[Federal Register Volume 86, Number 205 (Wednesday, October 27, 2021)]
[Notices]
[Pages 59390-59391]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-23428]


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FEDERAL RESERVE SYSTEM

[Docket No. OP-1755]


Notice of Review and Request for Comment

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice of review and request for comment.

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SUMMARY: The Federal Reserve is conducting a review under the Primary 
Dealers Act of 1988 of the treatment of U.S. firms operating in the 
Spanish government debt market. As part of that review, the Board 
requests public comment on the treatment of U.S. firms in the Spanish 
government debt market, and specifically on whether Spain grants to 
U.S. companies the same competitive opportunities to underwrite and 
distribute Spanish government debt instruments that Spain accords to 
Spanish companies.

DATES: Comments must be received by November 26, 2021.

ADDRESSES: You may submit comments, identified by Docket No. OP-1755, 
by any of the following methods:
     Agency website: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
     Email: [email protected]. Include docket 
number in the subject line of the message.
     Fax: (202) 452-3819 or (202) 452-3102.
     Mail: Ann E. Misback, Secretary, Board of Governors of the 
Federal Reserve System, 20th Street and Constitution Avenue NW, 
Washington, DC 20551.
    All public comments are available from the Board's website at 
www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as submitted, 
unless modified for technical reasons or to remove personally 
identifiable information at the commenter's request. Accordingly, 
comments will not be edited to remove any identifying or contact 
information. Public comments may also be viewed electronically or in 
paper in Room 146, 1709 New York Avenue NW, Washington, DC 20006, 
between 9:00 a.m. and 5:00 p.m. on weekdays.

FOR FURTHER INFORMATION CONTACT: Sophia H. Allison, Senior Special 
Counsel (202-452-3565 or [email protected]), Legal Division, or 
Brett Berger, Senior Adviser (202-452-6427 or [email protected]), 
Board of Governors of the Federal Reserve System, 20th and C Streets 
NW, Washington, DC 20551.

SUPPLEMENTARY INFORMATION: Under the Primary Dealers Act of 1988, 22 
U.S.C. 5341-5342 (Act), the Federal Reserve may not designate a person 
of a foreign country as a primary dealer, or allow a person of a 
foreign country to retain designation as a primary dealer, if that 
person's country does not grant to U.S. companies the same competitive 
opportunities to underwrite and distribute that country's government 
debt instruments as that country accords to its domestic companies. A 
``person of a foreign country'' includes any foreign individual or 
company that directly or indirectly controls a primary dealer. The 
Board has made determinations under the Act with respect to six foreign 
countries: Japan (1989), the United Kingdom (1989), Switzerland (1989) 
Germany (1990), France (1992), and the Netherlands (1998).
    A U.S. bank holding company owned by a Spanish firm intends to 
acquire a U.S. broker-dealer that is currently designated as a primary 
dealer. Under the Act, the broker-dealer would not be permitted to 
retain its designation as a primary dealer following its acquisition by 
the Spanish firm without a determination under the Act that Spain 
affords the same competitive opportunities to U.S. firms to underwrite 
and distribute Spanish government debt instruments as Spain accords to 
Spanish firms.
    In order to make this determination, the Federal Reserve is 
conducting a review of the market in Spanish

[[Page 59391]]

government debt instruments. The Board requests comment on all aspects 
of the review. The Board specifically requests comment on the respects 
in which U.S. companies are accorded, or are not accorded, the same 
competitive opportunities in the underwriting and distribution of 
Spanish government debt instruments as Spain accords to Spanish 
companies. All comments received will be considered in the context of 
the review of this market.

    By order of the Board of Governors of the Federal Reserve 
System.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2021-23428 Filed 10-26-21; 8:45 am]
BILLING CODE P