The Bank Securities Association is seeking clarification from the Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corp. of the recently proposed rules governing bank employees who sell securities.

The trade group wants to ensure the rules achieve regulators' objectives without "unduly burdening banks or causing unintended consequences," it said in a prepared statement.

The rule proposals are to build on the 1994 Interagency Statement on Retail Sales of Nondeposit Investment Products. The rules will govern how bank securities representatives are registered, trained, and tested.

Among the association's recommendations are that trust or fiduciary account transactions and money market sweep accounts specifically be excluded from the definition of "covered transactions."

The BSA's comments pointed out that the rules could put banks at a competitive disadvantage in hiring by requiring their securities representatives to apply for a waiver from retaking licensing examinations if they move to the bank's broker-dealer. This could create the perception of a lack of job mobility, the trade group's commentary argued.

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