The Board of Governors of the Federal Reserve System has decided to extend for three more years, without any changes, the recordkeeping, disclosure, and reporting rules related to securities transactions under Regulation H. These rules apply to state member banks (SMBs) and are designed to ensure they keep proper records, provide necessary transaction confirmations to customers, and establish policies for securities trading. The rules are carried out under sections 208.34(c), (d), and (g) of the regulation and are required by the Securities Exchange Act of 1934. The extension was announced without any public comments received on a notice issued in October 2020.
Simple Explanation
The people in charge of big money banks decided to keep some important rules the same for three more years. These rules help the banks remember to write down what they do with the money, tell people about it, and make sure they're following important money laws.