In case you missed the news, Securities and Exchange Commission and the Federal Reserve System Board of Governors announced on Sept. 24 they have adopted the rules necessary to "implement the bank 'broker' provisions of the Gramm Leach Bliley Act."
According to the press release:
The rules define the scope of securities activities that banks may conduct without registering with the SEC as a securities broker and implement the most important "broker" exceptions for banks adopted by the GLB Act.
Under certain circumstances, the rules allow banks to complete for their customers' securities transactions that are included in banks' "fiduciary, custodial and deposit 'sweep' functions." Using networking arrangements to refer customers to securities brokers also is permitted under certain conditions.
Compliance will be expected in fiscal years beginning after Sept. 30, 2008.