View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Federal Reserve Bank
OF DALLAS
ROBERT

D. M C T E E R , J R .

_

,

„

president

, _ .,

February 20, 1991

AND CHIEF EXECUTIV E O F F IC E R

DALLAS, TEXAS 7 5 2 2 2

Notice 91-13
TO:

The Chief Executive Officer of each
member bank and others concerned in
the Eleventh Federal Reserve District
SUBJECT
Over-the-Counter (OTC) Margin Stocks
DETAILS

The Board of Governors of the Federal Reserve System has revised the
list of over-the-counter (OTC) stocks that are subject to its margin regula­
tions, effective February 11, 1991. The Board publishes a complete list four
times a year, and the Federal Register announces additions to and deletions
from the list.
The complete list of OTC stocks as of February 11, 1991, is avail­
able from the Public Affairs Department of this Bank upon request.
Included
with the list is a listing of foreign margin stocks.
The foreign margin
stocks listed are foreign equity securities eligible for margin treatment at
broker-dealers.
ATTACHMENT
Attached is a copy of the Federal Register announcement of revisions
to the list of OTC stocks as shown on pages 3773-75, Vol. 56, No. 21, dated
January 31, 1991. There are no additions to or deletions from the previous
list of foreign margin stocks, which was effective November 13, 1990.
MORE INFORMATION
For more information regarding marginable OTC stock requirements,
please contact Dean A. Pankonien at (214) 651-6228.
For copies of the
complete list or additional copies of this notice, please contact the Public
Affairs Department at (214) 651-6289.
Sincerely yours,

For additional copies, bankers and others are encouraged to use one of the following toll-free numbers in contacting the Federal Reserve Bank of Dallas:
Dallas Office (800) 333-4460; El Paso Branch Intrastate (800) 592-1631, Interstate (800) 351-1012; Houston Branch Intrastate (800) 392-4162,
Interstate (800) 221-0363; San Antonio Branch Intrastate (800) 292-5810.

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

Federal Register / Vol. 56, No. 21 / Thursday, January 31, 1991 / Rules and Regulations

3773

FEDERAL RESERVE SYSTEM
12 CFR Parts 207, 220,221 and 224
[Regulations G, T, U and X]

Securities Credit Transactions; List of
Marginabie OTC Stocks; List of
Foreign Margin Stocks
ASENCY: Board of Governors of t h e
Federal Reserve System.
ACTION: Final rule; determination of
applicability of regulations.

The List of Marginable OTC
Stocks (OTC List) is comprised of stocks
traded over-the-counter (OTC) in the
United States that have been
determined by the Board of Governors
of the Federal Reserve System to be
subject to the margin requirements
under certain Federal Reserve
regulations. The List of Foreign Margin
Stocks (Foreign List) represents all
foreign equity securities that have met
the Board’s eligibility criteria under
Regulation T. The OTC List and the
Foreign List are published four times a
year by the Board. This document sets
forth additions to or deletions from the
previous OTC List. There are no
additions to or deletions from the
previous Foreign List. Both Lists were
published on November 1,1990 (55 FR
46040) and effective on November 13,
1990.
EFFECTIVE DATE: February 11,1991.
su m m ary :

FOR FURTHER INFORMATION CONTACT:

Peggy Wolffrum, Securities Regulation
Analyst, Division of Banking
Supervision and Regulation, (202) 452­
2781, Board of Governors of the Federal
Reserve System, Washington, DC 20551.
For the hearing impaired only, Dorothea
Thompson, Telecommunications Device
for the Deaf (TDD) (202) 452-3544.
SUPPLEMENTARY INFORMATION: Listed
below are additions to or deletions from
the OTC List. This supersedes the last
OTC List which w as effective November
13,1990. Additions and deletions to the
OTC List were last published on
November 1,1990 (55 FR 46040). A copy
of the complete OTC List is available
from the Federal Reserve Banks.
The OTC List includes those stocks
that meet the criteria in Regulations G, T
and U (12 CFR parts 207, 220 and 221,
respectively). This determination also
affects the applicability of Regulation X
(12 CFR part 224). These stocks have the
degree of national investor interest, the
depth and breadth of market, and the
availability of information respecting
the stock and its issuer to w arrant
regulation in the same fashion as
exchange-traded securities. The OTC

3774

Federal Register / Vol. 56, No. 21 / Thursday. January 31, 1991 / Rules and Regulations

List also includes any OJC stock
designated under a Securities and
Exchange Commission (SEC) rule as
qualified for trading in the national
market system (NMS security).
Additional OTC stocks may be
designated as NMS securities in the
interim between the Board’s quarterly
publications. They will become
automatically marginabie at brokerdealers upon the effective date of their
NMS designation. The names of these
stocks are available at the Board and
the SEC and will be incorporated into
the Board’s next quarterly publication of
the OTC List.
There are no additions to or deletions
from the last Foreign List, which was
published November 1,1990 (55 FR
46040) and effective November 13,1990.
This notice serves as republication of
that List with a new effective date of
February 11,1991. Stocks on the Foreign
List are eligible for margin treatment at
broker-dealers pursuant to a 1990
amendment to Regulation T (12 CFR part
220). These foreign equity securities
have met the Board’s requirements
pursuant to Regulation T and are eligible
for margin at broker-dealers on the same
basis as domestic margin securities. A
copy of the complete Foreign List is
available from the Federal Reserve
Banks.
Public Comment and Deferred Effective
Date
The requirements of 5 U.S.C. 553 with
respect to notice and public
participation were not followed in
connection with the issuance of this
amendment due to the objective
character of the criteria for inclusion
and continued inclusion on the Lists
specified in 12 CFR 207.6 (a) and (b),
220.17 (a), (b), (c) and (d), and 221.7 (a)
and (b). No additional useful
information would be gained by public
participation. The full requirements of 5
U.S.C. 553 with respect to deferred
effective date have not been followed in
connection with the issuance of this
amendment because the Board finds
that it is in the public interest to
facilitate investment and credit
decisions based in whole or in part upon
the composition of these Lists as soon as
possible. The Board has responded to a
request by the public and allowed a
two-week delay before the Lists are
effective.
List of Subjects

12 CFR Part 207
Banks, Banking, Credit, Federal
Reserve System, Margin, Margin
requirements, National Market System

(NMS Security), Reporting and
recordkeeping requirements, Securities.

12 CFR Part 220
Banks, Banking, Brokers, Credit,
Federal Reserve System, Margin, Margin
requirements. Investments, National
Market System (NMS Security),
Reporting and recordkeeping
requirements, Securities.

12 CFR Part 221
Banks, Banking, Credit, Federal
Reserve System, Margin, Margin
requirements, National Market System
(NMS Security), Reporting and
recordkeeping requirements, Securities.

12 CFR Part 224
Banks, Banking, Borrowers, Credit,
Federal Reserve System, Margin, Margin
requirements, Reporting and
recordkeeping requirements, Securities.
Accordingly, pursuant to the authority
of sections 7 and 23 of the Securities
Exchange Act of 1934, as amended (15
U.S.C. 78g and 78w), and in accordance
with 12 CFR 207.2(k) and 207.6(c)
(Regulation G), 12 CFR 220.2(u) and
220.17(e) (Regulation T), and 12 CFR
221.2(j) and 221.7(c) (Regulation U),
there is set forth below a listing of
deletions from and additions to the OTC
List.
Deletions From the List of Marginabie
OTC Stocks

Stocks Removed For Failing Continued
Listing Requirements
1st American Bancorp Inc.
$.01 par common
Abraham Lincoln Federal Savings, Bank
(Pennsylvania)
$100 par common
Action Savings Bank, S.L.A.
$1.00 par common
Arizona Instrument Corporation
No par common
Cellular Information Systems, Inc.
Class A, $.01 par common
Ceramics Process Systems Corp.
$.01 par common
Charter Federal Savings Bank, (Virginia)
$.01 par common
Corporate Data Sciences, Inc.
No par common
Critical Industries, Inc.
$.001 par common
Decom Systems, Inc.
No par common
Duratek Corporation
$.01 par common
Empire Financial Corp.
$.01 par common
Environmental Power Corporation
$.01 par common
Financial News Network, Inc.
No par common

First Charter Corporation
$5.00 par common
First Continental Real Estate Investment
Trust
$1.00 par shares of beneficial interest
Genex Corporation
$.05 par common, Series B, $.60 par
convertible preferred
HEI, Inc.
$.05 par common
Home Federal Savings Bank (South
Carolina)
$1.00 par common
Ingres Corporation
$.001 par common
Intech Incorporated
No par common
International Consumer Brands, Inc.
$.01 par common
Ironstone Group, Inc.
$.01 par common
JRM Holdings, Inc.
$.01 par common
KWIK Products International
Corporation
No par common
Landmark/Community Bancorp, Inc.
$.01 par common
Lexington Precision Corporation
$.25 par common
Meret, Inc.
No par common
Merrimack Bancorp, Inc.
$.10 par common
Nevada Goldfields Corporation
No par common
New Hampshire Savings Bank Corp.
$1.00 par common
One Bancorp, The
$1.00 par common
Overmyer Corporation
No par common
P.C. Quote, Inc.
$.001 par common
Pioneer American Holding Corporation
$10.00 par common
Prab Robots, Inc.
$.10 par common
Ronson Corporation
$1.00 par common
Samna Corporation
$.01 par common
Software Services of America, Inc.
$.01 par common
Southmark Corporation
$.01 par common
Sunresorts Ltd., N.V.
$.01 par common
Traditional Industries, Inc.
$.01 par common
Transnational Industries, Inc.
$.01 par common
Washington Savings Bank, F.S.B.
(Maryland)
$1.00 par common
W esterbeke Corporation
$.01 par common
Westwood One, Inc.

Federal Register / Vol. 56, No. 21 / Thursday, January 31, 1991 / Rules and Regulations_____ 3775
W arrants (expire 09-04-97)
Xscribe Corporation
No par common

Stocks Removed For Listing On a
National Securities Exchange Or Being
Involved In An Acquisition
American Reliance Group, Inc.
$.01 par common
Barden Corporation, The
$1.00 par common
Cambrex Corporation
$.10 par common
Cheshire Financial Corporation
$1.00 par common
Conner Peripherals, Inc.
No par common
Continental Gold Corporation
No par common
Doctors Rehabilitation Corporation of
America
$.001 par common
Environmental Tectonics Corporation
$.10 par common
Exploration Company of Louisiana Inc.,
The
$.01 par common
First Federal of W estern Pennsylvania,
$1.00 par common
Frontier Insurance Group, Inc.
$.01 par common
Home Savings Bank, The (New York)
$1.00 par common
Laidlaw Inc.
Class A, no par common
Class B, no par common
Mayflower Financial Corporation
$.01 par common
Micrcn Technology, Inc.
$.10 par common
Mid Maine Savings Bank, F.S.B.
$.01 par common
National Lampoon, Inc.
$.10 par common
Nike, Inc.
Class B, no par common
North Hills Electronics, Inc.
$.01 par common
NWNL Companies, Inc., The
$1.25 par common
OSHAP Technologies LTD
W arrants (expire 11-25-90)
Phoenix American Incorporated
No par common
Planters Corporation, The
$5.00 par common
Pop Radio Corporation
$.01 par common
Sellersville Savings and Loan
Association (Pennsylvania)
$1.00 par common
Telecredit, Inc.
$.01 par common
Tolland Bank (Connecticut)
$1.00 par common
Tony Lama Company, Inc.
$1.00 par common
U.S. Intec, Inc.
$.02 par common

Urcarco, Inc.
$.01 par common
Valley Federal Savings Bank (Indiana)
$.01 par common
VISX, Incorporated
No par common

Additions To the List of Marginabie
OTC Stocks
A. L Williams Corporation
7.25% convertible subordinated
debentures
ATC Environmental Inc.
$.01 par common
Bank of San Pedro
No par common
Cardinal Distribution, Inc.
7lA% convertible subordinated
debentures
Care Group, Inc., The
$.001 par common, W arrants (expire
04-24-91)
Cathay Bancorp, Inc.
No par common
Chiron Corporation,
7Vi% convertible subordinated
debentures
Clearly Canadian Beverage Corporation
No par common
Coca-Cola Enterprises, Inc.
W arrants (expire 07-10-91)
Crop Genetics International
$.95 convertible exchangeable
preferred
First Bancorp Indiana, Inc.
No par common
First Seismic Corporation,
$.01 par common
Great Lakes Bancorp, A Federal Savings
Bank
W arrants (expire 07-01-95)
Health Risk Management, Inc.
$.01 par common
Hector Commincations Corporation
$01 par common
In Focus Systems, Inc.
No par common
Isreal Land Development Company
Limited
American Depository Receipts
Kaiser Steel Resources, Inc.
$.03 par common
Lufkin Industries, Inc.
$1.00 par common
Millfeld Trading Co., Inc.
Class A, w arrants (expire 07-22-92)
W arrants (expire 01-22-94)
N.S. Bancorp, Inc.,
$.01 par common
Neozyme Corporation
Units (expire 12-31-94)
Palmer Tube Mills Limited
American Depository Receipts
Rada Electronics Industries Limited
$.001 par common
Regional Federal Bankcorp, Inc.
(Indiana)

No par common
SSMC, Inc.
Series B, 15% cumulative preferred
Tandy Brands Accessories, Inc.
$1.00 par common
Universal Holding Corporation
W arrants (expire 06-29-93)
Ventura Motion Picture Group
$.001 par common
Videocart, Inc.
$.01 par common
Wisconsin Pharmacal Company, Inc.
$.01 par common
By order of the Board of Governors of the
Federal Reserve System, acting by its Staff
Director of the Division of Banking
Supervision and Regulation pursuant to
delegated authority (12 CFR 265.2(c)(18)),
January 25,1991.

William W. Wiles,

Secretary of the Board.
[FR Doc. 91-2247 Filed 1-30-91; 8:45 am]
BILUNQ CODE 6210-01-*!


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102