OCC 1997-3

Subject: Qualification Requirements for Transactions in Certain Securities
Date: January 8, 1997

To: Chief Executive Officers of all National Banks, Department and Division Heads, and all Examining Personnel

Description: Proposed Rule

The attached proposed rule on qualification requirements for transactions in certain securities was published in the Federal Register on December 30, 1996. Comments are due by February 28, 1997.

The OCC, along with the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation, has published a joint proposed rule that would provide employees of insured depository institutions with access to the Series 6 and Series 7 examinations administered by the National Association of Securities Dealers. Under the proposed rule, employees of insured depository institutions who wish to sell covered securities would be required to meet qualification standards that are comparable to securities industry standards, to pass either the Series 6 or Series 7 exam (depending on the types of securities to be sold), and to comply with continuing education requirements that are comparable to those applicable to employees of nonbank securities dealers. In addition, an insured depository institution would be required to register with its federal regulator as a sponsoring bank and to develop or update, as appropriate, a training plan for its employees.

For further information, contact Joel Miller, senior attorney, Securities and Corporate Practices Division, (202) 874-5210, or Joseph W. Mallott, national bank examiner, Capital Markets Division (202) 874-5070.

Julie L. Williams
Chief Counsel

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Description: Proposed Rule

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