The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Federal Reserve Bank OF DALLAS ROBERT D. M C T E E R , J R . _ , „ president , _ ., February 20, 1991 AND CHIEF EXECUTIV E O F F IC E R DALLAS, TEXAS 7 5 2 2 2 Notice 91-13 TO: The Chief Executive Officer of each member bank and others concerned in the Eleventh Federal Reserve District SUBJECT Over-the-Counter (OTC) Margin Stocks DETAILS The Board of Governors of the Federal Reserve System has revised the list of over-the-counter (OTC) stocks that are subject to its margin regula tions, effective February 11, 1991. The Board publishes a complete list four times a year, and the Federal Register announces additions to and deletions from the list. The complete list of OTC stocks as of February 11, 1991, is avail able from the Public Affairs Department of this Bank upon request. Included with the list is a listing of foreign margin stocks. The foreign margin stocks listed are foreign equity securities eligible for margin treatment at broker-dealers. ATTACHMENT Attached is a copy of the Federal Register announcement of revisions to the list of OTC stocks as shown on pages 3773-75, Vol. 56, No. 21, dated January 31, 1991. There are no additions to or deletions from the previous list of foreign margin stocks, which was effective November 13, 1990. MORE INFORMATION For more information regarding marginable OTC stock requirements, please contact Dean A. Pankonien at (214) 651-6228. For copies of the complete list or additional copies of this notice, please contact the Public Affairs Department at (214) 651-6289. Sincerely yours, For additional copies, bankers and others are encouraged to use one of the following toll-free numbers in contacting the Federal Reserve Bank of Dallas: Dallas Office (800) 333-4460; El Paso Branch Intrastate (800) 592-1631, Interstate (800) 351-1012; Houston Branch Intrastate (800) 392-4162, Interstate (800) 221-0363; San Antonio Branch Intrastate (800) 292-5810. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) Federal Register / Vol. 56, No. 21 / Thursday, January 31, 1991 / Rules and Regulations 3773 FEDERAL RESERVE SYSTEM 12 CFR Parts 207, 220,221 and 224 [Regulations G, T, U and X] Securities Credit Transactions; List of Marginabie OTC Stocks; List of Foreign Margin Stocks ASENCY: Board of Governors of t h e Federal Reserve System. ACTION: Final rule; determination of applicability of regulations. The List of Marginable OTC Stocks (OTC List) is comprised of stocks traded over-the-counter (OTC) in the United States that have been determined by the Board of Governors of the Federal Reserve System to be subject to the margin requirements under certain Federal Reserve regulations. The List of Foreign Margin Stocks (Foreign List) represents all foreign equity securities that have met the Board’s eligibility criteria under Regulation T. The OTC List and the Foreign List are published four times a year by the Board. This document sets forth additions to or deletions from the previous OTC List. There are no additions to or deletions from the previous Foreign List. Both Lists were published on November 1,1990 (55 FR 46040) and effective on November 13, 1990. EFFECTIVE DATE: February 11,1991. su m m ary : FOR FURTHER INFORMATION CONTACT: Peggy Wolffrum, Securities Regulation Analyst, Division of Banking Supervision and Regulation, (202) 452 2781, Board of Governors of the Federal Reserve System, Washington, DC 20551. For the hearing impaired only, Dorothea Thompson, Telecommunications Device for the Deaf (TDD) (202) 452-3544. SUPPLEMENTARY INFORMATION: Listed below are additions to or deletions from the OTC List. This supersedes the last OTC List which w as effective November 13,1990. Additions and deletions to the OTC List were last published on November 1,1990 (55 FR 46040). A copy of the complete OTC List is available from the Federal Reserve Banks. The OTC List includes those stocks that meet the criteria in Regulations G, T and U (12 CFR parts 207, 220 and 221, respectively). This determination also affects the applicability of Regulation X (12 CFR part 224). These stocks have the degree of national investor interest, the depth and breadth of market, and the availability of information respecting the stock and its issuer to w arrant regulation in the same fashion as exchange-traded securities. The OTC 3774 Federal Register / Vol. 56, No. 21 / Thursday. January 31, 1991 / Rules and Regulations List also includes any OJC stock designated under a Securities and Exchange Commission (SEC) rule as qualified for trading in the national market system (NMS security). Additional OTC stocks may be designated as NMS securities in the interim between the Board’s quarterly publications. They will become automatically marginabie at brokerdealers upon the effective date of their NMS designation. The names of these stocks are available at the Board and the SEC and will be incorporated into the Board’s next quarterly publication of the OTC List. There are no additions to or deletions from the last Foreign List, which was published November 1,1990 (55 FR 46040) and effective November 13,1990. This notice serves as republication of that List with a new effective date of February 11,1991. Stocks on the Foreign List are eligible for margin treatment at broker-dealers pursuant to a 1990 amendment to Regulation T (12 CFR part 220). These foreign equity securities have met the Board’s requirements pursuant to Regulation T and are eligible for margin at broker-dealers on the same basis as domestic margin securities. A copy of the complete Foreign List is available from the Federal Reserve Banks. Public Comment and Deferred Effective Date The requirements of 5 U.S.C. 553 with respect to notice and public participation were not followed in connection with the issuance of this amendment due to the objective character of the criteria for inclusion and continued inclusion on the Lists specified in 12 CFR 207.6 (a) and (b), 220.17 (a), (b), (c) and (d), and 221.7 (a) and (b). No additional useful information would be gained by public participation. The full requirements of 5 U.S.C. 553 with respect to deferred effective date have not been followed in connection with the issuance of this amendment because the Board finds that it is in the public interest to facilitate investment and credit decisions based in whole or in part upon the composition of these Lists as soon as possible. The Board has responded to a request by the public and allowed a two-week delay before the Lists are effective. List of Subjects 12 CFR Part 207 Banks, Banking, Credit, Federal Reserve System, Margin, Margin requirements, National Market System (NMS Security), Reporting and recordkeeping requirements, Securities. 12 CFR Part 220 Banks, Banking, Brokers, Credit, Federal Reserve System, Margin, Margin requirements. Investments, National Market System (NMS Security), Reporting and recordkeeping requirements, Securities. 12 CFR Part 221 Banks, Banking, Credit, Federal Reserve System, Margin, Margin requirements, National Market System (NMS Security), Reporting and recordkeeping requirements, Securities. 12 CFR Part 224 Banks, Banking, Borrowers, Credit, Federal Reserve System, Margin, Margin requirements, Reporting and recordkeeping requirements, Securities. Accordingly, pursuant to the authority of sections 7 and 23 of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78g and 78w), and in accordance with 12 CFR 207.2(k) and 207.6(c) (Regulation G), 12 CFR 220.2(u) and 220.17(e) (Regulation T), and 12 CFR 221.2(j) and 221.7(c) (Regulation U), there is set forth below a listing of deletions from and additions to the OTC List. Deletions From the List of Marginabie OTC Stocks Stocks Removed For Failing Continued Listing Requirements 1st American Bancorp Inc. $.01 par common Abraham Lincoln Federal Savings, Bank (Pennsylvania) $100 par common Action Savings Bank, S.L.A. $1.00 par common Arizona Instrument Corporation No par common Cellular Information Systems, Inc. Class A, $.01 par common Ceramics Process Systems Corp. $.01 par common Charter Federal Savings Bank, (Virginia) $.01 par common Corporate Data Sciences, Inc. No par common Critical Industries, Inc. $.001 par common Decom Systems, Inc. No par common Duratek Corporation $.01 par common Empire Financial Corp. $.01 par common Environmental Power Corporation $.01 par common Financial News Network, Inc. No par common First Charter Corporation $5.00 par common First Continental Real Estate Investment Trust $1.00 par shares of beneficial interest Genex Corporation $.05 par common, Series B, $.60 par convertible preferred HEI, Inc. $.05 par common Home Federal Savings Bank (South Carolina) $1.00 par common Ingres Corporation $.001 par common Intech Incorporated No par common International Consumer Brands, Inc. $.01 par common Ironstone Group, Inc. $.01 par common JRM Holdings, Inc. $.01 par common KWIK Products International Corporation No par common Landmark/Community Bancorp, Inc. $.01 par common Lexington Precision Corporation $.25 par common Meret, Inc. No par common Merrimack Bancorp, Inc. $.10 par common Nevada Goldfields Corporation No par common New Hampshire Savings Bank Corp. $1.00 par common One Bancorp, The $1.00 par common Overmyer Corporation No par common P.C. Quote, Inc. $.001 par common Pioneer American Holding Corporation $10.00 par common Prab Robots, Inc. $.10 par common Ronson Corporation $1.00 par common Samna Corporation $.01 par common Software Services of America, Inc. $.01 par common Southmark Corporation $.01 par common Sunresorts Ltd., N.V. $.01 par common Traditional Industries, Inc. $.01 par common Transnational Industries, Inc. $.01 par common Washington Savings Bank, F.S.B. (Maryland) $1.00 par common W esterbeke Corporation $.01 par common Westwood One, Inc. Federal Register / Vol. 56, No. 21 / Thursday, January 31, 1991 / Rules and Regulations_____ 3775 W arrants (expire 09-04-97) Xscribe Corporation No par common Stocks Removed For Listing On a National Securities Exchange Or Being Involved In An Acquisition American Reliance Group, Inc. $.01 par common Barden Corporation, The $1.00 par common Cambrex Corporation $.10 par common Cheshire Financial Corporation $1.00 par common Conner Peripherals, Inc. No par common Continental Gold Corporation No par common Doctors Rehabilitation Corporation of America $.001 par common Environmental Tectonics Corporation $.10 par common Exploration Company of Louisiana Inc., The $.01 par common First Federal of W estern Pennsylvania, $1.00 par common Frontier Insurance Group, Inc. $.01 par common Home Savings Bank, The (New York) $1.00 par common Laidlaw Inc. Class A, no par common Class B, no par common Mayflower Financial Corporation $.01 par common Micrcn Technology, Inc. $.10 par common Mid Maine Savings Bank, F.S.B. $.01 par common National Lampoon, Inc. $.10 par common Nike, Inc. Class B, no par common North Hills Electronics, Inc. $.01 par common NWNL Companies, Inc., The $1.25 par common OSHAP Technologies LTD W arrants (expire 11-25-90) Phoenix American Incorporated No par common Planters Corporation, The $5.00 par common Pop Radio Corporation $.01 par common Sellersville Savings and Loan Association (Pennsylvania) $1.00 par common Telecredit, Inc. $.01 par common Tolland Bank (Connecticut) $1.00 par common Tony Lama Company, Inc. $1.00 par common U.S. Intec, Inc. $.02 par common Urcarco, Inc. $.01 par common Valley Federal Savings Bank (Indiana) $.01 par common VISX, Incorporated No par common Additions To the List of Marginabie OTC Stocks A. L Williams Corporation 7.25% convertible subordinated debentures ATC Environmental Inc. $.01 par common Bank of San Pedro No par common Cardinal Distribution, Inc. 7lA% convertible subordinated debentures Care Group, Inc., The $.001 par common, W arrants (expire 04-24-91) Cathay Bancorp, Inc. No par common Chiron Corporation, 7Vi% convertible subordinated debentures Clearly Canadian Beverage Corporation No par common Coca-Cola Enterprises, Inc. W arrants (expire 07-10-91) Crop Genetics International $.95 convertible exchangeable preferred First Bancorp Indiana, Inc. No par common First Seismic Corporation, $.01 par common Great Lakes Bancorp, A Federal Savings Bank W arrants (expire 07-01-95) Health Risk Management, Inc. $.01 par common Hector Commincations Corporation $01 par common In Focus Systems, Inc. No par common Isreal Land Development Company Limited American Depository Receipts Kaiser Steel Resources, Inc. $.03 par common Lufkin Industries, Inc. $1.00 par common Millfeld Trading Co., Inc. Class A, w arrants (expire 07-22-92) W arrants (expire 01-22-94) N.S. Bancorp, Inc., $.01 par common Neozyme Corporation Units (expire 12-31-94) Palmer Tube Mills Limited American Depository Receipts Rada Electronics Industries Limited $.001 par common Regional Federal Bankcorp, Inc. (Indiana) No par common SSMC, Inc. Series B, 15% cumulative preferred Tandy Brands Accessories, Inc. $1.00 par common Universal Holding Corporation W arrants (expire 06-29-93) Ventura Motion Picture Group $.001 par common Videocart, Inc. $.01 par common Wisconsin Pharmacal Company, Inc. $.01 par common By order of the Board of Governors of the Federal Reserve System, acting by its Staff Director of the Division of Banking Supervision and Regulation pursuant to delegated authority (12 CFR 265.2(c)(18)), January 25,1991. William W. Wiles, Secretary of the Board. [FR Doc. 91-2247 Filed 1-30-91; 8:45 am] BILUNQ CODE 6210-01-*!
@FedFRASER