Notice2021-23428
Notice of Review and Request for Comment
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
October 27, 2021
Issuing agencies
Federal Reserve System
Abstract
The Federal Reserve is conducting a review under the Primary Dealers Act of 1988 of the treatment of U.S. firms operating in the Spanish government debt market. As part of that review, the Board requests public comment on the treatment of U.S. firms in the Spanish government debt market, and specifically on whether Spain grants to U.S. companies the same competitive opportunities to underwrite and distribute Spanish government debt instruments that Spain accords to Spanish companies.
Full Text
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<title>Federal Register, Volume 86 Issue 205 (Wednesday, October 27, 2021)</title>
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[Federal Register Volume 86, Number 205 (Wednesday, October 27, 2021)]
[Notices]
[Pages 59390-59391]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-23428]
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FEDERAL RESERVE SYSTEM
[Docket No. OP-1755]
Notice of Review and Request for Comment
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice of review and request for comment.
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SUMMARY: The Federal Reserve is conducting a review under the Primary
Dealers Act of 1988 of the treatment of U.S. firms operating in the
Spanish government debt market. As part of that review, the Board
requests public comment on the treatment of U.S. firms in the Spanish
government debt market, and specifically on whether Spain grants to
U.S. companies the same competitive opportunities to underwrite and
distribute Spanish government debt instruments that Spain accords to
Spanish companies.
DATES: Comments must be received by November 26, 2021.
ADDRESSES: You may submit comments, identified by Docket No. OP-1755,
by any of the following methods:
<bullet> Agency website: <a href="http://www.federalreserve.gov">http://www.federalreserve.gov</a>. Follow the
instructions for submitting comments at <a href="http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm">http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm</a>.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#bbc9dedcc895d8d4d6d6ded5cfc8fbdddedfdec9dad7c9dec8dec9cdde95dcd4cd"><span class="__cf_email__" data-cfemail="e290878591cc818d8f8f878c9691a28487868790838e90879187909487cc858d94">[email protected]</span></a>. Include docket
number in the subject line of the message.
<bullet> Fax: (202) 452-3819 or (202) 452-3102.
<bullet> Mail: Ann E. Misback, Secretary, Board of Governors of the
Federal Reserve System, 20th Street and Constitution Avenue NW,
Washington, DC 20551.
All public comments are available from the Board's website at
<a href="http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm">www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm</a> as submitted,
unless modified for technical reasons or to remove personally
identifiable information at the commenter's request. Accordingly,
comments will not be edited to remove any identifying or contact
information. Public comments may also be viewed electronically or in
paper in Room 146, 1709 New York Avenue NW, Washington, DC 20006,
between 9:00 a.m. and 5:00 p.m. on weekdays.
FOR FURTHER INFORMATION CONTACT: Sophia H. Allison, Senior Special
Counsel (202-452-3565 or <a href="/cdn-cgi/l/email-protection#addec2ddc5c4cc83c583ccc1c1c4dec2c3edcbdfcf83cac2db"><span class="__cf_email__" data-cfemail="aeddc1dec6c7cf80c680cfc2c2c7ddc1c0eec8dccc80c9c1d8">[email protected]</span></a>), Legal Division, or
Brett Berger, Senior Adviser (202-452-6427 or <a href="/cdn-cgi/l/email-protection#3351415647471d571d515641545641735541511d545c45"><span class="__cf_email__" data-cfemail="cdafbfa8b9b9e3a9e3afa8bfaaa8bf8dabbfafe3aaa2bb">[email protected]</span></a>),
Board of Governors of the Federal Reserve System, 20th and C Streets
NW, Washington, DC 20551.
SUPPLEMENTARY INFORMATION: Under the Primary Dealers Act of 1988, 22
U.S.C. 5341-5342 (Act), the Federal Reserve may not designate a person
of a foreign country as a primary dealer, or allow a person of a
foreign country to retain designation as a primary dealer, if that
person's country does not grant to U.S. companies the same competitive
opportunities to underwrite and distribute that country's government
debt instruments as that country accords to its domestic companies. A
``person of a foreign country'' includes any foreign individual or
company that directly or indirectly controls a primary dealer. The
Board has made determinations under the Act with respect to six foreign
countries: Japan (1989), the United Kingdom (1989), Switzerland (1989)
Germany (1990), France (1992), and the Netherlands (1998).
A U.S. bank holding company owned by a Spanish firm intends to
acquire a U.S. broker-dealer that is currently designated as a primary
dealer. Under the Act, the broker-dealer would not be permitted to
retain its designation as a primary dealer following its acquisition by
the Spanish firm without a determination under the Act that Spain
affords the same competitive opportunities to U.S. firms to underwrite
and distribute Spanish government debt instruments as Spain accords to
Spanish firms.
In order to make this determination, the Federal Reserve is
conducting a review of the market in Spanish
[[Page 59391]]
government debt instruments. The Board requests comment on all aspects
of the review. The Board specifically requests comment on the respects
in which U.S. companies are accorded, or are not accorded, the same
competitive opportunities in the underwriting and distribution of
Spanish government debt instruments as Spain accords to Spanish
companies. All comments received will be considered in the context of
the review of this market.
By order of the Board of Governors of the Federal Reserve
System.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2021-23428 Filed 10-26-21; 8:45 am]
BILLING CODE P
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