[Federal Register Volume 60, Number 20 (Tuesday, January 31, 1995)]
[Rules and Regulations]
[Pages 5845-5848]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-2301]
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FEDERAL RESERVE SYSTEM
12 CFR Parts 207, 220, 221 and 224
Securities Credit Transactions; List of Marginable OTC Stocks;
List of Foreign Margin Stocks; Regulations G, T, U and X
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Final rule; determination of applicability of regulations.
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SUMMARY: The List of Marginable OTC Stocks (OTC List) is composed 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) is
composed of 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 and deletions from the previous OTC List and
deletions from the previous Foreign List.
EFFECTIVE DATE: February 13, 1995.
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,
D.C. 20551. For the hearing impaired only, contact Dorothea Thompson,
Telecommunications Device for the Deaf (TDD) at (202) 452-3544.
SUPPLEMENTARY INFORMATION: Listed below are additions to and deletions
from the OTC List, which was last published on October 31, 1994 (59 FR
54381), and which became effective November 14, 1994. A copy of the
complete OTC List is available from the Federal Reserve Banks.
The OTC List includes those stocks that meet the criteria in
Regulations G, T and U (12 CFR Parts 207, 220 and 221, respectively).
This determination also affects the applicability of Regulation X (12
CFR Part 224). These stocks have the degree of national investor
interest, the depth and breadth of market, and the availability of
information respecting the stock and its issuer to warrant regulation
in the same fashion as exchange-traded securities. The OTC List also
includes any OTC stock designated for trading in the national market
system (NMS security) under a rule approved by the Securities and
Exchange Commission (SEC). Additional OTC stocks may be designated as
NMS securities in the interim between the Board's quarterly
publications. They will become automatically marginable upon the
effective date of their NMS designation. The names of these stocks are
available at the SEC and at the National Association of Securities
Dealers, Inc. and will be incorporated into the Board's next quarterly
publication of the OTC List.
Also listed below is one deletion from the Foreign List. There are
no new additions to the Board's Foreign List, which was last published
October 31, 1994 (59 FR 54381), and which became
[[Page 5846]] effective November 14, 1994. The Foreign List includes
those foreign securities that meet the criteria in Sec. 220.17 of
Regulation T and are eligible for margin treatment 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 approximately a two-
week delay before the Lists are effective.
List of Subjects
12 CFR Part 207
Banks, Banking, Credit, Margin, Margin requirements, National
Market System (NMS Security), Reporting and recordkeeping requirements,
Securities.
12 CFR Part 220
Banks, Banking, Brokers, Credit, Margin, Margin requirements,
Investments, National Market System (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(u) 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 one deletion from the Foreign List.
Deletions From the List of Marginable OTC Stocks
Stocks Removed for Failing Continued Listing Requirements
ABSOLUTE ENTERTAINMENT, INC.
No par common
APPLIED CARBON TECHNOLOGY, INC.
No par common
BAKER HUGHES INCORPORATED
Warrants (expire 03-31-95)
BASE TEN SYSTEMS, INC.
Series B, rights expire 11-10-94
BREAKWATER RESOURCES, LTD.
No par common
C-TEC CORPORATION
Transferable subscription rights
CENTOCOR, INC.
Warrants (expire 12-31-94)
COMMUNICATIONS & ENTERTAINMENT CORPORATION
Class A, $.05 par common
COMMUNITY HEALTH COMPUTING CORP.
$.01 par common
COMPUTER CONCEPTS CORPORATION
$.0001 par common
COMSTOCK BANK (Neveda)
$.50 par common
CONTINENTAL SAVINGS OF AMERICA, A FEDERAL SAVINGS BANK
Series A, non-cumulative convertible preferred
CPI AEROSTRUCTURES, INC.
Warrants (expire 09-16-95)
DELPHI INFORMATION SYSTEMS, INC.
$.10 par common
DIGITAL PRODUCTS CORPORATION
$.025 par common Class A, warrants (expire 02-07-95)
Class B, warrants (expire 02-07-97)
ENZON, INC.
Warrants (expire 11-01-94)
EQUIVEST FINANCE, INC.
$.05 par common
EROX CORPORATION
No par common
GATEWAY INDUSTRIES, INC.
No par common
GENZYME CORPORATION
Warrants (expire 12-31-94)
GLOBAL SPILL MANAGEMENT, INC.
$.001 par common
GREAT AMERICAN RECREATION, INC.
$1.00 par common
GREENWICH PHARMACEUTICALS INC.
$.10 par common
HIGHWOOD RESOURCES LTD.
No par capital
HOENIG GROUP INC.
Class A, warrants (expire 10-31-94)
INOTEK TECHNOLOGIES CORPORATION
$.01 par common
JACKPOT ENTERPRISES, INC.
Warrants (expire 01-31-96)
JB OXFORD HOLDINGS INC.
$.01 par common
KENDALL SQUARE RESEARCH CORP.
$.01 par common
MEDIA VISION TECHNOLOGY, INC.
Convertible subordinated debentures due 2003
MENLEY & JAMES, INC.
$.01 par common
MICROCARB INC.
$.01 par common
MPTV, INC.
$.005 par common
MRV COMMUNICATIONS, INC.
Warrants (expire 12-07-97)
NAHAMA & WEAGANT ENERGY COMPANY
No par common
NATIONAL CONVENIENCE STORES, INC.
Warrants (expire 03-09-98)
NATIONAL DIAGNOSTICS, INC.
No par common Warrants (expire 09-19-97)
NYCAL CORPORATION
No par common
OPTO MECHANIK, INC.
$.10 par common
P & F INDUSTRIES, INC.
$10.00 par cumulative convertible preferred
PRICE REIT, INC., THE
$.01 par common
PUROFLOW INCORPORATED
$.06-2/3 par common
SGI INTERNATIONAL
No par common
SPORTS/LEISURE, INC.
$.01 par common
TAT TECHNOLOGIES LTD.
Class A, warrants (expire 03-30-95)
TELIOS PHARMACEUTICALS, INC.
Warrants (expire 09-26-96)
TJ SYSTEMS CORPORATION
Series A, $.01 par convertible preferred
U.S. CAPITAL GROUP INC.
$.10 par common
UNITED STATES EXPLORATION, INC.
$.0001 par common
VEST, H.D., INC.
Class B, warrants (expire 11-21-94)
Stocks Removed for Listing on a National Securities Exchange or
Being Involved in an Acquisition
AGNICO-EAGLE MINES LIMITED
No par common
AMERIFED FINANCIAL CORPORATION (Illinois)
$.01 par common
AMITY BANCSHARES, INC. (Illinois)
$.01 par common
AMVESTORS FINANCIAL CORP.
No par common
ANCHOR BANCORP, INC. (New York)
$.01 par common
ASSOCIATED COMMUNICATIONS CORP.
Class A, $.10 par common
Class B, $.10 par common
BABBAGE'S, INC.
$.10 par common
BANYAN MORTGAGE INVESTORS L.P.
Depositary units of limited partnership interest
BARRETT RESOURCES CORPORATION
$.01 par common
BIOSURFACE TECHNOLOGY, INC.
$.01 par common
BROCK CANDY COMPANY
Class A, $.01 par common
CARENETWORK, INC.
$.01 par common
CARSON PIRIE SCOTT & CO.
$.01 par common [[Page 5847]]
CENTRAL INDIANA BANCORP
No par common
CENTRAL JERSEY BANCORP
$2.50 par common
CHARTER FSB BANCORP INC.
$.01 par common
COASTAL HEALTHCARE GROUP, INC.
$.01 par common
COMMERCE BANK (Virginia)
$2.50 par common
CORRECTIONS CORPORATION OF AMERICA
$1.00 par common
Warrants (expire 09-14-97)
DATASOUTH COMPUTER CORPORATION
$.01 par common
DIGIDESIGN, INC.
$.001 par common
EASTOVER CORPORATION
No par shares of beneficial interest
F & C BANCSHARES, INC. (Florida)
$1.00 par common
F & M NATIONAL CORPORATION
$2.00 par common
FIRST WESTERN FINANCIAL CORPORATION
$1.00 par common
GALEY & LORD, INC.
$.01 par common
GENCARE HEALTH SYSTEMS, INC.
$.02 par common
GENERAL ATLANTIC RESOURCES, INC.
$.01 par common
GERMANTOWN SAVINGS BANK (Pennsylvania)
$.10 par common
GRENADA SUNBURST SYSTEM CORPORATION
$1.00 par common
HOME FEDERAL SAVINGS BANK (Washington, DC)
$.01 par common
IDB COMMUNICATIONS GROUP, INC.
$.01 par common
INFORMATION AMERICA, INC.
$.01 par common
INPUT/OUTPUT, INC.
$.01 par common
INTERGROUP HEALTHCARE CORPORATION
$.001 par common
ITHACA BANCORP, INC. (New York)
$1.00 par common
JONES SPACELINK, LTD.
Class A, $.01 par common
KEPTEL, INC.
No par common
KIRSCHNER MEDICAL CORPORATION
$.10 par common
KNOWLEDGEWARE, INC.
No par common
KOLL MANAGEMENT SERVICES, INC.
$.01 par common
LASER PRECISION CORPORATION
$.10 par common
LCI INTERNATIONAL, INC.
$.01 par common
5% cumulative convertible exchangeable preferred
MEDSTAT GROUP, INC., THE
$.01 par common
NATIONAL CONVENIENCE STORES, INC.
$.01 par common
ORTHOMET, INC.
$.10 par common
PALMER TUBE MILLS LIMITED
American Depositary Receipts
PREMIERE PAGE, INC.
$.01 par common
PRICE REIT, INC., THE
Series B, $.01 par common
PROVIDENTIAL CORPORATION
$.0001 par common
PUROLATOR PRODUCTS COMPANY
$.01 par common
QUINCY SAVINGS BANK (Massachusetts)
$.10 par common
RELIFE, INC.
Class A, $.01 par common
RHNB CORPORATION
$2.50 par common
ROCK FINANCIAL CORPORATION
$3.33\1/3\ par common
SCOTT'S LIQUID GOLD, INC.
$.10 par common
SEAGATE TECHNOLOGY, INC.
$.01 par common
6\3/4\% convertible subordinated debentures
SERVICE FRACTURING COMPANY
$1.00 par common
SNAPPLE BEVERAGE CORPORATION
$.01 par common
SORICON CORPORATION
$.01 par common
SUMMIT BANCORP, INC. (Washington)
$.01 par common
SYNERGEN, INC.
$.01 par common
SYNOPTICS COMMUNICATIONS, INC.
$.01 par common
TRICO PRODUCTS CORPORATION
No par common
TRICONEX CORPORATION
No par common
UNSL FINANCIAL CORP.
$1.00 par common
WINSTON FURNITURE COMPANY, INC.
$.01 par common
ZENITH LABORATORIES, INC.
No par common
Additions to the List of Marginable OTC Stocks
7TH LEVEL, INC.
$.01 par common
ABER RESOURCES LTD.
No par common
ADIA S.A.
American Depositary Receipts
ALABAMA NATIONAL BANCORPORATION
$1.00 par common
AMERCO
$.25 par common
AMERICAN CINEMA STORES INC.
$.001 par common
AMERICAN RESOURCES OF DELAWARE, INC.
$.00001 par common
AMERICAN SENSORS, INC.
No par common
ANDYNE COMPUTING LTD.
No par common
APOLLO GROUP, INC.
Class A, no par common
APPLIED VOICE TECHNOLOGY, INC.
$.01 par common
APPLIX, INC.
$.0025 par common
AREL COMMUNICATIONS & SOFTWARE LTD.
Ordinary shares
Series A, warrants (expire 12-01-96)
ARK RESTAURANTS CORPORATION
$.01 par common
ASPEN TECHNOLOGY, INC.
$.01 par common
ASSOCIATED GROUP, INC., THE
Class A, $.10 par common
Class B, $.10 par common
AVERT, INC.
No par common
Warrants (expire 12-22-95)
B.U.M. INTERNATIONAL, INC.
$.02 par common
BARRY'S JEWELERS, INC.
No par common
Warrants (expire 07-01-2002)
BITWISE DESIGNS, INC.
$.001 par common
BOLLE AMERICA, INC.
$.01 par common
BONSO ELECTRONICS INTERNATIONAL, INC.
$.0005 par common
Warrants (expire 12-16-99)
BRIDGEPORT MACHINES, INC.
$.01 par common
BTG, INC.
No par common
CAMCO FINANCIAL CORPORATION
$1.00 par common
CANNONDALE CORPORATION
$.01 par common
CARVER FEDERAL SAVINGS BANK (New York)
$.01 par common
CENTURY COMMUNICATIONS CORPORATION
Class A, $.01 par common
CINCINNATI MICROWAVE, INC.
Warrants (expire 12-31-98)
CLUCKER'S WOOD ROASTED CHICKEN, INC.
$.01 par common
COMMUNITY FINANCIAL HOLDING CORP.
$5.00 par common
COMMUNITY SAVINGS, F.A. (Florida)
$1.00 par common
CONCORDIA PAPER HOLDINGS, LTD.
American Depositary Shares
CONESTOGA ENTERPRISES, INC.
$5.00 par common
COVENANT BANK FOR SAVINGS (New Jersey)
$5.00 par common
COVENANT TRANSPORT, INC.
Class A, $.01 par common
CROCKER REALTY INVESTORS, INC.
$.001 par common
D & K WHOLESALE DRUG, INC.
$.01 par common
DIPLOMAT CORPORATION
Warrants (expire 11-04-98)
DUCKWALL-ALCO STORES, INC.
$.0001 par common
EAST TEXAS FINANCIAL SERVICES, INC.
$.01 par common
EDELBROCK CORPORATION
$.01 par common
ELRON ELECTRONIC INDUSTRIES, LTD.
Warrants (expire 09-01-98)
EMCARE HOLDINGS INC.
$.01 par common
EPIC DESIGN TECHNOLOGY, INC.
No par common
EQUITY CORPORATION
$.01 par common [[Page 5848]]
F B & T FINANCIAL CORPORATION
$1.25 par common
FAMILY GOLF CENTERS, INC.
$.01 par common
FIDELITY SOUTHERN CORPORATION
No par common
FIRST AMERICAN HEALTH CONCEPTS, INC.
No par common
FIRST SAVINGS BANK OF NEW JERSEY, S.L.A.
$.10 par common
FIRSTFEDERAL FINANCIAL SERVICES CORPORATION
Series B, 6\1/2\% no par cumulative convertible preferred
FLORES & RUCKS INC.
$.01 par common
FLORSHEIM SHOE COMPANY, THE
No par common
FPA MEDICAL MANAGEMENT, INC.
$.001 par common
FSB FINANCIAL CORPORATION
$.01 par common
GENZYME CORPORATION (Tissue Repair)
$.01 par common
GORAN CAPITAL, INC.
No par common
GYRODYNE COMPANY OF AMERICA, INC.
$1.00 par common
HARCOR ENERGY COMPANY
$.10 par common
HASKEL INTERNATIONAL, INC.
Class A, no par common
HEALTH-MOR INC.
$1.00 par common
HERZFELD CARIBBEAN BASIN FUND, INC., THE
$.001 par common
ICC TECHNOLOGIES, INC.
$.01 par common
INNOVATIVE TECH SYSTEMS, INC.
$.001 par common
INTERNATIONAL VERIFACT, INC.
No par common
Warrants (expire 01-05-98)
INTERSTATE NATIONAL DEALER SERVICES, INC.
$.01 par common
ISOLYSER COMPANY, INC.
$.001 par common
ITI TECHNOLOGIES, INC.
$.01 par common
IWI HOLDING, LIMITED
No par common
JP FOODSERVICE, INC.
$.01 par common
KFX INC.
$.001 par common
KNIGHT TRANSPORTATION, INC.
$.01 par common
KS BANCORP, INC. (North Carolina)
No par common
LIN TELEVISION CORPORATION
$.01 par common
LTX CORPORATION
13\1/2\% convertible debentures
MANHATTAN BAGEL COMPANY
No par common
MEDCATH INCORPORATED
$.01 par common
MEDPLUS, INC.
No par common
MICREL, INCORPORATED
No par common
MICRION CORPORATION
No par common
MICROTEC RESEARCH, INC.
$.001 par common
MID-STATES PLC
American Depositary Receipts
MULTI-MARKET RADIO, INC.
Class A, $.01 par common
Class A, warrants (expire 03-23-99)
Class B, warrants (expire 03-23-99)
NATIONAL GAMING CORPORATION
$.01 par common
NETCOM ON-LINE COMMUNICATION SERVICES, INC.
$.01 par common
NEW ENGLAND COMMUNITY BANCORP, INC.
Class A, $.10 par common
NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP
Depositary Receipts
NORTHWEST SAVINGS BANK (Pennsylvania)
$.01 par common
NOVAMETRIX MEDICAL SYSTEMS, INC.
Class A, warrants (expire 12-08-97)
Class B, warrants (expire 12-08-99)
OIS OPTICAL IMAGING SYSTEMS, INC.
$.01 par common
OLD YORK ROAD BANCORP, INC. (Pennsylvania)
$1.00 par common
ORBIT SEMICONDUCTOR, INC.
$.001 par common
ORTEL CORPORATION
$.001 par common
ORTHODONTIC CENTERS OF AMERICA INC.
$.01 par common
OWOSSO CORPORATION
$.01 par common
PANDA PROJECT, INC., THE
$.01 par common
PHAMIS, INC.
$.0025 par common
PHYSICIAN RELIANCE NETWORK INC.
No par common
PINNACLE SYSTEMS, INC.
No par common
PLASMA-THERM, INC.
$.01 par common
PRICE ENTERPRISES, INC.
$.0001 par common
PULASKI BANK, A SAVINGS BANK
$1.00 par common
QUALITY SEMICONDUCTOR, INC.
$.001 par common
REPUBLIC BANK (Florida)
$2.00 par common
RIDE SNOWBOARD COMPANY
No par common
SANTA FE FINANCIAL CORPORATION
$.10 par common
SECURITY DYNAMICS TECHNOLOGIES, INC.
$.01 par common
SHIVA CORPORATION
$.01 par common
SINGING MACHINE COMPANY, INC., THE
$.01 par common
Warrants (expire 11-10-99)
SMC CORPORATION
No par common
SPARTA PHARMACEUTICALS, INC.
$.001 par common
SPECIALTY TELECONSTRUCTORS, INC.
Warrants (expire 11-02-99)
SPORT-HALEY, INC.
No par common
STILLWATER MINING COMPANY
$.01 par common
TELE-MATIC CORPORATION
$.01 par common
TELEMUNDO GROUP, INC.
Series A, $.01 par common
TELEWEST COMMUNICATIONS PLC
American Depositary Receipts
TELTRONICS, INC.
$.001 par common
THOMPSON PBE, INC.
$.01 par common
TMBR/SHARP DRILLING, INC.
$.10 par common
TOWER SEMICONDUCTOR LTD.
Ordinary Shares (NIS 1.00)
TRANS WORLD GAMING CORPORATION
$.001 par common
Warrants (expire 12-15-99)
TRANSPORT CORPORATION OF AMERICA, INC.
$.01 par common
UNITECH INDUSTRIES, INC.
No par common
VEECO INSTRUMENTS, INC.
$.01 par common
VIDEONICS, INC.
No par common
WAVEPHORE, INC.
No par common
WESCAST INDUSTRIES, INC.
Class A, No par common
WILLIAMS CONTROLS, INC.
$.01 par common
XENOVA GROUP PLC
American Depositary Shares
YOUNG BROADCASTING, INC.
Class A, $.01 par common
Deletion From the List of Foreign Margin Stocks
JEFFERSON SMURFIT GROUP, PLC
Ordinary shares, par value .25L
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)), January 25, 1995.
William W. Wiles,
Secretary of the Board.
[FR Doc. 95-2301 Filed 1-30-95; 8:45 am]
BILLING CODE 6210-01-P
