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June 20, 2001 The SEC proposed amendments to its registration requirements for broker-dealers and to Form BD in order to implement various provisions of the Commodity Futures Modernization Act. First, the SEC would amendment to its broker-dealer registration requirements and to Form BD. These amendments would implement Section 203 of the CFMA, which permits futures commission merchants and introducing brokers that are registered with the Commodity Futures Trading Commission ("CFTC") to register as broker-dealers for the limited purpose of effecting transactions in certain security futures products by filing a notice with the Commission. Second, the SEC proposes a conditional exemption from registration under Section 15(a) of the Securities Exchange Act of 1934. The proposed exemption would provide guidance on the extent to which a broker-dealer registered by notice may trade security futures products. Under the proposed exemption, a broker-dealer registered by notice would be able to trade any security futures products as long as it did not become a member of a registered national securities exchange or national securities association. Third, the SEC is proposing amendments to Regulation S-P, which was adopted under the Gramm-Leach-Bliley Act. These amendments would revise certain provisions of Regulation S-P in light of Section 124 of the CFMA, which makes the privacy provisions of the Gramm-Leach-Bliley Act applicable to activity regulated by the CFTC. These amendments would also allow futures commission merchants and introducing brokers registered by notice with the Commission as broker-dealers to comply with Regulation S-P by complying with the CFTC's financial privacy rules. To access of the release proposing the amendments, click http://www.sec.gov/rules/proposed/34-44455.htm |
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