[Federal Register Volume 63, Number 69 (Friday, April 10, 1998)]
[Notices]
[Page 17874]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-9461]


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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 April 24, 1998.
    A. Federal Reserve Bank of New York (Betsy Buttrill White, Senior 
Vice President) 33 Liberty Street, New York, New York 10045-0001:
    1. Societe Generale, Paris, France (``SoGen''); to acquire certain 
assets and substantially all the liabilities of Cowen & Co. and Cowen 
Incorporated, both of New York, New York, and thereby engage worldwide 
in certain nonbanking activities. SoGen proposes to engage in a number 
of activities, including the following: (a) underwriting and dealing to 
a limited extent in all types of equity and debt securities that a 
state member bank may not underwrite and deal in (``bank-ineligible 
securities''), except ownership interests in open-end investment 
companies, see Canadian Imperial Bank of Commerce, 76 Fed. Res. Bull. 
158 (1990) and J.P. Morgan & Co., Inc., 75 Fed. Res. Bull. 192 (1989); 
(b) making loans or other extensions of credit, pursuant to Sec.  
225.28(b)(1) of the Board's Regulation Y; (c) activities related to 
extending credit, pursuant to Sec.  225.28(b)(2) of the Board's 
Regulation Y; (d) providing fiduciary services, pursuant to Sec.  
225.28(b)(5) of the Board's Regulation Y; (e) providing financial and 
investment advisory services, pursuant to Sec.  225.28(b)(6) of the 
Board's Regulation Y; (f) 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; (g) underwriting and dealing in government 
obligations and money market instruments (``bank-eligible 
securities''), pursuant to Sec.  225.28(b)(8)(i) of the Board's 
Regulation Y; (h) investing and trading activities, pursuant to Sec.  
225.28(b)(8)(ii) of the Board's Regulation Y; and (i) providing cash 
management services, see Sovran Financial Corporation, 73 Fed. Res. 
Bull. 225 (1987).
    In addition, SoGen proposes to provide certain administrative 
services for open-end investment companies, see, e.g., J.P. Morgan & 
Co., Inc., 84 Fed. Res. Bull. 113 (1998). SoGen also proposes to 
control certain private investment limited partnerships 
(``Partnerships''), for which SoGen would serve as general partner and 
provide administrative and investment advisory services. SoGen has 
stated that all investments of the Partnerships would be made in 
accordance with the limitations in the BHC Act and the Board's 
decisions and interpretations thereunder within two years of 
consummation of the proposal.
    B. Federal Reserve Bank of Minneapolis (Karen L. Grandstrand, Vice 
President) 90 Hennepin Avenue, P.O. Box 291, Minneapolis, Minnesota 
55480-0291:
    1. Norwest Corporation, Minneapolis, Minnesota; to engage de novo 
through its subsidiary, Norwest Investment Services, Inc., Minneapolis, 
Minnesota, in underwriting and dealing in, to a limited extent, all 
types of debt securities; see, J.P. Morgan & Co., Inc.; The Chase 
Manhattan Corp.; Bankers Trust New York Corp.; Citicorp; and Security 
Pacific Corp., 75 Fed. Res. Bull. 192 (1989).
    C. Federal Reserve Bank of Kansas City (D. Michael Manies, 
Assistant Vice President) 925 Grand Avenue, Kansas City, Missouri 
64198-0001:
    1. Giltner Investment Partnership II, Ltd., Omaha, Nebraska; to 
acquire Avoca Company, Avoca, Nebraska, and thereby engage in the sale 
of general insurance in small towns, pursuant to Sec.  
225.28(b)(11)(iii) of the Board's Regulation Y.

    Board of Governors of the Federal Reserve System, April 6, 1998.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 98-9461 Filed 4-9-98; 8:45 am]
BILLING CODE 6210-01-F