Regulatory Alerts2014-04-02
Added
Disclosure of Costs of Securities Services
Banking corporations must present customers charged for securities transactions with comparative weighted average fee rates based on similar deposit values, broken down by equity, bond, and central bank bill categories. The directive requires publishing this comparative data on the bank's website within 30 days of each six-month period and including detailed fee disclosures in customer notices. The rules apply to transactions by customers as defined in the Banking Law and exclude options, with an effective date of January 1, 2015.
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