The Commission, however, has stated that the custody exception does not allow a bank to effect securities transactions for its custodial IRA or benefit plan accounts. This position essentially reads the explicit authorization adopted by the Congress out of the statute, is completely contrary to the purposes of the act, and would disrupt long-standing relationships between banks and their customers.
I am happy to say that we can expect some major activities and events for the capital markets in the future. In March this year, the Reserve Bank established the first Capital Markets Development Taskforce. The members are Daryl Tarte, Bob Niranjan, Norman Wilson, Pradeep Patel, Lisa Apted and myself as Chair.