[Federal Register Volume 60, Number 199 (Monday, October 16, 1995)]
[Notices]
[Pages 53618-53619]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-25673]



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FEDERAL RESERVE SYSTEM

SouthTrust Corporation; Notice of Application to Engage de novo 
in Permissible Nonbanking Activities

    SouthTrust Corporation, Birmingham, Alabama (Notificant), has given 
notice pursuant to section 4(c)(8) of the Bank Holding Company Act (12 
U.S.C. 1843(c)(8)) (BHC Act) and Sec.  225.23(a)(3) of the Board's 
Regulation Y (12 CFR 225.23(a)(3)), to engage de novo through its 
subsidiary, SouthTrust Securities, Inc., Birmingham, Alabama, in 
providing investment advisory services, pursuant to Sec.  225.25(b)(4) 
of Regulation Y (12 CFR 225.25(b)(4)). Notificant also proposes to 
engage in the following activities which previously have been 
determined by the Board by Order to be closely related to banking: (1) 
acting as agent, in the private placement of all types of securities; 
and (2) acting as a riskless principal in the purchase and sale of all 
types of securities on the order of investors. Notificant proposes to 
engage in the proposed activities nationwide.
    Section 4(c)(8) of the BHC Act provides that a bank holding company 
may, with Board approval, engage in any activity ``which the Board 
after due notice and opportunity for hearing has determined (by order 
or regulation) to be so closely related to banking or managing or 
controlling banks as to be a proper incident thereto.'' 12 U.S.C. 
1843(c)(8).
    Notificant maintains that the Board previously has determined that 
the proposed activities are ``so closely related to banking or managing 
or controlling banks as to be proper incident thereto.'' The Board 
previously has approved, by order, the proposed private placement and 
riskless principal activities, and Notificant has stated that it will 
conduct the proposed activities using the same methods and subject to 
the prudential limitations established by the Board in its previous 
orders. See J.P. Morgan & Co. Incorporated, 76 Federal Reserve Bulletin 
26 (1990); Bankers Trust New York Corporation, 75 Federal Reserve 
Bulletin 829 (1989).
    In publishing the proposal for comment, the Board does not take a 
position on issues raised by the proposal. Notice of the proposal is 
published solely in order to seek the views of interested persons on 
the issues presented by the notice, and does 

[[Page 53619]]
not represent a determination by the Board that the proposal meets or 
is likely to meet the standards of the BHC Act.
    Any comments or requests for hearing should be submitted in writing 
and received by William W. Wiles, Secretary, Board of Governors of the 
Federal Reserve System, Washington, D.C. 20551, not later than October 
27, 1995. Any request for a hearing on this proposal must, as required 
by section 262.3(e) of the Board's Rules of Procedure (12 CFR 
262.3(e)), be accompanied by a statement of the reasons why a written 
presentation would not suffice in lieu of a hearing, identifying 
specifically any questions of fact that are in dispute, summarizing the 
evidence that would be presented at a hearing, and indicating how the 
party commenting would be aggrieved by approval of the proposal. The 
notice may be inspected at the offices of the Board of Governors or the 
Federal Reserve Bank of Atlanta.

    Board of Governors of the Federal Reserve System, October 11, 
1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-25673 Filed 10-13-95; 8:45 am]
BILLING CODE 6210-01-F