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FEDERAL RESERVE BOARD * 98 WASHINGTON X-7994 address official correspondence t o the federal reserve board August 25, 1934. SUBJECTi A d m i n i s t r a t i o n of S e c u r i t i e s Exchange Act of 1934. Dear S i r s P r i o r t o October 1, 1934, t h e Board w i l l i s s u e r e g u l a t i o n s under t h e S e c u r i t i e s Exchange Act of 1934 concerning t h e e x t e n s i o n and maintenance of c r e d i t by b r o k e r s , d e a l e r s , and members of s e c u r i t i e s exchanges. I t i s expected t h a t t h e p u b l i c a t i o n of t h i s r e g u l a t i o n may give r i s e t o numerous i n q u i r i e s and t h a t i f a l l such i n q u i r i e s a r e r e f e r r e d t o t h e Board r e p l i e s w i l l be unavoidably delayed• In order t o e l i m i n a t e as much d e l a y as p o s s i b l e , i t i s hoped t h a t most of t h e quest i o n s can be disposed of a t t h e F e d e r a l r e s e r v e banks and w i t h t h i s i n mind i t i s suggested t h a t , if you have not a l r e a d y done so, you d e s i g n a t e a t your bank some member or members of your s t a f f , i n c l u d i n g i f p o s s i b l e someone i n c o r n s e l 1 s o f f i c e , t o become f a m i l i a r w i t h t h e S e c u r i t i e s Exchange Act of 1934, t h e Board's r e g u l a t i o n s t h e r e u n d e r and t h e b u s i n e s s p r a c t i c e s of members, b r o k e r s , and d e a l e r s to which such r e g u l a t i o n s relate. This procedure should help t o minimize t h e number of q u e s t i o n s upon which i t w i l l be n e c e s s a r y f o r t h e Board t o i s s u e f o r m a l r u l i n g s . TO ALL FEDERAL Very t r u l y yours f r l Chester M o r r i l l , Secretary. RESERVE AGENTS. o v u X f
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