The Board issued the following press releases on Friday announcing the
comment period deadline of August 15, 2001 for Regulation W and for the
Interim Final Rules. For those who may be searching for the Federal Register
Notice, the regulations have not yet been printed.  The Board sent the
regulations to the Federal Register last week and expects they will be
printed on either May 10, 2001 or May 11, 2001.  Please do not hesitate to
call if you have any questions.  Many thanks!

Stacy Carey
Policy Director
International Swaps and Derivatives Association
600 5th Avenue, 27th Floor
Rockefeller Center
New York, NY  10020
(212) 332-1202 ph
(212) 332-1212 fax
(917) 543-9622 cell
scarey@isda.org

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Release Date: May 4, 2001
For immediate release
The Federal Reserve Board is seeking public comment on interim final rules,
under sections 23A and 23B of the Federal Reserve Act, requiring
institutions to: 1)adopt policies and procedures to monitor, manage and
control credit exposures arising from derivatives transactions with
affiliates and intraday credit extensions to affiliates; and 2) subject such
transactions to the market terms requirement of section 23B. The Board voted
to issue the rule </boarddocs/press/boardacts/2001/20010502/default.htm> at
its meeting on May 2, 2001.  Sections 23A and 23B restrict loans by a bank
to an affiliate, asset purchases by a bank from an affiliate and other
transactions between a bank and its affiliates.  The interim rules are
effective January 1, 2002.  The rules will be published in the Federal
Register. Comment is requested by August 15, 2001.  Concurrent with these
interim final rules, the Board is issuing a new proposed Regulation W, which
also seeks comment on how to address these transactions under section 23A.
The Board's notice is attached.  Attachment (27 KB PDF) <attachment.pdf>
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Release Date: May 4, 2001
For immediate release
The Federal Reserve Board is seeking public comment on a proposed new
Regulation W to comprehensively implement sections 23A and 23B of the
Federal Reserve Act. The Board voted to issue the proposed rule
</boarddocs/press/boardacts/2001/20010502/default.htm> at its meeting on May
2, 2001.  Sections 23A and 23B restrict loans by a bank to an affiliate,
asset purchases by a bank from an affiliate and other transactions between a
bank and its affiliates. Regulation W would unify in one document various
Board and staff interpretations issued over the years as well as several new
interpretations of the statute.  The proposed rule will be published in the
Federal Register. Comment is requested by August 15, 2001.  The Board's
notice is attached.  Attachment (216 KB PDF) <attachment.pdf>
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