Jack P. Drogin
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue NW
Washington, DC 20004
Tel. 202.739.5380
Fax: 202.739.3001
www.morganlewis.com

The SEC today extended the bank exemption from the Exchange Act definition of "broker" until January 15, 2007.

The current expectation is that the Financial Services Regulatory Relief Act of 2006 will be enacted in substantially its current form, requiring the SEC to work with and seek the concurrence of the banking regulators on proposed Rules within six months of passage. With the expectation that these new rules will be proposed by year-end, the SEC extended the current exemption through January 15, 2007.

See the SEC's press release and the exemptive order.
Press Release
Exemptive Order

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For more information on this topic, please contact in Washington, D.C., Jack P. Drogin, 202.739.5380.