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SUMMARY: The Office of the Comptroller of the Currency (OCC) is proposing to revise its rules that prescribe recordkeeping and confirmation requirements for securities transactions. This proposal is another part of the OCC's Regulation Review Program to update and streamline OCC regulations and reduce unnecessary regulatory costs and other burdens. The proposal reorganizes the OCC's regulation by placing related subjects together, clarifying areas where the rules are unclear or confusing, incorporating significant OCC interpretations, and updating various provisions to address market developments and regulatory changes by other regulators that affect requirements for recordkeeping and confirmation of securities transactions by national banks. DATES: Comments must be received by February 20, 1996. ADDRESSES: Comments should be directed to: Communications Division, Office of the Comptroller of the Currency, 250 E Street, SW, Washington, DC 20219. Attention: Docket No. 95-30. In addition, comments may be sent by fax to 202-874-5274 or by electronic mail to firstname.lastname@example.com. Comments will be available for public inspection and photocopying at the same location. FOR FURTHER INFORMATION CONTACT: Suzette H. Greco, Senior Attorney, Securities and Corporate Practices Division (202-874-5210); Joseph W. Malott, National Bank Examiner, Capital Markets Division (202-874- 5070); William L. Granovsky, National Bank Examiner, Compliance (202- 874-4861). SUPPLEMENTARY INFORMATION: Background OCC Regulation Review Program The OCC is proposing revisions to 12 CFR part 12 as part of its Regulation Review Program. Pursuant to this Program, the OCC is reviewing all its rules. Rules that are not necessary to protect against unacceptable risks, that do not support equitable access to banking services for all consumers, or that are not needed to accomplish other statutory responsibilities of the OCC will be revised or eliminated. Where risks are meaningful and regulation is appropriate, the OCC will examine its rules to determine if they achieve their purpose most efficiently. In this regard, the OCC recognizes that one source of regulatory cost is the failure of regulations to provide clear guidance because they are difficult to follow and understand. Therefore, an important component of the Regulation Review Program is to revise regulations, where appropriate, to improve clarity and better communicate the standards that the rules are intended to convey. Revisions to 12 CFR part 12 present particular challenges in several regards because the part implements requirements from different statutory sources, addresses transactions of a specialized and often technical nature, and currently is out of date in certain respects. Recordkeeping and Confirmation Requirements for Securities Transactions The OCC adopted part 12 on July 24, 1979 (44 FR 43252), to establish requirements applicable to national banks effecting securities transactions for customers, including recordkeeping and confirmation requirements. The OCC amended part 12 on December 31, 1979 (44 FR 77137) to include additional suggestions recommended by commenters, and the part became effective on January 1, 1980. The OCC has not significantly changed part 12 since then.1 \1\ In 1979, the Board of Governors of the Federal Reserve System (FRB) and the Federal Deposit Insurance Corporation (FDIC) adopted regulations similar to part 12. See 12 CFR 208.8(k), 44 FR 43258 (July 24, 1979) (FRB regulation); 12 CFR part 344, 44 FR 43261 (July 24, 1979) (FDIC regulation). Since that time, neither of these agencies has significantly changed these regulations, although recently the FDIC adopted a regulation concerning authority to waive certain requirements of part 344, similar to the authority in Sec. 12.7(d) of part 12. See 60 FR 7111 (Feb. 7, 1995). Consequently, the current regulations for all three Federal banking agencies are very similar. The OCC and the other Federal banking agencies have been meeting and discussing changes to the FRB's and the FDIC's rules substantively similar to those proposed today by the OCC. --------------------------------------------------------------------------- Since that time, there have been significant changes in securities regulation and market practices. For example, Congress enacted the Government Securities Act of 1986, 15 U.S.C. 78o-5, requiring the registration of government securities brokers and dealers, including financial institutions, and regulating transactions in government securities. Recently, the Securities and Exchange Commission (SEC) adopted amendments to its confirmation rule requiring additional disclosures and restructuring the rule. See Securities Exchange Act of 1934 Rule 10b-10, 17 CFR 240.10b-10 (SEC Rule 10b-10). Under SEC Rule 10b-10, the SEC requires a broker/dealer to send a customer notification of a securities transaction at or before the completion of the transaction. The SEC defines ``completion of the transaction'' generally to be the time of payment or partial payment and/or delivery of the security. See 17 CFR 240.10b-10(d)(2). The SEC also has shortened the standard settlement period for broker/dealer trades from five to three days (T+3 Settlement) effective on June 7, 1995. See Securities Exchange Act Release No. 33023, 58 FR 52891 (Oct. 13, 1993). In addition, for trades in government securities, next day settlement is industry practice. Currently, part 12 generally requires a national bank to send a customer notification of a securities transaction within five business days from the date of the transaction. Proposal The proposal modernizes the rules in part 12 and reduces unnecessary regulatory burdens, where possible. In order to make part 12 more accessible and easier to use, the proposal also restructures many sections and updates others by incorporating significant OCC interpretive positions and reflecting regulatory changes by other agencies. The following discussion identifies and explains proposed changes. A Derivation Table identifying the proposed changes and keying them to the current rule appears at the end of this preamble. The OCC requests comments on all aspects of the proposal, as well as specific comments on changes in the rule. Authority, Purpose, and Scope (Sec. 12.1) The proposal revises the scope section (Sec. 12.1) to clarify the securities transactions to which part 12 applies and identify the types of transactions that are subject to other regulatory schemes. Paragraph (c)(1) provides the rules of general applicability and paragraph (c)(2) sets forth exemptions. Generally, any national bank effecting a securities transaction for a customer is subject to the requirements of part 12, unless the transaction specifically is exempted. For example, the part 12 requirements apply to transactions in mutual funds as well as other securities. While investment companies, commonly referred to as mutual funds, must register with the SEC under the Investment Company Act of 1940 (Investment Company Act), 15 U.S.C. 80a-1 et seq., and are subject to numerous legal requirements,2 the requirements of part 12 govern national banks effecting trades for customers in mutual fund shares. Some requirements of the Investment Company Act and its regulations also may apply to national banks providing services to an investment company or acting as the investment company's investment adviser. See e.g., 15 U.S.C. 80a-17; 15 U.S.C. 80a-30; 17 CFR 270.17j-1; 17 CFR 270.31a-1. \2\ The Investment Company Act and its implementing regulations contain various provisions relating to the formation and operation of an investment company, including provisions on the distribution and pricing of shares, fiduciary duties of directors, transactions with affiliates, permissible capital structures, disclosure and reporting requirements, and other requirements. See 15 U.S.C. 80a-1 et seq.; 17 CFR part 270. Investment companies also may need to register their shares under the Securities Act of 1933. See 15 U.S.C. 77a et seq. --------------------------------------------------------------------------- The OCC recognizes that national banks may enter into various arrangements with registered broker/dealers that permit the broker/ dealers to operate on the bank's premises. Part 12 generally does not apply to securities transactions effected by these broker/dealers for their customers. As registered broker/dealers, they already are subject to the SEC's recordkeeping and confirmation rules. If, however, the bank is using this broker/dealer to clear securities transactions effected by the bank for the bank's own customers, then the requirements of part 12 would apply to the bank. Government Securities Transactions National banks conducting government securities transactions for their customers also are within the scope of part 12. Government securities are defined in section 3(a)(42) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(42)), and include but are not limited to United States Treasury securities and securities issued or guaranteed by Federal government agencies and government-sponsored enterprises. The Department of the Treasury, under its authority pursuant to the Government Securities Act of 1986 (GSA), 15 U.S.C. 78o-5, has issued regulations in 17 CFR parts 400 through 405, 449, and 450, applicable to many government securities transactions by national banks (GSA regulations). The GSA regulations define the terms ``government securities broker'' and ``government securities dealer'' to include financial institutions. See 17 CFR 400.3 (k) and (l). Part 404 of the GSA regulations provides specific recordkeeping requirements for government securities brokers and dealers that are financial institutions. See 17 CFR 404.4. National banks, because they are subject to part 12 recordkeeping requirements, are not required to follow the recordkeeping requirements of the GSA regulations at 17 CFR 404.2 and 404.3. See 17 CFR 404.4(a). National banks, however, must follow other recordkeeping requirements under the GSA regulations. See 17 CFR 404.4(a)(3), (b), and 450.4(c), (d), and (f). Part 12 confirmation requirements apply to all government securities transactions by national banks. Consistent with the GSA regulations, proposed Sec. 12.1(c)(2)(ii) exempts a national bank that conducts fewer than 500 government securities brokerage transactions per year from complying with the recordkeeping requirements under proposed (and current) Sec. 12.3. See 17 CFR 401.3(a)(2)(i) and 404.4(a). This exemption does not apply to government securities dealer transactions by national banks, however. Staff at the Bureau of the Public Debt, which is the organization within the Department of the Treasury that is responsible for administering 17 CFR 404.4(a), has advised us that they are considering amending this regulation to clarify any ambiguity resulting from the interplay of the regulation and current Sec. 12.7(a) (proposed Sec. 12.1(c)(2)(i)), with respect to recordkeeping requirements for financial institutions that conduct government securities dealer transactions. Municipal Securities Transactions The proposed ``scope'' section (Sec. 12.1(c)(1)) also clarifies that a national bank's transactions in municipal securities that are not subject to the Municipal Securities Rulemaking Board's (MSRB) rules, are subject to part 12. The MSRB adopts rules with respect to transactions in ``municipal securities'' effected by brokers, dealers, and ``municipal securities dealers.'' See 15 U.S.C. 78o-4; Rules of the MSRB, MSRB Manual (CCH) para. 3501 et seq. Municipal securities are defined in section 3(a)(29) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(29)) (Exchange Act), and include but are not limited to debt obligations of a state of the United States or a political subdivision, such as a county, city, town, village, or municipal authority, and revenue bonds. As defined in the Exchange Act, a ``municipal securities dealer'' includes a bank, as well as a ``separately identifiable department or division of a bank,'' that is engaged in the business of buying and selling municipal securities for its own account through a broker or otherwise. See 15 U.S.C. 78c(a)(30). Under the SEC's regulatory scheme, however, a bank need not register as a ``municipal securities broker.'' See 15 U.S.C. 78c(a)(4) and (31). Thus, under proposed Sec. 12.1(c)(2)(iii), transactions in municipal securities conducted by a national bank registered with the SEC as a ``municipal securities dealer'' are exempt from part 12. However, municipal securities brokerage transactions by a national bank not registered as a municipal securities dealer are subject to part 12 requirements. Other Transactions and Exemptions The ``scope'' section further provides that both 12 CFR parts 9 and 12 apply to a national bank's securities transactions effected as a fiduciary, including transactions effected for a collective investment fund (Sec. 12.1(c)(1)). Finally, the proposed ``scope'' section, in the exemptions paragraph (Sec. 12.1(c)(2)), includes the current rule's exception from certain requirements of part 12 for banks with an average of fewer than 200 securities transactions per year for customers, over the prior three calendar year period, not including transactions in government securities. The exemptions paragraph also restates the current rule's exemption from part 12 requirements for activities of a foreign branch of a national bank. Safe and Sound Operations Under proposed Sec. 12.1(c)(3), the proposal clarifies that notwithstanding the exemptions from part 12, the OCC expects a national bank conducting securities transactions for its customers to maintain effective systems of records and controls to ensure safe and sound operations. Since national banks already are obligated to conduct their operations in a safe and sound manner, this addition does not impose any new requirements; rather, it emphasizes the importance of effective systems with respect to all securities transactions. Definitions (Sec. 12.2) The proposal clarifies and modernizes Sec. 12.2, the definitions section, by adding several definitions and modifying several others. The proposal defines ``crossing of buy and sell orders,'' a term used in proposed Sec. 12.7(a)(3) (current Sec. 12.6(c)). It also adds a new definition of ``completion of the transaction,'' a term used in proposed Sec. 12.4 (a) and (b). The proposed definition is based on that used in SEC Rule 10b-10, the SEC's rule for confirmation of transactions by broker/dealers. See 17 CFR 240.10b-10(d)(2), citing Securities Exchange Act of 1934 Rule 15c1-1, 17 CFR 240.15c1-1(b). The proposal clarifies the definition of ``customer'' (Sec. 12.2(e)) by removing the term ``dealer bank'' and inserting that a ``bank acting as a broker or dealer'' is not a customer. For purposes of Sec. 12.4(b) (8) and (9), the proposal adds a definition of ``debt security'' consistent with the SEC's definition under Rule 10b-10, 17 CFR 240.10b-10. The proposal also adds a definition of ``asset-backed security,'' which is the same as that in the SEC's Rule 10b-10, 17 CFR 240.10b-10. The proposal also adds definitions of ``government security'' and ``municipal security'' which are intended to have the same meaning as those terms have under the Securities Exchange Act of 1934. See 15 U.S.C. 78c(a)(42) and (a)(29). In addition, the proposed definition of ``security'' more closely tracks the definition of security in the Securities Exchange Act of 1934, 15 U.S.C. 78c(a)(10), with an exception for certain instruments, such as foreign currency and various bank instruments. However, the proposal makes clear that the OCC may determine whether an instrument is a security for purposes of part 12. Recordkeeping (Sec. 12.3) The proposed recordkeeping provision in Sec. 12.3 is similar to current Sec. 12.3. A bank effecting securities transactions for customers must maintain, for at least three years, chronological records of original entry containing an itemized daily record of all purchases and sales of securities, account records for customers, and the written notifications to customers required by proposed (and current) Sec. 12.4. The proposal also clarifies that a bank must maintain a copy of any alternative form of written notification that it uses pursuant to proposed Sec. 12.5. The proposal retains the current provision permitting a bank to maintain the required records in any manner, if the records clearly and accurately reflect the information required and provide an adequate basis for auditing the information (Sec. 12.3(b)). The OCC seeks comments as to whether and in what manner banks rely upon this provision (proposed Sec. 12.3(b)) and whether it serves a useful purpose. Form and Time of Customer Notification (Sec. 12.4); Alternative Forms and Times of Customer Notification (Sec. 12.5) The proposal reorganizes current Secs. 12.4 and 12.5. Under the proposed sections, a bank has several alternatives from which it may choose to provide the required written notification to a customer for whom the bank has effected a securities transaction. As under current part 12, a bank may elect to provide notification through: (1) A copy of a broker/dealer confirmation and statement regarding the source and amount of remuneration that the customer or any other source is to provide the bank (Sec. 12.4(a)); (2) a written notification that includes information such as the date of execution of the transaction, the price and number of shares or units purchased or sold, the capacity in which the bank is acting (as agent, principal, or otherwise), and the amount of remuneration received by the bank and by any broker/dealer in connection with the transaction (Sec. 12.4(b)); or (3) an alternative form of notification permitted for a specific type of customer transaction or account, for example, a transaction where the bank exercises investment discretion in an agency capacity or effects a transaction for a periodic plan (Sec. 12.5(a) through (d)). The proposal moves current Sec. 12.5(a) regarding notification for a transaction where the bank does not exercise investment discretion to Sec. 12.4(c). The proposal provides that if a bank opts to fulfill its customer notification requirement through compliance with either of these first two means (Sec. 12.4(a) and (b)), the bank must give or send the notification at or before the completion of the transaction. Proposed Sec. 12.2(c) defines the term ``completion of the transaction,'' which generally means the payment of funds and delivery of securities, i.e. the settlement of the securities transaction. Sending the notification at or before completion of the transaction is consistent with the SEC's confirmation rule, SEC Rule 10b-10. See 17 CFR 240.10b-10(a). The SEC similarly defines ``completion of the transaction.'' See 17 CFR 240.10b-10(d)(2). Currently, Sec. 12.5 requires a national bank that effects a securities transaction to send written notification to its customer within five business days from the date of the transaction or within five business days from receipt by the bank of a broker/dealer's confirmation (unless the bank uses a notification permitted for a specific type of customer transaction or account). When the OCC first adopted part 12, this five day period was consistent with the generally recognized industry practice of having the settlement of a securities transaction on the fifth business day after the trade day, (T+5). On October 13, 1993, however, the SEC published a securities settlement rule, effective June 7, 1995, requiring the payment of funds and delivery of most securities by the third business day after the date of the contract (T+3). See Securities and Exchange Act of 1934 Rule 15c6- 1, 17 CFR 240.15c6-1, 58 FR 52891. Thus, the current Sec. 12.5 five day period is inconsistent with the new T+3 settlement cycle. Since settlement will occur within three days, the OCC, by adopting the ``at or before completion of the transaction'' timeframe, reflects current securities industry practice. Consistent with the SEC, the OCC also is adopting a T+3 securities settlement rule as discussed subsequently under Sec. 12.9. The OCC welcomes comments on whether providing written notification ``at or before completion of the transaction'' is an appropriate requirement for a national bank in proposed Sec. 12.4(a) and (b). The OCC also specifically requests comments on the need for additional time by banks opting to provide notification by using a copy of the broker/dealer's confirmation, as is currently permitted in Sec. 12.5 (five business days from receipt). Proposed Sec. 12.4(c) retains the current Sec. 12.5(a) option for the bank and the customer to agree in writing to a different time and form of notification for a securities transaction where the national bank does not exercise investment discretion. This paragraph, captioned ``notification by agreement,'' also provides that the arrangement must specify the customer's right to receive the written notification as provided in Sec. 12.4(a) or (b) at no additional cost. The form of the notification required under proposed Sec. 12.4(a) is similar to current Sec. 12.4(a). Both require the bank to provide a copy of the broker/dealer confirmation and a statement regarding remuneration that the customer or any other source is to provide the bank. Alternatively, the bank may choose to provide its customer a written notification as described in proposed Sec. 12.4(b) (current Sec. 12.4(b)). The proposed Sec. 12.4(b) form of notification requires the bank to notify the customer about the amount of any remuneration the customer or any other source is to provide the bank, and any remuneration from the customer to any broker/dealer in connection with the transaction. As with current Sec. 12.4(b), the notification under proposed Sec. 12.4(b) also must include other information regarding the securities involved in the transaction, the capacity in which the bank is acting (as agent, principal, or otherwise), and the use of any broker/dealer. By providing the notification, the bank gives its customers an opportunity to verify the terms of their transactions and evaluate the accuracy of the bank's execution. Under proposed Sec. 12.4(b)(6), the bank may choose not to disclose the source and amount of any other remuneration to the bank, if the written notification contains the following two statements: first, whether the bank has received or will receive any other remuneration; and, second, that the bank will furnish the source and amount of the other remuneration upon the customer's written request. A bank may not use this option if, in the case of a purchase, the bank is participating in a distribution of the security, or in the case of a sale, the bank is participating in a tender offer. This proposed option is new and reflects the option concerning disclosure of other remuneration contained in SEC Rule 10b-10, 17 CFR 240.10b- 10(a)(2)(i)(D). The OCC seeks specific comments on inclusion of this proposed modification concerning the disclosure of other remuneration. The SEC, on November 17, 1994, published a final rule adopting amendments to SEC Rule 10b-10 requiring the disclosure of additional information on the broker/dealer confirmation. See Securities Exchange Act Release No. 34962, 59 FR 59612. Among other items, SEC Rule 10b-10 now requires disclosure concerning a debt security that has not been rated by a nationally recognized statistical rating organization and the fluctuation of yield with respect to certain asset-backed securities. See 17 CFR 240.10b-10(a)(7) and (8). The SEC also expanded the range of debt securities where yield need not be disclosed to include any asset-backed security subject to continuous prepayment. See 17 CFR 240.10b-10(a)(5) and (6). The OCC recognizes that this type of information may be important to bank customers evaluating the merits of investing in various debt securities. Consistent with SEC Rule 10b-10, the proposal adds Sec. 12.4(b)(8), (9), (10), and (11), requiring disclosure of yield information on debt securities. The proposal also adds Sec. 12.4(b)(12) requiring disclosure that a debt security that has not been rated by a nationally recognized statistical rating organization. While the proposal incorporates these additional disclosures, the OCC is interested in commenters' views on the applicability of these disclosures to national banks' securities activities. The OCC may revise its proposal. The OCC seeks comments on whether banks engage in transactions in unrated securities and the need for requiring disclosure of information in the written notification to customers regarding unrated securities and yield information on debt securities, similar to the SEC requirements under SEC Rule 10b-10. The OCC also seeks comments on whether it should require the disclosure of any other information describing the security in the written notification to customers. SEC Rule 10b-10(c) also contains a provision requiring broker/ dealers to furnish to customers requested information within five business days of the receipt of the request, or within 15 business days if the broker/dealer effected the transaction more than 30 days before the receipt of the request. See 17 CFR 240.10b-10(c). Part 12 currently does not contain a similar provision. The OCC requests comments on whether it should include a provision similar to SEC Rule 10b-10(c) stating the required period of time for a bank to furnish information pursuant to a customer's request. In addition to Sec. 12.4, the proposal also authorizes alternative forms and times of notification under Sec. 12.5(a) through (d) for certain specific types of transactions. These are: (1) Transactions in which the bank exercises investment discretion in other than an agency capacity (except for collective investment funds); (2) transactions in which the bank exercises investment discretion in an agency capacity; (3) transactions for a collective investment fund; and (4) transactions for a periodic plan. Proposed Sec. 12.5 includes captions generally characterizing the transactions covered under each paragraph. For example, Sec. 12.5(a), captioned ``trust transactions,'' concerns transactions for an account in which the bank exercises investment discretion other than in an agency capacity, e.g. a bank providing traditional trust services as directed by a will or a trust. Under Sec. 12.5(b), captioned ``agency transactions,'' the bank exercises investment discretion in an agency capacity and may provide fiduciary services; however, the bank is not named as trustee, e.g. the bank acting as a managing agent. The captions are intended to provide practical assistance and are not precise terms. In a change from current Sec. 12.5, the availability of the first two alternative forms of notification (Sec. 12.5(a) and (b)) depends on the capacity in which the bank effects the securities transaction for its customer, and not on the form of the account. Thus, this change clarifies that the transaction triggers the part 12 requirements and dictates the permissible form and time of notification. The OCC invites comments about any effects of the proposed change regarding alternative forms of notification based upon types of transactions instead of accounts. The OCC also specifically requests comments on the continuing need for the different forms of alternative notification provided in proposed Sec. 12.5. Consequently, under the proposal, if a bank effects a securities transaction for a fiduciary account where the customer has the right to direct the transaction and does so, the forms of notification available for use by the bank are the same as for transactions where the bank does not exercise investment discretion (except for periodic plans), in other words, Sec. 12.4(a), (b), or (c). Hence, as an alternative to Sec. 12.4(a) or (b), the bank could provide the notification under Sec. 12.4(c). However, the bank could not provide notification in the same manner as for a fiduciary account transaction that the customer did not direct, as in Sec. 12.5(a). Therefore, the bank does not have the option of providing notification as in Sec. 12.5(a) only upon the request of the person having the power to terminate the account, or, if there is no such person, upon the request of any person holding a vested beneficial interest in the account. The OCC seeks specific comments regarding whether this result clarifies the existing part 12 requirements and is the appropriate form of notification for securities transactions in a fiduciary account where the customer directs the transaction. With respect to transactions for a periodic plan (Sec. 12.5(d)), the proposal changes the time for notification. Currently part 12 requires a national bank to furnish a written statement ``as promptly as possible'' after each transaction for a periodic plan (Sec. 12.5(e)). Instead, proposed Sec. 12.5(d) requires the bank to furnish the written statement not less than once every three months. This change is consistent with similar provisions under the securities laws. Otherwise, the notification requirements for periodic plan transactions remain the same. The OCC request comments on the proposed change in notification to not less than once every three months for periodic plan transactions under Sec. 12.5(d) rather than notification as promptly as possible after each transaction. Fees (Sec. 12.6) The proposal places the provisions regarding fees (Secs. 12.4 and 12.5) into Sec. 12.6. It does not change the substance of these provisions. Securities trading policies and procedures (Sec. 12.7) The proposal retains the current requirement that a bank establish written policies and procedures for trading practices, but places new emphasis on following these written policies and procedures. The proposal also relocates these provisions from Sec. 12.6 to Sec. 12.7. With respect to proposed Sec. 12.7(a)(4), the proposal clarifies that bank officers and employees must provide a report to the bank containing specific information on certain trades, and the bank must establish written policies and procedures requiring these reports. While current Sec. 12.6(d) states that the report must ``identify'' the securities purchased and sold, proposed Sec. 12.7(b) clarifies the information necessary for banks to identify the securities, including the title and number of shares, the principal amount of each security involved, and the price at which the transaction was effected. The OCC seeks comments as to whether enumeration of the information required in these reports will assist banks, and officers and employees, in complying with this requirement. The proposal also revises one of the exceptions to the reporting requirements for securities transactions for the benefit of certain bank officers or employees to make clear that the reporting exception applies only if the transactions involve an aggregate amount of purchases and sales per officer or employee of $10,000 or less during a calendar quarter. The proposal also clarifies that a national bank acting as an investment adviser to an investment company is subject to section 17 of the Investment Company Act, 15 U.S.C. 80a-17, and, in particular, the requirements of Rule 17j-1 of the Investment Company Act, 17 CFR 270.17j-1 (SEC Rule 17j-1). Generally, SEC Rule 17j-1 requires that an investment adviser to a registered investment company adopt a written code of ethics, and that certain defined ``access persons'' of the investment adviser, including directors, officers, and certain employees, report personal securities transactions to the investment adviser. See 17 CFR 270.17j-1(e)(1). The requirement under proposed Sec. 12.7(a)(4) concerning the reporting by bank officers and employees of securities transactions in which they have a beneficial interest is in addition to the applicable requirements under the Investment Company Act and SEC Rule 17j-1. Banks should recognize that the part 12 requirements, in some respects, are broader than those under the Investment Company Act because they apply to investment advisory activities by national banks whether the bank provides the advice to an investment company or to another type of customer. The OCC welcomes any comments on this proposed addition to the regulation. Waivers (Sec. 12.8) The proposal makes no substantive changes in the waiver provision currently in Sec. 12.7(d). It relocates the provision to Sec. 12.8. As is the current practice, the proposal makes clear that the procedure for requesting a waiver is to submit a request in writing. The proposal also clarifies that the OCC may grant a waiver from the requirements of part 12 to any national bank, or any class of national banks, with regard to specific transactions or specific classes of transactions. Settlement of Securities Transactions (Sec. 12.9) The proposal adds Sec. 12.9 to establish a securities settlement timeframe for national banks effecting or entering into contracts for the purchase or sale of securities for customers. The OCC intends this rule to parallel the SEC's adoption of the ``T+3'' securities settlement timeframe. In October 1993, the SEC adopted for the first time a securities settlement rule, effective June 7, 1995, requiring the payment of funds and delivery of most securities by the third business day after the date of the contract (T+3). See Securities Exchange Act of 1934 Rule 15c6-1, 17 CFR 240.15c6-1 (SEC Rule 15c6-1); 58 FR 52891 (Oct. 13, 1993); 60 FR 26604 (May 17, 1995) (amendments to the rule). SEC Rule 15c6-1 is a separate securities settlement requirement and is not part of the SEC's confirmation rule, SEC Rule 10b-10, 17 CFR 240.10b-10. The OCC believes that most national banks effecting customer securities transactions use a clearing broker that would be subject to the SEC's T+3 rule and national banks' securities transactions thereby routinely would settle within three days. However, some national banks may clear and settle their securities trades directly. For this reason, the OCC proposes to revise part 12 to include a separate T+3 settlement requirement that tracks the language of the SEC's securities settlement rule. See 17 CFR 240.15c6-1. As with SEC Rule 15c6-1, the OCC's rule does not apply to an exempted security as defined in 15 U.S.C. 78c(a)(12), government security, municipal security, commercial paper, bankers' acceptance, or commercial bill. Proposed Sec. 12.9 also contains an identical override provision to SEC Rule 15c6-1 permitting national banks to agree that settlement will take place in more than three business days when the agreement is express and reached at the time of the transaction. Nonetheless, the OCC, similar to the intent expressed by the SEC, intends the override provision to apply to unusual transactions and not merely to permit national banks to specify before execution of specific trades that a group of trades will settle in a timeframe other than T+3. See Securities Exchange Act Release No. 33023, 58 FR 52891, 52901 (Oct. 13, 1993). While proposed Sec. 12.9 conforms to the language of the SEC's T+3 settlement rule, the OCC notes there are alternatives to adopting the language of the SEC's rule. For example, one possibility is not having a separate OCC settlement rule and, instead, using three days as the timeframe for sending the confirmation under part 12 rather than following the SEC's ``completion of the transaction'' timeframe. Another possibility is cross-referencing the language of SEC Rule 15c6- 1 instead of incorporating the actual language of the rule. The OCC seeks comments on the need for and the effect of proposed Sec. 12.9 adopting the T+3 securities settlement requirement for national banks. The OCC also specifically invites comments on the feasibility and appropriateness of alternative approaches to implement the T+3 securities settlement cycle. Interpretations (Secs. 12.101 and 12.102) The proposal adds two interpretative rulings at the end of part 12. The first interpretation (Sec. 12.101) relates to the disclosure of remuneration for mutual fund transactions. The interpretation reflects the view taken by the OCC in various letters granting a waiver from compliance with part 12 remuneration disclosure requirements. In particular, the OCC has allowed a bank to fulfill its disclosure requirement of the source and amount of remuneration required by current Sec. 12.4(a)(2) and (b) (proposed Sec. 12.4(a)(2) and (b)) for mutual fund transactions by providing this information to the customer in a current prospectus, at or before completion of the securities transaction. The OCC's view is predicated on the SEC's position as provided in a no-action letter dated March 19, 1979, and permits national banks to use the same option for disclosure of remuneration as is permitted for nonbank broker/dealers with respect to transactions in mutual funds. See Letter to the Investment Company Institute, [1979 Transfer Binder] Fed. Sec. L. Rep. (CCH) 82041 (Mar. 19, 1979). The OCC would reconsider its position upon any change in the SEC's practice. The second interpretive ruling (Sec. 12.102) discusses the use of electronic communications to satisfy part 12's customer notification requirements. In appropriate situations, the OCC will allow a national bank to satisfy the ``written'' notification requirement under Secs. 12.4 and 12.5 through electronic communications. Where a customer has a facsimile machine, a national bank may fulfill its notification delivery requirement by sending the notification by facsimile transmission. Similarly, a bank may satisfy the notification delivery requirement by other electronic communications when: (1) The parties agree to use electronic instead of hard-copy notifications; (2) the parties have the ability to print or download the notification; (3) the recipient affirms or rejects the trade through electronic notification; (4) the system cannot automatically delete the electronic notification; and (5) both parties have the capacity to receive electronic messages. The SEC has taken a comparable approach to the use of electronic means to deliver a confirmation under SEC Rule 10b-10, 17 CFR 240.10b-10. See e.g., Letter regarding Thompson Financial Services, Inc. (Oct. 8, 1993). The OCC would consider the permissibility of other situations using electronic notifications on a case-by-case basis. Derivation Table [Only substantive modifications, additions and changes are indicated.] ------------------------------------------------------------------------ Revised provision Original provision Comments ------------------------------------------------------------------------ Sec. 12.1(a)................... Sec. 12.1(a) ................. Sec. 12.1(b)................... Sec. 12.1(a) ................. Sec. 12.1(c)(1)................ ................... Added. Sec. 12.1(c)(2)(i)............. Sec. 12.7(a) ................. Sec. 12.1(c)(2)(ii)............ ................... Added. Sec. 12.1(c)(2)(iii)........... Sec. 12.7(b) Modified. Sec. 12.1(c)(2)(iv)............ Sec. 12.7(c) ................. Sec. 12.1(c)(3)................ ................... Added. Sec. 12.1(d)................... Sec. 12.1(b) ................. Sec. 12.2(a)................... ................... Added. Sec. 12.2(b)................... Sec. 12.2(a) ................. Sec. 12.2(c)................... ................... Added. Sec. 12.2(d)................... ................... Added. Sec. 12.2(e)................... Sec. 12.2(b) Modified. Sec. 12.2(f)................... ................... Added. Sec. 12.2(g)................... ................... Added. Sec. 12.2(h)................... Sec. 12.2(c) ................. Sec. 12.2(i)................... ................... Added. Sec. 12.2(j)................... Sec. 12.2(d) ................. Sec. 12.2(k)................... Sec. 12.2(e) Modified. Sec. 12.3...................... Sec. 12.3 ................. Sec. 12.4...................... Secs. 12.4, 12.5 Modified. Sec. 12.5...................... Secs. 12.4, 12.5 Modified. Sec. 12.6...................... Secs. 12.4, 12.5 ................. Sec. 12.7(a)................... Sec. 12.6(a), (b), ................. (c), and (d) Sec. 12.7(b)................... Sec. 12.6(d) Modified. Sec. 12.7(c)................... Sec. 12.6(d) Modified. Sec. 12.7(d)................... ................... Added. Sec. 12.8...................... Sec. 12.7(d) ................. Sec. 12.9...................... ................... Added. Sec. 12.101.................... ................... Added. Sec. 12.102.................... ................... Added. ------------------------------------------------------------------------ Regulatory Flexibility Act It is hereby certified that this proposal will not have a significant economic impact on a substantial number of small entities. Accordingly, a regulatory flexibility analysis is not required. This proposal will have minimal economic impact on national banks, regardless of size, since it makes no material changes to existing regulatory requirements. Executive Order 12866 The OCC has determined that this proposal is not a significant regulatory action. Unfunded Mandates Act of 1995 Section 202 of the Unfunded Mandates Reform Act of 1995, Pub. L. 104-4, March 22, 1995, 109 Stat. 48 (Unfunded Mandates Act), requires that an agency prepare a budgetary impact statement before promulgating a rule that includes a Federal mandate that may result in the expenditure by state, local, and tribal governments, in the aggregate, or by the private sector, of $100 million or more in any one year. If a budgetary impact statement is required, section 205 of the Unfunded Mandates Act also requires an agency to identify and consider a reasonable number of regulatory alternatives before promulgating a rule. Because the OCC has determined that the proposed rule will not result in expenditures by state, local, and tribal governments, or by the private sector, of more than $100 million in any one year, the OCC has not prepared a budgetary impact statement or specifically addressed the regulatory alternatives considered. Nevertheless, as discussed in the preamble, the rule has the effect of reducing unnecessary regulatory costs and other burdens, where possible. Paperwork Reduction Act of 1995 The OCC invites comments on: (1) Whether the proposed collection of information contained in this notice of proposed rulemaking is necessary for the proper performance of the agency's functions, including whether the information has practical utility; (2) The accuracy of the agency's estimate of the burden of the proposed information collection; (3) Ways to enhance the quality, utility, and clarity of the information to be collected; and (4) Ways to minimize the burden of the information collection on respondents, including through the use of automated collection techniques or other forms of information technology. Respondents/recordkeepers are not required to respond to this collection of information unless it displays a currently valid OMB control number. The collection of information requirements contained in this notice of proposed rulemaking have been submitted to the Office of Management and Budget for review in accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. 3507(d)). Comments on the collection of information should be sent to the Office of Management and Budget, Paperwork Reduction Project 1557-0142, Washington DC 20503, with copies to the Legislative and Regulatory Activities Division (1557-0142), Office of the Comptroller of the Currency, 250 E Street, SW., Washington, DC 20219. The collection of information requirements in this proposed rule are found in Secs. 12.3 through 12.8. This information is required by the OCC to establish an audit trail. That audit trail is used by the OCC in its regulatory examinations as a tool to evaluate a bank's compliance with banking and securities laws and regulations, such as the anti-fraud provisions of the Federal securities laws. Further, the records provide a basis for adequate disclosure to customers who effect securities transactions through national banks. Other records provide a basis for the OCC to waive some or all of the recordkeeping and confirmation requirements of 12 CFR part 12. The recordkeepers are national banks. Estimated total annual recordkeeping burden: 56,019 hours. The estimated annual burden per recordkeeper varies from 2 hours to more than 700 hours, depending on individual circumstances, with an estimated average of 53.3 hours. Estimated number of recordkeepers: 1,047. List of Subjects in 12 CFR Part 12 National banks, Reporting and recordkeeping requirements, Securities. Authority and Issuance For the reasons set out in the preamble, part 12 of chapter I of title 12 of the Code of Federal Regulations is proposed to be revised to read as follows: PART 12--RECORDKEEPING AND CONFIRMATION REQUIREMENTS FOR SECURITIES TRANSACTIONS Sec. 12.1 Authority, purpose, scope, and OMB control number. 12.2 Definitions. 12.3 Recordkeeping. 12.4 Form and time of customer notification. 12.5 Alternative forms and times of customer notification. 12.6 Fees. 12.7 Securities trading policies and procedures. 12.8 Waivers. 12.9 Settlement of securities transactions. Interpretations 12.101 National bank disclosure of remuneration for mutual fund transactions. 12.102 National bank use of electronic communications as customer notifications. Authority: 12 U.S.C. 24, 92a, and 93a. Sec. 12.1 Authority, purpose, scope, and OMB control number. (a) Authority. This part is issued pursuant to 12 U.S.C. 24, 12 U.S.C. 92a, and 12 U.S.C. 93a. (b) Purpose. This part establishes rules, policies, and procedures applicable to recordkeeping and confirmation requirements for certain securities transactions effected by national banks for customers. (c) Scope--(1) General. Any security transaction effected for a customer by a national bank is subject to this part unless exempted by paragraph (c)(2) of this section. A national bank effecting transactions in government securities is subject to the confirmation, recordkeeping, and policies and procedures requirements of this part. This part also applies to municipal securities transactions by a national bank that is not registered as a ``municipal securities dealer'' with the Securities and Exchange Commission. See 15 U.S.C. 78c(a)(30) and 78o-4. This part, as well as 12 CFR part 9, applies to a national bank's securities transactions effected as a fiduciary. (2) Exemptions--(i) Small number of transactions. The requirements of Secs. 12.3(a)(2) through (4) and 12.7(a)(1) through (3) do not apply to a national bank having an average of fewer than 200 securities transactions per year for customers over the prior three calendar year period. The calculation of this average does not include transactions in government securities. (ii) Government securities. The recordkeeping requirements of Sec. 12.3 do not apply to national banks effecting fewer than 500 government securities brokerage transactions per year. This exemption does not apply to government securities dealer transactions by national banks. (iii) Municipal securities. This part does not apply to transactions in municipal securities conducted by a national bank registered with the Securities and Exchange Commission as a ``municipal securities dealer'' as defined in title 15 U.S.C. 78c(a)(30). See 15 U.S.C. 78o-4. (iv) Foreign branches. This part does not apply to securities transactions conducted by a foreign branch of a national bank. (3) Safe and Sound Operations. Notwithstanding paragraph (c)(2) of this section, every national bank conducting securities transactions for customers shall maintain effective systems of records and controls regarding their customer securities transactions to ensure safe and sound operations. The systems maintained must clearly and accurately reflect appropriate information and provide an adequate basis for an audit. (d) OMB control number. The collection of information requirements in this part were approved by the Office and Management and Budget under OMB control number 1557-0142. Sec. 12.2 Definitions. (a) Asset-backed security means a security that is primarily serviced by the cashflows of a discrete pool of receivables or other financial assets, either fixed or revolving that by their terms convert into cash within a finite time period plus any rights or other assets designed to assure the servicing or timely distribution of proceeds to the security holders. (b) Collective investment fund means any funds held by a national bank as fiduciary and invested collectively in a ``collective investment'' as described in 12 CFR 9.18(a). (c) Completion of the transaction means: (1) In the case of a customer who purchases a security through or from a national bank, except as provided in paragraph (c)(2) of this section, the time when the customer pays the bank any part of the purchase price, or, if payment is made by a bookkeeping entry, the time when the bank makes the bookkeeping entry for any part of the purchase price; (2) In the case of a customer who purchases a security through or from a national bank and who makes payment for the security prior to the time when payment is requested or notification is given that payment is due, the time when the bank delivers the security to or into the account of the customer; (3) In the case of a customer who sells a security through or to a national bank except as provided in paragraph (c)(4) of this section, if the security is not in the custody of the bank at the time of sale, the time when the security is delivered to the bank, and if the security is in the custody of the bank at the time of sale, the time when the bank transfers the security from the account of the customer; (4) In the case of a customer who sells a security through or to a national bank and who delivers the security to the bank prior to the time when delivery is requested or notification is given that delivery is due, the time when the bank makes payment to or into the account of the customer. (d) Crossing of buy and sell orders means a security transaction in which the same bank acts as agent for both the buyer and the seller. (e) Customer means any person or account, including any agency, trust, estate, guardianship, committee, or other fiduciary account for which a national bank makes or participates in making the purchase or sale of securities, but does not include a broker, dealer, bank acting as a broker or dealer, or issuer of the securities that are the subject of the transaction. (f) Debt security as used in Sec. 12.4(b)(8) and (9) only, means any security, such as a bond, debenture, note, or any other similar instrument which evidences a liability of the issuer (including any security of this type that is convertible into stock or a similar security) and fractional or participation interests in one or more of any of the foregoing; provided, however, that securities issued by an investment company registered under the Investment Company Act of 1940, 15 U.S.C. 80a-1 et seq., shall not be included in this definition. (g) Government security means: (1) A security which is a direct obligation of, or obligation guaranteed as to principal and interest by, the United States; (2) A security which is issued or guaranteed by a corporation in which the United States has a direct or indirect interest and which is designated by the Secretary of the Treasury for exemption as necessary or appropriate in the public interest or for the protection of investors; (3) A security issued or guaranteed as to principal and interest by any corporation whose securities are designated, by statute specifically naming the corporation, to constitute exempt securities within the meaning of the laws administered by the Securities and Exchange Commission; or (4) Any put, call, straddle, option, or privilege on a security as described in paragraph (g) (1), (2), or (3) of this section, other than a put, call, straddle, option, or privilege: (i) That is traded on one or more national securities exchanges; or (ii) For which quotations are disseminated through an automated quotation system operated by a registered securities association. (h) Investment discretion means that, with respect to an account, a bank directly or indirectly: (1) Is authorized to determine what securities or other property shall be purchased or sold by or for the account; or (2) Makes decisions as to what securities or other property shall be purchased or sold by or for the account even though some other person may have responsibility for these investment decisions. (i) Municipal security means: (1) A security which is a direct obligation of, or an obligation guaranteed as to principal or interest by, a State or any political subdivision, or any agency or instrumentality of a State or any political subdivision; (2) A security which is a direct obligation of, or an obligation guaranteed as to principal or interest by, any municipal corporate instrumentality of one or more States; or (3) A security which is an industrial development bond (as defined in section 103(c)(2) of the Internal Revenue Code of 1954 (26 U.S.C. 103(c)(2) (1970)) (Code)) the interest on which is excludable from gross income under section 103(a)(1) of the Code (26 U.S.C. 103(a)(1)) if, by reason of the application of paragraph (4) or (6) of section 103(c) of the Code (26 U.S.C. 103(c)) (determined as if paragraphs (4)(A), (5), and (7) were not included in section 103(c) (26 U.S.C. 103(c)), paragraph (1) of section 103(c) (26 U.S.C. 103(c)) does not apply to the security. (j) Periodic plan (including dividend reinvestment plans, automatic investment plans and employee stock purchase plans) means a written authorization for a national bank to act as agent to purchase or sell for a customer a specific security or securities, in a specific amount (calculated in security units or dollars) or to the extent of dividends and funds available, at specific time intervals, and setting forth the commission or charges to be paid by the customer or the manner of calculating them. (k) Security: (1) Means any note, stock, treasury stock, bond, debenture, certificate of interest or participation in any profit- sharing agreement or in any oil, gas, or other mineral royalty or lease, any collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, for a security, any put, call, straddle, option, or privilege on any security, or group or index of securities (including any interest therein or based on the value thereof), or, in general, any instrument commonly known as a ``security''; or any certificate of interest or participation in, temporary or interim certificate for, receipt for, or warrant or right to subscribe to or purchase, any of the foregoing; (2) Does not mean currency; any note, draft, bill of exchange, or banker's acceptance which has a maturity at the time of issuance of not exceeding nine months, exclusive of days of grace, or any renewal thereof, the maturity of which is likewise limited; a deposit or share account in a Federal or State chartered depository institution; a loan participation; units of a collective investment fund; interests in a variable amount note as defined in 12 CFR 9.18(c)(2)(ii); U.S. Savings Bonds; or any other instrument the OCC determines does not constitute a security for purposes of this part. Sec. 12.3 Recordkeeping. (a) General rule. A national bank effecting securities transactions for customers shall maintain the following records for at least three years: (1) Chronological records. A chronological record of each original entry containing an itemized daily record of each purchase and sale of securities, including: (i) Account or customer name for which each transaction was effected; (ii) Description of the securities; (iii) Unit and aggregate purchase or sale price (if any); (iv) Trade date; and (v) Name or other designation of the broker/dealer or other person from whom the securities were purchased or to whom the securities were sold; (2) Account records. Account records for each customer, reflecting: (i) Purchases and sales of securities; (ii) Receipts and deliveries of securities; (iii) Receipts and disbursements of cash with respect to transactions in securities for each account; and (iv) Other debits and credits pertaining to transactions in securities; (3) Memorandum order. A separate memorandum (order ticket) of each order to purchase or sell securities (whether executed or cancelled), including: (i) Account or customer name for which the transaction was effected; (ii) Type of order (market order, limit order, or subject to special instructions); (iii) Time the trader or other bank employee responsible for effecting the transaction received the order; (iv) Time the trader placed the order with the broker/dealer, or if there was no broker/dealer, time the order was executed or cancelled; (v) Price at which the order was executed; and (vi) Name of the broker/dealer utilized; (4) Record of broker/dealers. A record of all broker/dealers selected by the bank to effect securities transactions and the amount of commissions paid or allocated to each broker during the calendar year; and (5) Notifications. A copy of the written notification required by Secs. 12.4 and 12.5. (b) Manner of maintenance. The records required by this section must clearly and accurately reflect the information required and provide an adequate basis for the audit of the information. Sec. 12.4 Form and time of customer notification. A national bank effecting a securities transaction for its customer shall give or send to the customer a notification. This section and Sec. 12.5 describe the form and time of permissible types of notifications. A bank may elect to provide notification through a copy of a broker/dealer confirmation and statement regarding remuneration as provided in Sec. 12.4(a), written notification as provided in Sec. 12.4(b), notification by agreement as provided in Sec. 12.4(c), or an alternative form of notification applicable to a specific type of transaction as provided in Sec. 12.5. (a) Confirmation of a broker/dealer. A national bank effecting a securities transaction for a customer shall give or send to its customer at or before the completion of the transaction a written notification that includes: (1) A copy of the confirmation of a broker/dealer relating to the securities transaction; and (2) If the customer or any other source will provide remuneration to the bank in connection with the transaction, and a written agreement between the bank and the customer does not determine the remuneration, a statement of the source and amount of any remuneration that the customer or any other source is to provide the bank. (b) Written notification. A national bank effecting a securities transaction for its customer that does not provide notification pursuant to paragraph (a) of this section, shall give or send to its customer at or before the completion of the transaction a written notification that includes: (1) Name of the bank; (2) Name of the customer; (3) Capacity in which the bank acts (as agent for the customer, as agent for both the customer and some other person, as principal for its own account, or in any other capacity); (4) Date of execution, a statement that the bank will furnish the time of execution within a reasonable time upon written request of the customer, and the identity, price, and number of shares or units (or principal amount in the case of debt securities) of the security purchased or sold by the customer; (5) Amount of any remuneration that the customer has provided or is to provide any broker/dealer, directly or indirectly, in connection with the transaction; (6) Amount of any remuneration that the bank has received or will receive from the customer, and the source and amount of any other remuneration that the bank has received or will receive in connection with the transaction; (i) A bank need not provide the information in paragraph (b)(6) of this section if: (A) The bank and its customer have determined remuneration pursuant to a written agreement; or (B) In the case of government securities and municipal securities, the bank received the remuneration in other than an agency transaction; (ii) Unless the bank follows paragraph (b)(6) of this section, the written notification must state whether the bank has received or will receive any other remuneration and that the bank will furnish the source and amount of the other remuneration upon written request of the customer. A bank may not follow this paragraph (b)(6)(ii), if, in the case of a purchase, the bank was participating in a distribution, or, in the case of a sale, the bank was participating in a tender offer; (7) Name of the broker/dealer utilized; or where there is no broker/dealer, the name of the person from whom the security was purchased or to whom the security was sold, or a statement that the bank will furnish this information upon written request from the customer. The bank shall furnish this information within a reasonable time after receipt of a written request; (8) In the case of any transaction in a debt security subject to redemption before maturity, a statement to the effect that the debt security may be redeemed in whole or in part before maturity, that the redemption could affect the yield represented and the fact that additional information is available upon request; (9) In the case of a transaction in a debt security effected exclusively on the basis of a dollar
Recordkeeping and Confirmation Requirements for Securities Transactions
The Office of the Comptroller of the Currency (OCC) is proposing to revise its rules that prescribe recordkeeping and confirmation requirements for securities transactions. This proposal is another part of the OCC's Regulation Review Program to update and streamline OCC regulations and reduce unnecessary regulatory costs and other burdens. The proposal reorganizes the OCC's regulation by placing related subjects together, clarifying areas where the rules are unclear or confusing, incorporating significant OCC interpretations, and


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Blue & burgundy classic fit boating blazer
Sorry if you've seen this in the catalogue, popular products can sell out after a brochure has been printed.
Nicholas Charles Tyrwhitt Wheeler Founder & owner
"You'll look the dandy at a smart summer event in this boating blazer. The classic cut gives you a comfortable fit. "
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Other details
- 60% wool, 40% cotton
- Single breasted 2 button front and twin back vents
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Our 6 months no quibble returns policy
- We want you to love our products as much as we do but if you don't then you can send them back to us within six months of purchase.
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text:
Hundreds gather in Albany to honor man who died at wildfire
ALBANY, Ore. – Hundreds gathered at West Albany High School on Saturday to remember Jesse Trader, a 19-year-old water truck driver who died in a crash while fighting a fire in southwest Oregon.
Trader died after his water truck overturned on a rural road's embankment early Tuesday morning outside the Big Windy complex of fires.
Captain Dan Trader was fighting the fires alongside his nephew, Jesse.
"When I heard the call on the radio… we didn't know who it was," said Dan Trader. "Upon arriving at the scene of the accident, I saw my nephew in the truck, departed to heaven."
"We looked forward to the day when he was coming down … and he was so excited about his future. (He) looked forward to where he was going," Dan Trader said.
Family and friends took turns speaking at Saturday's memorial service, remembering who he was and what he loved.
"You could count on Jesse," said family-friend Julie James. "He was always watching out for other people, and he cared. His heart was huge."
Trader graduated from West Albany High School last year. The service was held on the school's football field.
Dozens of people wore Boston Red Sox shirts and hats to the memorial as a tribute to Trader. The Red Sox were his favorite baseball team.
Family and friends said Trader loved baseball, but he loved helping people and firefighting more.
"I think for him, it was more of trying to help people," said Trader's friend Jordan Rice. "He was always there, always helping people. And I think the greatest achievement for him and his life would be saving someone's life, which is ironically what he ended up doing."
Trader's death came just months after he joined a community college firefighter training program and readied for his first fire season. He had a baseball scholarship to Western Oregon University but chose to enroll at Chemeketa Community College for its fire protection program instead.
"He gave up his biggest dream, which is baseball, to go into firefighting. I would have never thought, but he did it. But he loved it and if he had to go this would definitely be the way he's want to go," said Rice.
The service included a fire service Honor Guard. Police and Firefighters joined a processional to Trader's grave site at Willamette Memorial Park in Millersburg, Ore. for a private service.
Gigi Trader, Jesse's mother, told the Albany Democrat-Herald that the brakes on her son's truck failed and he crashed when he tried to avoid hitting other trucks on the logging road.
Trader is the second crew member killed this wildfire season in Oregon, and the 29th nationally. He leaves behind two younger siblings and his parents.
The Associated Press contributed to this story.


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Zulgad: Scott Diamond makes his case for remaining in Twins' rotation
Get the 1500 ESPN SportsWire delivered to your inbox daily, and keep up with all the news in Twin Cities Sports
MINNEAPOLIS -- Scott Diamond gave the question a moment of thought before answering Monday night in the Minnesota Twins' clubhouse.
Did the lefthander take any extra motivation to the mound knowing that his team is about to have six starters ready to pitch in a rotation that only calls for five?
"No, I knew what I needed to do," Diamond said. "That was to work down in the zone. I was just trying to keep it simple. It seems like for the past couple outings everything has really been speeding up and I've been over thinking and questioning. (Monday), it was just about staying calm and working one pitch at a time."
Diamond spoke after the bullpen had given up seven combined runs in the eighth and ninth innings in the Twins' 10-4 loss to the New York Yankees. He couldn't have been pleased about that - his record remained at 5-7, although his ERA went from 5.40 to 5.18 -- but Diamond did have to be happy about the fact he appeared to pitch well enough to hold onto his spot in the rotation.
Diamond went 6.2 innings, giving up three runs (two earned), seven hits and a walk. He struck out five.
The Twins entered this series with Mike Pelfrey (back) nearing his return from the disabled list and rookie Kyle Gibson now occupying a spot in the rotation. This means when Pelfrey is reinstated - he gave up two earned runs and struck out six in six innings of a rehab start on Monday at Class A Cedar Rapids -- a starting pitcher will be headed to Triple-A Rochester.
Diamond, who proved to be a pleasant surprise for the Twins in 2012 by going 12-9 with a 3.54 ERA, appeared to be a candidate for demotion after failing to go more than 5.2 innings in eight of his past nine starts before Monday.
The issue was that things were coming apart for Diamond in the middle innings.
In his previous start on June 26 in Miami, Diamond was given a 3-0 lead after the first inning and held that until the bottom of the fifth when he gave up three runs. Another run was charged to Diamond in the sixth inning and he took the loss in the Marlins' 5-3 win.
"The biggest problem I had when I was in Miami was not finishing batters off," Diamond said. "I'd get ahead of guys 1-2, 0-2 and just wasn't putting guys away. So, that was the focus this past week going into the start. I threw a couple of wild pitches out there but I'd rather throw it in the dirt and miss the strike zone than hang something and pay the price for it."
Monday night marked the first time since June 2 that Diamond had pitched into the seventh inning. Even with his latest effort, he still has an 11.77 ERA in the fifth inning of games and a 12.96 ERA in the sixth.
Things would have been far better if Diamond hadn't served up two fat pitches to Robinson Cano. The Yankees second baseman hit a tape measure shot to center field in the first inning and followed with a two-run blast into the left-field bleachers in the third.
"He did fine, got over the hump, had his breaking ball going," Twins manager Ron Gardenhire said of his starter. "Cano, take him out the lineup, Scottie had a really good night. But Cano's swinging pretty well, we saw that."
Diamond's start means the pressure is now on P.J. Walters (2-4, 6.03 ERA) to rebound after three poor outings in a row. Walters, a righthander, is scheduled to start on Wednesday against Yankees lefthander CC Sabathia.
Walters has given up 16 total runs in starts against Kansas City, Cleveland and Detroit after surrendering seven earned runs in winning three of his first four starts following his recall from Rochester.
A poor outing Wednesday might not just be Walters' last start in a Twins uniform. It could be his last start in the organization because he is out of options.
The lineup the Yankees fielded Monday, and the one Walters will face, doesn't exactly strike fear in the hearts of anyone. There is no Derek Jeter, no Alex Rodriguez, no Mark Teixeira. New York had lost five in a row and scored only 13 runs in that time. The Yankees hadn't reached double digits in a single game since May 10.
But Diamond wasn't looking for style points on Monday, he was simply trying to show he still belonged in the big leagues. Diamond said the key for him was remaining aggressive, keeping the ball down in the zone, something he had struggled to do, and mixing things up on his first pitch.
"I think it's been a couple of steps going forward," Diamond said when asked what has helped him get over the hump. "In Miami, I felt happy with the way that it went even though the results weren't there. Then (Monday I) was just trying to get back down in the zone and attack hitters.
"With the lefties in the lineup for them, I thought it was a good team to do it against. Especially with the way they've been swinging. They've been attacking guys really early. I thought it was a pretty good matchup, so I just tried to take it one pitch at a time, finish hitters and just get the outs when I could."


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Anglia Travel
The latest travel information for the Anglia region.
The latest travel information for the Anglia region.
Two ponies on road on A1122 Wisbech Road near A1101 Hall Road.
Abellio, who run the Greater Anglia rail line, has been named Train Operator of the Year at the annual national Rail Business Awards.
Greater Anglia train operator Abellio says it's made real steps in customer service and punctuality in its first year in charge.
Greater Anglia have apologised for the delays that have disrupted services today


text: (Photo by Doug Pensinger/Getty Images) [ The Top Ten Poster Dunks In The NBA In 2014-2015 By Steve Peloquin May 21, 2015 Watch below, for your chance to check out the ten best poster dunks in the 2014-2015 NBA season. Read More|Comment Category: Local Sports, National Sports, Video Tags: best dunks in nba Send to a friend! Share on Facebook Share on Twitter Pin it! Reddit This! Share on Tumblr!


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Cagliari Calcio v UC Sampdoria - Serie A
Coach Delio Rossi of Sampdoria during the Serie A match between... News PhotoCagliari,Cagliari Calcio,Club Soccer,Coach,Delio Rossi,Horizontal,Italian Serie A,Italy,Match - Sport,Soccer,Sport,Stadio Sant'Elia,Stadium,U.C. SampdoriaPhotographer Enrico LocciCollection: Getty Images Sport 2013 Getty ImagesCAGLIARI, ITALY - MARCH 10: Coach Delio Rossi of Sampdoria during the Serie A match between Cagliari Calcio and UC Sampdoria at Stadio Sant'Elia on March 10, 2013 in Cagliari, Italy. (Photo by Enrico Locci/Getty Images)


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It just may be a limitation of the bios. Look into ez-bios, it will fool your bios into accepting the full size of the drive.I've got an old K6 on the above mentioned mainboard and this 60GB HDD lying around. However, I can only make use of 32GB. I tried the BIOS updates from dfi.com but that didn't change a thing.
Does anybody have the secret link to the BIOS update I need in order to get it to see the full size?
Cheers, demian
Milage may vary.


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We're pleased to introduce our vintage style batteries for vintage tone! The Electro-Harmonix 9Volt battery is the classic carbon zinc type that has a higher internal resistance than an alkaline battery. This reduces circuit loading, especially in vintage effects pedals, to provide the best tone and dynamics.
Call or visit your EHX dealer and tell 'em to order a 12 Pack for you!


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Fai's Kitchen0191 2572756
North Shields
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Reviews for Fai's Kitchen (3)
delivery times to slow when you get your food it's C O L D
Been going for around 10years, food always great and we generally spend £30-£40 each time. Tonight we were told it would be up to an hour and a half. Two and a half hours later I called up as it hadn't arrived. They wouldn't even discount £1 off the meal despite them explaining that the driver had to turn back because they had forgotten part of our order. Told them to keep the food and we'll never be back!!!
Top chinese takeaway in North Shields. Food is always spot on. King Prawns are top notch. I get either King Prawn Curry or if I'm starving King Prawn Chow Mein.
Always better to collect as its popularity can ean over an hour waiting tie. Collect in 15 /20 mins.
Def Rate 11/10


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Amidst Tragedy, the Beauty of Faith
Homily delivered at the church of pilot William McCool the day after the Space Shuttle disaster.
The following is a transcript of a sermon delivered on Sunday, February 2nd, 2003, at St. Bernadette's Church in Houston, Texas.
"Now, master, you may let your servant go in peace." These are the words of Simeon as he welcomes the Christ child into the Temple. They are not, however, our words this evening. No, with the loss of the crew of the space shuttle Columbia earlier this morning, we have anything but peace. That peace and joy that Simeon felt at this culminating moment of his faith life is not ours. Rather, we need to back up in his life to see where we are at.
We await consolation, just as Simeon, patiently and faithful, awaited the consolation of all of Israel. We are this Simeon. Indeed, as we specifically mourn the loss of Ilan Ramon, the first Israeli astronaut to make it into space yet not return, I am certain that everyone in Israel is Simeon, literally waiting for the consolation of all Israel. And everyone in India may be Anna, waiting their consolation as they mourn the loss of their national heroine, Kalpana Chawla. And we, too, are Simeon, awaiting the consolation of our country and the consolation of those here in Houston most directly affected.
We are Simeon.and Simeon is a good person to be. For we see in Simeon the rewards of a faithful life. Simeon patiently awaited the Lord's coming; and he was ready when the Lord came. It is this patient faith of Simeon we want to make our own, as we wait patiently for the consolation of the Lord.
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Introduction to the landscape
Experience an Australian landscape in the heart of London with the fourth landscape on the Museum's forecourt created in partnership with the Royal Botanic Gardens, Kew.
Related playlists
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HASTINGS, Minn. - Police in Hastings are crediting numerous tips from citizens for the arrest of a suspect in a violent gas station robbery that took place early Wednesday morning.
Authorities say tips began streaming in after media outlets shared surveillance video and audio of the robbery, which happened shortly after 5 a.m. at the M & H gas station and convenience store at Highway 61 and 15th Street.
The surveillance tape captured the suspect as he pulled a knife and threatened clerks, screaming at them in a agitated state before grabbing cash and fleeing the area on a bicycle.
Tips led them to a home on the 400 block of East 3rd Street in Hastings where they arrested the 27-year-old suspect, and a 31-year-old woman who faces charges of aiding an offender and receiving stolen property. Investigators recovered cash, clothing, and the bicycle suspected of being used in the robbery.
"The assistance we received from the media in putting this information out was critically helpful in garnering community assistance to quickly identify and ultimately arrest this robbery suspect," said Hastings Police Chief Paul Schnell. "This arrest resulted from the combination of
good information, an engaged community, and tenacious investigators."
Charges could be filed Thursday in Dakota County court.
(Copyright 2013 by KARE. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. )


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This time, it will be different.
That's the mantra the Ravens and 49ers must carry into Sunday's conference championships.
One step from the Super Bowl once more, the Ravens and 49ers believe they've found that extra element for success. For San Francisco, it might be the versatility and big-play potential Colin Kaepernick brings to the offense. For Baltimore, it could be the ramped-up emotions from Ray Lewis' pending retirement.


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Instructional Design Training
Dallas, TX
Lodestone provides online Instructional Design classes across the country.
In addition to our public online classes, we can provide Instructional Design training at your location for students who need custom solutions. Our instructors have years of Instructional Design production experience, and specialize in implementing digital media tools into a workflow.
Before each on-site training session, we take a close look at your current production process, software, resource skill sets, and types of Instructional Design content being created. From this data we can distill a training program that not only meets your current needs, but also provides a path for the future.
Call today to schedule an initial Instructional Design training assessment.
Toll-Free 1-866-665-9441.
ClassesThere are currently no public classes scheduled dates for this class. To schedule a private class, please call us toll free at 866-665-9441.
Contact Us
For more information about a public class, or to schedule a private training session contact:
Josh Cavalier
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- Option 2 for private classes
- firstname.lastname@example.com
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"We are so excited about all that we have learned and now are geared up to start implementing into our workflow. It was a pleasure working with you and I hope we will get to work together in the future. Your knowledge of all the applications is truly amazing and thanks for sharing with us."- Michelle Serdula
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Article | December 16, 2013
Protecting Natural Water Supplies First Step In Conservation
While some states have seen an abundance of water supplies, such as New Jersey, other states with more agricultural and irrigation needs have been less fortunate. However, some sources suggest that one of the first steps for regions expecting shortages and are agriculturally dependent is conservation through the protection of natural water resources.
Wisconsin is a good illustration of how strategies that still rely upon natural water sources, like Lake Michigan, can be effectively implemented without causing strain on the supply. Waukesha, a Southeastern Wisconsin town that balances between the subcontinental divide, drafted a plan that would recycle water from Lake Michigan, the Milwaukee Journal Sentinel reported. The lake is a vast and seemingly unending water source in the Midwest, a resource that would be generally unaffected by Waukesha's use, the Journal Sentinel suggested.
Master Meter, Inc.
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[url=http://www.msnbc.msn.com/id/26612340/][color=blue][u][b]Is it in his hug? The Bush-McCain relationship[/b][/u][/color][/url]
[i]Paul Begala[/i]
[b]Chapter one: The Hug[/b]
[i]He has earned our admiration, and our love.[/i]
— John McCain on George W. Bush
[i]I love you, man![/i]
— George W. Bush on John McCain
It is the defining moment of John McCain's political career: The Hug. George W. Bush's 2004 reelection campaign needed help. After four years of a surprisingly radical brand of conservatism, Mr. Bush needed some moderate bona fides. After a campaign of fiction and falsehoods that led us to war, Bush needed a credibility transfusion. After the Democrats nominated a certified war hero, John Kerry, Mr. Bush (who famously avoided serving not only in Vietnam but even in the Alabama National Guard) needed a warrior's support.
And so John McCain gave him The Hug.
In embracing George W. Bush that August afternoon in Pensacola, Florida, John McCain embraced Mr. Bush's agenda, his policies, his principles, and his manipulative, mendacious brand of politics. And McCain embraced him with gusto.
This wasn't an irrationally exuberant Sammy Davis, Jr., spontaneously wrapping his arms around Richard Nixon. This was a calculated, choreographed commitment.


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Candy Crush Saga level 90 Tips and Strategies
Beat every level on Candy Crush Saga and discuss strategies to level up faster.
Let's play Candy Crush Saga game for iOS. In this level 90 tutorial we will learn new tips and tricks playing Candy Crush Saga for iPhone and iPad.
Candy Crush Saga level 90 video walkthrough guide
Watch this step-by-step gameplay walkthrough level 90, which will help and guide you through each and every level part of this app.
Video Tips
If you find it difficult to pass this level, please use this page as a forum to ask for help!
Thanks for playing "Candy Crush Saga" with us.
Candy Crush Saga is an iOS app for iPhone and iPad, developed by Kingcom. Visit Candy Crush Saga page for level guides, tutorials, cheats and more.
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If you get stuck or have a question someone here can help you out!


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July 1, 2009
Saving Lives in the Gulf Coast
A groundbreaking spay/neuter initiative spells hope for homeless animals nationwide.
July 1, 2009
Getting the Drop on After-Hours Abandonments
Whether people seeking to drop off pets after hours are driven by convenience or shame, the result at many shelters is the same: Dogs and cats are frequently left during times when no staff member is there for intake.
May 1, 2009
To the Rescue: Facing the Flames
Wildfires don't deter animal control supervisor from saving hundreds of pets, livestock
May 1, 2009
Shelter Medicine: Handling Large Scale Raids
Animals brought to shelters in mass numbers don't just come from animal hoarders. They may also arrive from raids on puppy mills, pet shops, or illegal animal shipments, or be victims of natural or manmade disasters. All shelters should have a plan in place for handling the influx when such situations occur.
March 1, 2009
Working for Change in the Caribbean
The tourists' dream of sun-filled beaches in Puerto Rico masks the harsh reality of neglect and abuse for many of the island's animals.
March 1, 2009
Katrina's Silver Lining
Before the storm, animal welfare advocates were often left out of state and federal disaster planning. But the devastation left behind by Hurricane Katrina made the link between saving animals' lives and saving humans' all too clear.
March 1, 2009
People Power: Operation Roger
Inspired by a desire to help pets stranded by Hurricane Kartrina, truck driver Sue Wiese founded Operation Roger, a nonprofit initiative that uses truck drivers to move pets from animal shelters and rescue groups to new permanent homes.
January 1, 2009
People Power: Philip Bushby
Though Philip Bushby teaches at the Mississippi State University College of Veterinary Medicine, he is rarely on campus. Instead, he is on the road three to six days a week, carrying out his life's work and passion-changing the veterinary profession's attitudes toward animal welfare.
November 1, 2008
Q & A: A Flood of Emotion
Dr. Chris Duke of the Bienville Medical Center in Mississippi talks about his community's emotional aftershocks from Katrina, and how residual pet and owner stresses flow into one another.
November 1, 2008
To the Rescue: Bringing Them Home, But Not For Bacon
In the course of saving dozens of dehydrated, malnourished, and severely sunburned Iowa pigs stranded on a Mississippi River levee by flooding, rescuers found they had to move beyond the initial rescue plan. Way beyond.


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Children with Fetal Alcohol Spectrum Disorders (FASD) are born with a painful legacy of lifelong neurological issues. Their families contend with complex and diverse symptoms ranging from learning deficits to social communication problems. Helping parents raise children facing these challenging issues is the focus of an ongoing research effort launched in Seattle.
Dr. Heather Carmichael Olson, a clinical and developmental psychologist at Seattle Children's, noticed that the whole family benefits when parents recognize neurodevelopmental disabilities in their child and learn how to adapt to them. Her innovative approach to FASD intervention is helping caregivers find new ways to cope – and is gaining traction across the nation. Her work also shows promise in helping prevent long-term secondary disabilities associated with FASD, including mental health problems, inappropriate social behavior and trouble with the law.
The intervention model designed by Carmichael Olson connects families of preschool- and elementary-age children with behavioral specialists trained in neurodevelopmental and fetal alcohol issues. Together, over the course of nine months, the specialists and caregivers follow a planned treatment course and develop individualized plans to meet the specific needs of each child and family.
Participating parents say their family's overall quality of life improves and they report feelings of parenting success. They have a more positive view of their child and the parent-child relationship, and they see fewer behavioral problems after treatment. The intervention was developed as part of Carmichael Olson's work with the Washington State Fetal Alcohol Syndrome Diagnostic & Prevention Network (FAS DPN) based at the University of Washington. Called the Families Moving Forward Program, the research has far surpassed its original goals and is being sought by care providers around the country.
In 2010, Carmichael Olson and her team at the Seattle Children's Research Institute's Center on Child Health, Behavior and Development established consultation sites in California and Florida. In Alaska, she trained providers from seven agencies now using the intervention. She also developed a Web-based resource for providers and is securing CDC and other funding to make training and materials more widely available. In addition, the Midwest FASD Regional Training Center in Missouri asked her to adapt the intervention to help shape a new program for adolescents and young adults.The four articles published by Carmichael Olson in 2010 described problems shared by children with FASD and laid the groundwork for others to develop interventions for concerns like significant sleep disorders. "Families really struggle to raise these kids, and Families Moving Forward is a major contribution," says UW epidemiologist Dr. Susan Astley, co-founder and director of the FAS DPN. "It's focused on the whole family unit – particularly on the parent – and can measurably improve quality of life for these families."
"Adapting the environment can lessen the impact of neurodevelopmental deficits and improve a child's day-to-day function," says Carmichael Olson. "Caregivers are able to change their view of the child, and begin to feel more positive."
Take for example the working memory problems that are common among these kids. When a parent asks a child with FASD to get dressed, they might forget or become distracted on their way to the closet.
"Parents look at an 8- or 9-year-old doing this and think they're misbehaving, when in fact the child may not be able keep the request in mind long enough to complete it," Carmichael Olson says.
Parents learn how to identify the memory problem and are taught ways to address it, such as showing the child what to do, giving them a memory-jogging picture card, or hanging a poster on the bedroom wall as a visual cue.
"There are hundreds of creative ways to adapt the environment so it works better for everyone," Carmichael Olson says. "Finding the best solutions for each child is a creative, collaborative process."
The program also targets the school environment. Educators often have difficulty recognizing the neurodevelopmental challenges facing a child with an average-range IQ, good vocabulary and reasonable academic achievement. But children with FASD can have hidden learning and cognition difficulties that may not show up in school testing and are often misinterpreted as behavioral problems. Specialists and parents meet with teachers to help them identify the symptoms and find ways to address a child's special needs.
Parents feel stuck because our systems are not set up to recognize people with brain-based disabilities that are not linked with IQ." ~Dr. Heather Carmichael Olson
"It can be an 'aha' experience when the teachers see the research results showing working memory problems, sensory sensitivities, and organizational and social communication issues in a difficult student," says Carmichael Olson.
"Parents feel stuck because our systems are not set up to recognize people with brain-based disabilities that are not linked with IQ," she continues, also noting that these children are often not eligible for services that they deserve, and that mental health techniques that work for children with disruptive behavior or mental retardation are often not as effective for children with FASD.
Children's and the University of Washington have been partners in pioneering FASD diagnosis, intervention and prevention research since 1968, when Children's chief resident Dr. Christy Ulleland first noticed common characteristics among infants with alcoholic mothers. Research that followed led to identifying and naming Fetal Alcohol Syndrome (FAS) here in 1973. (Note: FASD refers to the overall range of neurodevelopmental disabilities that can result from drinking while pregnant; FAS is a clinically diagnosed birth defect caused by maternal alcohol use during pregnancy.)
Twenty years later, Dr. Sterling Clarren, a Children's fetal alcohol research pioneer, and Astley co-founded the Washington State Fetal Alcohol Syndrome Diagnostic and Prevention Network of interdisciplinary clinics. Clarren now works at University of British Columbia and continues to play a leadership role in FASD research and policy. And Astley has developed diagnostic, screening and surveillance tools that have documented the high prevalence of FAS in King County foster care (1 in 100 children) and its significant reduction over time through effective primary prevention. The organization they created has trained hundreds of clinical teams worldwide through its Web-based tools, programs and online training course.
"Helping families one by one is an incredible achievement, and we've also been able to impact public policy because of the credibility of the research done at Children's and UW," says Carmichael Olson, who was appointed to the Congressional Taskforce on Fetal Alcohol Syndrome.Pediatrician Dr. Julia Bledsoe is working to increase recognition and treatment of these disorders by raising awareness in the international adoption arena. Her efforts have led to increased FASD screening in international adoptions. Bledsoe directs the Center for Adoption Medicine at UW Medical Center and is a member of Children's Research Institute's and the UW FAS DPN clinic.Children's geneticistDr. Margaret Adam is part of a multicenter Fetal Alcohol Syndrome epidemiologic project studying the prevalence of the syndrome in the U.S. and other countries. In areas with high FAS occurrence, her team is exploring the causes and building community education programs around their findings.
Collectively, their work places Children's and the UW at the forefront of FASD research and advocacy, contributing to nearly a half century of leadership in this arena.


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Chokri Belaïd
People carry the coffin of late opposition leader Chokri Belaid... Nieuwsfoto'sBeeltenis,Begrafenis,Buitenwijk,Chokri Belaïd,Competitie,Conflict,Doodskist,Dragen,Horizontaal,Kerkhof,Leiderschap,Menigte,Mensen,Noord-Afrika,Oppositiepartij,Optocht,Politiek,Politieke bijeenkomst,Politieke partij,Stadsdeel,Tunesië,Tunis,Vlag,Vlak naastPhotographer FETHI BELAIDCollection: AFP 2013 AFPPeople carry the coffin of late opposition leader Chokri Belaid during his funeral procession which makes its way to the nearby cemetery of El-Jellaz where Belaid is to be buried on February 8, 2013 in the Djebel Jelloud district, a suburb of Tunis. Thousands of people attend the funeral while Tunis is at a near standstill, with streets deserted, shops shut and public transport at a minimum as a general strike called by a powerful trade union after Bellaid was murdered took effect. AFP PHOTO / FETHI BELAID (Photo credit should read FETHI BELAID/AFP/Getty Images)