Full text of Federal Reserve Bank of New York Circulars : 7452. Amendment to Board of Governors' Rules Regarding Delegation of Authority

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FEDERAL RESERVE BANK
OF NEW YORK

J" Circular No. 7 4 5 2 1
L

September 6, 1974 J

Amendment to Board of Governors’ Rules Regarding Delegation of Authority

To A ll M em b er Banks, and Others Concerned,
in the Second Federal R eserve D istrict:

Enclosed is a copy of an amendment, effective August 16, 1974, to the
Rules Regarding Delegation of Authority of the Board of Governors of
the Federal Reserve System. The amendment reflects the transfer to the Office
of Consumer and Saver Affairs of certain functions previously delegated to the
Director of the Division of Supervision and Regulation.
Additional copies of the enclosure will be furnished upon request.




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,

President.

Board of Governors of the Federal Reserve System

RULES REGARDING DELEGATION OF AUTHORITY

AM ENDM ENTS

E ffective A ugust 16, 1974, section 265.2 is
amended as fo llo w s :
1. Subparagraphs ( 1 3 ) , (1 8 ) and
§ 265.2 ( c ) are repealed.

( 1 9 ) of

2. Subparagraphs (1 4 ) through (1 7 ) of
§ 2 6 5 .2 (c ) are redesignated as subparagraphs
(1 3 ) through ( 1 6 ) , respectively.
3.
A new paragraph ( h ) is added to § 265.2,
to read as fo llo w s :
S E C T I O N 265.2— S P E C I F I C F U N C T I O N S
DELEGATED TO BOARD EM PLOYEES
AN D FED ERAL RESERVE BANKS
*

*

*

(h )
T h e D ire cto r o f th e Office o f Saver and
C on su m er A ffairs (o r , in his absence, the A c t­
ing D ir e c to r ) is authorized :
(1 )

U nder the provisions o f




§§ 2 0 7 .2 ( f),

220 2 ( e ) , and 2 2 1 .3 (d ) of this chapter (R e g u ­
lations G, T , and U , respectively) to approve
issuance o f the list o f O T C margin stocks and
to add, omit, or rem ove any stock in circum ­
stances indicating that such change is neces­
sary or appropriate in the public interest.
( 2 ) U nder the provisions of § 2 0 7 .4 (a ) ( 2 )
( i i ) o f this chapter (R egulation G ) to approve
repayments of the “ deficiency” with respect to
stock option or employee stock purchase plan
credit in low er amounts and over longer peri­
ods of time than those specified in the regu­
lation.
( 3 ) Pursuant to the provisions of Part 261
of this chapter, to make available reports and
other inform ation of the Board acquired pur­
suant to Parts 207, 220, 221, and 224 (R e g u ­
lations G, T , U and X ) o f the nature and in
circumstances described in § 2 6 1 .6 (a ) ( 2 ) and
( 3 ) o f Part 261.

PR IN T E D IN N E W YORK