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Federal Reserve bank of Dallas ROBERT D. McTEER, JR. DALLAS, TE XAS PRESIDENT AND CHIEF EXECUTIVE OFFICER November 20, 199 8 752 6 5 -59 0 6 Notice 98-107 TO: The Chief Executive Officer of each financial institution and others concerned in the Eleventh Federal Reserve District SUBJECT Marginable Over-the-Counter Stocks and Foreign Margin Stocks DETAILS The Board of Governors of the Federal Reserve System has published a revised list of marginable over-the-counter (OTC) stocks. The OTC list, which is effective November 9, 1998, is composed of stocks traded over-the-counter in the United States that qualify as margin securi ties under Regulation T, Credit by Brokers and Dealers. Also published is the list of foreign margin stocks for foreign equity securities that qualify as margin securities under Regulation T. The Board publishes a complete listing of over-the-counter stocks and foreign margin stocks four times a year, and the Federal Register announces additions to and deletions from the lists. The Board will continue publishing the foreign list four times a year; however, the OTC list will be discontinued after January 1, 1999. ATTACHMENT A copy of the Federal Register announcement of revisions to the listings as shown on pages 57237-40, Vol. 63, No. 207, dated October 27, 1998, is attached. MORE INFORMATION For more information, please contact Eugene Coy at (214) 922-6201. For copies of the complete listing, contact the Public Affairs Department at (214) 922-5254. Sincerely yours, r f f a f J9. ■ 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. 63, No. 207/Tuesday, October 27, 1998/Rules and Regulations 57237 national market system (NMS security) under rules approved by the Securities 12CFR Parts 220 and 224 and Exchange Commission (SEC). Additional OTC stocks may be [Regulations T and X ] designated as NMS securities before the expiration of the OTC List on January 1, Securities Credit Transactions; List of 1999. They will become automatically Marginable OTC Stocks; List of marginable upon the effective date of Foreign Margin Stocks their NMS designation. The names of AGENCY: Board of Governors of the these stocks are available at the SEC and Federal Reserve System. at the National Association of Securities ACTION: Final rule; determination of Dealers, Inc. applicability of regulations. Pursuant to amendments recently adopted by the Board (see, 63 FR 2805, SUMMARY: The List of Marginable OTC January 16, 1998), the definition of OTC Stocks (OTC List) is composed of stocks margin stock in section 220.2 and the traded over-the-counter (OTC) in the eligibility criteria for these stocks in United States that qualify as margin section 220.11(a) and (b) will be securities under Regulation T, Credit by removed from Regulation T on January Brokers and Dealers. The List of Foreign 1,1999, and broker-dealers will be Margin Stocks (Foreign List) is permitted to extend margin credit composed of certain foreign equity against all equity securities listed in the securities that qualify as margin Nasdaq Stock Market. This last edition securities under Regulation T. The OTC of the OTC List will expire on January List and the Foreign List have been 1, 1999. published four times a year by the Also listed below are the deletions Board, and the Foreign List will from the Foreign List, which was last continue to be published four times a published on July 27, 1998 (63 FR year by the Board. The OTC List will be 40012), and became effective August 10, discontinued after January 1,1999. This 1998. There are no additions to the document sets forth additions to and Foreign List. A copy of the complete deletions from the previous OTC List Foreign List is available from the and deletions from the Foreign List. Federal Reserve Banks. EFFECTIVE DATE: November 9, 1998. The Foreign List is composted of FOR FURTHER INFORMATION CONTACT: foreign equity securities that qualify as Peggy Wolffrum, Securities Regulation foreign margin stock under Regulation T Analyst, Division of Banking by meeting the requirements of section Supervision and Regulation, (202) 452220.11(c) and (d). This determination 2837, Board of Governors of the Federal also affects the applicability of Reserve System, Washington, D.C. Regulation X. Additional foreign 20551. For the hearing impaired only, securities qualify as margin securities if contact Diane Jenkins, they are deemed to have a “ready Telecommunications Device for the Deaf market” under SEC Rule 15c3-l (17 (TDD) at (202) 452-3544. CFR 240.15c3-l) or a “no-action” SUPPLEMENTARY INFORMATION: Listed position issued thereunder. below are the deletions from and Public Comment and Deferred Effective additions to the Board’s OTC List, Date which was last published on July 27, The requirements of 5 U.S.C. 553 with 1998 (63 FR 40012), and became effective August 10,1998. A copy of the respect to notice and public complete OTC List is available from the participation were not followed in connection with the issuance of this Federal Reserve Banks. amendment due to the objective The OTC List includes those stocks character of the criteria for inclusion traded over-the-counter in the United and continued inclusion on the Lists States that qualify as OTC margin stock under Regulation T (12 CFR Part 220) by specified in § 220.11(a), (b), (c) and (d). No additional useful information would meeting the requirements of section be gained by public participation. The 220.11(a) and (b). This determination full requirements of 5 U.S.C. 553 with also affects the applicability of respect to deferred effective date have Regulation X (12 CFR Part 224). These not been followed in connection with stocks have-the degree of national the issuance of this amendment because investor interest, the depth and breadth the Board finds that it is in the public of market, and the availability of information respecting the stock and its interest to facilitate investment and issuer to warrant regulation in the same credit decisions based in whole or in part upon the composition of these Lists fashion as exchange-traded securities. as soon as possible. The Board has The OTC List also includes any OTC responded to a request by the public stock designated for trading in the FEDERAL RESERVE SYSTEM 57238 Federal Register/Vol. 63, No. 207/Tuesday, October 27, 1998/Rules and Regulations and allowed approximately a two-week delay before the Lists are effective. List of Subjects 12 CFR P art 220 Banks, Banking, Brokers, Credit, Margin, Margin requirements, Investments, National Market System (NMS Security), Reporting and recordkeeping requirements, Securities. 12 CFR P a rt 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 220.2 and 220.11, there is set forth below a listing of deletions from and additions to the OTC List and deletions from the Foreign List. Deletions From the List of Marginable OTC Stocks Stocks Removed for Failing Continued Listing Requirements ABC DISPENSING TECHNOLOGIES, INC. $.01 par com mon ACCOM, INC. $.001 par com mon AMEDISYS, INC. $.001 par common AMERICAN CLAIMS EVALUATION, INC. $.01 pax com mon APPLIANCE RECYCLING CENTERS OF AMERICA, INC. No par common BONTEX, INC. $.10 par com mon BPI PACKAGING TECHNOLOGIES, INC. $.01 par com mon BROTHERS GOURMET COFFEES INC. $.0001 par common BUILDING ONE SERVICES CORPORATION $.001 par com mon CARVER CORPORATION $.01 par com mon CASMYN CORPORATION $.04 par common CATALYST SEMICONDUCTOR, INC. No par common COFFEE PEOPLE, INC. No par common CREATIVE BAKERIES, INC. $.001 par com mon CROWN BOOKS CORPORATION $.01 par com mon CSI COMPUTER SPECIALISTS, INC. Class A, $.001 par common CYCLO PSS CORPORATION $.001 par com mon DAKOTAH, INCORPORATED $.01 par common DSI TOYS, INC. $.01 par com m on DYNAGEN, INC. $.01 par common EASTWIND GROUP, INC. $.10 par com mon ELECTRO-SENSORS, INC. $.10 par com mon ELECTRONIC TELE-COMMUNICATIONS, INC. Class A, $.01 par com mon ELECTROSCOPE, INC. No par com m on El,RON ELECTRONIC INDUSTRIES, LTD. W arrants (expire 09-01-1998) EQUUS GAMING COMPANY L.P. Class A, units representing beneficial ow nership ERLY INDUSTRIES, INC. $1.00 par com mon EZCONYINTERAMERICA INC. No par com mon FIRST CITY FINANCIAL CORPORATION $.01 par special B preferred FLORIDA GAMING CORPORATION $.10 par com mon FPA MEDICAL MANAGEMENT, INC. $.001 par com mon GATEFIELD CORPORATION $.10 par com mon GLOBAL TELECOMMUNICATIONS SOLUTIONS, INC. $.01 par common GOLDEN BEAR GOLF, INC. Class A, $.01 par common GRANDETEL TECHNOLOGIES, INC. No par com mon GRANITE BROADCASTING CORPORATION $.01 par cum ulative convertible exchangeable preferred GREAT LAKES AVIATION, LTD. $.01 par common GT BICYCLES, INC. $.001 par common HARVEST RESTAURANT GROUP, INC. $.01 par common HAYES CORPORATION $.01 par common IATROS HEALTH NETWORK, INC. $.001 par com mon INSILCO HOLDING COMPANY $.001 par com mon JPE, INC. No par common LIFE MEDICAL SCIENCES, INC. $.001 par common NATIONAL HOME CENTERS, INC. $.01 par com mon NORLAND MEDICAL SYSTEMS, INC. $.0005 par common NVIEW CORPORATION No par com mon PACIFICARE HEALTH SYSTEMS, INC. Series A, $1.00 par cum ulative convertible preferred PAGES, INC. No par com m on PCA INTERNATIONAL, INC. $.20 par com mon PERSONNEL MANAGEMENT INC. No par common PHOENIX GOLD INTERNATIONAL, INC. No par common PREMIS CORPORATION $.01 par com mon ROSS TECHNOLOGY, INC. $.01 par com mon RPM, INC. Liquid yield option notes due 2012 SEER TECHNOLOGIES, INC. $.01 par common SEILER POLLUTION CONTROL SYSTEMS, INC. $.0001 par com mon SHOWSCAN ENTERTAINMENT INC. $.001 par com mon SOFTQUAD INTERNATIONAL, INC. No par com mon SONICS & MATERIALS, INC. W arrants (expire 02-27-2001) SONICS & MATERIALS, INC. $.03 par common SOUTHWEST BANCORP, INC. (Oklahoma) Series A, redeem able, cum ulative preferred STEVEN MADDEN, LTD. Class B, w arrants (expire 12-10-1998) STUART ENTERTAINMENT INC. $.01 par com mon TCI PACIFIC COMMUNICATIONS, INC. Class A, senior cum ulative exchangeable preferred TELEPANEL SYSTEMS INC. No par com mon THINKING TOOLS, INC. $.001 par com mon TRAMFORD INTERNATIONAL, LTD. $.01 par com mon TRICORD SYSTEMS, INC. $.01 par common UROMED CORPORATION No par common VERSATILITY INC. $.01 par com mon VOXEL No par common WASHINGTON MUTUAL, INC. Series E, no par non-cum ulative perpetual preferred WEST COAST ENTERTAINMENT CORPORATION $.01 par common WOODROAST SYSTEMS, INC. $.005 par com mon Stocks Removed for Listing on a National Securities Exchange or Being Involved in an Acquisition AFFILIATED COMMUNITY BANCORP $.01 par com mon ALLIED LIFE FINANCIAL CORPORATION No par com mon AMBANC CORPORATION $10.00 par com mon AMBASSADOR BANK OF THE COMMONWEALTH $4.00 par common AMCOL INTERNATIONAL CORPORATION $1.00 par common AMERICAN MATERIALS & TECHNOLOGIES CORP. $.01 par com mon ARAKIS ENERGY CORPORATION No par com mon ARCH PETROLEUM, INC. $.01 par common ATL PRODUCTS, INC. Class A, $.0001 par com mon ATL ULTRASOUND, INC. $.01 par common ATRIA COMMUNITIES, INC. $.10 par common AWARD SOFTWARE INTERNATIONAL, INC. No par com mon BACON USA, INC. $.01 par common BELL SPORTS CORP. Federal Register/Vol. 63, No. 207/Tuesday, October 27, 1998/Rules and Regulations $.01 p ar com mon BENCHMARQ MICROELECTRONICS, INC. $.001 par com mon BERTUCCI’S INC. $.005 par com mon BIOMATRIX, INC. $.0001 par common BRODERBUND SOFTWARE, INC. $.01 par common BUTTREY FOOD AND DRUG STORES COMPANY $.01 par common CARNEGIE BANCORP (New Jersey) No par com mon CEANIC CORPORATION No par common CLAREMONT TECHNOLOGY GROUP, INC. No par com mon COHERENT COMMUNICATIONS SYSTEMS CORPORATION $.01 par common COMMUNITY FINANCIAL HOLDING CORPORATION $5.00 par common CORPORATEFAMILY SOLUTIONS, INC. No par common CYBERMEDIA, INC. $.01 par com mon DAWSON PRODUCTION SERVICES, INC. $.01 par com mon DECRANE AIRCRAFT HOLDINGS, INC. $.01 par com mon DEEPTECH INTERNATIONAL INC. $.01 par com mon DIME FINANCIAL CORP. $1.00 par com mon DR. SOLOMON’S GROUP, PLC A m erican Depositary Receipts DSC COMMUNICATIONS CORP. $.01 par com mon ESSEX COUNTY GAS COMPANY $2.50 par com mon FED ONE BANCORP, INC. $.10 par com mon FIRST COLORADO BANCORP, INC. $1.00 par common FIRST COMMERCIAL CORPORATION $3.00 par com mon FIRST HOME BANCORP, INC. (New Jersey) $1.00 par common FTP SOFTWARE INC. $.01 par common GARTNER GROUP, INC. Class A, $.001 par com mon GNI GROUP, INC. $.01 par common GOODMARK FOODS, INC. $.01 par common GROUP I SOFTWARE, INC. $.01 par com mon HAVERTY FURNITURE COMPANIES, INC. $1.00 par com mon Class A, $1.00 par common HEARST-ARGYLE TELEVISION, INC. Class A, $.01 par common HFNC FINANCIAL CORPORATION $.01 par common HYPERION SOFTWARE CORPORATION $.01 par common IBS FINANCIAL CORPORATION $.01 par common INCONTROL, INC. $.01 par com mon INNOSERVE TECHNOLOGIES, INC. $.01 par com mon INNOVA CORPORATION No par com mon INNOVATIVE TECH SYSTEMS, INC. $.001 par com mon INTERSOLV, INC. $.01 par common IQ SOFTWARE CORPORATION $.00033 par common IWL COMMUNICATIONS INCORPORATED $.01 par common KATZ DIGITAL TECHNOLOGIES, INC. $.001 par com mon LIBERTY TECHNOLOGIES, INC. $.01 par common LONG ISLAND BANCORP, INC. (New York) $.01 par com mon LUKENS MEDICAL CORPORATION Class A, $.01 par com mon MARINE DRILLING CO. $.01 par com mon MARINER HEALTH GROUP, INC. $.01 par common MARYLAND FEDERAL BANCORP, INC. $.01 par common MAY & SPEH, INC. $.01 par common MCI COMMUNICATIONS CORPORATION $.10 par com mon MEDCATH INCORPORATED $.01 p ar com mon MEDICIS PHARMACEUTICAL CORPORATION Class A, $.001 par com mon MICROPROSE, INC. $.001 par common MID-AM, INC. (Ohio) $5.00 par common MOLECULAR DYNAMICS, INC. $.01 par com mon MOUNTBATTEN, INC. $.001 par com mon NATIONAL SURGERY CENTERS, INC. $.01 par common NCI BUILDING SYSTEMS, INC. $.01 par common NETVANTAGE, INC. Class A, $.001 par common NEUREX CORPORATION $.01 par common NIMBUS CD INTERNATIONAL, INC. $.01 par com mon PENEDERM INC. No par common PENN-AMERICA GROUP, INC. $.01 p ar com mon PETE’S BREWING COMPANY No par common PETROCORP INCORPORATED $.01 par com mon PHYSIO-CONTROL INTERNATIONAL CORPORATION $.01 par com mon PLENUM PUBLISHING CORPORATION $.10 par com mon PMT SERVICES, INC. $.01 par com mon POLLO TROPICAL, INC. $.01 par common POSITRON FIBER SYSTEMS CORPORATION No par common PROGRESSIVE BANK, INC. (New York) $1.00 par common PST VANS, INC. 57239 $.001 par com mon REGENT BANCSHARES CORP. (Pennsylvania) $.10 par com mon RENT-WAY, INC. No par common REPUBLIC ENGINEERED STEELS, INC. $.01 par com mon RESOURCE BANKSHARES CORPORATION (California) $3.00 par common SLH CORPORATION $.01 par com mon SOMERSET SAVINGS BANK (Massachusetts) $1.00 par common SUMITOMO BANK OF CALIFORNIA, THE $5.00 par common SUMMIT HOLDING SOUTHEAST, INC. $.01 par com mon TAPP AN ZEE FINANCIAL, INC. $.01 par common TELEMUNDO GROUP, INC. W arrants (expire 12-29-1999) Series A, $.01 par com mon TELEPORT COMMUNICATIONS GROUP, INC. Class A, $.01 par com mon THERAGENICS CORPORATION $.01 par com mon TIMBER LODGE STEAKHOUSE, INC. $1.00 par com mon TRANS FINANCIAL INC. No par com mon TRIANGLE PACIFIC CORPORATION $.01 par com mon TRIO-TECH INTERNATIONAL No par com mon UNITED DENTAL CARE, INC. $.10 par com mon UNITED FEDERAL SAVINGS BANK (North Carolina) $.01 par com mon UNIVERSAL INTERNATIONAL, INC. $.05 par common UPPER PENINSULA ENERGY CORPORATION No par com mon US SERVIS, INC. $.01 par common VIKING OFFICE PRODUCTS, INC. No par com mon VIRUS RESEARCH INSTITUTE, INC. $.01 par common WANDEL & GOLTERMANN TECHNOLOGIES INC. $.01 par common XCELLENET, INC. $.01 par common ZAG INDUSTRIES LIMITED Ordinary shares (NIS .01) Additions to The List o f Marginable OTC Stocks 24/7 MEDIA, INC. $.01 par common ACTUATE SOFTWARE CORPORATION $.001 par com mon ADMIRALTY BANCORP, INC. Class B, com m on stock ADVANCED AERODYNAMICS & STRUCTURES, INC. Units ADVANCED TECHNICAL PRODUCTS, INC. $.25 par com mon AMERICAN PACIFIC BANCORP 57240 Federal Register/Vol. 63, No. 207/Tuesday, October 27, 1998/Rules and Regulations Class B, com m on stock ARISTOTLE CORPORATION, THE $.001 par comon ATLANTIC GULF COMMUNITIES CORPORATION Series B, 20% preferred stock BANKFIRST CORPORATION $2.50 par com mon BINDVIEW DEVELOPMENT CORPORATION No par common BIPER S.A. DE C.V. A m erican Depositary Shares BROADCAST.COM, INC. $.01 par com mon BWC FINANCIAL CORPORATION No par common CAPROCK COMMUNICATIONS CORPORATION $.01 par common CARRIER ACCESS CORPORATION $.001 par com mon CBES BANCORP, INC. $.01 par com mon CD WAREHOUSE, INC. $.01 par com mon CFS BANCORP, INC. $.01 par common CLARK/BARDES HOLDINGS, INC. $.01 par common CNY FINANCIAL CORPORATION $.01 par common COHESION TECHNOLOGIES, INC. $.001 par com mon COMMONWEALTH TELEPHONE ENTERPRISES, INC. Rights (expire 10-23-1998) CORECOMM LIMITED $.01 par common COST-U-LESS, INC. $.001 par common CREDITRUST CORPORATION $13.00 par com mon CROWN CASTLE INTERNATIONAL CORPORATION $.01 par com mon CRUSADER HOLDING CORPORATION $.01 par com mon CYBERIAN OUTPOST, INC. $.01 par common DEARBORN BANCORP, INC. No par com mon DECORA INDUSTRIES, INC. $.01 par common DELPHI INTERNATIONAL, LTD. $.01 p ar com mon DIGITAL RIVER, INC. $.01 p ar com mon DSET CORPORATION No par common EBAY INC. $.001 par common ECHELON CORPORATION $.01 par com mon ECLIPSYS CORPORATION $.01 par com mon ELECTRONICS BOUTIQUE HOLDINGS CORPORATION $.01 par common ENTRUST TECHNOLOGIES, INC. $.01 par common EUFAULA BANCCORP, INC. $1.00 par com mon EXCO RESOURCES, INC. $.01 par common FCNB CAPITAL TRUST No p ar trust preferred FIRST BUSEY CORPORATION Class A, no par common FLORIDA BANKS, INC. $.01 par common FUNDTECH, LTD. O rdinary shares GEOCITIES $.001 par common GIGA INFORMATION GROUP, INC. $.001 par com mon GLOBAL CROSSING, LTD. 9 - 5/s% senior notes due 2008 GOLDEN STATE VINTNERS, INC. Class B, $.01 p ar com mon GRAND UNION COMPANY, THE $.01 par common HERITAGE COMMERCE CORPORATION No par com mon HOMETOWN AUTO RETAILERS, INC. Class A, $.001 par common ICO GLOBAL COMMUNICATIONS (HOLDINGS) LIMITED $.01 par com mon IDG BOOKS WORLDWIDE, INC. $.001 par com mon INDEPENDENT ENERGY HOLDINGS PLC American Depositary Shares (NIS 1) INTERACTIVE MAGIC, INC. $.10 par common INTERCORP EXCELLE, INC. No par common INTERVEST BANCSHARES CORPORATION Class A, com m on shares IXOS SOFTWARE AKTIENGESELLSCHAFT A m erican Depositary Shares JEWETT-CAMERON TRADING COMPANY, LTD. No par com mon KASPER A.S.L., LTD. $.01 par com mon LANDAIR CORPORATION $.01 p ar com mon LEAP WIRELESS INTERNATIONAL, INC. $.0001 par com mon MAXTOR CORPORATION $.01 par com mon MDC COMMUNICATIONS CORPORATION Class A, subordinate voting shares MERRILL MERCHANTS BANCSHARES, INC. $1.00 par com mon NATROL, INC. $.01 par common NORTHEAST OPTIC NETWORK, INC. $.01 par com mon PATHFINDER BANCORP, INC. $.10 par com mon PENWEST PHARMACEUTICALS COMPANY $.001 par common PILOT NETWORK SERVICES, INC. $.001 par common PRICE ENTERPRISES, INC. Class A, $.0001 par preferred PSB BANCORP, INC. $.01 par com mon R & G FINANCIAL CORPORATION Series A, 7.40% noncum ulative m onthly income preferred stock RAILWORKS CORPORATION $.01 par common REPUBLIC BANCORP, INC. Class A, no par common SEQUENT COMPUTER SYSTEMS, INC. $.01 par common SIEBERT FINANCIAL CORPORATION $.01 par common SMED INTERNATIONAL, INC. No par com mon SOFTWORKS, INC. $.001 par common SOUND FEDERAL BANCROP $.10 par com mon SUNRISE TECHNOLOGIES INTERNATIONAL, INC. $.001 par com mon SYNTROLEUM CORPORATION $.01 par common TARAGON REALTY INVESTORS, INC. $.01 par com mon TELEBANC FINANCIAL CORPORATION $.01 par com mon Series A, 9% beneficial unsecured securities TERAYON COMMUNICATION SYSTEMS $.001 par common THISTLE GROUP HOLDINGS $.01 par com mon TOWNE SERVICES, INC. No par common TWEETER HOME ENTERTAINMENT GROUP, INC. No par common UNITY BANCORP, INC. No par com mon WEST ESSEX BANCORP, INC. $.01 par common WINTRUST FINANCIAL CORPORATION Cumulative trust preferred WRP CORPORATION $.01 par com mon Deletions from the Foreign Margin Stock List Tokyo FURUKAWA CO., LTD. ¥ 50 par com mon MEIDENSHA CORPORATION ¥ 50 par common NOF CORPORATION ¥ 50 par common By order of th e Board of Governors of the Federal Reserve System, acting by its Director of the Division of Banking Supervision and Regulation p ursuant to delegated authority (12 CFR 265.7(f)(10)), October 21,1998. Jennifer J. Johnson, Secretary o f the Board. [FR Doc. 98-28657 Filed 10-26-98; 8:45 am] BILLING CODE 6210-01-P
@FedFRASER