[Federal Register Volume 62, Number 248 (Monday, December 29, 1997)]
[Notices]
[Page 67642]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-33652]
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
[Docket No. R-0997]
Treatment of U.S. Companies Operating in Government Debt Market
in the Netherlands
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice of study and request for comment.
-----------------------------------------------------------------------
SUMMARY: Under the Primary Dealers Act of 1988, which became effective
on August 23, 1989, the Federal Reserve may not designate or permit the
continuation of the designation of any person of a foreign country as a
primary dealer in government debt instruments if such foreign country
does not accord to U.S. companies the same competitive opportunities in
the underwriting and distribution of government debt instruments issued
by such country as such country accords to its domestic companies.
Pursuant to this Act, the Federal Reserve is reviewing the government
debt market of the Netherlands and requests public comment on the
treatment of U.S. companies with respect to the Netherlands' government
debt market, focusing in particular on the treatment of U.S. companies
relative to domestic firms.
DATE: Comments must be received by February 27, 1998.
ADDRESSES: Comments, which should refer to Docket No. R-0997, may be
mailed to the Board of Governors of the Federal Reserve System, 20th
Street and Constitution Avenue NW, Washington, D.C. 20551, to the
attention of Mr. William W. Wiles, Secretary. Comments addressed to the
attention of Mr. Wiles may also be delivered to the Board's mailroom
between 8:45 a.m. and 5:15 p.m. weekdays and to the security control
room outside of those hours. Both the mailroom and the security control
room are accessible from the courtyard entrance on 20th Street between
Constitution Avenue and C Street, NW. Comments will be available for
inspection and copying by members of the public in the Freedom of
Information Office, Room MP-500, between 9:00 a.m. and 5:00 p.m.
weekdays, except as provided in section 261.8 of the Board's Rules
Regarding the Availability of Information.
FOR FURTHER INFORMATION CONTACT: Kathleen O'Day, Associate General
Counsel (202/452-3786), or Ann Misback, Managing Senior Counsel (202/
452-3788), Legal Division; or Larry Promisel, Senior Advisor (202/452-
3533), Division of International Finance; Board of Governors of the
Federal Reserve System. For the hearing impaired only,
Telecommunication Device for the Deaf (TDD), Diane Jenkins (202/452-
3544), Board of Governors of the Federal Reserve System, 20th and C
Streets NW., Washington, D.C. 20551.
SUPPLEMENTARY INFORMATION: Under the Primary Dealers Act of 1988
(``Act''), 22 U.S.C. Secs. 5341-5342, the Federal Reserve may not
permit a person of a foreign country to act as a primary dealer in U.S.
government securities if the person's home country does not accord U.S.
companies the same competitive opportunities as the foreign country
accords domestic companies in underwriting and distributing government
debt obligations of such foreign country. A ``person of a foreign
country'' includes any foreign individual or company that directly or
indirectly controls a primary dealer.
A subsidiary of a bank organized in the Netherlands proposes to be
designated as a primary dealer in U.S. government securities.
Accordingly, in order to make the determination required by the Act,
the Federal Reserve is undertaking a study of the government debt
market of the Netherlands to determine whether U.S. companies are
accorded national treatment in their access to that market.
The Federal Reserve would welcome the views of U.S. firms or other
persons on the specific respects in which U.S. companies are accorded,
or are not accorded, the same competitive opportunities in the
underwriting and distribution of Dutch government debt instruments as
the Netherlands accords to Dutch domestic companies. All such comments,
which should be submitted by February 27, 1998, would be considered in
the context of the study of this market.
By order of the Board of Governors of the Federal Reserve
System, December 19, 1997.
William W. Wiles,
Secretary of the Board.
[FR Doc. 97-33652 Filed 12-24-97; 8:45 am]
BILLING CODE 6210-01-P
