New government




New Government Securities Sales Rules

T hree federal authorities now require depository institution government securities broker—dealers to comply with rules that are substantively identical to the National Association of Securities Dealers (NASD) business conduct and suitability rules. The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation adopted the NASD rules jointly to provide consistent treatment for government securities customers. The new rules went into effect on July 1.

According to the new rules, banks dealing in government securities must observe "high standards of commercial honor and just and equitable principles" and have reasonable ground for believing that investment recommendations are suitable for a customer based on his or her holdings and financial situations and needs. The new suitability rules apply only when a bank makes a recommendation to its customer.

For more information, contact the OCC Securities and Corporate Practices Division at 202-874-5210; the Federal Reserve Board Legal Division at 202-452-3513; or the FDIC Division of Supervision at 202-898-3618.

SPONSORED REPORT

How to make the most of a negotiation

Negotiators are made, not born. In this sponsored report, we cover strategies and tactics to help you head into 2017 ready to take on business deals, salary discussions and more.

VIDEO

Will the Affordable Care Act be repealed?

The results of the 2016 presidential election are likely to have a big impact on federal tax policy in the coming years. Eddie Adkins, CPA, a partner in the Washington National Tax Office at Grant Thornton, discusses what parts of the ACA might survive the repeal of most of the law.

QUIZ

News quiz: Scam email plagues tax professionals—again

Even as the IRS reported on success in reducing tax return identity theft in the 2016 season, the Service also warned tax professionals about yet another email phishing scam. See how much you know about recent news with this short quiz.