Three regulators criticise new SEC rules

US - Three major U.S. banking regulators issued a scathing criticism on 2 July of the Securities and Exchange Commission's interim final rules on when banks can be exempt from standard dealer and broker requirements.

The agencies said the new rules, created in the wake of the Gramm-Leach-Bliley legislation overhauling the banking industry, put banks in an "untenable position" and were "premised on misunderstanding" of bank operations. The new regulations remove the blanket exemptions for banks

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