[Federal Register Volume 60, Number 185 (Monday, September 25, 1995)]
[Notices]
[Page 49413]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-23675]
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FEDERAL RESERVE SYSTEM
Waterhouse Investor Services, Inc.; Notice to Engage in Certain
Nonbanking Activities
Waterhouse Investor Services, Inc., New York, New York
(Notificant), has provided notice pursuant to section 4(c)(8) of the
Bank Holding Company Act (12 U.S.C. 1843(c)(8)) (BHC Act) and Sec.
225.23(a)(3) of the Board's Regulation Y (12 CFR 225.23(a)(3)), to
transfer certain securities activities from its subsidiary, Waterhouse
Securities, Inc., New York, New York, to a de novo subsidiary, National
Investor Services Corp., New York, New York (Company), and thereby
engage in executing and clearing securities transactions and providing
related services. Company's proposed securities-related activities
would include providing clearing-only services. Notificant maintains
that the Board previously has determined that the proposed activities
are closely related to banking. See 12 CFR 225.25(b)(15); BankAmerica
Corporation, 69 Federal Reserve Bulletin 105 (1983); The Bank of New
York Company, Inc., 74 Federal Reserve Bulletin 257 (1988). Notificant
also maintains that its proposal would produce benefits to the public,
such as gains in efficiency and increased competition, that would
outweigh any possible adverse effects. These activities would be
conducted throughout the United States.
In publishing the proposal for comment, the Board does not take a
position on issues raised by the proposal. Notice of the proposal is
published solely to seek the views of interested persons on the issues
presented by the application and does not represent a determination by
the Board that the proposal meets, or is likely to meet, the standards
of the BHC Act. 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, D.C. 20551, not
later than October 11, 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, September 19,
1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-23675 Filed 9-22-95; 8:45 am]
BILLING CODE 6210-01-F
