[Federal Register Volume 63, Number 46 (Tuesday, March 10, 1998)]
[Notices]
[Page 11682]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-6014]
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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.
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 March 24, 1998.
A. Federal Reserve Bank of Minneapolis (Karen L. Grandstrand, Vice
President) 90 Hennepin Avenue, P.O. Box 291, Minneapolis, Minnesota
55480-0291:
1. U.S. Bancorp, Minneapolis, Minnesota; to acquire Piper Jaffray
Companies, Inc., Minneapolis, Minnesota, and its subsidiaries and
thereby engage in certain nonbanking activities. The nonbanking
activities and companies involved in the transaction are listed in the
notice, and the nonbanking activities include: underwriting and dealing
in, to a limited extent, all types of debt and equity securities other
than shares of open-end investment companies (See J.P. Morgan & Co.,
Inc., et al., 75 Fed. Res. Bull. 192 (1989)); extending credit and
servicing loans, pursuant to Sec. 225.28(b)(1) of the Board's
Regulation Y; activities related to extending credit, pursuant to Sec.
225.28(b)(2) of the Board's Regulation Y; leasing personal or real
property, pursuant to Sec. 225.28(b)(3) of the Board's Regulation Y;
performing functions or activities that may be performed by a trust
company, pursuant to Sec. 225.28(b)(5) of the Board's Regulation Y;
financial and investment advisory activities, pursuant to Sec.
225.28(b)(6) of the Board's Regulation Y; providing securities
brokerage, riskless principal, private placement, futures commission
merchant and other agency transactional services, pursuant to Sec.
225.28(b)(7) of the Board's Regulation Y; underwriting and dealing in
government obligations and other obligations that state member banks
may underwrite and deal in, engaging in investment and trading
activities, and buying and selling bullion and related activities,
pursuant to Sec. 225.28(b)(8) of the Board's Regulation Y; management
consulting and counseling activities, pursuant to Sec. 225.28(b)(9) of
the Board's Regulation Y; insurance agency activities, pursuant to
Sec. 225.28(b)(11)(vii) of the Board's Regulation Y; providing
administrative services to open-end investment companies (See Bankers
Trust New York Corporation, 83 Fed. Res. Bull. 780 (1997); Mellon Bank
Corporation, 79 Fed. Res. Bull. 626 (1993)); acting as the general
partner of private investment limited partnerships in accordance with
the BHC Act and the Board's decisions thereunder (See Norwest
Corporation, 81 Fed. Res. Bull. 1128 (1995); Meridian Bancorp, 80 Fed.
Res. Bull. 736 (1994)); and acquiring Piper Jaffray International,
Inc., Minneapolis, Minnesota, and thereby operating a broker/dealer
business in the United Kingdom, pursuant to Sec. 211.5 of the Board's
Regulation K.
Board of Governors of the Federal Reserve System, March 4, 1998.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 98-6014 Filed 3-9-98; 8:45 am]
BILLING CODE 6210-01-F
