New interagency electronic filing system for beneficial ownership reports.The Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (FRB FRB - Federal Reserve Bank FRB - Federal Reserve Board (Board of Governors of the US Federal Reserve System) FRB - Failure Review Board FRB - Fast Rescue Boat FRB - Fault Resilient Boot FRB - Faulty Row Block FRB - Feng-Rao Bound FRB - Ferric iron Reducing Bacteria FRB - Fiberglass Rotor Blade FRB - Floating Rate Bond FRB - Forward Routing Bit FRB - Free Radio Berkeley FRB - Functional Requirements Baseline FRB - Functional Requirements Board), and the Office of the Comptroller of the Currency Comptroller of the Currency A government official, appointed by the President of the United States, who keeps control over all national banks, and receives reports from the banks at least quarterly, to be published in newspapers. (OCC) announced on July 28, 2003, a new interagency electronic filing system that will allow faster and easier submission and public retrieval of beneficial ownership Beneficial ownership Often used in risk arbitrage. Person who enjoys the benefits of ownership even though title is in another name. (Abused through the illegal use of a parking violation.) reports filed by directors, officers, and principal shareholders of institutions (insiders) whose equity securities are registered with the FDIC, the FRB, and the OCC. The new electronic system, which became available on July 30, is an important step in the agencies' ongoing efforts to streamline the filing and retrieval of reports filed with the agencies under the Securities Exchange Act of 1934. It will also reduce burden on insiders who must file these reports within two business days of completing a transaction in equity securities of the institution. Although filing under the new system will be voluntary initially, the agencies encourage the use of the electronic filing system filing system - file system as soon as practicable. The agencies will issue additional guidance making electronic filing of beneficial ownership reports mandatory, as required by the Sarbanes-Oxley Act of 2002. |
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