Membership of State Banking Institutions in the Federal Reserve System; Recordkeeping and Confirmation of Certain Securities Transactions Effected by State Member Banks — 1997-03-05 [97-5423]

The Board of Governors of the Federal Reserve System is adopting final amendments to Regulation H pertaining to the recordkeeping and confirmation of certain securities transactions. The amendments accommodate developments in recordkeeping, confirmation and settlement requirements for broker-dealers by adding certain yield- related confirmation disclosure requirements for transactions involving debt and asset-backed securities effected by State member banks for customers, and providing for three-day settlement of those transactions. The amendments also clarify that State member banks that effect de minimis government securities brokerage transactions and are exempt from registration under Department of the Treasury regulations, also are exempt from Regulation H.