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F ederal Reserve Bank of Dallas
DALLAS, TE X A S

75222

C i r c u la r No. 7 2 -1 8 9
Septem ber 1 3 , 1972

POSTPONEMENT OF EFFECTIVE DATE OF THE PROPOSED
AMENDMENTS TO REGULATIONS G, T, AND U

To A l l B an ks, B r o k e r s /D e a le r s , R e g u la t io n G R e g i s t r a n t s and
O thers Concerned, i n t h e E le v e n th F e d e r a l R e se r v e D i s t r i c t :

R e c e n t ly , t h e Board, o f G overnors o f t h e F e d e r a l R eserv e
System announced t h e p ostp on em en t u n t i l December 1 , 1 9 7 2 , o f t h e
e f f e c t i v e d a te o f t h e p rop osed amendments i n r e g a r d t o c r e d i t f o r
t h e p u rp ose o f c o n t r i b u t i n g c a p i t a l t o b r o k e r s and. d e a l e r s . The
p r o p o se d r e g u l a t o r y amendments w i l l a llo w c r e d i t w it h o u t r e g a r d
t o i n i t i a l m argin r e q u ir e m e n ts .
On J u l y 9 , 1 9 7 1 5 t h e Board i s s u e d i n r e v i s e d form t h e s e
p r o p o se d amendments t o m argin r e g u l a t i o n s G, T, and U.
P r in t e d on t h e f o l l o w i n g p a g e s i s t h e p ostponem ent
n o tic e .

Yours v e r y t r u l y ,
P. E. Coldwell,
President

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

FEDERAL RESERVE SYSTEM
(12 CFR PARTS 207, 220, and 221)
(Regs. G, T, and U)
SECURITIES CREDIT BY PERSONS OTHER THAN BANKS, BROKERS, OR DEALERS
CREDIT BY BROKERS AND DEALERS
CREDIT BY BANKS FOR THE PURPOSE OF PURCHASING OR CARRYING MARGIN STOCK
Notice postponing effective date of
proposed amendments in regard to
Credit to Contribute Capital to Brokers
and Dealers.

1.

Pursuant to the authority contained in the Securities

Exchange Act of 1934 (15 U.S.C. 7 Og), the Board of Governors, on
July 9, 1971 (36 Federal Register 13218), published revisions to its
proposals to amend Parts 207, 220, and 221 (Regulations G, T, and U ) ,
to become effective October 1, 1971, but postponed to September 1,
1972 by Notice (37 Federal Register 4968).
2.
rules

In light of developments with respect to the captial

applicable to brokers and dealers, and continuing studies by

other regulatory bodies, the Board hereby announces that it will postpone
the proposed effective date to December 1, 1972.
3.

As a result of the postponement of the proposed' effec­

tive date, the proposed changes to Regulations G, T, and U would apply
to credit extended by banks, brokers or dealers, and persons subject
to Regulation G after December 1, 1972 and to renewals after such date
of credit extended by banks after
(i)

April 16, 1971 in the case of credit extended
to a customer for the purpose of making a loan

- 2 or contribution of capital to a broker or
dealer subject to Part 220 (Regulation T ) ,
(ii) July 9, 1971 in the case of credit extended
directly to a broker or dealer.
By order of the Board of Governors, August
(Signed)

22

Tynan Smith

Secretary
[SEAL]

, 1972,


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102