[Federal Register Volume 61, Number 189 (Friday, September 27, 1996)]
[Notices]
[Page 50825]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-24789]
-----------------------------------------------------------------------
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, including whether consummation of the proposal 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. 1843). Any request for a hearing
on this question must be accompanied by a statement of the reasons 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.
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 October 11, 1996.
A. Federal Reserve Bank of Boston (Robert M. Brady, Vice President)
600 Atlantic Avenue, Boston, Massachusetts 02106:
1. Bank of Boston Corporation, Boston, Massachusetts; to engage de
novo through its subsidiary, BancBoston Securities, Inc., Boston,
Massachusetts, in: (1) Underwriting and dealing to a limited extent in
all types of debt and equity securities (See J.P. Morgan & Co., Inc.,
75 Fed. Res. Bull. 192, 209 n.49(1989), Dresdner Order; HSBC Holdings
plc et al., 82 Fed. Res. Bull 356(1996) and ABN AMRO, 81 Fed. Res. Bull
182(1995)); (2) Acting as agent in the private placement of all types
of securities including providing related advisory services (See
Bankers Trust New York Corporation, 75 Fed. Res. Bull. 829(1989)); (3)
Buying and selling all types of securities on the order of investors as
a ``riskless principal''(See Order Revising the Limitations Applicable
to Riskless Principal Activities, 82 Fed. Res. Bull. 759(1996)); (4)
Making and servicing loans, pursuant to Sec. 225.25(b)(1) of the
Board's Regulation Y; (5) Providing investment or financial advice,
pursuant to Sec. 225.25(b)(4) of the Board's Regulation Y; (6)
Arranging commercial or industrial real estate financing pursuant to
Sec. 225.25(b)(14) of the Board's Regulation Y; (7) Providing
securities execution and clearance (brokerage) services as agent for
the account of customers, related securities credit activities,
pursuant to the Board's Regulation T, and related activities such as
offering custodial services, individual retirement accounts and cash
management services pursuant to Sec. 225.25(b)(16) of the Board's
Regulation Y; (8) Underwriting and dealing in obligations of the United
States and Canada, general obligations of U.S. states, Canadian
provinces and their respective political subdivisions, and other
obligations that state member banks of the Federal Reserve System may
underwrite and deal, pursuant to Sec. 225.25(b)(1) of the Board's
Regulation Y; and (9) Engaging in the following ``swaps-related''
activities: (a) acting as broker or agent with respect to interest rate
and currency swap transactions and related caps, floors, collars and
options on swaps, caps, floors and collars; (b) acting as broker or
agent with respect to swaps and swap derivative products, and over-the-
counter option transactions, linked to products other than interest
rates and currencies, such as certain commodities, stock, bond or
commodity indices, or a hybrid of interest rates and such commodities
or indicies, a specially tailored basket of securities selected by the
parties, or single securities; (c) providing financial and
transactional advice regarding the structuring and arranging of swaps
and swap derivative products relating to non-financial commodity swap
transactions; (d) providing investment advice, including counsel,
publication, written analyses and reports, and other advisory services,
including discretionary portfolio management services, with respect to
futures and options on futures on non-financial commodities; and (e) in
addition to the securities credit activities under the Board's
Regulation T authorized as part of Brokerage Activities, acting as
``conduit'' or ``intermediary'' in securities borrowing and lending.
See Secs. 225.25(b)(4)(vi)(A)(2), (B) and (C); Caisse Nationale de
Credit Agricole, S.A., 82 Fed. Res. Bull 754(1996); First Union
Corporation, 81 Fed. Res. Bull. 726(1995); SBC Section 20 Order; First
of America Order; Republic Order; Morgan, 80 Fed. Res. Bull. 151(1994);
The Long-Term Credit Bank of Japan, Limited, 79 Fed. Res. Bull.
347(1993); Security Pacific Corporation, 74 Fed. Res. Bull. 820(1988).
B. Federal Reserve Bank of Atlanta (Zane R. Kelley, Vice President)
104 Marietta Street, N.W., Atlanta, Georgia 30303:
1. Washington State Bancshares, Inc., Washington, Louisiana; to
engage in making, acquiring, or servicing loans or other extensions of
credit, including issuing letters of credit for its own account and the
account of others, pursuant to Sec. 225.25(b)(1) of the Board's
Regulation Y.
Board of Governors of the Federal Reserve System, September 23,
1996.
Jennifer J. Johnson
Deputy Secretary of the Board
[FR Doc. 96-24789 Filed 9-26-96; 8:45 am]
BILLING CODE 6210-01-F
