For these reasons, the Board believes that the SEC must provide banks that have adopted policies reasonably designed to comply with the exceptions a reasonable period of time to cure any inadvertent or unforeseen violations. This period of time must at least be long enough for a bank to establish an affiliated broker-dealer to which nonqualifying securities activities can be transferred.
Preserving regulatory roles established by the Congress On a broader level, we also are concerned that several aspects of the rules appear to reflect an attempt by the Commission to regulate the banking activities of banks.