To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
The Federal Reserve Board has joined the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation in a letter to the Securities and Exchange Commission (SEC) concerning the SEC's interim final rules to implement provisions of the Gramm-Leach-Bliley Act that provide specific exemptions from the broker and dealer definitions that permit banks to continue providing trust and fiduciary, and other specified traditional banking products and services. The letter (pdf - 110kb) and appendix (pdf - 219kb) are available.