District Circular Letters
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REGULATIONS G and U:
CHANGES TO SECURITIES CREDIT REGULATIONS
To Regulation G Lenders
and Others Concerned
in the Twelfth Federal Reserve District
Reduction of Regulatory Distinctions (Dockets
R-0905, R-0923, and R-0944)
The Federal Reserve Board recently acted to reduce regulatory distinctions
between broker-dealers, banks, and other lenders and to implement changes
to the Board's securities credit regulations. These actions include the
extension of Regulation U to cover lenders formerly subject to Regulation
G, and the elimination of Regulation G, effective April 1, 1998.
Extension of Comment Period for Proposed Revisions to Regulations
T, U, and X (Docket R-0995) (PDF)
The Board also published for public comment an advanced notice of proposed
rulemaking relating to its securities credit rules. Among other things,
the Board requested comments on the possible modification or elimination
of the forms associated with Regulations G and U, and the revision of
the Regulation U registration requirements for nonbank lenders regarding
dollar thresholds and lenders who do not extend credit to purchase securities.
The Board has extended the comment period for these proposals from
April 1, 1998, to May 1, 1998.
Copies
Copies of the Board's notices (Docket R-0905 [et al], and
Docket R-0995) are available from our Corporate Services
Department. To request copies to be sent via mail, please call (415)
974-2748. To request copies of Docket R-0995 to
be sent via fax, please call (415) 974-3333, and specify
document numbers 4191. Docket R-0905 (et al)
is unavailable via fax due to the length of the document.
For Additional Information
If you have any questions regarding these matters, please contact our
Banking Supervision and Regulation Department, at (415) 974-3007.
You may also contact Ms. Peggy Wolffrum, Securities Regulation Analyst
in the Board's Division of Banking Supervision and Regulation, at (202)
452-2837, or Mr. Scott Holz, Senior Attorney in the Board's Legal
Division, at (202) 452-2966.
FEDERAL RESERVE BANK OF SAN FRANCISCO
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