OCC Issues New Comptroller's Handbook Booklet on the Government Securities Act

The Office of the Comptroller of the Currency ("OCC") issued a new booklet titled "Government Securities Act." The booklet is part of the Comptroller's Handbook.

The new booklet, which is also part of the Securities Compliance series, consolidates certain guidance from the "Securities Activities" booklet from the Comptroller's Handbook for Compliance and from the "Investment Securities" booklet from the Comptroller's Handbook.

The booklet summarizes the Government Securities Act ("GSA") and provides guidance to OCC examiners for evaluating compliance with GSA regulations, including the recordkeeping, confirmation and suitability requirements for national banks and federal savings associations ("FSAs").

The OCC stated that the new booklet replaces section 563, "Government Securities Act," which was issued in May 1998 as part of the Office of Thrift Supervision ("OTS") Examination Handbook for the examination of FSAs. In addition, the following guidance was rescinded:

• The "Securities Activities" booklet from the Comptroller's Handbook for Compliance;
• Pages 37-41 of the "Investment Securities" booklet from the Comptroller's Handbook, the remainder of which booklet will be rescinded when the updated "Investment Securities" booklet of the Comptroller's Handbook is issued;
• The OTS Examination Handbook, section 563, "Government Securities Act" (and the related program and appendix); and
• Advisory Letter 1997-5, "Treasury's Large Position Record-Keeping and Reporting Rules" (May 15, 1997).

See: "Government Securities Act" Booklet; Press Release.