PHOENIX — The Bank Securities Association has sent a letter to the Securities and Exchange Commission, asking it to hold off on enforcing Title II of the Gramm-Leach-Bliley Act at least until yearend, or to tie compliance to “a reasonable period of time” after issuance of definitive guidance.

Title II, which is due to take effect on May 12, provides for the functional regulation of many bank securities activities, such as cash sweeps and trust functions, by the SEC.

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