  We briefly review the status of rare radiative and semileptonic $b \to s
(\gamma, \ell^+ \ell^-)$, ($\ell=e,\mu$) decays. We discuss possible signatures
of new physics in these modes and emphazise the role of the exclusive channels.
In particular, measurements of the Forward-Backward asymmetry in $B \to K^*
\ell^+ \ell^-$ decays and its zero provide a clean test of the Standard Model,
complementary to studies in $b \to s \gamma$ decays. Further, the
Forward-Backward CP asymmetry in $B \to K^* \ell^+ \ell^-$ decays is sensitive
to possible non-standard sources of CP violation mediated by flavor changing
neutral current $Z$-penguins.
