Financial Services Competitive Enhancement Act of 1986

[AI summary unavailable — showing source text] Financial Services Competitive Enhancement Act of 1986 - Amends the Banking Act of 1933 to: (1) allow a member bank of the Federal Reserve System to be affiliated with a depository institution securities affiliate or with a bank service corporation engaged in activities permissible for a depository institution securities affiliate; and (2) permit an officer, director, or employee of a member bank to serve at the same time as an officer, director, or employee of such an affiliate or corporation. Amends the Securities Act of 1933 to exempt from the registration requirements of such Act transactions involving offers or sales of securities in a reorganization where persons exchange shares of a bank or insured institution for shares of a newly formed bank holding company. Amends the Securities Exchange Act of 1934 to revise the definition of "appropriate regulatory agency" so that the Securities and Exchange Commission becomes the appropriate regulatory agency governing the municipal securities transactions of depository institution securities affiliates and bank service corporations performing activities permissible for such affiliates. Provides that representatives of depository insti…