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FRB: Press Release -- Request for comment on U.S. companies in the d...
1 of 2
https://www.federalreserve.gov/boarddocs/press/boardacts/1997/199712...
FEDERAL RESERVE SYSTEM
Docket No. 0997
TREATMENT OF U.S. COMPANIES OPERATING IN GOVERNMENT DEBT
MARKET IN THE NETHERLANDS
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice of study and request for comment.
SUMMARY: Under the Primary Dealers Act of 1988, which became effective on August 23,
1989, the Federal Reserve may not designate or permit the continuation of the designation of
any person of a foreign country as a primary dealer in government debt instruments if such
foreign country does not accord to U.S. companies the same competitive opportunities in the
underwriting and distribution of government debt instruments issued by such country as such
country accords to its domestic companies. Pursuant to this Act, the Federal Reserve is
reviewing the government debt market of the Netherlands and requests public comment on
the treatment of U.S. companies with respect to the Netherlands' government debt market,
focusing in particular on the treatment of U.S. companies relative to domestic firms.
DATES: Comments must be received by February 27, 1998.
ADDRESSES: Comments, which should refer to Docket No. 0997, may be mailed to the
Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue
NW, Washington, D.C. 20551, to the attention of Mr. William W. Wiles, Secretary.
Comments addressed to the attention of Mr. Wiles may also be delivered to the Board's
mailroom between 8:45 a.m. and 5:15 p.m. weekdays and to the security control room
outside of those hours. Both the mailroom and the security control room are accessible from
the courtyard entrance on 20th Street between Constitution Avenue and C Street, NW.
Comments will be available for inspection and copying by members of the public in the
Freedom of Information Office, Room MP-500, between 9:00 a.m. and 5:00 p.m. weekdays,
except as provided in section 261.8 of the Board's Rules Regarding the Availability of
Information.
FOR FURTHER INFORMATION CONTACT: Kathleen O'Day, Associate General
Counsel (202/452-3786), or Ann Misback, Managing Senior Counsel (202/452-3788), Legal
Division; or Larry Promisel, Senior Advisor (202/452-3533), Division of International
Finance; Board of Governors of the Federal Reserve System. For the hearing impaired only,
Telecommunication Device for the Deaf (TDD), Diane Jenkins (202/452-3544), Board of
Governors of the Federal Reserve System., 20th and C Streets NW., Washington, D.C.
20551.
SUPPLEMENTARY INFORMATION: Under the Primary Dealers Act of 1988 ("Act"), 22
U.S.C. �� 5341-5342, the Federal Reserve may not permit a person of a foreign country
to act as a primary dealer in U.S. government securities if the person's home country does not
7/29/2024, 2:46 PM
FRB: Press Release -- Request for comment on U.S. companies in the d...
2 of 2
https://www.federalreserve.gov/boarddocs/press/boardacts/1997/199712...
accord U.S. companies the same competitive opportunities as the foreign country accords
domestic companies in underwriting and distributing government debt obligations of such
foreign country. A "person of a foreign country" includes any foreign individual or company
that directly or indirectly controls a primary dealer.
A subsidiary of a bank organized in the Netherlands proposes to be designated as a primary
dealer in U.S. government securities. Accordingly, in order to make the determination
required by the Act, the Federal Reserve is undertaking a study of the government debt
market of the Netherlands to determine whether U.S. companies are accorded national
treatment in their access to that market.
The Federal Reserve would welcome the views of U.S. firms or other persons on the specific
respects in which U.S. companies are accorded, or are not accorded, the same competitive
opportunities in the underwriting and distribution of Dutch government debt instruments as
the Netherlands accords to Dutch domestic companies. All such comments, which should be
submitted by February 27, 1998, would be considered in the context of the study of this
market.
By order of the Board of Governors of the Federal Reserve System, December 19, 1997.
(signed) William W. Wiles
William W. Wiles
Secretary of the Board
1997 Banking and consumer regulatory policy
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7/29/2024, 2:46 PM