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Comment period ends on FDIC transfer agent proposal

02/22/2016
Status: 

The FDIC has published [80 FR 79491] a proposed rule that would amend its regulations requiring insured State nonmember banks, or subsidiaries of such banks, that act as transfer agents for qualifying securities under section 12 of the Securities Exchange Act of 1934 to register with the FDIC, at 12 CFR Part 341. The amendments would:

  • require insured State savings associations and subsidiaries that act as transfer agents for qualifying securities to register with the FDIC, similar to the registration requirements applicable to insured State nonmember banks and their subsidiaries; and
  • revise the definition of qualifying securities to reflect statutory changes to the '34 Act made by the Jumpstart Our Business Startups Act (JOBS Act).

Comments on the proposal will be accepted through February 22, 2016.

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