Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

OCC submits rule to curb U.S. banks dealing in industrial metals

Published 12/28/2016, 12:32 PM
Updated 12/28/2016, 12:40 PM
OCC submits rule to curb U.S. banks dealing in industrial metals

(Reuters) - The Office of the Comptroller of the Currency (OCC) said on Wednesday it had submitted a rule to the Federal Register to prohibit U.S. national banks and federal savings associations from dealing or investing in industrial or commercial metals.

The ruling, effective April 1, replaces a prior OCC determination that allowed national banks to trade in copper. It covers metal products such as copper cathodes and aluminum T-bars.

Banks with existing holdings of such metals, acquired through dealing or investing activities, would have to divest at the earliest, but in no lesser than five years.

New federal rules come into force only once they have been published in the Federal Register.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.