Ask Reggi Your Question Now
Can you summarize 12 CFR Part 250?
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM > MISCELLANEOUS INTERPRETATIONS
Short Summary
The provided legal document content consists of interpretations and guidance on the applicability of Section 32 of the Glass-Steagall Act. Section 32 prohibits officers, directors, employees, and partners of certain entities primarily engaged in securities-related activities from serving as employees of member banks. The documents clarify the application of Section 32 to various scenarios, including the service of open-end investment companies, directors of member banks serving as directors of investment companies, officers, directors, or employees of member banks serving in similar capacities for licensee corporations under the Small Business Investment Act of 1958, proposed real estate investment companies, directors of corporations planning to acquire or organize subsidiaries, limited or special partners in firms primarily engaged in the business described in Section 32, interlocking service as an officer of a corporation primarily engaged in securities-related activities and a director of a member bank, short-term unsecured negotiable notes issued by large banks, and the establishment of a proposed ‘Commingled Investment Account’ by a national bank. The documents provide interpretations, exceptions, and clarifications on the applicability of Section 32 to these specific situations. No specific penalties are mentioned in these documents.
Whom does it apply to?
These documents apply to member banks, state member banks, bank holding companies, insured banks, and individuals or entities involved in transactions with these entities.
What does it govern?
These legal documents issued by the Board of Governors of the Federal Reserve System cover a range of topics related to member banks, bank holding companies, and bank mergers.
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
U.S. Federal Government