[Federal Register Volume 63, Number 206 (Monday, October 26, 1998)]
[Notices]
[Pages 57126-57127]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-28556]


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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

[[Page 57127]]

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 November 9, 1998.
    A. Federal Reserve Bank of Boston (Richard Walker, Community 
Affairs Officer) 600 Atlantic Avenue, Boston, Massachusetts 02106-2204:
    1. State Street Corporation, Boston, Massachusetts; to engage de 
novo through its subsidiary, State Street Financial Markets, LLC, 
Boston, Massachusetts, in underwriting and dealing, to a limited 
extent, in municipal revenue bonds, commercial paper, 1-4 family 
mortgage-related securities and consumer receivables-related 
securities. See Citicorp, J.P. Morgan & Co., Inc. and Bankers Trust New 
York Corp., 73 Fed. Res. Bull. 473 (1987), aff'd sub nom., Securities 
Industry Ass'n v. Board of Governors, 839 F.2d 47 (2d Cir.), cert. 
denied, 486 U.S. 1059 (1988); Chemical New York Corp., The Chase 
Manhattan Corp., Bankers Trust New York Corp., Citicorp, Manufacturers 
Hanover Corp. and Security Pacific Corp., 73 Fed. Res. Bull. 731 
(1987), modified by Order Approving Modifications to the Section 20 
Orders, 75 Fed. Res. Bull. 751 (1989); in underwriting and dealing in 
government obligations and money market instruments, pursuant to Sec.  
225.28(b)(8)(i) of Regulation Y; in securities lending activities. ABN 
AMRO, 81 Fed. Res. Bull. 182 (1995); Swiss Bank Corp., 81 Fed. Res. 
Bull. 185, 188 n.16 (1995); Saban, 80 Fed. Res. Bull. 249 (1994); 
Saban, 78 Fed. Res. Bull. 955 (1992); Chase Manhattan Corp., 69 Fed. 
Res. Bull. 725 (1983); in securities brokerage activities, pursuant to 
Sec.  225.28(b)(7)(i) of Regulation Y; in riskless principal 
activities, pursuant to Sec.  225.28(b)(7)(ii) of Regulation Y; in 
financial and investment advisory activities, pursuant to Sec.  
225.28(b)(6) of Regulation Y; in activities related to extending 
credit, pursuant to Sec.  225.28(b)(2) of Regulation Y; in private 
placement activities, pursuant to Sec.  225.28(b)(7)(iii) of Regulation 
Y.
    B. Federal Reserve Bank of Kansas City (D. Michael Manies, 
Assistant Vice President) 925 Grand Avenue, Kansas City, Missouri 
64198-0001:
    1. BOK Financial Corporation, Tulsa, Oklahoma; to engae de novo 
through its subsidiary, BOSC, Inc., Tulsa, Oklahoma (formerly known as 
Alliance Securities, Inc.), in expanding the types of securities it has 
authority to underwrite to include Tier 2 level underwriting and 
dealing authority. This authority covers all types of debt and equity 
securities, including without limitation, sovereign debt securities, 
corporate debt, debt securities convertible into equity securities, and 
securities issued by a trust or other vehicle secured by or 
representing interests in debt obligations; and underwriting equity 
securities, including without limitation, common and preferred stock, 
American Depositary Receipts, and other direct and indirect equity 
ownership interests in corporations and other entities activities; See 
J.P. Morgan & Co., Inc.T1, 75 Fed. Res. Bull. 192 (1989).

    Board of Governors of the Federal Reserve System, October 20, 
1998.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 98-28556 Filed 10-23-98; 8:45 am]
BILLING CODE 6210-01-F