[Federal Register Volume 62, Number 206 (Friday, October 24, 1997)]
[Notices]
[Pages 55403-55404]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-28268]
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FEDERAL RESERVE SYSTEM
Notice of Proposals To Engage in Permissible Nonbanking
Activities or To Acquire Companies That are Engaged in Permissible
Nonbanking Activities
The companies listed in this notice have given notice under section
4 of the Bank Holding Company Act (12 U.S.C. 1843) (BHC Act) and
Regulation Y, (12 CFR Part 225) to engage de novo, or to acquire or
control voting securities or assets of a company that engages either
directly or through a subsidiary or other company, in a nonbanking
activity that is listed in Sec. 225.28 of Regulation Y (12 CFR 225.28)
or that the Board has determined by Order to be closely related to
banking and permissible for bank holding companies. Unless otherwise
noted, these activities will be conducted throughout the United States.
Each notice is available for inspection at the Federal Reserve Bank
indicated. The notice also will be available for inspection at the
offices of the Board of Governors. Interested persons may express their
views in writing on the question whether the proposal complies with the
standards of section 4 of the BHC Act.
Unless otherwise noted, comments regarding the applications must be
received at the Reserve Bank indicated or the offices of the Board of
Governors not later than November 10, 1997.
A. Federal Reserve Bank of New York (Betsy Buttrill White, Senior
Vice President) 33 Liberty Street, New York, New York 10045-0001:
1. J.P. Morgan & Incorporated, New York, New York; to acquire
American Century Companies, Inc., Kansas City, Missouri, and thereby
engage in providing investment or financial advice, pursuant to Sec.
225.28(b)(6) of the Board's Regulation Y; securities brokerage
services, pursuant to 225.28(b)(7); and providing certain
administrative services, see, Bankers Trust New York Corporation, 83
Fed. Res. Bull. 780 (1997); and Commerzbank A.G., 83 Fed. Res. Bull.
678 (1997); Commersbank AG, June 16, 1997; The Governor and Company of
the Bank of Ireland, 82 Fed. Res. Bull. 1129 (1996); Dresdner Bank AG,
82 Fed. Res. Bull. 676 (1996); Barclays Bank PLC, 82 Fed. Res. Bull.
158 (1996); Mellon Bank Corporation, 79 Fed. Res. Bull. 626 (1993).
With respect to mutual fund transfer agency services, see 12 C.F.R.
Sec. 225.15(i).
B. Federal Reserve Bank of Richmond (A. Linwood Gill III, Assistant
Vice President) 701 East Byrd Street, Richmond, Virginia 23261-4528:
[[Page 55404]]
1. First Union Corporation, Charlotte, North Carolina; to acquire
Wheat First Butcher Singer, Inc., Richmond, Virginia, and thereby
engage in underwriting and dealing in, to a limited extent, all types
of debt and equity securities other than interests in open end
investment companies, see, J.P. Morgan & Co., Inc., et al., 75 Fed.
Res. Bull. 192 (1989) (1989 Order)); underwriting and dealing in
obligations of the United States, general obligations of states and
their political subdivisions, and other obligations that state member
banks of the Federal Reserve System may be authorized to underwrite and
deal in under 12 U.S.C. 24 and 335, pursuant to Sec. 225.28(b)(8)(i)
of the Board's Regulation Y; in acting as investment or financial
advisor, pursuant to Sec. 225.28(b)(6) of the Board's Regulation Y; in
providing securities brokerage services (including securities clearing
and/or securities execution services on an exchange), alone and in
combination with investment advisory services, and incidental
activities (including related securities credit activities and
custodial services), pursuant to Sec. 225.28(b)(7)(i) of the Board's
Regulation Y; in buying and selling in the secondary market all types
of securities on the order of customers as a ``riskless principal'' to
the extent of engaging in a transaction in which the company, after
receiving an order to buy (or sell) a security from a customer,
purchases (or sells) the security for its own account to offset a
contemporaneous sale to (or purchase from) the customer, pursuant to
Sec. 225.28(b)(7)(ii) of the Board's Regulation Y; in acting as agent
for the private placement of securities in accordance with the
requirements of the Securities Act of 1933 and the rules of the
Securities and Exchange Commission, pursuant to Sec. 225.28(b)(7)(iii)
of the Board's Regulation Y; in acting as a futures commission merchant
for unaffiliated persons in the execution, clearance, or execution and
clearance of any futures contract and option on a futures contract
traded on an exchange in the United States or abroad, pursuant to Sec.
225.28(b)(7)(iv) of the Board's Regulation Y; and in engaging as
principal in foreign exchange, forward contracts, options, futures,
swaps, and similar contracts, whether traded on exchanges or not, based
on any rate, price, financial asset (including gold, silver, platinum,
palladium, copper, or any other metal approved by the Board),
nonfinancial asset, or group of assets other than bank-ineligible
securities, pursuant to Sec. 225.28(b)(8) of the Board's Regulation Y,
and engaging in these activities with respect to bank-ineligible
securities pursuant to the 1989 Order.
Board of Governors of the Federal Reserve System, October 21,
1997.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 97-28268 Filed 10-23-97; 8:45 am]
BILLING CODE 6210-01-P