[Federal Register Volume 60, Number 113 (Tuesday, June 13, 1995)]
[Notices]
[Page 31157]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-14410]
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FEDERAL RESERVE SYSTEM
Societe Generale; Notice to Engage in Nonbanking Activities;
Correction
This notice corrects a notice (FR Doc. 95-13212) published on page
28,412 of the issue for Wednesday, May 31, 1995. The entry for Societe
Generale, Paris, France (Notificant), is revised to include engaging in
certain foreign exchange-related activities through FIMAT Futures USA,
Inc., Chicago, Illinois (Company). In 1994, Company received authority
to act as agent in executing and provide investment advice in
connection with certain foreign exchange transactions. See Societe
Generale, 80 Federal Reserve Bulletin 646 (1994). In approving that
application the Board relied, in part, on Notificant's commitments that
Company would not:
(1) engage in any foreign exchange activities for its own account,
(2) charge its advisory customers a separate fee for executing
transactions in foreign exchange, or
(3) provide foreign exchange services to customers other than
sophisticated institutional customers.
In connection with its proposal that Company act as riskless principal
in connection with certain foreign exchange transactions, Notificant
proposes that Company be permitted to purchase foreign exchange for its
own account to hedge financial statement translations of income for its
French parent, Fimat International Bank, or as may be necessary for the
payment of invoices denominated in foreign currencies. Notificant also
proposes that Company be permitted to charge its advisory customers an
execution fee (but not an advisory fee) for transactions in which
Company acts as riskless principal, and to execute foreign currency
transactions for noninstitutional commercial hedger customers to whom
Company would provide futures commission merchant services. Notificant
has stated that Company would not provide foreign exchange-related
advisory services to noninstitutional commercial hedger customers and
would observe the standards of care and conduct applicable to a
fiduciary with respect to its foreign exchange advisory activities.
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, DC 20551, not later than July 7,
1995. Any request for a hearing on this application must, as required
by Sec. 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.
This application may be inspected at the offices of the Board of
Governors or the Federal Reserve Bank of New York.
Board of Governors of the Federal Reserve System, June 7, 1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-14410 Filed 6-12-95; 8:45 am]
BILLING CODE 6210-01-F
