The Securities and Exchange Commission (SEC) published
for comment two rules, one of which would grant thrift institutions a
limited exception from Investment Advisers Act requirements governing
the manner and extent to which such entities may hold themselves out
to the public as providers of investment advisory services (
www.sec.gov/news/press/2004-58.htm ). The other rule would
exempt thrift-sponsored collective trust funds from the Securities
Exchange Act of 1934’s registration and reporting requirements. Such
funds allow a bank or thrift to manage the assets of tax-qualified
pension and profit-sharing plans on a pooled basis without creating an
investment company, which would be subject to additional regulation as
a mutual fund. Comments are due July 9.
Banking
