22066 Federal Register / Vol. 60, No. 86 / Thursday, May 4, 1995 / Notices

FEDERAL MARITIME COMMISSION

Security for the Protection of the

Public Indemnification of Passengers

for Nonperformance of Transportation;

Notice of Issuance of Certificate

(Performance)

Notice is hereby given that the

following have been issued a Certificate

of Financial Responsibility for

Indemnification of Passengers for

Nonperformance of Transportation

pursuant to the provisions of Section 3,

Public Law 89–777 (46 U.S.C. 817(e))

and the Federal Maritime Commission’s

implementing regulations at 46 CFR Part

540, as amended:

Celebrity Cruises, Inc. and Esker Marine

Shipping, Inc., 5200 Blue Lagoon

Drive, Miami, Florida 33126.

Vessel: GALAXY.

Dated: May 1, 1995.

Joseph C. Polking,

Secretary.

[FR Doc. 95–10996 Filed 5–3–95; 8:45 am]

BILLING CODE 6730–01–M

Ocean Freight Forwarder License

Applicants

Notice is hereby given that the

following applicants have filed with the

Federal Maritime Commission

applications for licenses as ocean freight

forwarders pursuant to section 19 of the

Shipping Act of 1984 (46 U.S.C. app.

1718 and 46 CFR Part 510).

Persons knowing of any reason why

any of the following applicants should

not receive a license are requested to

contact the Office of Freight Forwarders,

Federal Maritime Commission,

Washington, D.C. 20573.

M & M Worldwide, Inc., 1940–44 N.W.

82 Ave., Miami, FL 33126, Officers:

Mario A. Gomez, President; Maria S.

Gomez, Vice President

D.L. Bynum & Company, Inc., 3040

Airfreight Road, Houston, TX 77032,

Officer: Diana Lee Bynum, President

ProCargo Inc., 126 N. Langley Rd., Glen

Burnie, MD 21060, Officer: Margaret

B. Troy, President, Les Harrison,

Director

Apollo Stevedoring Company, dba Jason

Shipping Company, 13251 Eastern

Ave—Port Manatee, Palmetto, FL

34221, Officers: Edward E. Sheffield,

President; Joan E. Sheffield, Secretary

Worldwide Cargo Express Inc., dba

Wessco International, 1551 N.W. 93rd

Ave., Miami, FL 33172, Officers:

Carlos A. Henao, President, Astrid

Henao, Vice President

One Stop Cargo Services, Inc., 4410 NW

74th Ave., Miami, FL 33166, Officers:

Ben Barbosa, President, Andreia

Barbosa, Vice President.

Dated: May 1, 1995.

By the Federal Maritime Commission.

Joseph C. Polking,

Secretary.

[FR Doc. 95–10995 Filed 5–3–95; 8:45 am]

BILLING CODE 6730–01–M

FEDERAL RESERVE SYSTEM

Deutsche Bank AG, Frankfurt,

Germany; Application to engage in

Nonbanking Activities

Deutsche Bank AG, Frankfurt,

Germany (Deutsche Bank), has applied

pursuant to section 4(c)(8) of the Bank

Holding Company Act (12 U.S.C.

1843(c)(8)) (BHC Act) and § 225.23(a)(3)

of the Board’s Regulation Y (12 CFR

225.23(a)(3)), through a newly-formed

wholly-owned subsidiary, Deutsche

Bank Futures Corporation, New York,

New York (Futures), to engage in the

following activities: 1) acting as a

futures commission merchant (FCM) for

nonaffiliated persons in executing and

clearing, executing without clearing,

and clearing without executing, on the

Chicago Board of Trade and the Chicago

Mercantile Exchange with respect to

certain futures and options contracts, 2)

acting as an FCM for nonaffiliated

persons in executing and clearing, and

clearing without executing, through

omnibus trading accounts with affiliated

and nonaffiliated futures commission

merchants or brokers with respect to

certain futures and options contracts, 3)

providing related investment advisory

services, 4) providing securities

brokerage services on the American

Stock Exchange, the Chicago Board

Options Exchange and the Philadelphia

Stock Exchange, and 5) providing

related data processing services.

Deutsche Bank would engage in these

activities on a worldwide basis.

Section 4(c)(8) of the BHC Act

provides that a bank holding company

may, with Board approval, engage in

any activity which the Board, after due

notice and opportunity for hearing, has

determined (by order or regulation) to

be so closely related to banking or

managing or controlling banks as to be

a proper incident thereto. This statutory

test requires that two separate tests be

met for an activity to be permissible for

a bank holding company. First, the

Board must determine that the activity

is, as a general matter, closely related to

banking. Second, the Board must find in

a particular case that the performance of

the activity by the applicant bank

holding company may reasonably be

expected to produce public benefits that

outweigh possible adverse effects.

A particular activity may be found to

meet the ‘‘closely related to banking’’

test if it is demonstrated that banks

generally have provided the proposed

activity, that banks generally provide

services that are operationally or

functionally similar to the proposed

activity so as to equip them particularly

well to provide the proposed activity, or

that banks generally provide services

that are so integrally related to the

proposed activity as to require their

provision in a specialized form.

National Courier Ass’n v. Board of

Governors, 516 F.2d 1229, 1237 (D.C.

Cir. 1975). In addition, the Board may

consider any other basis that may

demonstrate that the activity has a

reasonable or close relationship to

banking or managing or controlling

banks. Board Statement regarding

Regulation Y, 49 FR 806 (1984).

Deutsche Bank states that the Board

previously has determined by regulation

that certain of the proposed activities,

when conducted within limitations

established by the Board in its

regulations and in related

interpretations and orders, are closely

related to banking for purposes of

section 4(c)(8) of the BHC Act. See 12

CFR 225.25(b)(15)(full-service securities

brokerage); 12 CFR

225.25(b)(4)(investment advisory

services); 12 CFR 225.25(b)(18)(futures

commission merchant services);12 CFR

225.25(b)(7), Citicorp, 72 Federal

Reserve Bulletin 497 (1986), and

Citicorp, 68 Federal Reserve Bulletin

505 (1982)(data processing services).

Deutsche Bank also maintains that the

Board has determined by order that

several of the other proposed activities,

when conducted within the limitations

established by the Board in previous

orders, are closely related to banking.

See Sakura Bank, Limited, 79 Federal

Reserve Bulletin 723 (1993)(providing

execution-only, clearing-only, and

investment advisory services, and

buying and selling contracts through

omnibus accounts, with respect to

financial futures and options on

futures); Northern Trust Corporation, 79

Federal Reserve Bulletin 723

(1993)(providing execution-only,

clearing-only, and investment advisory

services, and buying and selling

contracts through omnibus accounts,

with respect to financial futures and

options on futures); Commerzbank

Aktiengesellschaft, 79 Federal Reserve

Bulletin 961 (1993)(providing

execution-only, clearing-only, and

investment advisory services, and

buying and selling contracts through

omnibus accounts, with respect to