Notice of Proposals to Engage in Permissible Nonbanking Activities or to Acquire Companies that are Engaged in Permissible Nonbanking Activities

[Federal Register Volume 64, Number 96 (Wednesday, May 19, 1999)]
[Notices]
[Page 27270]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-12522]


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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, 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 June 2, 1999.

    A. Federal Reserve Bank of New York (Betsy Buttrill White, Senior 
Vice President) 33 Liberty Street, New York, New York 10045-0001:

    1. Banque Federative du Credit Mutuel and Compagnie Financiere de 
CIC et de l'Union Europeenne, both of Paris, France; to engage de novo 
through its subsidiary, CIC Eurosecurities, Inc., New York, New York, 
in providing brokerage services as agent for the account of customers, 
with respect to all types of securities, including options on 
securities and options on securities indices, traded on U.S. and non-
U.S. securities exchanges and over-the-counter, pursuant to Sec.  
225.28(b)(7)(i) of Regulation Y; buying and selling in the secondary 
market all types of securities on the order of customers as a 
``riskless principal,'' pursuant to Sec.  225.28(b)(7)(ii) of 
Regulation Y; acting as an introducing broker as agent for the account 
of customers with respect to futures contracts and options on futures 
contracts, including futures contracts on stock indices, solely for 
hedging purposes and as an incident to these customers' purchases of 
securities, pursuant to Sec.  225.28(b)(7)(iv) of Regulation Y; acting 
as agent for the private placement of securities, pursuant to Sec.  
225.28(b)(7)(iii) of Regulation Y; and acting as a ``conduit'' or 
``intermediary'' for CFCICUE's proprietary trading desk in Paris in 
arranging with U.S. institutional counterparties for loans of 
securities to or from CFCICUE, pursuant to Secs.  225.28(b)(7)(i) and 
225.28(b)(7)(v) of Regulation Y. See also, Stichting Prioriteit ABN 
AMRO Holding et al., 81 Fed. Res. Bull. 182 (1995); Saban, S.A., 78 
Fed. Res. Bull. 955 (1992); Canadian Imperial Bank of Conunerce, 74 
Fed. Res. Bull. 571 (1988); and The Chase Manhattan Corporation, 69 
Fed. Res. Bull. 725 (1983). These activities will be conducted 
worldwide.

    2. J.P. Morgan & Co., Incorporated, New York, New York; to acquire 
through its wholly-owned subsidiary, J.P. Morgan Capital Corporation, 
New York, New York, shares of the series B Convertible Preferred Stock, 
an approximate 11 percent ownership interest of PeopleFirst.com Inc., 
San Diego, California, and thereby engage in extending credit and 
servicing loans, and activities related to extending credit, pursuant 
to Secs.  225.28(b)(1) and 225.28(b)(2) of Regulation Y, respectively.

    Board of Governors of the Federal Reserve System, May 13, 1999.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 99-12522 Filed 5-18-99; 8:45 am]
BILLING CODE 6210-01-F