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COMMONWEALTH OF PENNSYLVANIA

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PA Bulletin, Doc. No. 03-1278

NOTICES

INDEPENDENT REGULATORY REVIEW COMMISSION

Action Taken by the Commission

[33 Pa.B. 3092]

   The Independent Regulatory Review Commission met publicly at 10:30 a.m., Thursday, June 12, 2003, and announced the following:

Regulation Approved

   Pennsylvania Securities Commission #50-118: Banking and Savings and Loan Institutions (amends 64 Pa. Code Chapters 102, 202, 203, 204, 207, 305 and 606)

____

Approval Order

Public Meeting held
June 12, 2003

Commissioners Voting:  John R. McGinley, Jr., Esq., Chairperson, by phone; Alvin C. Bush, Vice Chairperson; Daniel F. Clark, Esq.; Arthur Coccodrilli; Murray Ufberg, Esq., by phone

Pennsylvania Securities Commission--Banking and Savings and Loan Institutions; Regulation No. 50-118

   On February 3, 2003, the Independent Regulatory Review Commission (Commission) received this proposed regulation from the Pennsylvania Securities Commission (PSC). This rulemaking amends 64 Pa. Code Chapters 102, 202, 203, 204, 207, 305 and 606. The proposed regulation was published in the February 15, 2003, Pennsylvania Bulletin with a 30-day public comment period. The final-form regulation was submitted to the Commission on May 15, 2003.

   This final-form rulemaking updates provisions in 17 sections and deletes one section of its existing regulations. The changes are based on Federal law, including the National Securities Markets Improvement Act of 1996, Federal rules and guidelines, Pennsylvania Act 108 of 2002, and rules of the National Association of Securities Dealers and the North American Securities Administrators Association.

   We have determined this regulation is consistent with the statutory authority of the PSC (70 P. S. § 1-609(a)) and the intention of the General Assembly. Having considered all of the other criteria of the Regulatory Review Act, we find promulgation of this regulation is in the public interest.

By Order of the Commission:

   This regulation is approved.

JOHN R. MCGINLEY, Jr.,   
Chairperson

[Pa.B. Doc. No. 03-1278. Filed for public inspection June 27, 2003, 9:00 a.m.]



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