banks formerly held.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 the date by which banks must follow interim SEC rules passed earlier.