New Consumer Protection Regulations Adopted

Sales Practices, solicitations, advertising regulations adopted

By John M. Baker, Esq.

The Office of the Comptroller of the Currency has posted the final version of consumer-protection regulations adopted by the OCC, FDIC, OTS, and Federal Reserve under the Gramm-Leach-Bliley Act.

The regulations apply to retail sales practices, solicitations, advertising, and offers of insurance products and annuities by depository institutions or persons engaged in these activities at an office of the institution or on behalf of the institution. A large percentage of all annuities are sold at or by banks, so the rules will have broad effect.

In the case of a conflict with the Interagency Statement on Retail Sales of Nondeposit Investment Products, the new rules will control. The new rules, which take effect on April 1, 2001, are available online in PDF format at

Copyright 2000, John M. Baker, Esq., Stradley, Ronon, Stevens & Young, LLP, 1220 19th Street, N.W., Suite 700, Washington, DC 20036 – (202) 822-9611- Fax (202) 822-0140 This article was originally posted to the FundLaw List, To subscribe to FundLaw, send a blank e-mail to

Nothing herein is intended as legal or financial advice. The law is different in different jurisdictions, and the facts of a particular matter can change the application of the law. Please consult an attorney or your financial advisor before acting upon the information contained in this article.

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Mark Astarita is a nationally recognized securities attorney, who represents investors, financial professionals and firms in securities litigation, arbitration and regulatory matters, including SEC and FINRA investigations and enforcement proceedings.

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