Circular
Federal Banking Agencies Announce New Electronic Filing System for Beneficial Ownership Reports
July 30, 2003
Circular No. 11533

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

In a joint press release, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency announced a new interagency electronic filing system for beneficial ownership reports. Directors, officers, and principal shareholders of institutions (insiders), whose equities are registered with these agencies, are required to file these reports. The new filing system will allow faster and easier submission and public retrieval of the reports.

The new system, available on July 30, is an important step in streamline the filing and retrieval of reports filed with the agencies under the Securities Exchange Act of 1934. It will also reduce burden on insiders who must file these reports within two business days of completing a transaction in equity securities of the institution.

Although filing under the new system will be voluntary initially, the agencies encourage the use of the electronic filing system as soon as practicable once it becomes available. The agencies will issue additional guidance making electronic filing of beneficial ownership reports mandatory, as required by the Sarbanes-Oxley Act of 2002.

The interagency statement is attached.

Questions on this matter may be directed at this Bank to Kenneth Lamar, Vice President, Statistics Function.