[Federal Register Volume 63, Number 115 (Tuesday, June 16, 1998)]
[Notices]
[Pages 32881-32882]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-16001]


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FEDERAL RESERVE SYSTEM


Notice of Proposals to Engage in 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. 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.

[[Page 32882]]

    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 July 1, 1998.
    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 & Co. Incorporated, New York, New York (``JPM''), to 
engage de novo through its subsidiaries, including J.P. Morgan 
Investment Management Inc., New York, New York, in acting as a 
commodity pool operator (``CPO'') for certain closed-end private 
investment funds that are exempt from registration under the Investment 
Company Act of 1940 (15 U.S.C. Sec.  80a-1 et seq.). See Dresdner Bank 
AG, 84 Fed. Res. Bull. 361 (1998).
    In connection with its proposal, JPM also seeks to act as CPO for 
certain open-end investment funds. JPM submits that the funds will be 
managed by an independent board that will be responsible for the 
overall management of the funds. JPM states that the independent board, 
and not JPM, will control the funds and will perform the activities 
typically associated with being a CPO. However, to avoid the 
administrative burdens associated with each individual board member 
having to register as CPO, JPM will register as a CPO itself.
    In publishing this proposal for comment, the Board does not take a 
position on the issue raised by the notice. Notice of the proposal is 
published solely to seek the views of interested parties on the issues 
presented and does not represent a determination by the Board that the 
proposal meets, or is likely to meet, the standards of the BHC Act.
    Notificants' proposal is available for immediate inspection at the 
Federal Reserve Bank of New York and the offices of 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).

    Board of Governors of the Federal Reserve System, June 11, 1998.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 98-16001 Filed 6-15-98; 8:45 am]
BILLING CODE 6210-01-F