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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 DALLAS, TEXAS 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 loans17 to 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 - 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 - (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 - 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 regulation17 or by amending the definition of "customer" in the second section of each regulation.27 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. 11 12 CFR 207.1 (Regulation G), 12 CFR 220.1 (Regulation T), and 12 CFR 221.1 (Regulation U). 11 12 CFR 207.2 (Regulation G), 12 CFR 220.2 (Regulation T), and 12 CFR 221.2 (Regulation U). - 4 - 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. - 5 - 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.47 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: - 7 - §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 55556 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
@FedFRASER