[Federal Register Volume 62, Number 48 (Wednesday, March 12, 1997)]
[Notices]
[Page 11455]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-6165]
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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. 225.25 of Regulation Y (12 CFR 225.25)
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. Once the notice has been accepted for processing, it will
also 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 26, 1997.
A. Federal Reserve Bank of New York (Christopher J. McCurdy, Senior
Vice President) 33 Liberty Street, New York, New York 10045-0001:
1. Lloyds TSB Group PLC and Lloyds Bank PLC, both of London,
England; to retain indirectly all the voting shares of IAI Holdings
Inc., and its subsidiaries, including Investment Advisers, Inc., IAI
Securities, Inc., IAI Trust Company, IAI Ventures, Inc., and Itasca
Ventures, LLC, all of Minneapolis, Minnesota, and thereby engage in the
following nonbanking activities: (i) performing functions or activities
that may be conducted by a trust company, pursuant to 12 CFR
225.25(b)(3) of the Board's Regulation Y; (ii) providing investment
advisory services, pursuant to 12 CFR 225.25(b)(4) of the Board's
Regulation Y; (iii) providing full-service brokerage services, pursuant
to 12 CFR 225.25(b)(15) of the Board's Regulation Y; (iv) providing
foreign exchange execution and advisory services Banco Commerciale
Italiano S.p.A., 76 Fed. Res. Bull. 649 (1990); (v) providing advice on
futures contracts and options on futures contracts based on certain
financial commodities, pursuant to 12 CFR 225.25(b)(19) of the Board's
Regulation Y; Caisse Nationale de Credit Agricole, S.A., 82 Fed. Res.
Bull. 754 (1996); Security Pacific Corporation, 74 Fed. Res. Bull. 820
(1988); and providing investment advisory and administrative services
to open-end investment companies (``mutual funds'') Mellon Bank
Corporation, 79 Fed. Res. Bull. 626 (1993); Bank of Ireland, 82 Fed.
Res. Bull. 1129 (1996). Notificants would engage in these activities in
accordance with the limitations and conditions previously established
by the Board by regulation or order, with certain exceptions relating
to the proposed provision of advisory and administrative services to
mutual funds that are discussed in the notice.
Board of Governors of the Federal Reserve System, March 6, 1997.
William W. Wiles,
Secretary of the Board.
[FR Doc. 97-6165 Filed 3-11-97; 8:45 am]
BILLING CODE 6210-01-F