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<y^4 f e d e r a l R e s e rv e B ank o f D a lla s DALLAS, TEXAS 75222 C i r c u l a r No. 75-181 December 8, 1975 A m e ric a n R e v o lu tio n B ic e n te n n ia l AMENDMENT TO REGULATION Y TO ALL BANKS, BANK HOLDING COMPANIES, AND OTHERS CONCERNED IN THE ELEVENTH FEDERAL RESERVE DISTRICT: Effective December 1, 1975, th e Board of G o v e rn o rs of the Federal R es er v e System amended the Ad m in is tra ti on Section of Regulation Y. T h e ame nd men t, which add e d S u b section (c) to Section 225.5, p r o v i d e s for th e r e g i s t r a t i o n of bank holding companies and c e r t a i n of t h e i r s u b s i d i a r i e s that act a s t r a n s f e r a g e n t s . Th e action was take n p u r s u a n t that after December 1, 1975, b a n k s , b an k ing companies may act a s t r a n s f e r a g e n t s r e g i s t e r e d with t h ei r federal s u p e r v i s o r y to the S ec u r it i es Acts Amendments of 1975 r e q u i r i n g holding com pa nie s, an d s u b s i d i a r i e s of bank hold with r e s p e c t to c o v e re d s e c u ri t ie s on ly if they a r e authority. Th e Board on October 22, 1975, amended its Regulation H—Membe rs hip of State Banking Institutions in the F ederal R es er v e S y s te m -- t o p r o v i d e for such re g i s t r a t i o n by State member b a n k s . T h e December 1 action includes bank holding com panies an d thei r s u b s i d i a r i e s which a r e not b a n k s within th e meaning of the Bank Holding Company Act but a r e b an ks a s defined in the S e c u r it i e s Ex ch an ge Act of 1934. T h e SEC, which has p r i m a r y j u r i s d i c t i o n u n d e r the new ACT o v e r no nba nk t r a n s f e r a g e n t s , re c e n t l y indicated that ins ti tutions which a r e b a n k s u n d e r the s e c u ri t ie s laws but not u n d e r the Bank Holding Company Act should r e g i s t e r with the Board if they a r e t r a n s f e r a g e n t s . Institutions included in th e amendment of Regulation Y will us e the same r e g i s t r a tion a n d r e p o r t i n g forms as r e q u i r e d for t r a n s f e r a g e n t s u n d e r Regulation H. A copy of the Amendment to Regulation Y is p r i n t e d on the r e v e r s e of th i s c i r c u l a r and should be filed in yo ur Regulations B i n d er . If you have a n y q u e s t i o n s co n c e r n i n g this amendment, p l e a se contact this B ank 's Regulations D e p a r t m e n t a l (214) 651-6169. Additional copies of th e Amendment to Regulation Y will be fu r n i s h e d upon r e q u e s t to the S e c r e t a r y ' s Office of this Bank. S incerely yours, T . W. P la n t F irs t V ic e P resident This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BANK HOLDING COMPANIES A M E N D M E N T T O R E G U L A T IO N Effective D ecem ber 1, 1975, §225.5 is amended by adding a new p aragraph (c ) as follows: S E C T IO N 225.5— A D M IN IS T R A T IO N 4c * afc % % (c) R egistration o f certain bank holding companies and their nonbank subsidiaries as trans fer agents. (1) On or after D ecember 1, 1975, no bank holding com pany or any of its nonbank subsidiaries that are “banks” as defined in section 3 ( a ) ( 6 ) of the Securities Exchange Act of 1934 ( “A ct” ), shall act as transfer agent, as defined in section 3 ( a ) (25 ) of that Act, with respect to any security registered under section 12 of the A ct or that would be required to be registered under section 12 of the Act, except for the exemption fro m r e g i s t r a t i o n p r o v id e d by s u b s e c tio n ( g ) ( 2 ) ( B ) or ( g ) ( 2 ) ( G ) of that section, unless it shall have filed a registration statement with the Board in conform ity with the requirem ents of F o rm TA-1, which registration statem ent shall have become effective as hereinafter provided. Any registration statem ent filed by such a bank holding com pany o r its nonbank subsidiary shall become effective on the thirtieth day after filing with the Board, unless the Board takes affirmative action Yf to accelerate, deny, or postpone such registration in accordance with the provisions of section 17A (c) of the Act. Such filings with the Board will constitute filings with the Securities and Exchange Commission for purposes of section 17 (c ) (1 ) of the Act. (2 ) If the inform ation contained in Item s 1-6 of Form TA-1 becomes inaccurate, misleading, or incomplete for any reason, the bank holding com pany or its nonbank subsidiary shall, within tw e n ty -o n e c a le n d a r d a y s th e r e a f te r file an am endm ent to F orm TA-1 correcting the in accurate, misleading, or incomplete information. W ithin thirty calendar days following the close of any calendar year (beginning with the period from the date as of which the registration state m ent is prepared to December 31, 1976) during which the inform ation required by Item 7 of Form TA-1 becomes inaccurate, misleading, or incomplete, the bank holding com pany or its non bank subsidiary shall file an am endm ent to Form TA-1, correcting the inaccurate, misleading, or incomplete information. (3) Each registration statement on F orm TA-1 or am endm ent thereto shall constitute a “ report” or “ application” within the meaning of section 17, 1 7A (c) and 3 2 (a ) of the Act. t F o r this R eg u la tio n t o be c o m p lete as am en d e d effe ctive D e c e m b e r 1, 1975, retain: 1 ) Printed R eg u lation p am p h let as am en d e d effective June 24, 1974; 2 ) T e ch n ica l corrections in R eg u lation Y p am phlet co v erin g Sections 2 25.3 and 22 5.4 ; and 3) This slip sheet.
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