Interim Final Rule with Request for Public Comment on Section 12(i) of the Securities Exchange Act

Federal Reserve Bankll★Kof DallasDALLAS, TEXASOctober 2, 2002 75265-5906Notice 02-52TO: The Chief Executive Officer of eachfinancial institution and others concernedin the Eleventh Federal Reserve DistrictSUBJECTInterim Final Rule with Request forPublic Comment on Section 12(i) of the Securities Exchange Act of 1934DETAILSThe Board of Governors of the Federal Reserve System has modified its regulationsimplementing section 12(i) of the Securities Exchange Act of 1934. These amendments•R eflect the amendments made to section 12(i) by the Sarbanes-Oxley Act of 2002and•V est the Board with the authority to administer and enforce several of the en-hanced reporting, disclosure, and corporate governance obligations imposed bythe Sarbanes-Oxley Act regarding state member banks that have a class of securi-ties registered under the Securities Exchange Act of 1934.Because some of the relevant provisions of the Sarbanes-Oxley Act to be adminis-tered by the Board are effective already, or will become effective shortly, the Board has adoptedthe rule on an interim basis and made the rule effective immediately. The Board requests com-ment on all aspects of the interim rule and will modify the rule as appropriate in light of thecomments received.The Board must receive comments by October 15, 2002. Please address comments toJennifer J. Johnson, Secretary, Board of Governors of the Federal Reserve System, 20th Streetand Constitution Avenue, N.W., Washington, DC ...