[Federal Register Volume 64, Number 136 (Friday, July 16, 1999)]
[Notices]
[Page 38443]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-18128]


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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 July 30, 1999.
    A. Federal Reserve Bank of Richmond (A. Linwood Gill III, Assistant 
Vice President) 701 East Byrd Street, Richmond, Virginia 23261-4528:
    1. First Union Corporation, Charlotte, North Carolina; to acquire 
EVEREN Capital Corporation, Chicago, Illinois, and thereby indirectly 
acquire EVEREN Securities, Inc., Chicago, Illinois, and thereby engage 
in underwriting and dealing in, to a limited extent, all types of debt 
and equity securities other than interests in open-end investment 
companies, see, J.P. Morgan & Co., Inc., et al., 75 Fed. Res. Bull. 192 
(1989); underwriting and dealing in obligations of the United States, 
general obligations of states and their political subdivisions, and 
other obligations that state member banks of the Federal Reserve System 
may underwrite and deal in under 12 U.S.C. 24 and 335, pursuant to 
Sec.  225.28(b)(8)(i) of Regulation Y; acting as investment or 
financial advisor, pursuant to Sec.  225.28(b)(6) of Regulation Y; 
providing securities brokerage services, , buying and selling all types 
of securities as a``riskless principal,'' acting as agent for the 
private placement of securities, acting as a futures commission 
merchant, and providing other agency transactional services, pursuant 
to Sec.  225.28(b)(7)(i)-(v) of Regulation Y; engaging as principal in 
foreign exchange, forward contracts, options, futures, options on 
futures, swaps, and similar contract, whether traded on exchanges or 
not, based on any rate, price, financial asset (including gold, silver, 
platinum, palladium, copper, or any other metal approved by the Board), 
nonfinancial asset, or group of assets other than bank-ineligible 
securities, pursuant to Sec.  225.28(b)(8)(ii) of Regulation Y; and 
engaging in community development activities, pursuant to Sec.  
225.28(b)(12) of Regulation Y. In addition, First Union Corporation 
requests Board approval to acquire up to 19.9 percent of the voting 
shares of the EVEREN Capital Corporation, Chicago, Illinois, under 
certain circumstances.

    Board of Governors of the Federal Reserve System, July 12, 1999.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 99-18128 Filed 7-15-99; 8:45 am]
BILLING CODE 6210-01-F