The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
F ederal Reserve Bank
DALLAS, TEXAS
of
Da l la s
75222
C irc u la r No. 79-123
July 31, 1979
AMENDMENT TO REGULATION H
Recordkeeping and Confirmation of Certain Securities
Transactions Effected by State Member Banks
TO ALL MEMBER BANKS IN THE
ELEVENTH FEDERAL RESERVE DISTRICT:
The Board of Governors of the Federal Reserve System has
amended Regulation H, "Membership of State Banking Institutions in the
Federal Reserve System," effective January 1, 1980, to req u ire that State
member banks that effect certain securities transactions for customers
provide confirmation of and maintain records with respect to such trans
actions. A proposed regulation was o rig in a lly published for public com
ment on January 31, 1978, and a revised proposal was published on
November 1, 1978.
Printed on the following pages is a copy of the press release
and the descriptive preamble. Enclosed is a copy of the amendment to
Regulation H . Member banks and others that maintain Regulations
Binders should file the amendment in their binders.
Any questions concerning Regulation H should be directed
to William C. Reddick, J r . of our Bank Supervision and Regulations
Department, E xt. 6274.
Additional copies of the amendment to Regulation H w ill be
furnished upon request to the Secretary's Office, E xt. 6267.
Sincerely yours,
Robert H . Boykin
First Vice President
Enclosure
Banks and others are encouraged to use the following incoming W ATS numbers in contacting this Bank:
1-800-492-4403 (intrastate) and 1-800-527-4970 (interstate). For calls placed locally, please use 651 plus
the extension referred to above.
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
Joint News Release
Comptroller of the Currency________
Federal Deposit Insurance Corporation
Federal Reserve Board
For immediate release
July 19, 1979
The Federal bank regulators have adopted, effective January 1,
1980,
new rules establishing uniform standards for bank recordkeeping,
confirmation and other procedures in making securities transactions for trust
departments and other bank customers.
The agencies requested public comment on one of the new rules,
affecting confirmation requirements applicable to transactions in U.S.
government, Federal agency and municipal securities.
The agencies' regulatory action was taken subsequent to a study
by the Securities and Exchange Commission on bank securities activities and
respond to certain recommendations in the SEC report.
The final rules were
adopted following consideration of comment received on proposals the agencies
published in January 197S and revised proposals published in November.
The
final rules were substantially unchanged from the November proposals.
The revised regulations of the agencies include the following uniform
provisions:
Recordkeeping:
Banks are required to maintain for three years the following records
concerning securities transactions:
1.
Itemized daily records of purchases and sales.
2.
Account records for customers.
3.
A separate record of each order to purchase or sell
securities. .
TITLE 12— BANKS AND BANKING
CHAPTER II— FEDERAL RESERVE SYSTEM
SUBCHAPTER A — BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Regulation H]
[DOCKET NO. R-0142]
Part 208 - Membership of State Banking Institutions
in the Federal Reserve System
Recordkeeping and Confirmation Requirements for Certain
Securities Transactions Effected by State Member Banks
AGENCY:
Board of Governors
ACTION:
of the Federal Reserve System
Final Rule
SUMMARY:
The Board of Governors of the Federal Reserve System has adopted
amendments to its Regulation H (12 CFR 208) to require that State member
banks that effect certain securities transactions for customers provide con
firmation of and maintain records with respect to such transactions.
Similar
regulations are being adopted by the Comptroller of the Currency and the
Federal Deposit Insurance Corporation.
A proposed regulation was originally
published for public comment on January 31, 1978 (43 FR 5U06); a substantial
number of substantive comments were received and comment was requested on a
revised proposal on November 1, 1978 (4J FR 50914).
Although it is in
tended that these amendments become effective January 1, 1980, additional
comment is invited by September 24, 197y on the confirmation requirements as
they apply to transactions in U.S. government, federal agency and municipal
securities (paragraph
(k)(3)) and on the bank officers and employees re
porting requirements as they apply to transactions in U. S. government or
federal agency obligations (paragraph (k)(5)(iv)).
The Board will consider
such comments and the adoption of any appropriate amendments to the
regulation as soon thereafter as possible.
EFFECTIVE DATE:
January 1, 1980.
FOR FURTHER INFORMATION CONTACT:
Robert A. Wallgren, Chief, Trust Activities
Program, (202) 452-2717, or Walter R. McEwen, Attorney, (202) 452-2521,
Division of Banking Supervision and Regulation, Board of Governors of the
Federal Reserve System, Washington, D. C.
20551.
SUPPLEMENTARY INFORMATION:
The final rule is substantially similar to the revised pro
posal released o n November 1, 1978. The following is a summary of the
significant revisions which were made.
- 2 -
Commentators suggested that the definition of "investment
discretion" be modified to track, the language of section 3 ( a ) (35) of
the Securities Exchange Act of 1934 ("1934 Act") which defines the same
term.
After reconsideration, the Board has concluded that, insofar as it
is pertinent, the term should be defined in Regulation H as it is defined
in the 1934 Act.
Accordingly, the language of subparagraph (k)(l)(iii)
now tracks the language of sections 3 ( a ) (35)(A) and (B) of the 1934 Act.
If the Securities and Exchange Commission determines pursuant to regula
tion, as authorized by paragraph (C) of section 3(a)(35), that other
exercises of influence with respect to accounts constitute ‘investment
‘
discretion," the Board will consider whether the definition of
"investment discretion" adopted herein should be revised also.
The Board
notes, however, that the change in the language of the definition of
"investment discretion" is not intended to alter its view that a bank
would be deemed to exercise investment discretion in investment advisory
account relationships where the customer, as a matter of practice,
generally follows investrent recommendations made by the bank.
With respect to the definition of "security", numerous amend
ments were suggested.
In particular, it was recommended that the
definition be revised to exclude short-term obligations of up to twelve
month maturities and interests in money market mutual funds.
The Board
has determined that the definition of "security" should not be changed
from the definition stated in the revised proposal, except to exclude U. S.
savings bonds from the definition.
The Board recognizes that banks
generally define short-term obligations as those having a maturity of
twelve months or less.
However, the Board believes that it would be
inappropriate to alter the definition of "security'1 contained in the
Securities Exchange Act of 1934 which provides an exclusion for certain
obligations of up to nine months maturity.
Since commentators failed
to demonstrate that the potential cost to banks would outweigh the
benefits to the investing public, the Board has determined to retain
the nine months maturity exclusion.
For the same reason, the Board
has decided not to exclude money market mutual funds from the defini
tion of "security" but, as indicated below, has modified the record
keeping requirements to lessen the potential cost impact.
Furthermore,
the Board noted that transactions in money market fund shares derive pri
marily from accounts over which the banks exercise investment discretion
and therefore are not required to be confirmed on an individual basis ex
cept upon customer request (paragraphs (k)(4)(ii) and (k) (4) (iii)).
With respect to the recordkeeping requirements (paragraph (k)(2)),
the Board has responded to comments expressing the concern that the cost of
compliance would be excessive due to the requirement of (k)(2)(ii) that an
account record be maintained for each customer.
The Board anticipates that
this provision will impact customer accommodation transactions rather than
trust activities since trust departments presently keep the records required
by (fc)(2)(ii).
Accordingly, a provision has been added stating that para
graph (k)(2) does not require a bank to maintain the records required by
-2 -
The rules provide that the required records need not be maintained in a
specific manner, so long as they form an adequate basis for audit.
Confirmation:
Alternative confirmation requirements are provided depending on the
type of customer relationships involved.
Where the bank uses a broker the revised rules give banks the
option of sending customers their own confirmation, or a copy of the broker's
confirmation within five days from the time the bank executes
the transaction
or receives confirmation from the broker.
In certain cases, confirmation is not required where the customer
and the
bank agree to a different arrangement.
In the case
of accounts where the bank exercises investment discretion
as an agent for a customer, the new rules require quarterly statements to the
customer.
The agencies'proposals would not have applied
government securities
municipalities.
to transactions in
U.S.
or securities of Federal agencies or of States and
The rules as adopted require banks, when acting in an agency capacity,
to identify separately their fees in transactions in these securities for customers.
Dealer mark-ups need not be disclosed.
The agencies invited public comment on this requirement through
September 24, 1979.
Policies and procedures:
Banks making securities transactions for customers are required to establish
written policies and procedures including the following:
1.
Assignment of responsibility for supervising
employees involved in securities transactions.
2.
Provision for fair and equitable allocation
of securities and prices to accounts when
orders for the same security are received for
execution at approximately the same time.
-3 -
3.
Provisions for fair and equitable matching of
buy and sell orders from different customers.
4.
Requirements for bank employees involved in
securities transactions for customers to report
their own securities transactions quarterly.
A bank that is in compliance with rules of the Municipal Securities
Rulemaking Board with respect to transactions in municipal securities is deemed to
be in compliance with the recordkeeping and confirmation requirements of the
agencies.
In addition to the exemption for these activities of banks subject to
the regulations of the Municipal Securities Rulemaking Board, a new section of
the agencies' revised regulations would:
— Exempt the securities activities of foreign branches
of banks from requirements of the regulation;
— Exempt banks that normally make 200 or fewer securities
transactions a year for customers from certain
recordkeeping requirements.
The texts of the agencies' rules are available upon request.
* * * * * * *
- 3 -
the paragraph in any given manner, provided that the information required
to be shown is clearly and accurately reflected and provides an adequate
basis for the audit of such information.
In addition, subparagraph
( k) (2)(iii)(a) has been amended to provide that a single order ticket may be
used for multiple account transactions (e.g. a purchase of securities of a
money market fund for several accounts at the same time).
Paragraph (k)(3), dealing with the form of notification, has been
revised significantly.
The Securities and Exchange Commission has questioned
the provision in the revised proposal that would have excluded transactions
in U. S. government, federal agency and municipal obligations from the con
firmation requirements.
During the period that the Board was considering
the revised proposal, the SEC amended its confirmation rule for brokers and
and dealers setting forth requirements applicable to both dealer and agency
transactions in equity and debt securities, other than J. S. Savings Bonds
and municipal securities (Securities Exchange Act Release No. 34-15219).
The SEC also solicited additional comment as to whether disclosure should
be required on confirmations of markups and markdowns on “riskless
principal" transactions in non-municipal debt securities and municipal
securities (Securities Exchange Act Release No. 34-15220).
The Commission
also solicited comment as to whether a "market-maker" exception similar to
that provided for dealers in equity securities should also be provided for
dealers in municipal securities and non-municipal debt securities.
In view
of the significant controversy concerning the SEC's proposed disclosure
requirements for "riskless principal" transactions, the Board's revised
proposal excluded, in toto, transactions in U.S. government, agency and
municipal securities from the proposed confirmation requirements.
Upon
further examination, the Board believes that it would not impose an undue
hardship and would be consistent with investor protection to apply the con
firmation rules to transactions in U. S. government securities (other tnan
J. S. Savings Bonds), federal agency obligations and municipal securities
(where the bank is not already required to comply with rules of the
Municipal Securities Rulemaking Board), but that the rules should not
operate at the present time to require banks to disclose mark-ups, markdowns and other remuneration where the bank executes transactions in U. S.
government, federal agency or municipal obligations in a dealer capacity.
The Board noted that further study of the issue appears necessary,
particularly on the question as to the type of market maker exception
that should be provided if a "riskless principal" requirement along the
the lines proposed by the SEC is to be adopted for bank dealers.
Addi
tional comment on the confirmation requirements as they apply to trans
actions in U.S. government, federal agency and municipal securities is
requested by September 24, 1979.
In addition, paragraph (k)(3)(ii)(d) has been revised to
eliminate the requirement that time of execution be shown on the form
of notification and to substitute a requirement that the form of notifi
cation contain a statement that the time of execution will be furnished
within a reasonable time upon written request of the customer.
_
4 -
As to the requirements concerning time of notification
(paragraph (k)(4)), the Board reviewed numerous comments suggesting that
State member banks be permitted to mail confirmations within five business
days from the settlement date rather than, as contemplated by the revised
proposal, the cfate of the transaction or the date that the bank receives
the broker-dealer confirmation.
The Board concluded that no change was
warranted because the provision as stated in the revised proposal pro
vided the greatest likelihood that confirmations would be received by the
customer at or before the completion of the transaction while simultan
eously maintaining flexibility in situations in which confirmations from
the broker-dealer are not received by the bank prior to the settlement
date.
Finally, the Board has followed the suggestions of numerous
commentators in two areas.
First, the confirmation requirements for a
periodic plan have been amended and paragraph (k)(4)(v) now provides that
the bank mail or otherwise furnish to the customer as promptly as possible
after each transaction a written statement showing the funds and securities
in the custody or possession of the bank, all service charges and c om
missions paid by the customer in connection with the transaction, and all
other debits and credits of the customer's account involved in the
transaction.
Paragraph (k)(4)(v) also provides that upon request of the
customer, the bank will furnish the information required in paragraph (k)(3).
The second area of change affects the Securities Trading Policies
and Procedures section.
Paragraph (k)(5)(d), establishing reporting require
ments for bank officers and employees, has been amended to focus more
clearly upon those individuals involved in the making of investment deci
sions.
In addition, the Board has determined that the reporting requirements
should apply to U. S. government or agency obligations in order to provide
a desirable audit control for banks.
After considering numerous comments
which stated that the reporting provisions of the revised proposal consti
tuted an invasion of personal privacy, the Board believes that the purpose
of the provision (to prevent "scalping” or other improper use of inside
information and to provide a desirable audit control for banks) will be
served by (1) excluding reporting of transactions in mutual fund shares,
(2) excluding reporting of transactions which in the aggregate involve
$10,U00 or less during a calendar quarter, and (3) where reportable
transactions have occurred, requiring only that the date and name of the
security purchased or sold be reported (but not the actual number of
shares or dollar amount of securities purchased or sold).
Where reports
indicate the possibility of misuse of inside information, the Board
expects State member banks to obtain such additional information as may be
necessary to satisfy themselves that the employee has not misused n o n
public information in his possession for his own personal enrichment.
BOARD OF GOVERNORS O F TH E FEDERAL RESER V E SYSTEM
MEMBERSHIP OF STATE BANKING INSTITUTIONS
IN THE FEDERAL RESERVE SYSTEM
AMENDMENT TO REGULATION Hf
Effective January 1, 1980, Section 208.8 is
amended by adding a new paragraph (k) as follows:
SECTION 208.8 — BANKING PRACTICES
♦
*
*
*
*
(k) Recordkeeping and confirmation of certain
securities transactions effected by State member
banks.
(1) Definitions: For purposes of this paragraph
(k):
(i) “customer” shall mean any person or ac
count, including any agency, trust, estate,
guardianship, committee or other fiduciary ac
count, for which a State member bank effects
or participates in effecting the purchase or sale
of securities, but shall not include a broker,
dealer, dealer bank or issuer of the securities
which are the subject of the transactions;
(ii) “collective investment fund” means funds
held by a State member bank as fiduciary and,
consistent with local law, invested collectively
(A) in a common trust fund maintained by such
bank exclusively for the collective investment
and reinvestment of monies contributed thereto
by the bank in its capacity as trustee, executor,
administrator, guardian, or custodian under the
Uniform Gifts to Minors Act, or (B) in a fund
consisting solely of assets of retirement, pen
sion, profit sharing, stock bonus or similar
trusts which are exempt from Federal income
taxation under the Internal Revenue Code;
(iii) a bank shall be deemed to exercise “invest
ment discretion” with respect to an account if,
directly or indirectly, the bank (A) is authorized
to determine what securities or other property
shall be purchased or sold by or for the account,
or (B) makes decisions as to what securities or
other property shall be purchased or sold by
or for the account even though some other per
son may have responsibility for such invest
ment decisions.
(iv) “periodic plan” (including dividend rein
vestment plans, automatic investment plans and
employee stock purchase plans) means any writ
ten authorization for a State member bank act
ing as agent to purchase or sell for a customer
a specific security or securities, in specific
amounts (calculated in security units or dollars)
or to the extent of dividends and funds avail
able, at specific time intervals and setting forth
the commission or charges to be paid by the
customer in connection therewith or the man
ner of calculating them;
(v) “security” means any interest or instrument
commonly known as a “security”, whether in
the nature of debt or equity, including any
stock, bond, note, debenture, evidence of in
debtedness or any participation in or right to
subscribe to or purchase any of the foregoing.
The term “security” does not include (A) a
deposit or share account in a federally or state
insured depository institution, (B) a loan par
ticipation, (C) a letter of credit or other form
of bank indebtedness incurred in the ordinary
course of business, (D) currency, (E) any note,
draft, bill of exchange, or bankers acceptance
which has a maturity at the time of issuance
of not exceeding nine months, exclusive of days
of grace, or any renewal thereof the maturity
of which is likewise limited, (F) units of a
collective investment fund, (G) interests in a
variable amount (master) note of a borrower
of prime credit, or (H) U.S. Savings Bonds.
(2)
Recordkeeping: Every State member bank
effecting securities transactions for customers shall
maintain the following records with respect to
such transactions for at least three years:
(i) chronological records of original entry con
taining an itemized daily record of all purchases
and sales of securities. The records of original
entry shall show the account or customer for
which such transaction was effected, the de
scription of the securities, the unit and aggre
gate purchase or sale price (if any), the trade
date and the name or other designation of the
broker/dealer or other person from whom pur
chased or to whom sold;
(ii) account records for each customer which
shall reflect all purchases and sales of securities,
all receipts and deliveries of securities, and all
receipts and disbursements of cash with respect
to transactions in securities for such account
and all other debits and credits pertaining to
transactions in securities.
(iii) a separate memorandum (order ticket) of
each order to purchase or sell securities
(whether executed or cancelled), which shall
include:
such security purchased or sold by such a
customer;
(a) the accounts) for which the transaction
was effected;
(e) the amount of any remuneration received
or to be received, directly or indirectly, by
any broker/dealer from such customer in
connection with the transaction;
(b) whether the transaction was a market
order, limit order, or subject to special
instructions;
(c) the time the order was received by the
trader or other bank employee responsible
for effecting the transaction;
(d) the time the order was placed with the
broker/dealer, or if there was no broker/
dealer, the time the order was executed or
cancelled;
(e) the price at which the order was ex
ecuted; and
(f) the broker/dealer utilized;
(iv) a record of all broker/dealers selected by
the bank to effect securities transactions and
the amount of commissions paid or allocated
to each such broker during the calendar year.
Nothing contained in this subparagraph shall
require a bank to maintain the records required
by this rule in any given manner, provided that
the information required to be shown is clearly
and accurately reflected and provides an ade
quate basis for the audit of such information.
(3)
Form of Notification: Every State member
bank effecting a securities transaction for a cus
tomer shall maintain for at least three years and,
except as provided in subparagraph (4), shall mail
or otherwise furnish to such customer either of
the following types of notification:
(i) (a) a copy of the confirmation of a broker/
dealer relating to the securities transaction; and
(b) if the bank is to receive remuneration from
the customer or any other source in connection
with the transaction, and the remuneration is not
determined pursuant to a prior written agree
ment between the bank and the customer, a
statement of the source and the amount of any
remuneration to be received; or
(ii) a written notification disclosing
(a) the name of the bank;
(h) the name of the customer;
(c) whether the bank is acting as agent for
such customer, as agent for both such cus
tomer and some other person, as principal
for its own account, or in any other capacity;
(d) the date of execution and a statement
that the time of execution will be furnished
within a reasonable time upon written request
of such customer, and the identity, price and
number of shares or units (or principal
amount in the case of debt securities) of
(f) the amount of any remuneration received
or to be received by the bank from the cus
tomer and the source and amount of any
other remuneration to be received by the
bank in connection with the transaction, un
less remuneration is determined pursuant to
a written agreement between the bank and
the customer, provided, however, in the case
of U.S. Government securities, federal agency
obligations and municipal obligations, this
subparagraph (f) shall apply only with re
spect to remuneration received by the bank
in an agency transaction; and
(g) the name of the broker/deaer utilized;
or, where there is no broker/dealer, the name
of the person from whom the security was
purchased or to whom it was sold, or the
fact that such information will be furnished
within a reasonable time upon written request.
(4)
Time of Notification: The time for mailing
or otherwise furnishing the written notification
described in subparagraph (3) shall be 5 business
days from the date of the transaction, or if a
broker/dealer is utilized, within 5 business days
from the receipt by the bank of the broker/
dealer’s confirmation, but the bank may elect to
use the following alternative procedures if the
transaction is effected for:
(i) accounts (except periodic plans) where the
bank does not exercise investment discretion
and the bank and the customer agree in writ
ing to a different arrangement; provided, how
ever, that such agreement makes clear the
customer’s right to receive the written notifica
tion within the above prescribed time period at
no additional cost to the customer;
(ii) accounts (except collective investment
funds) where the bank exercises investment dis
cretion in other than an agency capacity, in
which instance the bank shall, upon request of
the person having the power to terminate the
account or, if there is no such person, upon the
request of any person holding a vested bene
ficial interest in such account, mail or other
wise furnish to such person the written notifi
cation within a reasonable time. The bank may
charge such person a reasonable fee for pro
viding this information.
(iii) accounts, where the bank exercises invest
ment discretion in an agency capacity, in which
instance (a) the bank shall mail or otherwise
furnish to each customer not less frequentiy
than every three months an itemized statement
which shall specify the funds and securities in
the custody or possession of the bank at the
end of such period and all debits, credits and
transactions in the customer’s accounts during
such period, and (b) if requested by the cus
tomer, the bank shall mail or otherwise furnish
to each such customer within a reasonable time
the written notification described in subpara
graph (3).
(ii) for the fair and equitable allocation of
securities and prices to accounts when orders
for the same security are received at approxi
mately the same time and are placed for execu
tion either individually or in combination;
(iv) a collective investment fund, in which in
stance the bank shall at least annually furnish
a copy of a financial report of the fund, or pro
vide notice that a copy of such report is avail
able and will be furnished upon request, to each
person to whom a regular periodic accounting
would ordinarily be rendered with respect to
each participating account. This report shall be
based upon an audit made by independent pub
lic accountants or internal auditors responsible
only to the board of directors of the bank
(iv) that bank officers and employees who make
investment recommendations or decisions for
the accounts of customers, who participate in
the determination of such recommendations or
decisions, or who, in connection with their
duties, obtain information concerning which
securities are being purchased or sold or
recommended for such action, must report to
the bank, within ten days after the end of the
calendar quarter, all transactions in securities
made by them or on their behalf, either at the
bank or elsewhere in which they have a bene
ficial interest. The report shall identify the se
curities purchased or sold and indicate the
dates of the transactions and whether the trans
actions were purchases or sales. Excluded from
this requirement are transactions for the bene
fit of the officer or employee over which the
officer or employee has no direct or indirect
influence or control, transactions in mutual
fund shares, and all transactions involving in
the aggregate $10,000 or less during the calen
dar quarter.
(iii) where applicable and where permissible
under local law, for the crossing of buy and sell
orders on a fair and equitable basis to the parties
to the transaction; and
(v) a periodic plan, in which instance the bank
shall mail or otherwise furnish to the customer
as promptly as possible after each transaction a
written statement showing the funds and se
curities in the custody or possession of the
bank, all service charges and commissions paid
by the customer in connection with the trans
action, and all other debits and credits of the
customer’s account involved in the transaction;
provided that upon the written request of the
customer the bank shall furnish the information
described in subparagraph (3), except that any
such information relating to remuneration paid
in connection with the transaction need not be
provided to the customer when paid by a source
other than the customer. The bank may charge
a reasonable fee for providing the information
described in subparagraph (3).
(6)
Exceptions: The following exceptions to
subparagraph (k) shall apply:
(i) the requirements of section (k)(2)(ii) through
(k)(2)(iv) shall not apply to banks having an
average of less than 200 securities transactions
per year for customers over the prior three
calendar year period;
(5) Securities Trading Policies and Procedures:
Every State member bank effecting securities
transactions for customers shall establish written
policies and procedures providing:
(ii) activities of a State member bank that are
subject to regulations promulgated by the Mu
nicipal Securities Rulemaking Board shall not
be subject to the requirements of this paragraph
(k); and
(i) assignment of responsibility for supervision
of all officers or employees who (a) transmit
orders to or place orders with brokers/dealers,
or (b) execute transactions in securities for
customers;
(iii) activities of foreign branches of a State
member bank shall not be subject to the re
quirements of this paragraph (k).
TFor this R egu lation to be com plete as am ended effective January 1, 1980, retain:
1) Prin ted R egu lation pam phlet as am ended effective M a rc h 18, 1969;
2 ) A m en d m en ts to Sections 2 0 8 .1 0 (b ) and ( c ) effective D ecem b er 21, 1973;
3 ) A m en d m en t adding a n ew Section 208.8 and ren um bering succeeding sections effec tiv e M arch 2, 1974;
4 ) A m en d m en t to S ection 208.8 effec tiv e S eptem ber
16,
1974;
5 ) A m en d m en t to Section 208.8 effective O c to b e r 17, 1975;
6)
Am en d m en t to S ection 208.8 effective O cto b er 3, 1977;
7 ) A m en d m en t to S ection 208.8 effective O c to b e r 31, 1977;
8 ) A m en d m en t lo Section 208.8 effec tiv e A p r il 20, 1978; and
9 ) T h is slip sheet.
@FedFRASER