[Federal Register Volume 63, Number 175 (Thursday, September 10, 1998)]
[Notices]
[Page 48509]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-24254]



[[Page 48509]]

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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 September 23, 1998.
    A. Federal Reserve Bank of New York (Betsy Buttrill White, Senior 
Vice President) 33 Liberty Street, New York, New York 10045-0001:
    1. Westdeutsche Landesbank Girozentrale, Duesseldorf, Federal 
Republic of Germany; to engage de novo through its subsidiary, WestLB 
Securities Americas Inc., New York, New York, in securities brokerage 
services, pursuant to Sec.  225.28(b)(7)(i) of Regulation Y; riskless 
principal transactions, pursuant to Sec.  225.28(b)(7)(ii) of 
Regulation Y; and private placement services, pursuant to Sec.  
225.28(b)(7)(iii) of Regulation Y.
    B. Federal Reserve Bank of Cleveland (Paul Kaboth, Banking 
Supervisor) 1455 East Sixth Street, Cleveland, Ohio 44101-2566:
    1. Keycorp, Cleveland, Ohio; to acquire McDonald and Company 
Investments, Inc., Cleveland, Ohio; and thereby engage in providing 
financial and investment advisory services, pursuant to Sec.  
225.28(b)(6) of Regulation Y; providing certain agency transactional 
services for customer investments, pursuant to Sec.  225.28(b)(7) of 
Regulation Y; underwriting and dealing in, to a limited extent, all 
types of debt and equity securities See, KeyCorp, 83 Fed. Res. Bull. 
921 (1997); extending and servicing loans pursuant, to Sec.  
225.28(b)(1) of Regulation Y; engaging in activities related to 
extending credit, pursuant to Secs.  225.28(B)(2)(ii), (vi), and (vii) 
of Regulation Y; leasing personal or real property or acting as agent, 
broker, or advisor in leasing such property, pursuant to Sec.  
225.28(b)(3) of Regulation Y; engaging in investment transactions as 
principal, pursuant to Sec.  225.28 (b)(8) of Regulation Y; providing 
certain transfer agent and dividend disbursing agent services to mutual 
funds See, Bankers Trust New York Corporation, 83 Fed. Res. Bull. 780, 
782 (1997) (the BT/Alex Brown Order); engaging in the provision of 
management consulting and employee benefits counseling services, 
pursuant to Secs.  225.28(b)(9)(i) and (ii) of Regulation Y; providing 
certain administrative services to mutual funds (See, Fleet Financial 
Group, Inc., 84 Fed. Bull. 227 (1998); J.P. Morgan & Co., 84 Fed. Res. 
Bull. 113 (1998); and Commerzbank AG, 83 Fed. Res. Bull. 678, 679-80 
(1997); and establishing and serving as a general partner of limited 
partnerships that are excluded from the definition of an investment 
company and that are exempt from the registration and prospectus 
requirements of the Securities Act of 1933, See, Meridian Bancorp, 
Inc., 80 Fed. Res. Bull. 736 (1994) and Norwest Corporation, 81 Fed. 
Res. Bull. 1128 (1995).

    Board of Governors of the Federal Reserve System, September 3, 
1998.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 98-24254 Filed 9-9-98; 8:45 am]
BILLING CODE 6210-01-F