[Federal Register Volume 65, Number 115 (Wednesday, June 14, 2000)]
[Notices]
[Pages 37389-37390]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-15053]


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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. Additional information on all 
bank holding companies may be obtained from the National Information 
Center website at www.ffiec.gov/nic/.
    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 June 29, 2000.
    A. Federal Reserve Bank of Boston (Richard Walker, Community 
Affairs Officer) 600 Atlantic Avenue, Boston, Massachusetts 02106-2204:
    1. The Royal Bank of Scotland Group plc; Edinburgh, Scotland; to 
retain NatWest Group Holdings Corporation, New York, New York, and 
thereby indirectly retain shares of Cybuy LLC, New York, New York, and 
thereby engage in financial data processing activities, pursuant to 
Sec. 225.28(b)(14) of Regulation Y; Identrus, LCC, New York, New York, 
a joint venture among several commercial banks and foreign banking 
organizations, and thereby engage in digital certification and data 
processing and data transmission activities in a manner, pursuant to 
Sec. 225.28(b)(14) of Regulation Y; Greenwich Capital Holdings, Inc., 
Greenwich Connecticut, and thereby engage in nonbanking activities 
through the following subsidiaries: Greenwich Capital Markets, Inc., 
Greenwich, Connecticut (GCM), a Section 20 company, registered as a 
broker dealer and futures commission merchant, pursuant to 
Sec. 225.28(b)(7)(iv) of Regulation Y. GCM has ``Tier I'' authority 
(see National Westminster Bank, PLC, 82 Fed. Res. Bull. 1044 (1996)), 
and in 1999, GCM received authority to exercise limited ``Tier II'' 
powers by underwriting and dealing to a limited extent in all types of 
debt securities (see J.P. Morgan & Co., Inc., 75, Fed. Res. Bull. 192 
(1989)). In addition to underwriting and dealing in bank-ineligible 
securities, GCM underwrites and deals in ``bank eligible'' securities, 
pursuant to Sec. 225.28(b)(8)(i) of Regulation Y. GCM also engages in 
lending activities, pursuant to Sec. 225.28(b)(1) of Regulation Y; 
commercial real estate equity financing activities permitted by 
Sec. 225.28(b)(2)(ii) of Regulation Y; financial and investment 
advisory activities, pursuant to Sec. 225.28(b)(6) of Regulation Y; 
private placement, riskless principal and securities brokerage 
activities, and other transactional services, pursuant to 
Sec. 225.28(b)(7) of Regulation Y; and trading foreign exchange, 
interest rate and currency swaps, and precious metals (and related 
derivative instruments), pursuant to Sec. 225.28(b)(8) of Regulation Y; 
Greenwich Capital Acceptance, Inc., Greenwich, Connecticut, and thereby 
engage in lending and related activities, pursuant to Sec. 225.28(b)(1) 
of Regulation Y; Greenwich Capital Financial Products, Inc., Greenwich, 
Connecticut, and engage in lending and related activities, pursuant to 
Secs. 225.28(b)(1) and (b)(2) of Regulation Y, leasing activities, 
pursuant to Sec. 225.28(b)(3) of Regulation Y, and financial and 
investment advisory activities, pursuant to Sec. 225.28(b)(6) of 
Regulation Y; Financial Asset Securities Corp., Greenwich, Connecticut, 
a limited purpose finance company, and engage in lending activities, 
pursuant to Sec. 225.28(b)(1) of Regulation Y; Greenwich Capital 
Derivatives, Inc., Greenwich, Connecticut, and engage in investment 
advisory activities, pursuant to Sec. 225.28(b)(6)(iv) and other 
transactional services, pursuant to Sec. 225.28(b)(7)(v) of Regulation 
Y, and in derivatives activities, pursuant to

[[Page 37390]]

Sec. 225.28(b)(8)(ii)(B) of Regulation Y; Greenwich NatWest Structured 
Financial Inc., Greenwich, Connecticut, and engage in permissible 
lending activities, pursuant to Sec. 225.28(b)(1) of Regulation Y and 
leasing activities, pursuant to Sec. 225.28(b)(6) of Regulation Y; and 
Greenwich Capital Commercial Funding Corp., Greenwich, Connecticut, a 
special purpose depository for commercial asset securitizations, which 
are lending activities pursuant to Sec. 225.28(b)(1) of Regulation Y.
    In addition, NatWest engages through Greenwich Capital Holdings, 
Inc., and its subsidiaries (or through any other subsidiary of NatWest) 
in acquiring debt in default, pursuant to Sec. 225.28(b)(2)(vii) of 
Regulation Y.

    Board of Governors of the Federal Reserve System, June 9, 2000.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 00-15053 Filed 6-13-00; 8:45 am]
BILLING CODE 6210-01-P