Fed Approves SEC Broker Exceptions for Banks

The Federal Reserve approved a regulation Monday that will allow banks to continue selling securities and mutual funds without registering with the Securities and Exchange Commission, Reuters reports.

The matter has been unresolved since the landmark Gramm-Leach Bliley Act of 1999.

“The rules are intended to allow banks to keep operating as a bank,” said Kieran Fallon, assistant general counsel at the Fed.

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