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Federal R eserve Bank
OF DALLAS
robe” p*»!2 E “

r ’ JR-

Decem ber 5, 1996

A N D C H IE F E X E C U T IV E O F F IC E R

DLA TXS
A L S, E A

7 5 2 6 5 -5 9 0 6

Notice 96-123

TO:

The Chief Executive Officer of each
financial institution and others concerned
in the Eleventh Federal Reserve District
SUBJECT
Interpretation of and Request for Comment
on Amendments to the Margin Regulations;
Marginable Over-the-Counter Stocks
and Foreign Margin Stocks
DETAILS

The Board of Governors of the Federal Reserve System has issued an
interpretation of its margin regulations (Regulations G, T, and U) in response to the
enactm ent of the National Securities Markets Improvement Act of 1996. The
interpretation is effective immediately.
In addition, the Board has requested comment on amendments to its margin
regulations. The Board must receive comments by Decem ber 31, 1996. Please address
comments to William W. Wiles, Secretary, Board of Governors of the Federal Reserve
System, 20th Street and Constitution Avenue, N.W., Washington, D.C. 20551. All
comments should refer to Docket No. R-0944.
Also, the Board has published a revised list of over-the-counter (OTC) stocks
that are subject to its margin regulations, effective November 12, 1996. Also published is
the List of Foreign Margin Stocks for foreign equity securities that m eet the criteria in
Regulation T. The foreign margin stocks listed are foreign equity securities eligible for
margin treatm ent at broker-dealers.
The Board publishes a complete list four times a year, and the Federal
Register announces additions to and deletions from the list. Included with the list is a
listing of foreign margin stocks. The complete list of OTC stocks as of November 12,
1996, is available from the Public Affairs D epartm ent of this Bank upon request.

For additional copies, bankers and others are encouraged to use one of the following toll-free numbers in contacting the Federal
Reserve Bank o f 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)

-2 -

ATTACHMENTS
A copy of each of the Board’s notices (Federal Reserve System Docket Nos.
R-0943 and R-0944) is attached. Also attached is the Federal Register announcement of
revisions to the list of OTC stocks and deletions from the listing of foreign margin stock
as shown on pages 55555-61, Vol. 61, No. 209, dated October 28, 1996.
MORE INFORMATION
For more information, please contact Eugene Coy at (214) 922-6201. For
copies of the complete list of OTC stock margins or for additional copies of this Bank’s
notice, please contact the Public Affairs D epartm ent at (214) 922-5254.
Sincerely yours,

FEDERAL RESERVE SYSTEM
12 CFR Parts 207, 220 and 221
[Regulations G, T and U; Docket No. R-0944]
Securities Credit Transactions; Borrowing by Brokers and Dealers
AGENCY:

Board of Governors of the Federal Reserve System

ACTION: Proposed rule.
SUMMARY: On October 11, 1996, the President signed the National
Securities Markets Improvement Act of 1996 (the Markets Improvement Act).
Under the Markets Improvement Act, the Board no longer has the authority to
regulate certain loans to registered broker-dealers unless it finds that such rules
are necessary or appropriate in the public interest or for the protection of
investors. The Markets Improvement Act also repeals section 8(a) of the
Securities Exchange Act of 1934 (the Exchange Act), which limited the sources
of credit for broker-dealers who pledge exchange-traded equity securities to
certain banks and other broker-dealers. The Board is soliciting comment on
amendments to its margin regulations (Regulations G, T and U) to implement
the statutory amendments in the Markets Improvement Act and further the
policies behind their adoption.
DATE: Comments should be received by December 31, 1996.
ADDRESSES: Comments should refer to Docket No. R-0944 and may be
mailed to William W. Wiles, Secretary, Board of Governors of the Federal
Reserve System, 20th Street and Constitution Avenue, N.W., Washington, DC
20551. Comments also may be delivered to Room B-2222 of the Eccles
Building between 8:45 a.m. and 5:15 p.m. weekdays, or to the guard station in
the Eccles Building courtyard on 20th Street, N.W. between Constitution
Avenue and C Street, N.W. at any time. Comments received will be available
for inspection in Room MP-500 of the Martin Building between 9:00 a.m. and
5:00 p.m. weekdays, except as provided in 12 CFR 261.8 of the Board's rules
regarding availability of information.
FOR FURTHER INFORMATION CONTACT: Oliver Ireland, Associate
General Counsel (202) 452-3625; Gregory Baer, Managing Senior Counsel
(202) 452-3236; or Scott Holz, Senior Attorney (202) 452-2966, Legal Division;

- 2-

section 7 of the Exchange Act (15 U.S.C. 78g) to exclude certain loans1 to
7
broker-dealers2/ from the Board's margin setting authority. The Board is
nevertheless authorized to adopt rules and regulations covering these loans if the
Board finds such rules are "necessary or appropriate in the public interest or for
the protection of investors." Second, the Markets Improvement Act repeals
section 8(a) of the Exchange Act (15 U.S.C. 78h(a)). The Board is issuing an
interpretation of Regulations G, T and U, which were adopted under the
authority of sections 7 and 8(a) of the Exchange Act, to clarify the application
of the regulations in light of the enactment of the Markets Improvement Act. In
a separate document published elsewhere in today's Federal Register, the Board
is proposing amendments to Regulations G, T and U to implement the recent
statutory amendments and further the policies behind them.
The interpretation states that the Board has not made a finding that it is
"necessary or appropriate in the public interest or for the protection of
investors" to impose rules and regulations on loans to members of a national
securities exchange or registered brokers or dealers if a substantial portion of
their business consists of dealing with persons other than brokers or dealers or
the loan is to finance their activities as a market maker or an underwriter. In
other words, the interpretation concludes that provisions of Regulations G, T
and U are without effect if the credit extended is within the new statutory
exclusion. The interpretation also identifies the provisions of the Board's
margin regulations adopted to implement section 8(a) of the Exchange Act and
concludes that they are without effect in light of the Market Improvement Act's
repeal of section 8(a).
List of Subjects
12 CFR Parts 207. 220 and 221
Banks,.banking, Brokers, Credit, Federal Reserve System, Margin, Margin
requirements, Reporting and recordkeeping requirements, Securities.

v The excluded loans to broker-dealers are: 1. loans to finance market making or
underwriting activities, and 2. loans to finance any activity if a "substantial portion" of the
broker-dealer's "business consists of transactions with persons other than brokers or dealers."
v The exact language in the Markets Improvement Act covers "a member of a national
securities exchange or a registered broker or dealer." Although the Exchange Act defines the
terms "broker" and "dealer," the Markets Improvement Act language is restricted to brokers
and dealers who are subject to oversight by the Securities and Exchange Commission.

-

3

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For the reasons set out in the preamble, 12 CFR Parts 207, 220 and 221
are amended as follows:
PART 207 - SECURITIES CREDIT BY PERSONS OTHER THAN
BANKS, BROKERS, OR DEALERS (REGULATION G)
1. The authority citation for Part 207 is revised to read as follows:
Authority: 15 U.S.C. 78c, 78g, 78q, and 78w.
2. Section 207.114 is added to read as follows:
§ 207.114 Credit to Brokers and Dealers.
(a) The National Securities Markets Improvement Act of 1996 (Pub. L.
104-290) restricts the Board's margin authority by repealing section 8(a) of the
Securities Exchange Act of 1934 (the Exchange Act) and amending section 7 of
the Exchange Act to exclude the borrowing by a member of a national securities
exchange or a registered broker or dealer "a substantial portion of whose
business consists of transactions with persons other than brokers or dealers" and
borrowing by a member of a national securities exchange or a registered broker
or dealer to finance its activities as a market maker or an underwriter.
Notwithstanding this exclusion, the Board may impose such rules and
regulations if it determines they are "necessary or appropriate in the public
interest or for the protection of investors."
(b) The Board's margin regulations, Regulations G, T and U (12 CFR
Parts 207, 220 and 221 respectively), currently contain rules regarding loans to
brokers and dealers based on former section 8(a) of the Exchange Act and its
interplay with the earlier version of section 7 of the Exchange Act, which
instructed the Board to prescribe rules and regulations with respect to the
amount of credit that may extended on any nonexempted security.
(c) The Board has not found that it is necessary or appropriate in the
public interest or for the protection of investors to impose rules and regulations
regarding loans to brokers and dealers covered by the National Securities
Markets Improvement Act of 1996. Consequently, the Board believes that
extensions of securities credit that are unregulated under section 7, as amended
by the National Securities Markets Improvement Act of 1996, currently are not
limited by Regulations G, T and U, notwithstanding any provisions to the
contrary, because the provisions of section 7, as amended, supersede conflicting
provisions of the Board's regulations.

-

4

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(d)
Section 220.15 of Regulation T (12 CFR 220.15), § 221.4 of
Regulation U and the reference in § 221.5(a) of Regulation U to "a member
bank and a nonmember bank that is in compliance with § 221.4," and the
preamble to § 207.4 of Regulation G (12 CFR 207.4) were all adopted by the
Board to implement the requirements of former section 8(a) of the Exchange
Act. The Board believes that these sections are without effect in light of the
repeal of section 8(a) of the Exchange Act. Brokers and dealers are not
restricted as to the type of lender to which they may pledge exchange-traded
equity securities as collateral for extensions of credit. In addition, a bank, as
defined in section 3 of the Exchange Act (15 U.S.C. 78c) and the rules
thereunder, may rely on § 221.5 of Regulation U in making loans to brokers
and dealers without regard to membership in the Federal Reserve System or the
existence of an agreement with the Federal Reserve under former section 8(a) of
the Exchange Act.
PART 220 - CREDIT BY BROKERS AND DEALERS (REGULATION T)
1. The authority citation for Part 220 is revised to read as follows:
Authority: 15 U.S.C. 78c, 78g, 78q, and 78w.
2. Section 220.132 is added to read as follows:
§ 220.132 Credit to Brokers and Dealers.
For text of this interpretation, see § 207.114 of this subchapter.
PART 221 -- CREDIT BY BANKS FOR THE PURPOSE OF
PURCHASING OR CARRYING MARGIN STOCKS
1. The authority citation for Part 221 is revised to read as follows:
Authority: 15 U.S.C. 78c, 78g, 78q, and 78w.
2. Section 221.125 is added to read as follows:
§ 221.125 Credit to Brokers and Dealers.
For text of this interpretation, see §207.114 of this subchapter.
By order of the Board of Governors of the Federal Reserve System,
November 19, 1996.
(signed)

William W. Wiles

William W. Wiles
Secretary of the Board.

FEDERAL RESERVE SYSTEM
12 CFR Parts 207, 220 and 221
[Regulations G, T and U; Docket No. R-0943]
Securities Credit Transactions; Borrowing by Brokers and Dealers
AGENCY: Board of Governors of the Federal Reserve System
ACTION: Interpretation.
SUMMARY: The Board is issuing an interpretation of its margin regulations
(Regulations G, T and U) in response to the enactment of the National Securities
Markets Improvement Act of 1996 (the Markets Improvement Act). Under the
Markets Improvement Act, the Board no longer has the authority to regulate
certain loans to registered broker-dealers unless it finds that such rules are
necessary or appropriate in the public interest or for the protection of investors.
This interpretation makes clear that the Board has not made such a finding and
that provisions in its margin regulations for which the Board no longer has
general authority are without effect. The interpretation also identifies the
regulatory provisions that the Board has adopted to implement section 8(a) of
the Securities Exchange Act of 1934 (the Exchange Act), which limits the
sources of credit for broker-dealers, and concludes that these provisions are
without effect in light of the repeal of section 8(a) contained in the Markets
Improvement Act.
DATE: November 19, 1996.
FOR FURTHER INFORMATION CONTACT: Oliver Ireland, Associate
General Counsel (202) 452-3625; Gregory Baer, Managing Senior Counsel
(202) 452-3236; or Scott Holz, Senior Attorney (202) 452-2966, Legal
Division; for the hearing impaired only, Telecommunications Device for the
Deaf (TDD), Dorothea Thompson (202) 452-3544.
SUPPLEMENTARY INFORMATION:
The Markets Improvement Act (Pub. L. 104-290) affects the Board's
margin authority in two ways. First, the Markets Improvement Act amends

- 2 -

for the hearing impaired only, Telecommunications Device for the Deaf (TDD),
Dorothea Thompson (202) 452-3544.
SUPPLEMENTARY INFORMATION:
The Markets Improvement Act (Pub. L. 104-290) affects the Board's
margin authority in two ways. First, the Markets Improvement Act amended
section 7 of the Exchange Act (15 U.S.C. 78g) to exclude certain loans to
broker-dealers from the Board's margin authority. The Board is nevertheless
authorized to adopt rules and regulations covering these loans if the Board finds
such rules are "necessary or appropriate in the public interest or for the
protection of investors." Second, the Markets Improvement Act repealed
section 8(a) of the Exchange Act (15 U.S.C. 78h(a)), which limits the sources
of funding for broker-dealers who pledge exchange-traded equity securities to
other broker-dealers and certain banks. In a separate document published
elsewhere in today's Federal Register, the Board is issuing an interpretation of
Regulations G, T and U to clarify their applicability in light of the statutory
amendments in the Market Improvement Act.
The Board is seeking comment on appropriate amendments to
Regulations G, T and U to reflect the changes contained in the Markets
Improvement Act and to further the policies behind these changes. To reflect
the repeal of section 8(a) of the Exchange Act, the Board is proposing to delete
the provisions of its regulations which repeat the former statutory restriction on
sources of broker-dealer funding. Two regulatory sections would be removed in
their entirety. These sections, § 220.15 of Regulation T and § 221.4 of
Regulation U, restate the requirements of former section 8(a) of the Exchange
Act and identify the FR T -l, T-2 as the form to be used by nonmember banks
wishing to extend credit to brokers and dealers. Regulation U would also be
amended by revising § 221.5 (special purpose loans to brokers and dealers) to
eliminate the requirement that nonmember banks making such loans have an
agreement in force with the Federal Reserve pursuant to section 8(a) of the
Exchange Act. Use of the FR T -l, T-2 would be discontinued, as would the
Board's "K.22" publication, which lists those nonmember banks with
section 8(a) agreements in force. Finally, § 207.4 of Regulation G would be
revised to delete the general prohibition that lenders not extend credit to brokerdealers secured by margin stock.

-3

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To address the amendments to section 7 of the Exchange Act, the Board
is specifically seeking comment on whether the exclusion of loans to specified
types of broker-dealers from these regulations should be accomplished by
amending the "scope" provision in the first section of each regulation1 or by
7
amending the definition of "customer" in the second section of each regulation.2
7
The Board is also seeking comment on whether it needs to provide a test to
identify brokers or dealers or members of a national securities exchange "a
substantial portion of whose business consists of transactions with persons other
than brokers or dealers" and, if such a test is necessary, what an appropriate test
would be. The Board believes an appropriate test should be able to be readily
administered by both regulators and market participants while not being more
restrictive than the Congressional intent behind the Markets Improvement Act.
The Board seeks comment on whether a test based on volume, revenue,
transactions or some other measure can achieve these goals. In addition, the
Board is seeking comment on potential changes specific to the various
regulations.
Regulation T
Regulation T contains nine accounts in which to record financial
transactions between broker-dealers and their customers. Three of these
accounts, the omnibus account, the broker-dealer credit account and the market
functions account allow favorable treatment for certain transactions that are
generally limited to broker-dealers.
Under the Markets Improvement Act, most of the transactions eligible for
execution in the market functions account are excluded from the Board's general
margin authority because they involve market making and underwriting. The
omnibus account is used by broker-dealers who seek to finance the credit they
extend to their public customers and these transactions are excluded from the
Board's general margin authority under the Markets Improvement Act if the
borrowing broker-dealer has a substantial public customer business. The Board
is seeking comment on whether there is any continuing need for these accounts.

1 12 CFR 207.1 (Regulation G), 12 CFR 220.1 (Regulation T), and 12 CFR 221.1
1
(Regulation U).
1 12 CFR 207.2 (Regulation G), 12 CFR 220.2 (Regulation T), and 12 CFR 221.2
1
(Regulation U).

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The broker-dealer credit account contains several permissible transactions,
some of which are not limited to members of a national securities exchange or
registered brokers and dealer s.2/ In addition to these transactions, broker-dealers
who do not meet the test that a "substantial portion" of their business involves
public customers may continue to be subject to Board rules for certain
borowings unless the Board exempts them. The Board is seeking comment on
whether these broker-dealers should continue to be covered by Board rules, and
if so, whether there is a continuing need for the broker-dealer credit account.
The Board is also seeking comment on whether transactions currently permitted
in the broker-dealer credit account that do not require the customer to be a
member of a national securities exchange or a registered broker-dealer should
continue to be allowed under Regulation T and if so, how this should be
accomplished.
Regulation T covers the borrowing and lending of securities in § 220.16
to accommodate short sales and fails to receive while preventing circumvention
of the margin requirements. Because these transactions are traditionally
collateralized with cash or other collateral equal to at least the market value of
the security being lent, the lender of the securities can be viewed as receiving
100 percent credit against the security being lent. If both parties to a securities
lending transaction are broker-dealers with a substantial public customer
business, it appears that § 220.16 is no longer applicable. The Board is
soliciting comment on how to amend the rules regarding the borrowing and
lending of securities to reflect the Market Improvement Act.
Regulations G and U
The current structure of the Board's margin regulations is based in part on
the requirements of the recently-repealed section 8(a) of the Exchange Act.
Section 8(a) sought to limit sources of funding for broker-dealers to certain
banks and other broker-dealers. Both of these types of lenders were themselves
subject to Federal Reserve regulation when they extended securities credit. The
2/ Section 220.11(a)(1) of Regulation T was recently amended to allow unregistered
foreign broker-dealers to purchase and sell securities on a delivery-versus-payment (DVP)
basis without application of 90-day freeze and letter of free funds requirements imposed on
DVP transactions in the cash pursuant to § 220.8(c). At the same time, § 220.11(a)(5) was
added to cover transactions with customers that are part of a "prime-broker" arrangement
effected in accordance with SEC guidelines. "Prime-broker" arrangements involve two or
more broker-dealers effecting and financing transactions for a nonbroker-dealers customer.

-

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repeal of section 8(a) of the Exchange Act raises fundamental questions about
the appropriate coverage of Regulations G and U.
In 1968, the Board determined that it was appropriate to extend its margin
requirements to cover lenders other than banks and broker-dealers. Rather than
extend the provisions of Regulation U to the newly covered lenders,
Regulation G was adopted as a separate regulation, in part because section 8(a)
of the Exchange Act mandated a distinction between bank and nonbank lenders
with respect to loans to broker-dealers. Over the years, the Board has tried to
make Regulations G and U more and more similar.4
7
The Board seeks comment on whether it is still appropriate to distinguish
between Regulation G and Regulation U lenders. For example, is it appropriate
to retain in Regulation U the concept of special-purpose loans to broker-dealers
for those broker-dealers, a substantial portion of whose business does not consist
of transactions with public customers, when the broker-dealer is engaged in
activities other than market making and underwriting. If so, should these
special-purpose loans be part of Regulation G as well. Should Regulation G
continue to allow good faith credit to broker-dealers for emergency needs
arising from exceptional circumstances, based on a certification from the brokerdealer, and should this treatment be extended to Regulation U. Finally, the
Board seeks comment on the advisability of conforming some or all of the
provisions of Regulations G and U or combining Regulations G and U into one
regulation.
Regulatory Flexibility Act
As discussed in the preamble, the proposed amendments have been
developed to implement section 104 of the National Securities Markets
Improvement Act (Pub. L. 104-290), which reduced the scope of the Board's
statutory authority for margin regulation. The Board is requesting comment to
identify potential burden effects of the proposed amendments. After reviewing

4/ Currently, the primary difference between the regulations is that Regulation G
prohibits most margin-stock-secured lending to broker-dealers while Regulation U not only
permits such lending, but contains numerous exceptions (called special-purpose loans)
allowing banks to extend credit to broker-dealers without regard to the margin requirements
otherwise applicable.

- 6 -

the comments, the Board should be able to address the impact of the
amendments on small broker-dealers.
Paperwork Reduction Act
In accordance with the Paperwork Reduction Act of 1995 (44 U.S.C.
3506; 5 CFR 1320 Appendix A .l), the Board reviewed the rule under the
authority delegated to the Board by the Office of Management and Budget.
The collection of information requirements in this regulation are found in
12 CFR 220.15(b). This information collection was mandatory under 15
U.S.C. 78(h), which was repealed by the National Securities Markets
Improvement Act of 1996 (Pub. L. 104-290). The respondents are for-profit
broker-dealers. The estimated burden per response is 1.0 hour. It is estimated
that there is 1 respondent and an average frequency of 1 response per
respondent each year. Therefore the total amount of annual burden is estimated
to be 1.0 hour. The annual cost burden over the annual hour burden is
estimated to be $20. As a result of the Board's proposed action, this collection
of information would be discontinued.
Send comments regarding any aspect of this collection of information to:
Secretary, Board of Governors of the Federal Reserve System, 20th and C
Streets, N.W ., Washington, DC 20051; and to the Office of Management and
Budget, Paperwork Reduction Project (7100-0191), Washington, DC 20503.
List of Subjects
12 CFR Parts 207. 220 and 221
Banks, banking, Brokers, Credit, Federal Reserve System, Margin,
Margin requirements, Reporting and recordkeeping requirements, Securities.
For the reasons set out in the preamble, the Board proposes to amend 12
CFR Parts 207, 220 and 221 as follows:
PART 207 - SECURITIES CREDIT BY PERSONS OTHER THAN
BANKS, BROKERS, OR DEALERS (REGULATION G)
1. The authority citation for Part 207 continues to read as follows:
Authority: 15 U.S.C. 78c, 78g, 78q, and 78w.
2. Section 207.4 is revised to read as follows:

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§207.4 Credit to broker-dealers.
A lender may extend or maintain credit secured, directly or indirectly, by
any margin stock to a creditor who is subject to part 220 of this chapter. If the
credit is extended in good faith reliance upon a certification from the customer
that the credit is essential to meet emergency needs arising from exceptional
circumstances, any collateral for the credit shall have good faith loan value. In
all other cases, collateral shall be valued in accordance with § 207.7 of this
part.
PART 220 CREDIT BY BROKERS AND DEALERS (REGULATION T)
1. The authority citation for Part 220 continues to read as follows:
Authority: 15 U.S.C. 78c, 78g, 78q, and 78w.
2. Section 220.15 is removed and reserved.
§ 220.15 [Removed and Reserved]
PART 221 CREDIT BY BANKS FOR THE PURPOSE OF
PURCHASING OR CARRYING MARGIN STOCKS
1. The authority citation for Part 221 is revised to read as follows:
Authority: 15 U.S.C. 78c, 78g, 78q, and 78w.
2. Section 221.4 is removed and reserved.
§ 221.4 [Removed and Reserved]
3. Section 221.5 paragraph (a) is revised to read as follows:
§ 221.5 Special-purpose loans to brokers and dealers.
(a) A bank may extend and maintain purpose credit to brokers and
dealers without regard to the limitations set forth in §§ 221.3 and 221.8 of this
part, if the credit is for any of the specific purposes and meets the conditions sf
forth in paragraph (c) of this section.

By order of the Board of Governors of the Federal Reserve System,
November 19, 1996.
(.signed) William W. Wiles

William W. Wiles
Secretary of the Board.

Federal Register / Vol. 61, No. 209 / Monday, October 28, 1996 / Rules and Regulations
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 for trading in the national
market system (NMS security) under
rules approved by the Securities and
Exchange Commission (SEC).
FEDERAL RESERVE SYSTEM
Additional OTC stocks may be
designated as NMS securities in the
12 CFR Parts 207, 220,221 and 224
interim between the Board’s quarterly
[Regulations G, T, U and X
]
publications. They will become
automatically marginable upon the
Securities Credit Transactions; List of
effective date of their NMS designation.
Marginable OTC Stocks; List of
The names of these stocks are available
Foreign Margin Stocks
at the SEC and at the National
AGENCY: Board of Governors of the
Association of Securities Dealers, Inc.
Federal Reserve System.
and will be incorporated into the
Board’s next quarterly publication of the
ACTION: Final rule; determination of
OTC List.
applicability of regulations.
Also listed below are the deletions
SUMMARY: The List of Marginable OTC
from and additions to the Foreign List
Stocks (OTC List) is composed of stocks
which was last published on July 29,
traded over-the-counter (OTC) in the
1996 (61 FR 39556) and became
United States that have been determined effective August 12, 1996. A copy of the
by the Board of Governors of the Federal
complete Foreign List is available from
Reserve System to be subject to the
the Federal Reserve banks.
margin requirements under certain
Federal Reserve regulations. The List of Public Comment and Deferred Effective
Date
Foreign Margin Stocks (Foreign List) is
composed of foreign equity securities
The requirements of 5 U.S.C. 553 with
that have met the Board’s eligibility
respect to notice and public
criteria under Regulation T. The OTC
participation were not followed in
List and the Foreign List are published
connection with the issuance of this
four times a year by the Board. This
amendment due to the objective
document sets forth additions to and
character of the criteria for inclusion
deletions from the previous OTC List
and continued inclusion on the Lists
and the previous Foreign List.
specified in 12 CFR 207.6 (a) and (b),
EFFECTIVE DATE: November 12, 1996.
220.17 (a), (b), (c) and (d), and 221.7 (a)
FO R FURTHER INFORMATION CONTACT:
and (b). No additional useful
Peggy Wolffrum, Securities Regulation
information would be gained by public
Analyst, Division of Banking
participation. The full requirements of 5
Supervision and Regulation, (202) 452-*- U.S.C. 553 with respect to deferred
2781, Board of Governors of the Federal effective date have not been followed in
Reserve System, Washington, D.C.
connection with the issuance of this
20551. For the hearing impaired only,
amendment because the Board finds
contact Dorothea Thompson,
that it is in the public interest to
Telecommunications Device for the Deaf facilitate investment and credit
(TDD) at (202) 452-3544.
decisions based in whole or in part
SUPPLEM ENTARY INFORMATION: Listed
upon the composition of these Lists as
below are the deletions from and
soon as possible. The Board has
additions to the Board’s OTC List,
responded to a request by the public
which was last published on July 30,
and allowed approximately a two-week
1996 (61 FR 39556), and became
delay before the Lists are effective.
effective August 12,1996. A copy of the
complete OTC List is available from the List e f Subjects
Federal Reserve Banks.
12 CFR Part 207
The OTC List includes those stocks
Banks, Banking, Credit, Margin,
traded over-the-counter in the United
Margin requirements, National Market
States that meet the criteria in
System (NMS Security), Reporting and
Regulations G, T and U (12 CFR Parts
recordkeeping requirements, Securities.
207, 220 and 221, respectively). This
determination also affects the
12 CFR Part 220
applicability of Regulation X (12 CFR
Part 224). These stocks have the degree
Banks, Banking, Brokers, Credit,
of national investor interest, the depth
Margin, Margin requirements,
and breadth of market, and the
Investments, National Market System

55555

(NMS Security), Reporting and
recordkeeping requirements, Securities.
12 CFR Part 221
Banks, Banking, Credit, Margin,
Margin requirements, National Market
System (NMS Security), Reporting and
recordkeeping requirements, Securities.
12 CFR Part 224
Banks, Banking, Borrowers, Credit,
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 (Regulation G), 12 CFR 220.2 and
220.17 Regulation T), and 12 CFR
221.2(j) and 221.7 (Regulation U), there
is set forth below a listing of deletions
from and additions to the OTC List and
the Foreign List.
Deletions From the List of Marginable
OTC Stocks
Stocks Removed for Failing Continued
Listing Requirements
AMERICAN WHITE CROSS, INC.
$.01 par common
AW COMPUTER SYSTEMS, INC.
Class A, $.01 par common
BEN FRANKLIN RETAIL STORES, INC.
$.01 par common
BIOSYS, INC.
No par common
BPI PACKAGING TECHNOLOGIES,
INC.
Class B, Warrants (expire 10-07-96)
CAPSTONE PHARMACY SERVICES,
INC.
Warrants (expire 08-23-96)
CEL-SCI CORPORATION
Warrants (expire 02-06—
97)
CLOTHESTIME, INC.
$.001 par common
DANSKIN, INC.
$.01 par common
DAVID WHITE, INC.
$3.0a par common
DIACRIN INC.
Units (expire 12-31-2000)
ERNST HOME CENTER, INC.
$.01 par common
EV ENVIRONMENTAL, INC.
$.01 par common
EXSTAR FINANCIAL CORPORATION
$.01 par common
FIRST CHARTER BANK, N.A. (CA)
$2.56 par common
FORREST OIL CORPORATION
Warrants (expire 10-01-96)
GAMETEK, INC.
$.01 par common
GANDER MOUNTAIN, INC.
$.01 par common

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Federal Register / Vol. 61, No. 209 / Monday, October 28, 1996 / Rules and Regulations

INDEPENDENCE BANCORP, INC. (NJ)
$1.00 par common
INTERSCIENCE COMPUTER
CORPORATION
Warrants (expire 11-15-96)
LIPOSOME COMPANY, INC., THE
Depositary Shares
MAXUS ENERGY CORPORATION
$4.00 par cumulative convertible
preferred
MEDMARCO, INC.
$.001 par common
NEW WORLD POWER CORPORATION
$.01 par common
PEOPLE’S BANK (CT)
8.5% Series A, no par noncumulative
convertible preferred
RALLY’S HAMBURGERS, INC.
Rights (expire 09-20-96)
REPUBLIC SECURITY FINANCIAL
CORP.
Series A, 7.5% par cumulative
convertible preferred
SEVEN HILLS FINANCIAL
CORPORATION
No par common
SYQUEST TECHNOLOGY, INC.
$.001 par common
TAPISTRON INTERNATIONAL, INC.
$.0004 par common
Warrants (expire 06-23-97)
TINSLEY LABORATORIES, INC.
No par common
U.S. DIAGNOSTIC LABS, INC.
Class B, warrants (expire 10-14-99)
U.S. HOMECARE CORPORATION
$.01 par common
ULTRADATA SYSTEMS, INC.
Class A, warrants (expire 02-01-98)
URETHANE TECHNOLOGIES, INC.
$.01 par common
VETERINARY CENTERS OF AMERICA
INC.
Warrants (expire 10-10-96)
WATERMARC FOOD MANAGEMENT
COMPANY
$.05 par common
WEITZER HOMEBUILDERS, INC.
Class A, $.01 par common

$.01 par common
ATRIA SOFTWARE, INC.
$.01 par common
BAILEY CORPORATION
$.10 par common
BAYBANKS, INC. (MA)
$2.00 par common
BAYPORT RESTAURANT GROUP, INC
$.001 par common
BRENCO, INC.
$1.00 par common
BROOKTREE CORPORATION
No par common
BUGABOO CREEK STEAK HOUSE
$.01 par common
BUILDERS WAREHOUSE
ASSOCIATION
$.008 par common
BW/IP, INC.
Class A, $.01 par common
CANYON RESOURCES CORPORATION
$.01 par common
CCB FINANCIAL CORPORATION
$5.00 par common
CELLULAR COMMUNICATIONS
INTERNATIONAL, INC.
$.01 par common
CFB BANCORP (FL)
$2.00 par common
CFI INDUSTRIES, INC.
$1.00 par common
CHARTER BANCSHARES, INC.
$1.00 par common
CHARTWELL RE CORPORATION
$.01 par common
CHROMCRAFT REVINGTON, INC.
$.01 par common
CIRCLE FINANCIAL CORPORATION
$1.00 par common
CITICASTERS INC.
Class A, no par common
CITIZENS SECURITY GROUP, INC.
$.01 par common
CLINTON GAS SYSTEMS INC.
No par common
COMMERCE BANCORP, INC. (NJ)
$1.5625 par common
COMPUTER IDENTICS CORPORATION
$.10 par common
CTL CREDIT, INC.
Stocks Removed for Listing on a
$.01 par common
National Securities Exchange or Being
DAIRY MART CONVENIENCE STORES
Involved in an Acquisition
Class A, $.01 par common
AES CORPORATION, THE
Class B, $.01 par common
$.01 par common
DAVIDSON & ASSOCIATES, INC.
AGRIUM INC.
$10.00 par common
No par common
DNA PLANT TECHNOLOGY
ALEXANDER ENERGY CORPORATION
CORPORATION
$.03 par common
$.01 par common
ALLEGIANCE BANC CORPORATION
$.01 par convertible exchangeable
$1.00 par common
DOUGLAS & LOMASON COMPANY
AMBAR, INC.
$2.00 par common
$.01 par common
EATON VANCE CORPORATION
AMERICA ONLINE INC.
Non-voting, $.125 par common
$.01 par common
EQUITY INNS, INC.
AMSERV HEALTHCARE INC.
$.01 par common
$.01 par common
FAHNESTOCK VINER HOLDINGS
APPLIED BIOSCIENCE
Class A, no par common
INTERNATIONAL, INC.
FAIRFAX BANK & TRUST COMP

$1.25 par common
FINANCIAL SECURITY CORPOR
$.01 par common
FINANCING FOR SCIENCE'
INTERNATIONAL INC.
$.01 par common
Warrants (expire 05-19-99)
FIREFOX COMMUNICATIONS, INC.
$.001 par common
FIRST WASHINGTON REALTY TRUST,
INC.
$.01 par common
Series A, cumulative convertible
preferred
FLUOROSCAN IMAGING SYSTEM
$.0001 par common
Redeemable Warrants (expire 07-1199)
GERIATRIC & MEDICAL COMPANIES,
INC.
$.10 par common
GOLF ENTERPRISES, INC.
$.01 par common
GUEST SUPPLY, INC.
No par common
HOMETOWN BANCORPORATION INC.
$1.00 par common
HOMETOWN BUFFET, INC.
$.01 par common
IMAGE INDUSTRIES, INC.
$.01 par common
INNKEEPERS USA TRUST
$.01 par common
INTERIM SERVICES INC.
$.01 par common
INTERNATIONAL JENSEN INC.
$.01 par common
INTERPOINT CORPORATION
No par common
JLG INDUSTRIES, INC.
$.20 par common
KAHLER REALTY CORPORATION
$.10 par common
KFX INC.
$.001 par common
LANDMARK GRAPHICS
CORPORATION
$.05~par common
LEADER FINANCIAL CORPORATION
$1.00 par common
LOEWEN GROUP INC., THE
No par common
LOMAK PETROLEUM, INC.
$.01 par common
MAIC HOLDINGS, INC.
$1.00 par common
MARK TWAIN BANCSHARES, INC.
$1.25 par common
MDT CORPORATION
$1.25 par common
MERCURY GENERAL CORPORATION
No par common
MICROTEK MEDICAL, INC.
$.01 par common
MIDLANTIC CORPORATION
$3.00 par common
MISSISSIPPI CHEMICAL CORP.
$.01 par common
MOUNTASIA ENTERTAINMENT INC.

Federal Register / Vol. 61, No. 209 / Monday, October 28, 1996 / Rules and Regulations
No par common
MSB BANCORP, INC. (NY)
$.01 par common
N.S. BANCORP, INC. (IL)
$.01 par common
NETSTAR, INC.
$.01 par common
NETWORK EXPRESS, INC.
No par common
NHS FINANCIAL, INC.
No par common
NMR OF AMERICA, INC.
$.01 par common
NYCOR, INC.
$1.00 par common
Class A, $1.00 par common
ORBIT SEMICONDUCTOR, INC.
$.001 par common
PACIFIC BASIN BULK SHIPPING
$.7327 par common
Warrants (expire 09-30-99)
PARKWAY PROPERTIES, INC.
$1.00 par common
PATLEX CORPORATION
$.10 par common
PCI SERVICES, INC.
$.001 par common
PEDIATRIX MEDICAL GROUP, INC.
$.01 par common
PERPETUAL STATE BANK (NC)
$5.00 par common
PET PRACTICE, INC., THE
$.01 par common
PREMIER FINANCIAL BANCORP, INC.
No par common
PROFESSIONAL SPORTS CARE
MANAGEMENT INC.
$.01 par common
QUAKER CHEMICAL CORPORATION
$1.00 par common
REGIONAL ACCEPTANCE CORP.
No par common
RENAISSANCERE HOLDINGS, LTD.
$1.00 par common
RFS HOTEL INVESTORS, INC.
$.01 par common
ROTO-ROOTER, INC.
$1.00 par common
SCIENTIFIC GAMES HOLDING CORP.
$.001 par common
SECURITY CAPITAL BANCORP (NC)
No par common
SHAW GROUP, INC., THE
$.01 par common
SIERRA ON-LINE, INC.
$.01 par common
STATION CASINOS, INC.
$.01 par common
7% convertible preferred
SUNSTONE HOTEL INVESTORS, INC.
$.01 par common
SYBRON CHEMICALS INC.
$.01 par common
SYRATECH CORPORATION
$.01 par common
SYSTEMED, INC.
$.001 par common
THIRD FINANCIAL CORPORATION
$.01 par common

TUCKER DRILLING COMPANY, INC.
$.01 par common
U.S. HEALTHCARE, INC.
$.005 par common
UNIROYAL CHEMICAL
CORPORATION
$.01 par common
UNITED COMPANIES FINANCIAL
$2.00 par common
$2.00 par convertible preferred
UUNET TECHNOLOGIES, INC.
$.001 par common
VARITRONIC SYSTEMS, INC.
$.01 par common
WESTCOTT COMMUNICATIONS, INC.
$.01 par common
WFS BANCORP, INC. (KS)
$.01 par common
Additions to the List of Marginable OTC
Stocks
ABACUS DIRECT CORPORATION
$.001 par common
ABT GLOBAL PHARMACEUTICAL
CORPORATION
No par common
ACCUMED INTERNATIONAL, INC.
No par common
Warrants (expire 10-14-97)
ACE*COMM CORPORATION
$.01 par common
ACRODYNE COMMUNICATIONS, INC.
$.01 par common
ADVANCE PARADIGM, INC.
$.01 par common
ADVANCED DEPOSITION
TECHNOLOGIES, INC.
$.01 par common
ADVANCED DIGITAL INFORMATION
CORPORATION
No par common
ADVANCED FIBRE
COMMUNICATIONS
$.01 par common
ADVANCED HEALTH CORPORATION
$.01 par common
AFSALA BANCORP, INC. (New York)
$.01 par common
ALGOS PHARMACEUTICAL
CORPORATION
$.01 par common
AMB FINANCIAL CORPORATION
$.01 par common
AMERICAN BANKERS INSURANCE
GROUP
Series B, $1.00 par preferred
AMERICAN DISPOSAL SERVICES, INC.
$.01 par common
AMERICAN HEALTHCHOICE, INC.
$.001 par preferred
ANACOMP, INC.
$.01 par common
Warrants (expire 06-03-2001)
ANCHOR FINANCIAL CORPORATION
$6.00 par common
ANIKA RESEARCH, INC
$.01 par common
APPLIED ANALYTICAL INDUSTRIES,
INC.

5555.7

$.001 par common
ARQULE, INC.
$.01 par common
ASIA PACIFIC RESOURCES, LTD.
No par common
ATRIA COMMUNITIES, INC.
$.10 par common
AULT INCORPORATED
No par common
AWARE, INC.
$.01 par common
BANK OF LOS ANGELES
No par common
Warrants (expire 12-01-98)
BANK UNITED CORPORATION
$.01 par common
BARBERS HAIRSTYLING FOR MEN &
WOMEN, INC., THE
$.01 par common
BEVERLY BANCORPORATION, INC.
$.01 par common
BIG ENTERTAINMENT, INC.
$.01 par common
BILLING INFORMATION CONCEPTS
CORPORATION
$.01 par common
BLYVOORUITZICHT GOLD MINING
COMPANY LIMITED
American Depositary Receipts
BRE-X MINERALS, LIMITED
No par common
BUFFELSFONTEIN GOLD MINES, LTD.
American Depositary Receipts
BUSINESS & PROFESSIONAL BANK
(California)
No par common
C. R. ANTHONY COMPANY
$.01 par common
CADUS PHARMACEUTICAL
CORPORATION
$.01 par common
CALIFORNIA INDEPENDENT
BANCORP.
No par common
CAMBRIDGE HEART, INC.
$.001 par common
CARRIAGE SERVICES, INC.
Class A, $.01 par common
CCC INFORMATION SERVICES
GROUP, INC.
$.10 par common
CELLEGY PHARMACEUTICALS, INC.
No par common
CELLNET DATA SYSTEMS, INC.
$.001 par common
CHEROKEE INC.
$.02 par common
CHESTER BANCORP, INC.
$.01 par common
CHROMATICS COLOR SCIENCES
$.001 par common
CLAREMONT TECHNOLOGY GROUP,
INC.
No par common
CN BIOSCIENCES, INC.
$.01 par common
COFFEE PEOPLE, INC.
No par common
COINMACH LAUNDRY
CORPORATION

55558

Federal Register / Vol. 61, No. 209 / Monday, October 28, 1996 / Rules and Regulations

$.01 par common
COLOSSAL RESOURCES
CORPORATION
No par common
COMPANY DOCTOR, THE
$.01 par common
CONNECT, INC.
$.001 par common
CONTROL DEVICES, INC.
$.01 par common
COSTILLA ENERGY, INC.
$.01 par common
COUNTY BANK OF CHESTERFIELD
(Virginia)
$5.00 par common
CSI COMPUTER SPECIALISTS, INC.
Class A, $.001 par common
CUNO INCORPORATED
$.001 par common
CYMER, INC.
$.01 par common
D&E COMMUNICATIONS, INC.
$.16 par common
DAILEY PETROLEUM SERVICES
CORPORATION
Class A, $.01 par common
DBT ONLINE, INC.
$.10 par common
DIACRIN, INC.
$.01 par common
Warrants (expire 12-31-2000)
DIALYSIS CORPORATION OF
AMERICA
$.01 par common
DIEDRICH COFFEE
No par common
DIGEX, INCORPORATED
$.01 par common
DIGITAL SOLUTIONS, INC.
$.001 par common
DNAP HOLDING CORPORATION
$.01 par common
DOCUMENT SCIENCES
CORPORATION
$.001 par common
DURA AUTOMOTIVE SYSTEMS, INC.
Class A, $.01 par common
DURBAN ROODEPOORT DEEP, LTD.
American Depositary Receipts
DYNAMEX, INC.
$.01 par common
DYNAMIC HEALTHCARE
TECHNOLOGIES, INC.
$.01 par common
DYNAMOTIVE TECHNOLOGIES
CORPORATION
No par common
E*TRADE GROUP, INC.
$.01 par common
EINSTEIN/NOAH BAGEL
CORPORATION
$.01 par common
ELECTROSOURCE, INC.
$.10 par common
FAXSAV INCORPORATED
$.01 par common
FILM ROMAN, INC.
$.01 par common
FIRST ALLIANCE CORPORATION

Class A, no par common
FIRST ENTERPRISE FINANCIAL
GROUP, INC.
$.01 par common
FIRST M & F CORPORATION
$5.00 par common
FLANDERS CORPORATION
$.001 par common
FOTOBALL USA, INC.
$.01 par common
Warrants (expire 08-12-99)
FOUNTAIN POWERBOAT
INDUSTRIES, INC.
$.01 par common
FPIC INSURANCE GROUP, INC.
$.10 par common
FX ENERGY, INC.
$.001 par common
GARGOYLES, INC.
No par common
GERON CORPORATION
$.001 par common
GKN HOLDING CORPORATION
$.0001 par common
GOLDEN BEAR GOLF, INC.
Class A, $.01 par common
GRADALL INDUSTRIES, INC.
$.01 par common
GRAND PREMIER FINANCIAL, INC.
$.01 par common
GREENSTONE RESOURCES, LTD.
No par common
GROOTVLEIPROPRITARY MINES
American Depositary Receipts
HARMONY GOLD MINING CO., LTD.
American Depositary Receipts
HEALTHCOR HOLDINGS, INC.
$.01 par common
HIBBETT SPORTING GOODS, INC.
$.01 par common
HOME BANCORP OF ELGIN, INC.
$.01 par common
HOT TOPIC, INC.
No par common
HOUSE OF FABRICS, INCORPORATED
$.01 par common
HVIDE MARINE INCORPORATED
Class A, $.001 par common
INAMED CORPORATION
$.01 par common
INDUSTIR-MATEMATIK
INTERNATIONAL CORPORATION
$.01 par common
INTEGRATED LIVING COMMUNITIES,
INC.
$.01 par common
INTELLIGROUP, INC.
$.01 par common
INTENSIVA HEALTHCARE
CORPORATION
$.001 par common
INTERLINK COMPUTER SCIENCES,
INC.
$.001 par common
INTERNATIONAL NETWORK
SERVICES
No par common
INTERWEST HOME MEDICAL, INC.
No par common

INVISION TECHNOLOGIES, INC.
$.001 par common
J. W. CHARLES FINANCIAL SERVICES,
INC.
$.001 par common
JACOR COMMUNICATIONS, INC.
Warrants (expire 09-18-2001)
KAPSON SENIOR QUARTERS
CORPORATION
$.01 par common
KARRINGTON HEALTH, INC.
No par common
KITTY HAWK, INC.
$.01 par common
KUSHNER-LOCKE COMPANY, THE
Series C warrants, (expire 07-252001)

LAMAR ADVERTISING COMPANY
$.0001 par common
LARSON-DAVIS INCORPORATED
$.001 par common
LASER INDUSTRIES LIMITED
Ordinary shares (par NIS 0.0001)
LASON, INC.
$.01 par common
LCC INTERNATIONAL, INC.
Class A, $.01 par common
LEAP GROUP, INC., THE
$.01 par common
LIGHTBRIDGE, INC.
$.01 par common
LIGHTPATH TECHNOLOGIES, INC.
Class A, $.01 par common
LIQUIDATION WORLD, INC.
No par common
LUTHER MEDICAL PRODUCTS, INC.
No par common
MARKWEST HYDROCARBON, INC.
$.01 par common
MATRIX CAPITAL CORPRATION
$.01 par common
McM CORPORATION
$1.00 par common
MEDI-JECT CORPORATION
$.01 par common
MEDICAL ALLIANCE, INC.
$.002 par common
MEMBERWORKS, INC.
$.01 par common
MEMCO SOFTWARE LIMITED
Ordinary shares (NIS .01)
METRO NETWORKS, INC.
$.001 par common
METRO ONE
TELECOMMUNICATIONS, INC.
No par common
METZLER GROUP, INC., THE
$.001 par common
MICROCAP FUND, INC., THE
$.01 par common
MICROVISION, INC.
No par common
Warrants (expire 08-27-2001)
MID-PENINSULA BANCORP
(California)
No par common
MIDWEST FEDERAL FINANCIAL
CORPORATION
$.01 par common

Federal Register / Vol. 61, No. 209 / Monday, October 28, 1996 / Rules and Regulations
MIM CORPORATION
$.0001 par common
MODACAD, INC.
No par common
MOTORVAC TECHNOLOGIES, INC.
$.01 par common
MOUNTAIN PROVINCE MINING, INC.
No par common
NASTECH PHARMACEUTICAL
COMPANY INC.
Warrants (expire 12-07-96)
NEOTHERAPEUTICS, INC.
No par common
Warrants (expire 09-26-2001)
NETVANTAGE, INC.
Class A, $.001 par common
Warrants (expire 05-03-2000)
NEW YORK BAGEL ENTERPRISES,
INC.
$.01 par common
NITTNOL MEDICAL TECHNOLOGIES,
INC.
$.001 par common
NORTH COUNTY BANCORP
(California)
No par common
NU-TECH BIO-MED, INC.
$.01 par common
OBJECT DESIGN, INC.
$.001 par common
OCWEN FINANCIAL CORPORATION
$.01 par common
ON COMMAND CORPORATION
$.01 par common
OPTIKA IMAGING SYSTEMS, INC.
No par common
ORCKIT COMMUNICATIONS LIMITED
Ordinary shares (NIS .10)
PACIFIC GATEWAY EXCHANGE, INC.
$.001 par common
PARK BANCORP, INC. (Illinois)
$.01 par common
PARTS SOURCE, INC., THE
$.001 par common
PEERLESS GROUP, INC.
$.01 par common
PEERLESS SYSTEMS CORPORATION
$.001 par common
PEGASUS COMMUNICATIONS
CORPORATION
Class A, $.01 par common
PEGASYSTEMS, INC.
$.01 par common
PETROLEUM SECURITIES
AUSTRALIA LIMITED
American Depositary Receipts
PINNACLE BANC GROUP, INC.
$4.69 par common
PREMIS CORPORATION
$.01 par common
PRO-DEX, INC.
No par common
PROFESSIONAL STAFF, PLC
American Depositary Receipts
Q.E.P. CO., INC.
$.001 par common
QUADRAMED CORPORATION
$.01 par common
R & G FINANCIAL CORPORATION

Class B, $.01 par common
R.H. PHILLIPS, INC.
No par common
RALLY’S HAMBURGERS, INC.
Warrants (expire 09-26—
2000)
RASTER GRAPHICS, INC.
$.001 par common
RCM TECHNOLOGIES, INC.
$.05 par common
REDWOOD TRUST, INC.
9.74% Class B, $.01 par cumulative
convertible preferred
RELIANCE BANCSHARES, INC.
$1.00 par common
RELIV’ INTERNATIONAL, INC.
No par common
RENTAL SERVICE CORPORATION
$.01 par common
RESEARCH ENGINEERS, INC.
$.01 par common
RESOURCES MORTGAGE CAPITAL,
INC.
Series C, par cumulative convertible
preferred
RESPONSE USA, INC.
$.008 par common
RESTRAC, INC.
$.01 par common
RMH TELESERVICES, INC.
No par common
ROCKSHOX, INC.
$.01 par common
ROFIN-SINAR TECHNOLOGIES, INC.
$.01 par common
RT INDUSTRIES, INC.
$.001 par common
SCHMITT INDUSTRIES, INC.
No par common
SECURITY BANK HOLDING
COMPANY
$5.00 par common
SEILER POLLUTION CONTROL
SYSTEMS, INC.
$.0001 par common
SELECT SOFTWARE TOOLS PLC
American Depositary Receipts
SERVICE EXPERTS, INC.
$.01 par common
SHELL SEAFOOD RESTAURANTS,
INC.
$.01 par common
SIGNATURE RESORTS, INC.
$.01 par common
SILICON GAMING, INC.
$.001 par common
SKYLANDS COMMUNITY BANK (New
Jersey)
$2.50 par common
SMARTSERV ONLINE, INC.
$.01 par common
SOLAR-MATES, INC.
$.001 par common
Warrants (expire 09-29-2000)
SOURCE SERVICES CORPORATION
$.02 par common
SOUTH STREET FINANCIAL
CORPORATION
No par common
SPECIALTY CATALOG CORPORATION

55559

$.01 par common
SPLASH TECHNOLOGY HOLDINGS,
INC.
$.001 par common
SRS LABS, INC.
$.001 par common
STAFFMARK, INC.
$.01 par common
STAT HEALTHCARE, INC.
$.01 par common
Warrants (expire 04-21-98)
STERICYCLE, INC.
$.01 par common
STERILE RECOVERIES, INC.
$.001 par common
STORM TECHNOLOGY, INC.
$.001 par common
STRAYER EDUCATION, INC.
$.01 par common
STRONGSVILE SAVINGS BANK (Ohio)
No par common
SUBURBAN OSTOMY SUPPLY CO.,
INC.
. No par common
SUMMIT BANK CORPORATION
No par common
SUMMIT DESIGN, INC.
$.01 par common
SUPERIOR CONSULTANT HOLDINGS
CORPORATION
$.01 par common
SWISSRAY INTERNATIONAL, INC.
$.01 par common
SYNTHETECH, INC.
$.001 par common
TALX CORPORATION
$.01 par common
TECHNICLONE INTERNATIONAL
CORPORATION
No par common
TECHNOLOGY MODELING
ASSOCIATES, INC.
No par common
TECHNOLOGY SERVICE GROUP, INC.
$.01 par common
Warrants (expire 05-09-99)
TELCO COMMUNICATIONS GROUP,
INC.
No par common
TELESPECTRUM WORLDWIDE, INC.
$.01 par common
TELETECH HOLDINGS, INC.
$.01 par common
TELETEK, INC.
$.0001 par common
THORN PLC
American Depositary Receipts
TRANSACT TECHNOLOGIES,
INCORPORATED
$.01 par common
TRANSKARYOTIC THERAPIES, INC.
$.01 par common
TRI-POINT MEDICAL CORPORATION
$.01 par common
TRITEAL CORPORATION
$.001 par common
TRUSTED INFORMATION SYSTEMS,
INC.
$.01 par common

55560

Federal Register / Vol. 61, No. 209 / Monday, October. 28, 1996 / Rules and Regulations

TV FILME, INC.
$.01 par common
U. S. OPPORTUNITY SEARCH, INC.
$.001 par common
UNIONBANCORP, INC. (Illinois)
$1.00 par common
UNITED BANCORP, INC. (Ohio)
$1.00 par common
UNIVERSAL OUTDOOR HOLDINGS,
INC.
$.01 par common
USANA, INC.
No par common
VENTANA MEDICAL SYSTEMS, INC.
$.001 par common
VERSANT OBJECT TECHNOLOGY
No par common
VIATEL INC.
$.01 par common
VION PHARMACEUTICALS, INC.
$.01 par common
VISIGENIC SOFTWARE, INC.
$.001 par common
WARP 10 TECHNOLOGIES, INC.
No par common
WESTWOOD HOMESTEAD
FINANCIAL CORPORATION
$.01 par common
WHITE PINE SOFTWARE, INC.
$.01 par common
WILLIS LEASE FINANCE
CORPORATION
No par common
WINTON FINANCIAL CORPORATION
No par common
XAVIER CORPORATION
$.0001 par common
XIONICS DOCUMENT
TECHNOLOGIES, INC.
$.01 par common
XLCONNECT SOLUTIONS, INC.
$.01 par common
XOMED SURGICAL PRODUCTS, INC.
$.01 par common
Deletions to the Foreign Margin List
AUSTRALIA
GOLD MINES OF KALGOORLIE
LIMITED
Ordinary shares, par A$0.05
POSGOLD LIMITED
Ordinary shares, par A$0.10
CANADA
DIAMOND FIELDS RESOURCES INC.
No par common
HEMLO GOLD MINES INC.
No par common
SCOTT’S HOSPITALITY INC.
No par common subordinate-voting
TORONTO SUN PUBLISHING
CORPORATION
No par common
FRANCE
DOCKS DE FRANCE SA
Ordinary shares, par 10 French francs
ECCO SA

Ordinary shares, par 25 French francs
POLIETSA
Ordinary shares, par 50 French francs

Bearer shares, par DM 50
METRO AG
Preferred Type 1, par DM 50

GERMANY
ASKO DEUTSCHE KAUFHAUS AG
Bearer shares par DM 50
KAUFHOF HOLDING AG
Bearer shares, par DM 50
KAUFHOF HOLDING AG
Non-Voting Preferred, par DM 50

ITALY
ISTTTUTO BANCARIO SAN PAOLO
DITORINO
Ordinary shares, par 10,000 lira
MEDIASET SPA
Ordinary shares, par 1,000 lira

ITALY
SME SOOETA MERIDIONALE
FINANZIARIA
Ordinary shares, par 1,000 lira
JAPAN
HONSHU PAPER CO., LTD.
¥ 50 par common
MITSUBISHI WAREHOUSE &
TRANSPORTATION CO., LTD.
¥ 50 par common
NORWAY
SMEDVIG ASA
Common Shares, par 3 Norwegian
krone
TRANSOCEAN ASA
Common Shares, par 5 Norwegian
krone
SINGAPORE
AMCOL HOLDINGS LTD.
Ordinary shares, par S$0.25
SWITZERLAND
WINTERTHUR SCHWEIZER.
VERSICHERUNGS GES.
Bearer shares, par 20 Swiss francs
UNITED KINGDOM
APV PLC
Ordinary shares, par 10 p
BET PLC
Ordinary shares, par value 25 p
BILTON PLC
Ordinary shares, par .125 p
DAWSON INTERNATIONAL PLC
Ordinary shares, par 25 p
FISONS PLC
Ordinary shares, par value 25 p
FORTE PLC
Ordinary shares, par value 25 p
LAING (JOHN) PLC
Ordinary shares, par 25 p
LAING (JOHN) PLC
A Ordinary Non-voting 25 p
MERCHANTS TRUST PLC, THE
Ordinary shares, par 25 p
SUN ALLIANCE GROUP PLC
Ordinary shares, par 25 p
TSB GROUP PLC
Ordinary shares, par value 25 p
WILLIAM BAIRD PLC
Ordinary shares, par 50 p
Additions to the Foreign Margin List
GERMANY
METRO AG

MEXICO
APASCO SA
Ordinary shares, no par common
CARSO GLOBAL TELECOM S.A. DE*
C.V.
No par common
CEMEX S.A. DE C.V. (CPO)
No par common
EMPRESAS LA MODERNA S.A. DE
C.V.
Class Series A registered, no par
common
GRUMA S.A. DE C.V.
Series 1-B fixed, no par common
GRUPO FINANCIERO BANAMMEX
ACCIVAL S.A. DE C.V.
Series L, no par variable ordinary
shares
GRUPO FINANCIERO BANCOMER S.A.
DE C.V.
Series L registered, no par common
GRUPO FINANCIERO BANCOMER S.A.
DE C.V.
Series B, no par common
GRUPO FINANCIERO INBURSA S.A.
DE C.V.
Series B, no par common
GRUPO MEXICO S.A. DE C.V.
Series B, no par common
INDUSTRIAS PENOLES S.A. DE C.V.
No par common
NORWAY
SMEDVIG ASA
A shares, par 3 Norwegian krone
SMEDVIG ASA
B shares, par 3 Norwegian krone
UNITED KINGDOM
ALLIANCE TRUST PLC
Ordinary shares, par 25 p
BRITISH BIOTECH GROUP PLC
Ordinary shares, par 5 p
CALEDONIA INVESTMENT PLC
Ordinary shares, par 5 p
COMPASS GROUP PLC
Ordinary shares, par 5 p
COWIE GROUP PLC
Ordinary shares, par 5 p
DAILY MAIL & GENERAL TRUST PLC
A Ordinary Shares, non-voting par 50
P
EMAPPLC
Ordinary Shares, par 25 p
HAYS PLC
Ordinary shares, par 1 p
LAIRD GROUP PLC
Ordinary shares, par 25 p

Federal Register / Vol. 61, No. 209 / Monday, October 28, 1996 / Rules and Regulations
ORANGE PLC
Ordinary shares, par 20 p
PERPETUAL PLC
Ordinary shares, par 10 p
RAILTRACK GROUP PLC
Ordinary shares, par 25 p
REFUGE GROUP PLC
Ordinary shares, par 5 p
SCOTTISH INVESTMENT TRUST PLC
Ordinary shares, par 25 p
SCOTTISH MORTGAGE & TRUST PLC
Ordinary shares, par 25 p
SECURICOR PLC
Ordinary shares, par 5 p
STAGECOACH HOLDINGS PLC
Ordinary shares, par 2.5 p
THORN PLC
Ordinary shares, par 25 p
WPP GROUP PLC
Ordinary shares, par 10 p
By order of the Board of Governors of the
Federal Reserve System, acting by its Director
of the Division of Banking Supervision and
Regulation pursuant to delegated authority
(12 CFR 265.7(f)(10)), October 22,1996.

William W. Wiles,
Secretary of the Board.
[FR Doc. 96-27541 Filed 10-25-96; 8:45 am]
BILLING CODE 8210-01-P

55561

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