[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