Securities


The SEC published for comment proposed regulation B, which would implement provisions of the Gramm-Leach-Bliley Act of 1999 (GLBA) that delineate the securities activities in which banks may engage without registering as brokers under the Securities Exchange Act of 1934 ( www.sec.gov/news/press/ ). GLBA introduced 11 functional exceptions to replace the act’s complete exception of banks from the definition of the term broker . The SEC proposal, which is based on interim rules the commission adopted in 2001, defines some of the statutory terms contained in the GLBA exceptions and recommends—with investor protection in mind—additional exemptions for certain other bank activities. Comments are due August 1, 2004.

Eugene D. O’Kelly, KPMG LLP chairman and chief executive, accepted the George Bush Corporate Leadership Award on behalf of his firm from former President George H.W. Bush and his wife, Barbara P. Bush, as Mary Pat McCarthy, KPMG deputy vice-chairman, looked on. The citation, shared with three other corporations, recognized the organizations’ leadership in providing 67,500 volunteers who contributed more than 100 million hours of community service in 2002—a contribution valued at $1.7 billion.

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How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.