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Circular Letters

Circular Letter 5585

February 7, 2003

To: All Member Banks and Others Concerned in the Third Federal Reserve District

Attention: Chief Executive Officer and Chief Financial Officer

Subject: REGULATION H - FINAL RULE

Summary:

On January 31, 2003, the Federal Reserve Board announced that it had adopted a final rule that reflects the amendments made to section 12(i) of the Securities Exchange Act of 1934 by the Sarbanes-Oxley Act of 2002.These amendments vest the Board with the authority to administer and enforce several of the enhanced reporting, disclosure, and corporate governance obligations imposed by the Sarbanes-Oxley Act with respect to state member banks that have a class of securities registered under the Securities Exchange Act of 1934.

Dates: The final rule is effective on April 1, 2003.

For Further Information: A copy of the final rule is attached PDF Icon (149 KB, 9 pages). For additional information, contact Kieran J. Fallon, Senior Counsel (202-452-5270), or Walter R. McEwen, Counsel (202-452-33212), Legal Division; or Terrill Garrison, Supervisory Financial Analyst (202-452-2712), Division of Banking Supervision and Regulation.