[Federal Register: January 15, 1998 (Volume 63, Number 10)]
[Notices]               
[Page 2394]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr15ja98-64]

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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 January 29, 1998.
    A. Federal Reserve Bank of San Francisco (Maria Villanueva, Manager 
of Analytical Support, Consumer Regulation Group) 101 Market Street, 
San Francisco, California 94105-1579:
    1. Banque Nationale de Paris, Paris, France; to engage de novo 
through its subsidiary BNP Securities (U.S.A.), Inc., Radnor, 
Pennsylvania, in buying and selling in the secondary market all types 
of securities on the order of customers as a ``riskless principal'' to 
the extent of engaging in a transaction in which the company, after 
receiving an order to buy (or sell) a security from a customer, 
purchases (or sells) the security for its own account to offset a 
contemporaneous sale to (or purchase from) the customer, pursuant to 
Sec.  225.28(b)(7)(ii) of the Board's Regulation Y. The proposed 
activities will be conducted worldwide.

    Board of Governors of the Federal Reserve System, January 9, 
1998.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 98-1002 Filed 1-14-98; 8:45 am]
BILLING CODE 6210-01-F