SEC Proposes Bank Rule

Hume, Lynn
June 2004
Bond Buyer;6/3/2004, Vol. 348 Issue 31897, p1
Trade Publication
Reports on the U.S. Securities and Exchange Commission's (SEC) proposed rule under the Gramm-Leach-Bliley Act that would allow banks acting as trustees for municipal bond issues to invest bond proceeds in money market funds that pay 12b-1 marketing and distribution fees. Bank lobbyists and municipal market participants' claim that the proposed rule would allow banks to keep corporate trust activities in-house rather than requiring they be conducted in separate broker-dealer affiliates that are regulated by the SEC.


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