Circular

Proposed Amendment to Regulation S

August 29, 1996
Circular No. 10868

Comments Invited by September 20

To All Depository Institutions in the Second Federal Reserve District, and Others Concerned:

The text of the proposal by the Board of Governors of the Federal Reserve System to amend Subpart B of its Regulation S, "Reimbursement for Providing Financial Records; Recordkeeping Requirements for Certain Financial Records," has been published in the Federal Register of August 21. The proposed amendment would clarify that Regulation S does not apply to any person or transaction or class of persons or transactions that the Treasury has exempted from the joint rule that was adopted by the Board and the Treasury on May 28, 1996.

Comments on the proposal should be submitted by September 20, and may be sent to the Board of Governors, as specified in the Board's notice. Questions regarding this matter may be directed to Raleigh M. Tozer.

William J. McDonough
President