Circular
Interpretation Concerning Securities Underwriting By Foreign Banks
February 12, 2003
Circular No. 11499

To All Depository Institutions and Others Concerned in the Second Federal Reserve District:

In a press release, the Federal Reserve Board has issued an interpretation concerning the underwriting by foreign banks of securities to be distributed in the United States.

The interpretation clarifies that a foreign bank that wishes to engage in such activity must either be a financial holding company or have authority to engage in underwriting activity under section 4(c)(8) of the Bank Holding Company Act.

A copy of the Board's interpretation is attached.

Questions on this matter may be directed at this Bank to Michael Schussler, Counsel and Assistant Vice President, Legal Department.