Section 208.30 - Authority, purpose, and scope(a)Authority. Subpart C of Regulation H ( 12 CFR part 208 , subpart C) is issued by the Board of Governors of the Federal Reserve System under 12 U.S.C. 24 , 92a , 93a ; sections 1818 and 1831p-1(a)(2) of the FDI Act (12 U.S.C. 1818 , 1831p-1(a)(2) ) ; and sections 78b, 78l(b), 78l(g), 78l(i), 78o-4(c)(5), 78o-5, 78q, 78q-1, and 78w of the Securities Exchange Act of 1934 (15 U.S.C. 78b , 78l(b) , 78l(g) , 78l(i) , 78o-4(c)(5) , 78o-5 , 78q , 78q-1 , 78w ) .(b)Purpose and scope. This subpart C describes the requirements imposed upon member banks acting as transfer agents, registered clearing agencies, or sellers of securities under the Securities Exchange Act of 1934. This subpart C also describes the reporting requirements imposed on member banks whose securities are subject to registration under the Securities Exchange Act of 1934.