ABA Seeking Changes

Hume, Lynn
September 2004
Bond Buyer;9/7/2004, Vol. 349 Issue 31963, p1
Trade Publication
The article reports that the American Bankers Association has told the Securities and Exchange Commission that while the latest version of a proposed rule that would implement provisions of the Gramm-Leach-Bliley Act would help banks keep municipal bond trustee business in-house rather than having that is move the business into a separate broker-dealer affiliate, further changes to the rule are needed to aid trustees. Under the changes to the proposed rule, indenture trustees would be exempted from the ad's definition of "broker" when investing municipal bond proceeds or other money in no-bad municipal money market funds.


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