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Banking Law Keyed to Carnell, 7th Ed.
Securities Industry Association v. Board of Governors of the Federal Reserve System
Citation:
468 U.S. 137 (1984)Facts
In 1978, Bankers Trust Company, a New York-chartered member bank of the Federal Reserve System, began serving as agent for several corporate customers in placing their commercial paper in the market. Commercial paper consists of unsecured, short-term promissory notes issued by commercial entities, typically with maturities less than nine months. The Securities Industry Association and A.G. Becker petitioned the Board of Governors of the Federal Reserve System for a ruling that these activities violated §§16 and 21 of the Glass-Steagall Act, which prohibit commercial banks from underwriting securities. The Board concluded that commercial paper was not a “security” under the Act because it more closely resembled a commercial bank loan than an investment transaction. The Board applied a “functional analysis” approach, examining whether the instrument was more similar to traditional commercial banking operations than investment transactions.
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