OCC 97-3
Subject:  Qualification Requirements for Transactions in Certain       Description:  Proposed Rule
                  Securities  
                          
TO:  Chief Executive Officers of all National Banks, Department
     and Division Heads, and all Examining Personnel

The attached proposed rule on qualification requirements for
transactions in certain securities was published in the Federal
Register on December 30, 1996.  Comments are due by February 28,
1997. 

The OCC, along with the Board of Governors of the Federal Reserve
System and the Federal Deposit Insurance Corporation, has
published a joint proposed rule that would provide employees of
insured depository institutions with access to the Series 6 and
Series 7 examinations administered by the National Association of
Securities Dealers.  Under the proposed rule, employees of
insured depository institutions who wish to sell covered
securities would be required to meet qualification standards that
are comparable to securities industry standards, to pass either
the Series 6 or Series 7 exam (depending on the types of
securities to be sold), and to comply with continuing education
requirements that are comparable to those applicable to employees
of nonbank securities dealers.  In addition, an insured
depository institution would be required to register with its
federal regulator as a sponsoring bank and to develop or update,
as appropriate, a training plan for its employees.

For further information, contact Joel Miller, senior attorney,
Securities and Corporate Practices Division, (202) 874-5210, or
Joseph W. Mallott, national bank examiner, Capital Markets
Division (202) 874-5070.



_____________________________________
Julie L. Williams
Chief Counsel
Date:     January 8, 1997
Attachment   61 FR 68824