[Federal Register Volume 60, Number 199 (Monday, October 16, 1995)]
[Notices]
[Pages 53618-53619]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-25673]
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FEDERAL RESERVE SYSTEM
SouthTrust Corporation; Notice of Application to Engage de novo
in Permissible Nonbanking Activities
SouthTrust Corporation, Birmingham, Alabama (Notificant), has given
notice pursuant to section 4(c)(8) of the Bank Holding Company Act (12
U.S.C. 1843(c)(8)) (BHC Act) and Sec. 225.23(a)(3) of the Board's
Regulation Y (12 CFR 225.23(a)(3)), to engage de novo through its
subsidiary, SouthTrust Securities, Inc., Birmingham, Alabama, in
providing investment advisory services, pursuant to Sec. 225.25(b)(4)
of Regulation Y (12 CFR 225.25(b)(4)). Notificant also proposes to
engage in the following activities which previously have been
determined by the Board by Order to be closely related to banking: (1)
acting as agent, in the private placement of all types of securities;
and (2) acting as a riskless principal in the purchase and sale of all
types of securities on the order of investors. Notificant proposes to
engage in the proposed activities nationwide.
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.'' 12 U.S.C.
1843(c)(8).
Notificant maintains that the Board previously has determined that
the proposed activities are ``so closely related to banking or managing
or controlling banks as to be proper incident thereto.'' The Board
previously has approved, by order, the proposed private placement and
riskless principal activities, and Notificant has stated that it will
conduct the proposed activities using the same methods and subject to
the prudential limitations established by the Board in its previous
orders. See J.P. Morgan & Co. Incorporated, 76 Federal Reserve Bulletin
26 (1990); Bankers Trust New York Corporation, 75 Federal Reserve
Bulletin 829 (1989).
In publishing the proposal for comment, the Board does not take a
position on issues raised by the proposal. Notice of the proposal is
published solely in order to seek the views of interested persons on
the issues presented by the notice, and does
[[Page 53619]]
not represent a determination by the Board that the proposal meets or
is likely to meet the standards of the BHC Act.
Any comments or requests for hearing should be submitted in writing
and received by William W. Wiles, Secretary, Board of Governors of the
Federal Reserve System, Washington, D.C. 20551, not later than October
27, 1995. Any request for a hearing on this proposal must, as required
by section 262.3(e) of the Board's Rules of Procedure (12 CFR
262.3(e)), be accompanied by a statement of the reasons why a written
presentation would not suffice in lieu of a hearing, identifying
specifically any questions of fact that are in dispute, summarizing the
evidence that would be presented at a hearing, and indicating how the
party commenting would be aggrieved by approval of the proposal. The
notice may be inspected at the offices of the Board of Governors or the
Federal Reserve Bank of Atlanta.
Board of Governors of the Federal Reserve System, October 11,
1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-25673 Filed 10-13-95; 8:45 am]
BILLING CODE 6210-01-F
