The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Federal R eserve Bank OF DALLAS ROBERT D. M c T E E R , J R . August 15, 1991 P R E S ID E N T AND C H IE F E X E C U T IV E DALLAS, TEXAS 7 5 2 2 2 O F F IC E R Notice 91-69 TO: The C hief Executive Officer of each m e mber bank and others concerned in the Eleventh Federal Reserve District SUBJECT Over-the- C o u n t e r (OTC) Margin Stocks DETAILS The Board of Governors of the Federal Reserve S y stem has revised the list of over - t h e - c o u n t e r (OTC) stocks that are subject to its margin r e g u l a tions, effective August 12, 1991. The Board publishes a complete list four times a year, and the Federal Register announces additions to and deletions from the 1 ist. The complete list of OTC stocks as of August 12, 1991, is available 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 brokerdealers. A TTACHMENT A t tached is a copy of the Federal Register announcement of revisions to the list of OTC stocks as shown on pages 35805-8, Vol. 56, No. 145, dated July 29, 1991. Also included are additions to the listing of foreign margin stocks; there are no deletions. MORE INFORMATION For more information regarding m arginable OTC stock requirements, please contact Dean A. Pankonien at (214) 651-6228. For copies of the complete list or additional copies of this B a n k ’s 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) 35805 Rules and Regulations Federal Register Vql. 50, No. 145 M onday, July 29, 1991 This section of the FEDERAL REGISTER contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510. The Code of Federal Regulations is sold by the Superintendent of Documents. Prices of new books are listed in the first FEDERAL REGISTER issue of each week. FEDERAL RESERVE SYSTEM 12 CFR Parts 207,220, 221 and 224 [Regulations G, T, U and X] Securities Credit Transactions; List of Marginable OTC Stocks; Ust of Foreign Margin Stocks July 23,1991. AGENCY: Board of Governors of the Federal Reserve System. a c t i o n : 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 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 and additions to the previous Foreign List. Both Lists were published on April 29,1991 (56 FR 19547} and effective on May 13,1991. EFFECTIVE DATE: August 12,1991. su m m ary : FOR FURTHER INFORMATION CONTACT: Peggy Wolffrum, Securities Regulation Analyst, Division of Banking Supervision and Regulation (202) 4522781, Board of Governors of the Federal Reserve System, Washington, DC 20551. For the hearing impaired only, contact Dorothea Thompson, Telecommunications Device for the Deaf (TDD) at (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 May 13, 1991. Additions and deletions to the OTC List were last published on April 29,1991 (56 FR 19547). 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 List also includes any OTC 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 marginable 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. The second group of securities represents additions to the Board’s Foreign List, which w as last published April 29,1991 (56 FR 19547) and effective May 13,1991. There are no deletions to the Foreign List. 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). The Foreign List includes those stocks that meet the criteria in 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 List3 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, and additions to the Foreign List. Deletions From the List of Marginable OTC Stocks Stocks R em oved fo r Failing Continued Listing Requirem ents Alcide Corporation $.01 par common 35806 Federal Register / Vol. 56, No. 145 / Monday, July 29, 1991 / Rules and Regulations Algorex Corporation $.01 par common Alloy Computer Products, Inc. $.01 par common Amoskeag Bank Shares, Inc. $1.00 par common Astrocom Corporation $.10 par common Barry Blau & Partners, Inc. $.01 par common Bell, W. & Co., Inc. $.10 par common Biogen, Inc. $.01 par convertible, exchangeable preferred CF & I Steel Corporation $5.00 par common Citizens Growth Properties $1.00 par shares of beneficial interest Coca-Cola Enterprises, Inc. W arrants (expire 07-10-91) Duramed Pharmaceutical, Inc. $.01 par common E & B Marine Inc. $.01 par common Encore Computer Corporation $.01 par common Enstar Group, Inc., The $.50 par common Famous Restaurants Inc. $.01 par common Great American Management & Investment, Inc. $.01 par common Healthco International, Inc. $.05 par common Helian Health Group Inc. W arrants (expire 11-22-92) Hemodynamics Incorporated $.01 par common International Broadcast Systems Inc, Class A, $.001 par common International Broadcasting Corporation $.001 par common Isomet Corporation $1.00 par common James Madison Limited $1.00 par common John Hanson Bancorp, Inc. $1.00 par common Metropolitan Federal Bank, a Savings Bank (Tennessee) $1.00 par common Microscience International Corp. No par common Midwest Communications Corporation $.01 par common Moto Photo, Inc. $.01 par common $.01 par cumulative, convertible preferred W arrants (expire 11-25-91) Mr. Gasket Company No par common Normandy Oil & Gas Company, Inc. $.001 par common Plymouth Five Cents Savings Bank (Massachusetts) $.10 par common Profit Technology, Inc. $.01 par common Prospect Park Financial Corporation $1.00 par common Rax Restaurants, Inc. $.10 par common Seacoast Savings Bank (New Hampshire) $1.00 par common Statewide Bancorp $2.50 par common Stratford American Corporation $.01 par common Tempest Technologies, Inc. $.01 par common Twin Star Productions, Inc. $.001 par common U.S. Gold Corporation $.01 par common Unigene Laboratories, Inc. Class A, warrants (expire 08-11-92) United Dominion Realty Trust 9% convertible subordinated debentures Valley Federal Savings & Loan Association (California) No par common Workingmens Corporation $.10 par common Stocks R em oved fo r Listing on a N ational Securities Exchange or Being Involved in an Acquisition Air Midwest, Inc. No par common Angeion Corporation $.01 par common Bancorp Hawaii, Inc. $2.00 par common Banks of Iowa, Inc. No par common Benton Oil and Gas Company $.01 par common Bizmart, Inc. $.01 par common Calgon Carbon Corporation $.01 par common Coca Mines Inc. $.01 par common W arrants (expire 05-05-94) Continental Medical Systems, Inc. $.01 par common Critical Care America, Inc. $.10 par common Dataphaz, Inc. $.001 par common Eastchester Financial Corporation $.01 par common First Federal Savings Bank (Alabama) $.01 par common Hamilton Oil Corporation $.25 par common Inbancshares No par common Iowa Southern Inc. $5.00 par common Medical Management of America, Inc. $.01 par common Mission-Valley Bancorp (California) No par common NAPA Valley Bancorp No par common National Health Laboratories Incorporated $.01 par common Provena Foods, Inc. No par common Royalpar Industries, Inc. $.01 par common W arrants (expire 01-20-92) Sensormatic Electronics Corporation $.01 par common Sizzler Restaurants International, Inc. $.01 par common Southern Bankshares, Inc. $2.50 par common Tocor, Inc. Units (expire 12-31-94) United Banks of Colorado, Inc $2.50 par common Universal Health Service, Inc. Class B, $.01 par common US W est Newvector Group, Inc. Class A, no par common Vitalink Communications Corporation $.01 par common Vivigen, Inc. $.01 par common W avetek Corporation $1.00 par common Additions to the List of Marginable OTC Stocks Advanced Promotion Technologies, Inc. $.01 par common AES Corporation, The $.01 par common Air-Cure Environmental, Inc. $.001 par common Alpha 1 Biomedicals, Inc. $.001 par common American Biodyne, Inc. $.01 par common American Claims Evaluations, Inc. $.01 par common American Dental Laser, Inc. $.01 par common Applied Extrusion Technologies, Inc. $.01 par common Applied Immune Sciences, Inc. $.01 par common Artel Communications Corporation Rights (expire 07-25-91) Aspen Bancshares, Inc. $.01 par common Au Bon Pain Co., Inc. Class A, $.0001 par common Aura Systems, Inc. $.005 par common Automated Security (Holdings) PLC American Depositary Receipts Bertucci’s Inc. $.005 par common Bio-Technology General Corporation $.01 par common Biomedical Dynamics Corporation No par common Federal Register / Vol. 56, No. 145 / Monday, July 29, 1991 / Rules and Regulations Bioplasty, Inc. $.01 par common Brooktree Corporation No par common BWIP Holding, Inc. Class A, $.01 par common Calloway’s Nursery, Inc. $.01 par common Cambridge Neuroscience Research, Inc. $.001 par common CBL Medical, Inc. $.01 par common W arrants (expire 12-21-93) Centocor, Inc. W arrants (expire 12-31-94) 7V*% convertible subordinated debentures Central Indiana Bancorp No par common Century Medicorp No par common Cephalon, Inc. $.01 par common Chemi-Trol Chemical Co. No par common Cherokee Inc. $.01 par common Chipcom Corporation $.02 par common Coastal Healthcare Group, Inc. $.01 par common Commerce Clearing House, Inc. Class B, $1.00 par common Cor Therapeutics, Inc. $.0001 par common Cragin Financial Corporation $.01 par common Curative Technologies Inc. $.01 par common Danek Group, Inc. No par common Devry Inc. $.01 par common Envoy Corporation $1.00 par common Filene's Basement Corporation $.01 par common First Federal Savings Bank of New Smyrna $1.00 par common First Team Sports, Inc $.01 par common Fortis Corporation $.0001 par common Franklin Savings Bank, FSB (Michigan) Series A, no par noncumulative convertible preferred Future Now, Inc., The No par common Genelabs Technologies, Inc. No par common General Kinetics Incorporated $.25 par common Genesis Health Ventures. Inc. $.02 par common Glycomed Incorporated No par common Hancock Holding Company $3.33 par common Hi-Lo Automotive, Inc. $.01 par common Homedco Group, Inc. $.01 par common Icos Corporation $.01 par common Idexx Laboratories, Inc. $.01 par common IHOP Corporation $.01 par common Immulogic Pharmaceutical Corporation $.01 par common Integated Circuit Systems, Inc. No par common Integrated Health Services, Inc. $.001 par common Interwest Savings Bank $.20 par common Isis Pharmaceuticals, Inc. $.001 par common Leslie’s Poolmart No par common Lifetime Hoan Corporation $.01 par common Machine Technology, Inc. No par common Marrow-Tech Incorporated Class A, $.01 par common Marsh Supermarkets, Inc. Class B, no par common Medarex, Inc. $.01 par common W arrants (expire 06-19-96) Medimmune, Inc. $.01 par common Moorco International Inc. $.01 par common Mylex Corporation $.01 par common OESI Power Corporation $.01 par common Osteotech, Inc. $.01 par common Otra Securities Group, Inc. $.01 par common Outback Steakhouse. Inc. $.01 par common Outlook Graphics Corporation $.01 par common OW Office Warehouse. Inc. $.01 par common Penril Datacomm Networks, Inc. $.01 par common Platinum Technology, Inc. $.001 par common Ponder Industries, Inc. $.01 par common Pope Resources Depositary receipts representing limited partnership units Professional Care, Inc. $.02 par common Proteon, Inc. $.01 par common Pulse Engineering, Inc. Class A, $.01 par common Qual-Med, Inc. $.01 par common Quantum Health Resources, Inc. 35807 $.01 par common Quarterdeck Office Systems, Inc. $.0001 par common Rag Shops, Inc. $.01 par common Regis Corporation $.05 par common Rehabcare Corporation $.01 par common Rentrak Corporation $.001 par common Riddell Sports Inc. $.01 par common Ross Systems, Inc. No par common Scigenics, Inc. Units (expire 05-31-96) Shoreline Financial Corporation $1.00 par common Short, C.A., International, Inc. No par common Sierra Semiconductor Corporation No par common Sierra Tahoe Bancorp No par common Software Spectrum Inc. $.01 par common Staodyn, Inc. W arrants (expire 06-01-93) State Auto Financial Corporation No par common State of the Art, Inc. No par common Sunrise Technologies, Inc. No par common Tanknology Environmental, Inc. $.01 par common TSI Corporation $.02 par common U.S. Homecare Corporation $.01 par common U.S. Long Distance Corporation $.01 par common United American Healthcare Corporation No par common Wheatley TXT Corporation $.01 par common Wisconsin Central Transportation Corporation $.01 par common Xvplex, Inc. $.01 par common Additions to the List o f Foreign Margin Stocks Aoyama Trading ¥ 50 par common Chubu Electric ¥ 500 par common Daiei, Inc., The ¥ 50 par common Daiwa Kosho Lease Co., Ltd. ¥ 50 par common Hihon Unisys, Ltd. ¥ 50 par common Iwatani International Corp. ¥ 50 par common 35808 Federal Register / Vol. 56, No. 145 / Monday, July 29, 1991 / Rules and Regulations Japan Airlines Co., Ltd. ¥ 50 par common Joshin Denki Co., Ltd. ¥ 50 par common Komori Corporation ¥ 50 par common Lion Corporation ¥ 50 par common Long Term Credit Bank of Japan, Ltd. ¥ 50 par common Matsushita Electric Industrial Co., Ltd. ¥ 50 par common Mercian Corpora tion ¥ 50 par common Nintendo Co., Ltd. ¥ 50 par common Sanrio Co., Ltd. ¥ 50 par common Sega Enterprises, Ltd. ¥ 50 par common Sumitomo Realty & Development Co., Ltd. ¥ 50 par common Takasago Thermal Engineering Co. ¥ 50 par common TDK Corporation ¥ 50 par common Yurtec Corporation ¥ 50 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 285.2(c)(18}), July 23,1991. W illiam W . W iles, Secretary of the Board. [FR Doc. 91-17786 Filed 7-28-91; 8:45 am] BILLING CODE 6210-01-M
@FedFRASER