[Federal Register Volume 63, Number 115 (Tuesday, June 16, 1998)]
[Notices]
[Pages 32881-32882]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-16001]
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FEDERAL RESERVE SYSTEM
Notice of Proposals to Engage in 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. 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.
[[Page 32882]]
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 July 1, 1998.
A. Federal Reserve Bank of New York (Betsy Buttrill White, Senior
Vice President) 33 Liberty Street, New York, New York 10045-0001:
1. J.P. Morgan & Co. Incorporated, New York, New York (``JPM''), to
engage de novo through its subsidiaries, including J.P. Morgan
Investment Management Inc., New York, New York, in acting as a
commodity pool operator (``CPO'') for certain closed-end private
investment funds that are exempt from registration under the Investment
Company Act of 1940 (15 U.S.C. Sec. 80a-1 et seq.). See Dresdner Bank
AG, 84 Fed. Res. Bull. 361 (1998).
In connection with its proposal, JPM also seeks to act as CPO for
certain open-end investment funds. JPM submits that the funds will be
managed by an independent board that will be responsible for the
overall management of the funds. JPM states that the independent board,
and not JPM, will control the funds and will perform the activities
typically associated with being a CPO. However, to avoid the
administrative burdens associated with each individual board member
having to register as CPO, JPM will register as a CPO itself.
In publishing this proposal for comment, the Board does not take a
position on the issue raised by the notice. Notice of the proposal is
published solely to seek the views of interested parties on the issues
presented and does not represent a determination by the Board that the
proposal meets, or is likely to meet, the standards of the BHC Act.
Notificants' proposal is available for immediate inspection at the
Federal Reserve Bank of New York and the offices of the Board in
Washington, D.C. Interested persons may express their views on the
proposal in writing, including on whether the proposed activities ``can
reasonably be expected to produce benefits to the public, such as
greater convenience, increased competition, or gains in efficiency,
that outweigh possible adverse effects, such as undue concentration of
resources, decreased or unfair competition, conflicts of interests, or
unsound banking practices.'' 12 U.S.C. Sec. 1843(c)(8).
Board of Governors of the Federal Reserve System, June 11, 1998.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 98-16001 Filed 6-15-98; 8:45 am]
BILLING CODE 6210-01-F
