FDIC Adopts and Expands Securities Transfer Agent Registration Requirements (Fed. Reg.)

The FDIC published proposed amendments to its regulations requiring insured state nonmember banks and subsidiaries to register with the FDIC as transfer agents for "qualifying securities" under Section 12 of the Securities Exchange Act. As adopted, the amendment extends the registration requirement to include insured state savings associations and their subsidiaries. Previously regulated by the Office of Thrift Supervision, which no longer exists, the Dodd-Frank Act transferred this regulatory authority over insured state savings associations to the FDIC.

The final rule will become effective on July 1, 2016.