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PRELIMINARY DRAFT 18, ERRATA AND ADDENDA 1 (February 1, 1976)

handle is hein.ali/alifs0027 and id is 1 raw text is: February 1, 1976 FEDERAL SECURITIES CODE PRELIMINARY DRAFT NO. 18 Errata and Addenda (Prepared for Council Meeting of 2/20/76) NOTE: (1) These errata and addenda reflect (inter alia) the Reporter's meeting on January 5 with counsel for the Federal Reserve Board, the Comptroller of the Currency, the FDIC and the Municipal Securities Rulemaking Board, and his meeting on January 21-22 with the American Bar Association committee and others. (2) To avoid confusion with the Commerts in PDl8, the explanatory material here is contained in Notes. Not all the comments are here adjusted to changes in text. (3) The supra and infra references are to these errata and addenda. P. 206-2, §206(b). Substitute: (b) [Banks and insurance companies.] Notwithstanding section 206(a), associate, (1) in relation to a municipal broker or municipal dealer that is a bank, means only (A) a person directly engaged in the management, direction, supervision, or performance of any of its activities with respect to muni- cipal securities, or (B) a person that controls such acti- vities or is controlled by the municipal broker or municipal dealer in connection with such activities, and (2) in relation to a broker or dealer that is an insurance company, means only (A) a person directly engaged in the management, direction, supervision,or performance of any of its activities with respect to securities, or (B) a person that controls such activities or is controlled by the broker or dealer in connection with such activities.