Financial Services Act of 1993

Summary

Financial Services Act of 1993 - Amends the Revised Statutes of the United States to permit national banks to engage in mutual fund dealing, underwriting, distribution, and sponsorship, if such activities are conducted through nonbank subsidiaries. Amends the Federal Reserve Act to set forth certain disclosure requirements for nonbank subsidiaries of State or national member banks engaged in mutual fund activities, including a one-time written disclosure to each customer that neither the subsidiary nor its investment products are insured. Amends the Banking Act of 1933 (Glass-Steagall Act) to permit: (1) a member bank, including a national bank, to be affiliated with a company engaged in investment company activities; and (2) management interlocks between either a member bank, or a bank holding company, and their respective affiliates engaged in investment company activities. (Current law proscribes such interlocks.) Amends the Bank Holding Company Act of 1956 to permit a bank holding company to acquire investment company securities. (Current law prohibits such acquisition.) Sets forth one-time disclosure requirements regarding such acquisitions which reflect the disclosure requirements applicable to national and State banks under this Act.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 6 January 1993

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• Introduced in House (PDF)

  Introduced in House · EN · 6 January 1993

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• Introduced in House

  summary · EN · 6 January 1993

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