reg B comment letter - Sept. 1-Final

September 1, 2004 Jonathan G. Katz Secretary Securities and Exchange Commission 450 Fifth Street, N.W. Washington, D.C. 20549-0609 Re: Regulation B, Release No. 34-49879, File No. S7-26-04, 69 Federal Register 39682 (June 30, 2004) Dear Mr. Katz: 1The American Bankers Association (“ABA”) and the ABA Securities Association 2(“ABASA”) appreciate the opportunity to comment on proposed Regulation B recently issued by the Securities and Exchange Commission (“Commission”). Regulation B proposes 3a number of new exemptions for banks from the definition of “broker” under Section 3(a)(4) of the Securities Exchange Act of 1934 (“Exchange Act”), as amended by Title II of the Gramm-Leach-Bliley Act (“GLBA”). In addition, the proposal would define certain terms used in the GLBA. OVERVIEW Regulation B revises and restructures the Interim Final Rules issued by the Commission in 4May 2001. In connection with this rulemaking, the ABA and ABASA expressed opposition 1 The ABA brings together all categories of banking institutions to best represent the interest of this rapidly changing industry. Its membership—which includes community, regional, and money center banks and holding companies, as well as savings associations, trust companies, and savings banks—makes ABA the largest trade association in the country. 2 ABASA is a separately chartered affiliate of the ABA representing those ...