[Federal Register Volume 62, Number 157 (Thursday, August 14, 1997)]
[Notices]
[Pages 43532-43533]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-21456]
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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. 225.28 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 August 28, 1997.
A. Federal Reserve Bank of New York (Betsy Buttrill White, Senior
Vice President) 33 Liberty Street, New York, New York 10045-0001:
1. Canadian Imperial Bank of Commerce, Toronto, Canada (``CIBC''),
to acquire through its wholly owned subsidiary, CIBC Wood Gundy
Securities Corp. (``CIBC Wood Gundy''), New York, New York, all the
outstanding shares of Oppenheimer Holdings, Inc., New York, New York,
and its subsidiaries, including Oppenheimer & Co., Inc., New York, New
York, and thereby engage worldwide in certain nonbanking activities.
CIBC proposes to engage in underwriting and dealing to a limited extent
in all types of equity and debt securities that a state member bank may
not underwrite and deal in (``bank-ineligible securities''), except
ownership interests in open-end investment companies, see Canadian
Imperial Bank of Commerce, 76 Fed. Res. Bull. 158 (1990) and J.P.
Morgan & Co., Inc., 75 Fed. Res. Bull. 192 (1989); in making loans or
other extensions of credit, pursuant to Sec. 225.28(b)(1) of the
Board's Regulation Y (12 CFR 225.28(b)(1)); in activities related to
extending credit, pursuant to Sec. 225.28(b)(2) of the Board's
Regulation Y (12 CFR 225.28(b)(2)); in providing financial and
investment advisory services, pursuant to Sec. 225.28(b)(6) of the
Board's Regulation Y (12 CFR 225.28(b)(6)); in providing securities
brokerage, riskless principal, private placement, futures commission
merchant, and other agency transactional services, pursuant to section
Sec. 225.28(b)(7) of the Board's Regulation Y (12 CFR 225.28(b)(7));
and in underwriting and dealing in government obligations and money
market instruments (``bank-eligible securities''), providing investing
and trading services, and buying and selling bullion and related
activities, pursuant to Sec. 225.28(b)(8) of the Board's Regulation Y
(12 CFR 225.28(b)(8)).
In addition, CIBC proposes to establish and control numerous
domestic and foreign private investment limited partnerships
(``Partnerships''). CIBC Wood Gundy, its affiliates, or its
subsidiaries would serve as general partner, or would participate with
unaffiliated investment advisers in joint ventures that would serve as
general partner, to the Partnerships. CIBC Wood Gundy, its affiliates,
and its subsidiaries, either directly or through joint venture
arrangements, also would provide administrative and investment advisory
services to the Partnerships. To serve as general partner, CIBC Wood
[[Page 43533]]
Gundy, its affiliates, or its subsidiaries would register with the
Commodities Futures Trading Commission as a commodity pool operator.
See, e.g., The Bessemer Group, Inc., 82 Fed. Res. Bull. 569 (1995);
Meridian Bancorp, Inc., 80 Fed. Res. Bull. 736 (1994). Limited
partnership interests would be privately placed with accredited
investors, as that term is defined in Regulation D of the Securities
and Exchange Commission (17 CFR 230.501). CIBC has stated that all
investments of the Partnerships would be made in accordance with the
limitations in the Bank Holding Company Act and the Board's decisions
and interpretations thereunder.
B. Federal Reserve Bank of Chicago (Philip Jackson, Applications
Officer) 230 South LaSalle Street, Chicago, Illinois 60690-1413:
1. Bank of Montreal, Montreal, Canada; Bankmont Financial Corp.,
Chicago, Illinois; Harris Bankcorp, Inc., Chicago, Illinois; and Harris
Bankmont, Inc., Chicago, Illinois; to acquire Cash Station, Inc.,
Chicago, Illinois, and thereby engage in certain data processing
activities, consisting of electronic funds transfer services, pursuant
to Sec. 225.28(b)(14) of the Board's Regulation Y.
Board of Governors of the Federal Reserve System, August 8,
1997.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 97-21456 Filed 8-13-97; 8:45 am]
BILLING CODE 6210-01-F
