Banking system under which certain business areas must be strictly separated. The best-known example was the separation of commercial and investment banking in the USA from 1933 to 1999 (Glass Steagall Act). However, these restrictions were lifted when the law was changed in 1999, and it is therefore now also possible to operate as a full-service bank, i.e. to provide all financial services (including insurance) via a holding structure. Opposite: full-service or universal banking. See also full-service bank.