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The Fed, however, did agree to allow Salomon Smith Barney, the securities arm of Travelers, to continue many of its securities activities for two years.
Section 16 of the 1933 act, which amended section 24 (Seventh) of this title, related in part to securities activities of national banks.
The recent JPMorgan Chase trading losses highlight the need to re-enact Glass-Steagall and separate trading and securities activities from the deposit-taking and lending functions of commercial banks.
The reason: It bars him from securities activities in which he is not currently involved.
Indeed, there is virtually no evidence that banks engaging in securities activities prior to Glass-Steagall were in worse financial condition than their specialized peers.
Because hedge funds are unregulated, managers are free to sell short, use leverage, and invest in illiquid securities–activities not open to mutual-fund managers.
Similar(48)
One reason the City, London's financial district, shuddered on Friday is that it is a hub for trading in euro-denominated securities, activity that may now shift to rivals like Frankfurt and Paris.
A member also must evaluate the proposed activity to determine whether the activity properly is characterized as an outside business activity or whether it should be treated as an outside securities activity subject to the requirements of NASD Rule 3040.
The Cyber and Intelligence segment comprises its group's cyber, secure government, and commercial and financial security activities within the U.S based intelligence and security business, and the UK headquartered BAE Systems detica business.
He also seems to favor the consolidation of border security activities, which is long overdue.
"Given the secrecy around national security activities, abuses can go undetected and without remedy.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com