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F ederal R e se r v e B ank OF DALLAS ROBERT D. M C T E E R , J R . P R E S ID E N T AND C H IE F E X E C U T IV E O F F IC E R November 15 , 1991 d a lle s ,t e x a s 75222 N otice 91-96 TO: The C hie f Executive O f f i c e r o f each member bank and o t h e r s concerned in t h e Eleventh Federal Reserve D i s t r i c t SUBJECT Ov er-th e- C ounte r (OTC) Margin Stocks DETAILS The Board o f Governors o f t h e Federal Reserve System has r e v i s e d the l i s t o f o v e r - t h e - c o u n t e r (OTC) s t o c k s t h a t a r e s u b j e c t t o i t s margin r e g u l a t i o n s , e f f e c t i v e November 12 , 1991 . The Board p u b l i s h e s a complete l i s t fo u r times a y e a r , and t h e Federal R e g i s t e r announces a d d i t i o n s t o and d e l e t i o n s from t h e l i s t . The complete l i s t of OTC s to c k s as o f November 12, 1991, i s a v a i l a b le from t h e Pu b li c A f f a i r s Department o f t h i s Bank upon r e q u e s t . Included with t h e l i s t i s a l i s t i n g o f f o r e i g n margin s t o c k s . The f o r e i g n margin s t o c k s l i s t e d a re f o r e i g n e q u i t y s e c u r i t i e s e l i g i b l e f o r margin t r e a t m e n t a t broker-dealers. ATTACHMENT Attached i s a copy o f th e Federal R e g i s t e r announcement o f r e v i s i o n s t o t h e l i s t o f OTC s t o c k s as shown on pages 55442-45, Vol. 56, No. 208, dated October 28, 1991. Also included i s a d e l e t i o n from t h e l i s t i n g o f f o r e i g n margin s t o c k s ; t h e r e a r e no a d d i t i o n s . MORE INFORMATION For more in fo rm a tio n re g a r d in g marginable OTC s to c k r e q u i r e m e n t s , p l e a s e c o n t a c t Eugene Coy a t (214) 744-7484. For c o p ie s o f t h e complete l i s t or a d d i t i o n a l c op ie s o f t h i s Bank’ s n o t i c e , p l e a s e c o n t a c t t h e P ubli c A f f a i r s Department a t (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) 55442 Federal Register / Vol. 56, No. 208 / Monday, October 28, 1991 / Rules and Regulations 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; List of Foreign Margin Stocks Board of Governors of the Federal Reserve System. ACTION; Final rule; determination of applicability of regulations. AGENCY: 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 deletions from the previous Foreign List. Both Lists were published on July 29,1991 (56 FR 35805) and effective on August 12,1991 EFFECTIVE DATE: November 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 was effective August 12, 1991. Additions and deletions to the OTC List were last published on July 29, 1991 (56 FR 35805). 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 warrant 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. Also listed below is the one deletion from the Foreign List. There are no new additions to the Board's Foreign List, which w as last published July 29,1991 (56 FR 35805) and effective August 12. 1991. Stocks on the Foreign List are eligible for margin treatment at brokerdealers 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 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, and the one deletion from the Foreign List. Deletions From the List of Marginable OTC Stocks Stocks Removed for Failing Continued Listing Requirements Artel Communications Corporation Rights (expire 07-25-91) Bankeast Corporation $1.00 par common Cenvest, Inc. $.01 par common Checkrobot, Inc. $.01 par common Cherne Medical, Inc. No par common Child World, Inc. $.10 par common City Resources (Canada) Ltd. No par common Communications Transmission, inc. $.01 par common Concurrent Computer Corporation $.01 par common CPC-Rexcel, Inc. $.01 par common Cutco Industries, Inc. $.10 par common Damon Group Inc. $.01 par common Elcotel, Inc. $.01 par common Federal Register / Vol. 56, No. 208 / Monday, October 28, 1991 / Rules and Regulations Farm & Home Financial Corporation 13% Series A, cumulative exchangeable preferred First Financial Management Corp. 7% convertible subordinated debentures GTE California Inc. 5% cumulative preferred Guaranty Bancshares Corporation No par common Homestead Holding Corporation $1.00 par common Insituform Group Limited W arrants (expire 09-28-91) Invg Mortgage Securities Corp. $.01 par common Invitron Corporation $.02 par common Jetbome International, Inc. $.01 par common Kinder-Care Learning Centers, Inc. $.01 par common Landmark Bank for Savings (Massachusetts) $.10 par common Laser Corporation $.01 par common Laurel Savings Association (Pennsylvania) $1.00 par common LDB Corporation $5.00 par common Margo Nursery Farms, Inc. $0.01 par common MLX Corp. $.01 par common North American Savings Bank (Missouri) $1.00 par common Numerica Financial Corporation $.10 par common Old Fashion Foods, Inc. $.20 par common Perpetual Financial Corporation $.01 par common, Series A, cumulative convertible preferred Personal Diagnostics, Inc. $.01 par common PSH Master L.P. I Units of limited partnership interest Response Technologies, Inc. Series A, $1.00 par convertible preferred Robotic Vision Systems, Inc. $.01 par common Ross Industries, Inc. $1.00 par common Royal Gold, Inc. $.01 par common SSMC, Inc. N.V. 15% Series B cumulative preferred Stake Technology Ltd. No par common Suffield Financial Corporation $1.00 par common Tinsley Laboratories, Inc. No par common Unity Healthcare Holding Co., Inc. $.01 par common Victoria Creations, Inc. No par common Viejo Bancorporation No par common Williams, A.L., Corporation 7.25% convertible subordinated debentures Stocks Rem oved for Listing on a National Securities Exchange or Being Involved in an Acquisition 20th Century Industries No par common ADT Limited American Depositary Receipts Black Industries, Inc. $1.00 par common Carrington Laboratories, Inc. $.01 par common Cellular Communications, Inc. $.01 par common Centurion Gold Ltd. No par common Courier Dispatch Group, Inc. $.001 par common Del Taco Restaurants, Inc. $.01 par common Fabricland, Inc. No par common FNW Bancorp, Inc. No par common Graphic Scanning Corp. $.01 par common Hi-Lo Automotive, Inc. $.01 par common Home and City Savings Bank (New York) $1.00 par common IMCO Recycling Inc. $.10 par common Inacomp Computer Centers, Inc. $.05 par common Infotron Systems Corporation $.01 par common Intermec Corporation $.60 par common Nutmeg Industries, Inc. $.01 par common Readicare, Inc. $.01 par common Shirt Shed, Inc., The $.01 par common Southern National Corporation $5.00 par common U.S. Precious Metals, Inc. No par common United Healthcare Corporation $.01 par common Vanfed Bancorp $1.00 par common Vanguard Real Estate Fund I, a Sales Commission-Free Income Properties Fund Shares of beneficial interest Vanguard Real Estate Fund II No par shares of beneficial interest Ventrex Laboratories, Inc. $.01 par common 55443 Weigh-Tronix, Inc. $.01 par common Ziegler Company, Inc., The $1.00 par common Additions to the List of Marginable OTC Stocks AG Services of America, Inc. No par common Alexander Energy Corporation $.03 par common Alkermes, Inc. $.01 par common American Healthcorp, Inc. $.001 par common Amerifed Financial Corporation $.01 par common Anergen, Inc. No par common Aphton Corp. No par common Artisoft, Inc. $.01 par common Biomatrix, Inc. $.001 par common BMC W est Corporation $.001 par common Body Drama, Inc. No par common Bon-Ton Stores, Inc., The $.01 par common CAP RX Ltd. $.002 par common Class A, warrants (expire 07-17-95) Capital Bancorporation, Inc. (Missouri) $.10 par common Catherines Stores Corporation $.01 par common CCC Franchising Corp. $.01 par common CE Software Holdings, Inc. $.02 par common Cellpro, Incorporated $.001 par common Cellular Communications, Inc. $.01 par redeemable participating convertible preferred Centigram Communications Corporation $.001 par common Charter Golf, Inc. $.001 par common Circle Financial Corporation $1.00 par common Community Bancorp, Inc. (New York) $.80 par common Community Financial Corporation $.01 par common Community First Bankshares, Inc. (North Dakota) $.01 par common Computer Network Technology Corporation $.01 par common Computer Telephone Corp. Class I, $.01 par common Cybernetics Products, Inc. $.01 par common Dianon Systems, Inc. $.01 par common 55444 Federal Register / Vol. 56. No. 208 / Monday, October 28. 1991 / Rules and Regulations DNA Plant Technology Corporation $.01 par convertible exchangeable preferred Electromedics, Inc. $.05 par common Environmental Services of America, Inc. $.02 par common Executive Telecard, Ltd. $.001 par common Ezcorp, Inc. Class A, non-voting, $.01 par common Financial Industries Corporation $1.00 par common Fisher Imaging Corporation $.01 par common Genetic Therapy, Inc. $.01 par common Genetics Institute, Inc. W arrants (expire 05-31-96) GMIS Inc. $.01 par common Government Technology Services, Inc. $.005 par common Grand Casinos, Inc. $.01 par common Grant Tensor Geophysical Corporation $.01 par convertible preferred Great Lakes Bancorp, a Federal Savings Bank (Michigan) No par convertible preferred Hauser Chemical Research, Inc. $.001 par common Holopak Technologies, Inc. $.01 par common Humphrey, Inc. No par common Hycor Biomedical, Inc. W arrants (expire 0&-07-98) IDEC Pharmaceuticals Corporation No par common Infrasonics, Inc. No par common Intergroup Healthcare Corporation $.001 par common Interneuron Pharmaceuticals, Inc. $.001 par common Class A, w arrants (expire 03-08-95) Interstate Bakeries Corporation $.01 par common Irwin Financial Corporation $5.00 par common Jean Philippe Fragrances, Inc. $.001 par common W arrants (expire 01-15-93) Koll Management Services, Inc. $.01 par common Kushner-Locke Company, The No par common W arrants (expire 0320-96) Laser-Pacific Media Corporation $.0001 par common Lawyers Title Corporation No par common Little Switzerland, Inc. $.01 par common Liuski International, Inc. $.01 par common Magic Software Enterprises LtdOrdinary shares, NIS .1 p ar value Medaphis Corporation $.01 par common Medical Dynamics, Inc. $.001 par common Medicus Systems Corporation $.01 par common Mediplex Group, Inc., The $.10 par common Megacards, Inc. $.01 par common Meris Laboratories, Inc. No par common Michaels Stores, Inc. $.10 par common Micronics Computers, Inc. No par common Microprose, Inc. $.001 par common Mobley Environmental Services, Inc. Class A, $.01 par common Moleculon Biotech, Inc. $.01 par common Monro Muffler Brake, Inc. $.01 par common Mutual Assurance, Inc. $1.00 par common NAB A sset Corporation $.01 par common NAM TAI Electronics, Inc. $.02 par common National Beverage Corporation $.01 par common National Pizza Company Class B, $.01 par common Newpark Resources, Inc. $.01 par common NMR of America, Inc. $.01 par common Nutramax Products, Inc. $.001 par common Nview Corporation No par common OCOM Corporation $.01 par common Omni Films International, Inc. $.01 par common Osteotach, Inc. $.01 par common Oxford Health Plans, Inc. $.01 par common Paging Network, Inc. $.01 par common Pharmchem Laboratories, Inc. No par common Photographic Sciences Corporation $.01 par common Progress Software Corporation $.01 par common R-TEK Corporation No par common Relife, Inc. Class A, $.01 par common Right Start, Inc., The No par common Ringer Corporation $.01 par common Rogers Cantel Mobile Communications Inc. Class B, no par subordinated voting shares Royal Appliance Mfg. Co. No par common Salton/Maxim Housewares, Inc. $.01 par common Scigenics, Inc. $.01 par callable common Secom General Corporation $.10 par common Sepracor, Inc. $.10 par common Siskon Gold Corporation Class A, $.001 par common Somatogen, Inc. $.001 par common Southwest Securities Group, Inc. $.10 par common Special Devices, Incorporated $.01 par common State Bancorp, Inc. $5.00 par common Stewart Enterprises, Inc. Class A, no par common Sun Television & Appliances, Inc. $.01 par common Super Rite Corporation No par common Sybase, Inc. $.001 par common Systemix, Inc. $.01 par common Techne Corporation $.01 par common Technology Solutions Company $.01 par common Tecnol Medical Products, Inc. $.001 par common Teknekron Communications Systems, Inc. $.0067 par common Treadco, Inc. $.01 par common U.S. Robotics, Inc. $.01 par common Valley Systems, Inc. $.01 par common Vans, Inc. $.001 par common Vertex Pharmaceuticals Incorporated $.01 par common Video Lottery Technologies, Inc. $.01 par common Wellfleet Communications, Inc. $.01 par common Whitney Holding Corporation No par common With Design in Mind $.0001 par common Work Recovery, Inc. $.004 par common Zebra Technologies Corporation Class A, $.01 par common Zoom Telephonies, Inc. No par common Deletion From the List of Foreign Margin Stocks STCPLC 25 pence par common Federal Register / Vol. 56, No. 208 / Monday, October 28, 1991 / Rules and Regulations 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 265.7(f)(10)), October 22,1991. William W. Wiles, Secretary of the Board. [FR Doc. 91-25841 Filed 10-25-91; 8:45 am] BILLING CODE 6 2 1 0 -0 1 -M 55445
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