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NEWS RELEASE
May 15, 2008
ABA Media Contact: Carol Kaplan
(202) 663-5471
E-mail: ckaplan@aba.com
ABASA STATEMENT ON FINRA PROPOSED DUAL-EMPLOYEE RULES
by Beth Climo, executive director, ABA Securities Association
“We applaud FINRA (formerly NASD) for its proposal to exempt dual bank broker-dealer employees who are properly engaged in securities activities in banks from broker-dealer oversight. With the fast approaching effective date of Regulation R, ABASA is appreciative of FINRA’s efforts to finally resolve the uncertainty concerning the regulation of dual employees.
“The proposal recognizes that banks and savings associations thoroughly supervise the activities of their bank employees and that banks, in turn, are supervised and examined by their primary bank regulators.
“ABASA first sought guidance from FINRA (then NASD) when it filed a petition in August 2001 and has since been employing its resources to affect this important rule change. We look forward to working with FINRA to assist them in further shaping the final regulation.”
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The ABA Securities Association is a separately-chartered trade association and non-profit affiliate of the American Bankers Association. ABASA’s mission is to develop policy and provide advocacy for the capital markets, investment banking and broker/dealer businesses of ABA member banks and holding companies. ABASA members are institutions with extensive distribution channels for securities, mutual funds and related products.
The American Bankers Association brings together banks of all sizes and charters into one association. ABA works to enhance the competitiveness of the nation's banking industry and strengthen America’s economy and communities. Its members – the majority of which are banks with less than $125 million in assets – represent over 95 percent of the industry’s $12.7 trillion in assets and employ over 2 million men and women.
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