Similarly, there is language in the adopting release concerning the networking exception that would appear to impose restrictions on employee bonus programs operated by banks in general, even where the affected employees have no connection with any networking arrangement established with a broker-dealer.
In addition, NASD Rule 3040, which is referenced in the preamble to the rules, purportedly provides the Commission and the NASD the authority to review all the securities activities engaged in by an employee who is both an employee of a bank and a broker-dealer, including those securities transactions that are conducted as part of the bank's traditional banking activities and protected by one of the GLB Act's exceptions.