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OGC-96-15 1 (1996-05-23)

handle is hein.gao/gaobabloa0001 and id is 1 raw text is: GAO United States General Accounting Office Washington, D.C. 20548 Office of the General Counsel B-271810.6 May 23, 1996 The Honorable Alfonse M. D'Amato Chairman The Honorable Paul S. Sarbanes Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Thomas J. Bliley, Jr. Chairman The Honorable John D. Dingell Ranking Minority Member Committee on Commerce House of Representatives Subject: Securities Credit Transactions; Review of Regulation T, Credit by Brokers and Dealers Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Board of Governors of the Federal Reserve System, entitled Securities Credit Transactions; Review of Regulation T, 'Credit by Brokers and Dealers' (RIN 7100-AB28). Among other things, the rule amends Regulation T to (1) eliminate restrictions on the ability of broker-dealers to arrange for credit; (2) increase the type and number of domestic and foreign securities that may be bought on margin and increase the loan value of some securities that already are marginable; (3) delete Board rules regarding options transactions in favor of the rules of the options exchanges; and (4) reduce restrictions on transactions involving foreign persons, securities, and currency. We received the rule on May 9, 1996. It was published in the Federal Register as a final rule on May 6, 1996. 61 Fed. Reg. 20386. Enclosed is our assessment of the Board's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review indicates that the Board complied with the applicable requirements. GAO/OGC-96-15

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