[Federal Register Volume 63, Number 46 (Tuesday, March 10, 1998)]
[Notices]
[Page 11682]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-6014]


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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, including the 
companies listed below, 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 March 24, 1998.
    A. Federal Reserve Bank of Minneapolis (Karen L. Grandstrand, Vice 
President) 90 Hennepin Avenue, P.O. Box 291, Minneapolis, Minnesota 
55480-0291:
    1. U.S. Bancorp, Minneapolis, Minnesota; to acquire Piper Jaffray 
Companies, Inc., Minneapolis, Minnesota, and its subsidiaries and 
thereby engage in certain nonbanking activities. The nonbanking 
activities and companies involved in the transaction are listed in the 
notice, and the nonbanking activities include: underwriting and dealing 
in, to a limited extent, all types of debt and equity securities other 
than shares of open-end investment companies (See J.P. Morgan & Co., 
Inc., et al., 75 Fed. Res. Bull. 192 (1989)); extending credit and 
servicing loans, pursuant to Sec.  225.28(b)(1) of the Board's 
Regulation Y; activities related to extending credit, pursuant to Sec.  
225.28(b)(2) of the Board's Regulation Y; leasing personal or real 
property, pursuant to Sec.  225.28(b)(3) of the Board's Regulation Y; 
performing functions or activities that may be performed by a trust 
company, pursuant to Sec.  225.28(b)(5) of the Board's Regulation Y; 
financial and investment advisory activities, pursuant to Sec.  
225.28(b)(6) of the Board's Regulation Y; providing securities 
brokerage, riskless principal, private placement, futures commission 
merchant and other agency transactional services, pursuant to Sec.  
225.28(b)(7) of the Board's Regulation Y; underwriting and dealing in 
government obligations and other obligations that state member banks 
may underwrite and deal in, engaging in investment and trading 
activities, and buying and selling bullion and related activities, 
pursuant to Sec.  225.28(b)(8) of the Board's Regulation Y; management 
consulting and counseling activities, pursuant to Sec.  225.28(b)(9) of 
the Board's Regulation Y; insurance agency activities, pursuant to 
Sec.  225.28(b)(11)(vii) of the Board's Regulation Y; providing 
administrative services to open-end investment companies (See Bankers 
Trust New York Corporation, 83 Fed. Res. Bull. 780 (1997); Mellon Bank 
Corporation, 79 Fed. Res. Bull. 626 (1993)); acting as the general 
partner of private investment limited partnerships in accordance with 
the BHC Act and the Board's decisions thereunder (See Norwest 
Corporation, 81 Fed. Res. Bull. 1128 (1995); Meridian Bancorp, 80 Fed. 
Res. Bull. 736 (1994)); and acquiring Piper Jaffray International, 
Inc., Minneapolis, Minnesota, and thereby operating a broker/dealer 
business in the United Kingdom, pursuant to Sec.  211.5 of the Board's 
Regulation K.

    Board of Governors of the Federal Reserve System, March 4, 1998.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 98-6014 Filed 3-9-98; 8:45 am]
BILLING CODE 6210-01-F