Bank Securities Services Reform Act

Summary

Bank Securities Services Reform Act - Amends the Securities Exchange Act of 1934 to require Federal banking agencies to adopt rules and regulations to govern banks' effecting of transactions in securities for customers. Directs each appropriate agency to adopt specific examination and enforcement procedures regarding such securities transactions. Permits each agency to classify persons, securities, transactions, reports, and procedures and to prescribe different requirements for different classes thereof. Requires each agency: (1) to report to the Securities and Exchange Commission the identity of those banks for which reports have been prepared and which effected transactions in securities for customers; 2) to supply the Commission with requested information from such reports; and 3) to notify the Commission of possible securities law violations. Grants the appropriate agencies authority to enforce compliance with the terms of this Act.

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1 official file

• Introduced in Senate

  summary · EN · 22 September 1977

  Open at official source

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