[Federal Register Volume 62, Number 206 (Friday, October 24, 1997)]
[Notices]
[Pages 55403-55404]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-28268]


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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 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 November 10, 1997.
    A. Federal Reserve Bank of New York (Betsy Buttrill White, Senior 
Vice President) 33 Liberty Street, New York, New York 10045-0001:
    1. J.P. Morgan & Incorporated, New York, New York; to acquire 
American Century Companies, Inc., Kansas City, Missouri, and thereby 
engage in providing investment or financial advice, pursuant to Sec.  
225.28(b)(6) of the Board's Regulation Y; securities brokerage 
services, pursuant to 225.28(b)(7); and providing certain 
administrative services, see, Bankers Trust New York Corporation, 83 
Fed. Res. Bull. 780 (1997); and Commerzbank A.G., 83 Fed. Res. Bull. 
678 (1997); Commersbank AG, June 16, 1997; The Governor and Company of 
the Bank of Ireland, 82 Fed. Res. Bull. 1129 (1996); Dresdner Bank AG, 
82 Fed. Res. Bull. 676 (1996); Barclays Bank PLC, 82 Fed. Res. Bull. 
158 (1996); Mellon Bank Corporation, 79 Fed. Res. Bull. 626 (1993). 
With respect to mutual fund transfer agency services, see 12 C.F.R. 
Sec.  225.15(i).
    B. Federal Reserve Bank of Richmond (A. Linwood Gill III, Assistant 
Vice President) 701 East Byrd Street, Richmond, Virginia 23261-4528:

[[Page 55404]]

    1. First Union Corporation, Charlotte, North Carolina; to acquire 
Wheat First Butcher Singer, Inc., Richmond, Virginia, 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) (1989 Order)); 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 be authorized to underwrite and 
deal in under 12 U.S.C. 24 and 335, pursuant to Sec.  225.28(b)(8)(i) 
of the Board's Regulation Y; in acting as investment or financial 
advisor, pursuant to Sec.  225.28(b)(6) of the Board's Regulation Y; in 
providing securities brokerage services (including securities clearing 
and/or securities execution services on an exchange), alone and in 
combination with investment advisory services, and incidental 
activities (including related securities credit activities and 
custodial services), pursuant to Sec.  225.28(b)(7)(i) of the Board's 
Regulation Y; in buying and selling in the secondary market all types 
of securities on the order of customers as a ``riskless principal'' to 
the extent of engaging in a transaction in which the company, after 
receiving an order to buy (or sell) a security from a customer, 
purchases (or sells) the security for its own account to offset a 
contemporaneous sale to (or purchase from) the customer, pursuant to 
Sec.  225.28(b)(7)(ii) of the Board's Regulation Y; in acting as agent 
for the private placement of securities in accordance with the 
requirements of the Securities Act of 1933 and the rules of the 
Securities and Exchange Commission, pursuant to Sec.  225.28(b)(7)(iii) 
of the Board's Regulation Y; in acting as a futures commission merchant 
for unaffiliated persons in the execution, clearance, or execution and 
clearance of any futures contract and option on a futures contract 
traded on an exchange in the United States or abroad, pursuant to Sec.  
225.28(b)(7)(iv) of the Board's Regulation Y; and in engaging as 
principal in foreign exchange, forward contracts, options, futures, 
swaps, and similar contracts, 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) of the Board's Regulation Y, 
and engaging in these activities with respect to bank-ineligible 
securities pursuant to the 1989 Order.

    Board of Governors of the Federal Reserve System, October 21, 
1997.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 97-28268 Filed 10-23-97; 8:45 am]
BILLING CODE 6210-01-P