Board of Governors of the Federal Reserve System. Interim final rule with request for public comment. Transactions Between Member Banks and Their Affiliates: Exemption for Certain Securities Financing Transactions Between a Member Bank and an Affiliate. [Federal Register: September 19, 2008 (Volume 73, Number 183)] [Rules and Regulations] [Page 54307-54309]
SUMMARY: “In light of the continuing unusual and exigent circumstances in the financial markets, the Board has adopted, on an interim final basis, a regulatory exemption for member banks from certain provisions of section 23A of the Federal Reserve Act and the Board’s Regulation W. The exemption increases the capacity of member banks, subject to certain conditions designed to help ensure the safety and soundness of the banks, to enter into securities financing transactions with affiliates.”