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PRELIMINARY DRAFT 18, ERRATA AND ADDENDA 1 (February 1, 1976)

handle is hein.ali/alifs0027 and id is 1 raw text is: February 1, 1976
FEDERAL SECURITIES CODE
PRELIMINARY DRAFT NO. 18
Errata and Addenda
(Prepared for Council Meeting of 2/20/76)
NOTE:  (1) These errata and addenda reflect
(inter alia) the Reporter's meeting on January 5
with counsel for the Federal Reserve Board, the
Comptroller of the Currency, the FDIC and the
Municipal Securities Rulemaking Board, and his
meeting on January 21-22 with the American Bar
Association committee and others.
(2) To avoid confusion with the Commerts
in PDl8, the explanatory material here is contained
in Notes. Not all the comments are here adjusted
to changes in text.
(3) The supra and infra references are to
these errata and addenda.
P. 206-2, §206(b). Substitute:
(b) [Banks and insurance companies.] Notwithstanding
section 206(a), associate,
(1) in relation to a municipal broker or municipal
dealer that is a bank, means only (A) a person directly
engaged in the management, direction, supervision, or
performance of any of its activities with respect to muni-
cipal securities, or (B) a person that controls such acti-
vities or is controlled by the municipal broker or municipal
dealer in connection with such activities, and
(2) in relation to a broker or dealer that is an
insurance company, means only (A) a person directly engaged
in the management, direction, supervision,or performance
of any of its activities with respect to securities, or
(B) a person that controls such activities or is controlled
by the broker or dealer in connection with such activities.

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