Banks and bank holding companies: Permissible nonbanking activities,
Federal Register, September 23, 1998 (Nbr. Vol. 63, No. 184)
Notices - Federal Reserve System
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Federal Register: September 23, 1998 (Volume 63, Number 184)NoticesPage 50914From the Federal Register Online via GPO Access [wais.access.gpo.gov]
DOCID:fr23se98-78
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, including the companies listed below, 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 October 8, 1998.
A. Federal Reserve Bank of Cleveland (Paul Kaboth, Banking Supervisor) 1455 East Sixth Street, Cleveland, Ohio 44101-2566:
1. PNC Banc Corp., Pittsburg, Pennsylvania; to engage de novo through its subsidiary, PNC Capital Markets, Inc., Pittsburgh, Pennsylvania, in underwriting and dealing in all types of debt and equity securities (See e.g., J.P. Morgan & Co., Inc., The Chase Manhattan Corp., Bankers Trust New York Corp., Citicorp, and Security Pacific Corp., 75 Fed. Res. Bull. 192 (1989) (the ``1989 Morgan Order''), aff'd sub nom., Securities Industry Association v. Board of Governors, 900 F.2d 360 (D.C. Cir. 1990) (``SIA'' v. Board); Canadian Imperial Bank of Commerce, The Royal Bank of Canada, Barcalys PLC, and Barclays Bank PLC, 76 Fed. Res. Bull. 158 (1990), 80 Fed. Res. Bull. 1104 (1990)) and certain incidental activities permissible for nonbank subsidiaries of bank holding companies, pursuant to Sec. 225.25(a)(2) of Regulation Y.
Board of Governors of the Federal Reserve System, September 18, 1998. Robert deV. Frierson, Associate Secretary of the Board.
FR Doc. 98-25442Filed9-22-98; 8:45 amBILLING CODE 6210-01-F
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This document cites
- U.S. Court of Appeals for the D.C. Cir. - Securities Industries Association, Petitioner, v. Board of Governors of the Federal Reserve System, and Alan Greenspan, as Chairman of the Board of Governors of the Federal Reserve System, Et Al., Respondents, Bankers Trust New York Corporation, Chase Manhattan Corporation, Citicorp, Security Pacific Corporation, J.P. Morgan & Co., Incorporated, Intervenors., 900 F.2d 360 (D.C. Cir. 1990) Petitioner, v. Board of Governors of the Federal Reserve System, and Alan Greenspan, as Chairman of the Board of Governors of the Federal Reserve System, Et Al., Respondents, Bankers Trust New York Corporation, Chase Manhattan Corporation, Citicorp, Security Pacific Corporation, J.P. Morgan & Co., Incorporated, Intervenors.
- U.S. Code - Title 12: Banks and Banking - 12 USC 1843 - Sec. 1843. Interests in nonbanking organizations
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