[Federal Register Volume 61, Number 139 (Thursday, July 18, 1996)]
[Notices]
[Page 37480]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-18151]


-----------------------------------------------------------------------


FEDERAL RESERVE SYSTEM

Notice of Proposal to Engage in Nonbanking Activities or to 
Acquire Companies that are Engaged in Nonbanking Activities

    1. Toronto-Dominion Bank, Toronto, Canada; and TD/Oak, Inc., New 
York, New York, (together ``Notificant'') have applied for Board 
approval pursuant to section 4(c)(8) of the Bank Holding Company Act 
(12 U.S.C. Sec.  1843(c)(8)) (``BHC Act'') and section 225.23(a) of the 
Board's Regulation Y (12 CFR 225.23(a)) to acquire up to 100 percent of 
the voting shares of Waterhouse Investor Services, Inc. 
(``Waterhouse''), and to acquire indirectly Waterhouse Securities, Inc. 
(``Company''), both of New York, New York, and thereby to engage 
throughout the United States in the purchase and sale of all types of 
securities on the order of customers as ``riskless principal.''
    Waterhouse currently has pending before the Board a proposal to act 
as riskless principal in transactions involving securities of all 
registered investment companies, other than investment companies 
advised by Company or any of its affiliates. See 61 FR 31,942 (1996). 
In authorizing bank holding companies to engage in riskless principal 
activities, the Board previously has relied on a commitment that the 
bank holding company would not act as riskless principal for registered 
investment company securities or for securities of investment companies 
advised by the bank holding company or any of its affiliates.
    As part of Notificant's application to acquire Waterhouse and its 
subsidiaries, Notificant also has requested the Board's approval to 
conduct the riskless principal activity proposed by Waterhouse. This 
notice accordingly supplements and modifies a previous notice with 
respect to this proposal. See 61 FR 28,585 (1996).
    Notificant's proposal is available for immediate inspection at the 
Federal Reserve Bank of New York and at the Board in Washington, D.C. 
Interested persons may express their views on the proposal in writing, 
including on whether the proposed activities ``can reasonably be 
expected to produce benefits to the public, such as greater 
convenience, increased competition, or gains in efficiency, that 
outweigh possible adverse effects, such as undue concentration of 
resources, decreased or unfair competition, conflicts of interests, or 
unsound banking practices.'' 12 U.S.C. Sec.  1843(c)(8). Any request 
for a hearing on this notice 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.
    Comments regarding the notice must be received not later than 
August 2, 1996, at the Federal Reserve Bank of New York or to the 
attention of William W. Wiles, Secretary, Board of Governors of the 
Federal Reserve System, 20th Street and Constitution Avenue, N.W., 
Washington, D.C. 20551.

    Board of Governors of the Federal Reserve System, July 12, 1996.
Jennifer J. Johnson
Deputy Secretary of the Board
[FR Doc. 96-18151 Filed 7-17-96; 8:45 am]
BILLING CODE 6210-01-F