The FDIC recently proposed several changes to its rules regarding bank securities. Among other things, the FDIC proposed to rescind a transferred Office of Thrift Supervision securities offering regulation that applies only to state savings associations and a 1996 statement of policy on the use of offering circulars, which only applies to state nonmember banks.
The FDIC also proposed a new regulation that would address and clarify the requirements for securities offering disclosures by state nonmember banks and state savings associations. The proposed regulation would incorporate defined terms from the Securities Act and would specifically reference SEC and OCC requirements for, and exemptions from, preparing registration statements and prospectuses. It would also set forth rules for offers and sales of securities by issuers, underwriters and dealers, and would impose no new filing or other requirements on FDIC-supervised institutions. These changes would be incorporated into subpart A of part 335 of the FDIC’s regulations.
In addition, the FDIC also proposed to make technical amendments to parts 303 and 333 of its regulations.