[Federal Register Volume 63, Number 207 (Tuesday, October 27, 1998)]
[Rules and Regulations]
[Pages 57237-57240]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-28657]
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FEDERAL RESERVE SYSTEM
12 CFR Parts 220 and 224
[Regulations T and X ]
Securities Credit Transactions; List of Marginable OTC Stocks;
List of Foreign Margin Stocks
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 qualify
as margin securities under Regulation T, Credit by Brokers and Dealers.
The List of Foreign Margin Stocks (Foreign List) is composed of certain
foreign equity securities that qualify as margin securities under
Regulation T. The OTC List and the Foreign List have been published
four times a year by the Board, and the Foreign List will continue to
be published four times a year by the Board. The OTC List will be
discontinued after January 1, 1999. This document sets forth additions
to and deletions from the previous OTC List and deletions from the
Foreign List.
EFFECTIVE DATE: November 9, 1998.
FOR FURTHER INFORMATION CONTACT: Peggy Wolffrum, Securities Regulation
Analyst, Division of Banking Supervision and Regulation, (202) 452-
2837, Board of Governors of the Federal Reserve System, Washington,
D.C. 20551. For the hearing impaired only, contact Diane Jenkins,
Telecommunications Device for the Deaf (TDD) at (202) 452-3544.
SUPPLEMENTARY INFORMATION: Listed below are the deletions from and
additions to the Board's OTC List, which was last published on July 27,
1998 (63 FR 40012), and became effective August 10, 1998. A copy of the
complete OTC List is available from the Federal Reserve Banks.
The OTC List includes those stocks traded over-the-counter in the
United States that qualify as OTC margin stock under Regulation T (12
CFR Part 220) by meeting the requirements of section 220.11(a) and (b).
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 rules approved by the Securities and
Exchange Commission (SEC). Additional OTC stocks may be designated as
NMS securities before the expiration of the OTC List on January 1,
1999. 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.
Pursuant to amendments recently adopted by the Board (see, 63 FR
2805, January 16, 1998), the definition of OTC margin stock in section
220.2 and the eligibility criteria for these stocks in section
220.11(a) and (b) will be removed from Regulation T on January 1, 1999,
and broker-dealers will be permitted to extend margin credit against
all equity securities listed in the Nasdaq Stock Market. This last
edition of the OTC List will expire on January 1, 1999.
Also listed below are the deletions from the Foreign List, which
was last published on July 27, 1998 (63 FR 40012), and became effective
August 10, 1998. There are no additions to the Foreign List. A copy of
the complete Foreign List is available from the Federal Reserve Banks.
The Foreign List is composted of foreign equity securities that
qualify as foreign margin stock under Regulation T by meeting the
requirements of section 220.11(c) and (d). This determination also
affects the applicability of Regulation X. Additional foreign
securities qualify as margin securities if they are deemed to have a
``ready market'' under SEC Rule 15c3-1 (17 CFR 240.15c3-1) or a ``no-
action'' position issued thereunder.
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 Sec. 220.11(a), (b),
(c) and (d). 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
[[Page 57238]]
and allowed approximately a two-week delay before the Lists are
effective.
List of Subjects
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 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 common
ACCOM, INC.
$.001 par common
AMEDISYS, INC.
$.001 par common
AMERICAN CLAIMS EVALUATION, INC.
$.01 par common
APPLIANCE RECYCLING CENTERS OF AMERICA, INC.
No par common
BONTEX, INC.
$.10 par common
BPI PACKAGING TECHNOLOGIES, INC.
$.01 par common
BROTHERS GOURMET COFFEES INC.
$.0001 par common
BUILDING ONE SERVICES CORPORATION
$.001 par common
CARVER CORPORATION
$.01 par common
CASMYN CORPORATION
$.04 par common
CATALYST SEMICONDUCTOR, INC.
No par common
COFFEE PEOPLE, INC.
No par common
CREATIVE BAKERIES, INC.
$.001 par common
CROWN BOOKS CORPORATION
$.01 par common
CSI COMPUTER SPECIALISTS, INC.
Class A, $.001 par common
CYCLO PSS CORPORATION
$.001 par common
DAKOTAH, INCORPORATED
$.01 par common
DSI TOYS, INC.
$.01 par common
DYNAGEN, INC.
$.01 par common
EASTWIND GROUP, INC.
$.10 par common
ELECTRO-SENSORS, INC.
$.10 par common
ELECTRONIC TELE-COMMUNICATIONS, INC.
Class A, $.01 par common
ELECTROSCOPE, INC.
No par common
ELRON ELECTRONIC INDUSTRIES, LTD.
Warrants (expire 09-01-1998)
EQUUS GAMING COMPANY L.P.
Class A, units representing beneficial ownership
ERLY INDUSTRIES, INC.
$1.00 par common
EZCONY INTERAMERICA INC.
No par common
FIRST CITY FINANCIAL CORPORATION
$.01 par special B preferred
FLORIDA GAMING CORPORATION
$.10 par common
FPA MEDICAL MANAGEMENT, INC.
$.001 par common
GATEFIELD CORPORATION
$.10 par common
GLOBAL TELECOMMUNICATIONS SOLUTIONS, INC.
$.01 par common
GOLDEN BEAR GOLF, INC.
Class A, $.01 par common
GRANDETEL TECHNOLOGIES, INC.
No par common
GRANITE BROADCASTING CORPORATION
$.01 par cumulative 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 common
INSILCO HOLDING COMPANY
$.001 par common
JPE, INC.
No par common
LIFE MEDICAL SCIENCES, INC.
$.001 par common
NATIONAL HOME CENTERS, INC.
$.01 par common
NORLAND MEDICAL SYSTEMS, INC.
$.0005 par common
NVIEW CORPORATION
No par common
PACIFICARE HEALTH SYSTEMS, INC.
Series A, $1.00 par cumulative convertible preferred
PAGES, INC.
No par common
PCA INTERNATIONAL, INC.
$.20 par common
PERSONNEL MANAGEMENT INC.
No par common
PHOENIX GOLD INTERNATIONAL, INC.
No par common
PREMIS CORPORATION
$.01 par common
ROSS TECHNOLOGY, INC.
$.01 par common
RPM, INC.
Liquid yield option notes due 2012
SEER TECHNOLOGIES, INC.
$.01 par common
SEILER POLLUTION CONTROL SYSTEMS, INC.
$.0001 par common
SHOWSCAN ENTERTAINMENT INC.
$.001 par common
SOFTQUAD INTERNATIONAL, INC.
No par common
SONICS & MATERIALS, INC.
Warrants (expire 02-27-2001)
SONICS & MATERIALS, INC.
$.03 par common
SOUTHWEST BANCORP, INC. (Oklahoma)
Series A, redeemable, cumulative preferred
STEVEN MADDEN, LTD.
Class B, warrants (expire 12-10-1998)
STUART ENTERTAINMENT INC.
$.01 par common
TCI PACIFIC COMMUNICATIONS, INC.
Class A, senior cumulative exchangeable preferred
TELEPANEL SYSTEMS INC.
No par common
THINKING TOOLS, INC.
$.001 par common
TRAMFORD INTERNATIONAL, LTD.
$.01 par common
TRICORD SYSTEMS, INC.
$.01 par common
UROMED CORPORATION
No par common
VERSATILITY INC.
$.01 par common
VOXEL
No par common
WASHINGTON MUTUAL, INC.
Series E, no par non-cumulative perpetual preferred
WEST COAST ENTERTAINMENT CORPORATION
$.01 par common
WOODROAST SYSTEMS, INC.
$.005 par common
Stocks Removed for Listing on a National Securities Exchange or
Being Involved in an Acquisition
AFFILIATED COMMUNITY BANCORP
$.01 par common
ALLIED LIFE FINANCIAL CORPORATION
No par common
AMBANC CORPORATION
$10.00 par common
AMBASSADOR BANK OF THE COMMONWEALTH
$4.00 par common
AMCOL INTERNATIONAL CORPORATION
$1.00 par common
AMERICAN MATERIALS & TECHNOLOGIES CORP.
$.01 par common
ARAKIS ENERGY CORPORATION
No par common
ARCH PETROLEUM, INC.
$.01 par common
ATL PRODUCTS, INC.
Class A, $.0001 par common
ATL ULTRASOUND, INC.
$.01 par common
ATRIA COMMUNITIES, INC.
$.10 par common
AWARD SOFTWARE INTERNATIONAL, INC.
No par common
BACON USA, INC.
$.01 par common
BELL SPORTS CORP.
[[Page 57239]]
$.01 par common
BENCHMARQ MICROELECTRONICS, INC.
$.001 par common
BERTUCCI'S INC.
$.005 par common
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 common
CEANIC CORPORATION
No par common
CLAREMONT TECHNOLOGY GROUP, INC.
No par common
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 common
DAWSON PRODUCTION SERVICES, INC.
$.01 par common
DECRANE AIRCRAFT HOLDINGS, INC.
$.01 par common
DEEPTECH INTERNATIONAL INC.
$.01 par common
DIME FINANCIAL CORP.
$1.00 par common
DR. SOLOMON'S GROUP, PLC
American Depositary Receipts
DSC COMMUNICATIONS CORP.
$.01 par common
ESSEX COUNTY GAS COMPANY
$2.50 par common
FED ONE BANCORP, INC.
$.10 par common
FIRST COLORADO BANCORP, INC.
$1.00 par common
FIRST COMMERCIAL CORPORATION
$3.00 par common
FIRST HOME BANCORP, INC. (New Jersey)
$1.00 par common
FTP SOFTWARE INC.
$.01 par common
GARTNER GROUP, INC.
Class A, $.001 par common
GNI GROUP, INC.
$.01 par common
GOODMARK FOODS, INC.
$.01 par common
GROUP I SOFTWARE, INC.
$.01 par common
HAVERTY FURNITURE COMPANIES, INC.
$1.00 par common
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 common
INNOSERVE TECHNOLOGIES, INC.
$.01 par common
INNOVA CORPORATION
No par common
INNOVATIVE TECH SYSTEMS, INC.
$.001 par common
INTERSOLV, INC.
$.01 par common
IQ SOFTWARE CORPORATION
$.00033 par common
IWL COMMUNICATIONS INCORPORATED
$.01 par common
KATZ DIGITAL TECHNOLOGIES, INC.
$.001 par common
LIBERTY TECHNOLOGIES, INC.
$.01 par common
LONG ISLAND BANCORP, INC. (New York)
$.01 par common
LUKENS MEDICAL CORPORATION
Class A, $.01 par common
MARINE DRILLING CO.
$.01 par common
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 common
MEDCATH INCORPORATED
$.01 par common
MEDICIS PHARMACEUTICAL CORPORATION
Class A, $.001 par common
MICROPROSE, INC.
$.001 par common
MID-AM, INC. (Ohio)
$5.00 par common
MOLECULAR DYNAMICS, INC.
$.01 par common
MOUNTBATTEN, INC.
$.001 par common
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 common
PENEDERM INC.
No par common
PENN-AMERICA GROUP, INC.
$.01 par common
PETE'S BREWING COMPANY
No par common
PETROCORP INCORPORATED
$.01 par common
PHYSIO-CONTROL INTERNATIONAL CORPORATION
$.01 par common
PLENUM PUBLISHING CORPORATION
$.10 par common
PMT SERVICES, INC.
$.01 par common
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.
$.001 par common
REGENT BANCSHARES CORP. (Pennsylvania)
$.10 par common
RENT-WAY, INC.
No par common
REPUBLIC ENGINEERED STEELS, INC.
$.01 par common
RESOURCE BANKSHARES CORPORATION (California)
$3.00 par common
SLH CORPORATION
$.01 par common
SOMERSET SAVINGS BANK (Massachusetts)
$1.00 par common
SUMITOMO BANK OF CALIFORNIA, THE
$5.00 par common
SUMMIT HOLDING SOUTHEAST, INC.
$.01 par common
TAPPAN ZEE FINANCIAL, INC.
$.01 par common
TELEMUNDO GROUP, INC.
Warrants (expire 12-29-1999)
Series A, $.01 par common
TELEPORT COMMUNICATIONS GROUP, INC.
Class A, $.01 par common
THERAGENICS CORPORATION
$.01 par common
TIMBER LODGE STEAKHOUSE, INC.
$1.00 par common
TRANS FINANCIAL INC.
No par common
TRIANGLE PACIFIC CORPORATION
$.01 par common
TRIO-TECH INTERNATIONAL
No par common
UNITED DENTAL CARE, INC.
$.10 par common
UNITED FEDERAL SAVINGS BANK (North Carolina)
$.01 par common
UNIVERSAL INTERNATIONAL, INC.
$.05 par common
UPPER PENINSULA ENERGY CORPORATION
No par common
US SERVIS, INC.
$.01 par common
VIKING OFFICE PRODUCTS, INC.
No par common
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 of Marginable OTC Stocks
24/7 MEDIA, INC.
$.01 par common
ACTUATE SOFTWARE CORPORATION
$.001 par common
ADMIRALTY BANCORP, INC.
Class B, common stock
ADVANCED AERODYNAMICS & STRUCTURES, INC.
Units
ADVANCED TECHNICAL PRODUCTS, INC.
$.25 par common
AMERICAN PACIFIC BANCORP
[[Page 57240]]
Class B, common stock
ARISTOTLE CORPORATION, THE
$.001 par comon
ATLANTIC GULF COMMUNITIES CORPORATION
Series B, 20% preferred stock
BANKFIRST CORPORATION
$2.50 par common
BINDVIEW DEVELOPMENT CORPORATION
No par common
BIPER S.A. DE C.V.
American Depositary Shares
BROADCAST.COM, INC.
$.01 par common
BWC FINANCIAL CORPORATION
No par common
CAPROCK COMMUNICATIONS CORPORATION
$.01 par common
CARRIER ACCESS CORPORATION
$.001 par common
CBES BANCORP, INC.
$.01 par common
CD WAREHOUSE, INC.
$.01 par common
CFS BANCORP, INC.
$.01 par common
CLARK/BARDES HOLDINGS, INC.
$.01 par common
CNY FINANCIAL CORPORATION
$.01 par common
COHESION TECHNOLOGIES, INC.
$.001 par common
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 common
CROWN CASTLE INTERNATIONAL CORPORATION
$.01 par common
CRUSADER HOLDING CORPORATION
$.01 par common
CYBERIAN OUTPOST, INC.
$.01 par common
DEARBORN BANCORP, INC.
No par common
DECORA INDUSTRIES, INC.
$.01 par common
DELPHI INTERNATIONAL, LTD.
$.01 par common
DIGITAL RIVER, INC.
$.01 par common
DSET CORPORATION
No par common
EBAY INC.
$.001 par common
ECHELON CORPORATION
$.01 par common
ECLIPSYS CORPORATION
$.01 par common
ELECTRONICS BOUTIQUE HOLDINGS CORPORATION
$.01 par common
ENTRUST TECHNOLOGIES, INC.
$.01 par common
EUFAULA BANCCORP, INC.
$1.00 par common
EXCO RESOURCES, INC.
$.01 par common
FCNB CAPITAL TRUST
No par trust preferred
FIRST BUSEY CORPORATION
Class A, no par common
FLORIDA BANKS, INC.
$.01 par common
FUNDTECH, LTD.
Ordinary shares
GEOCITIES
$.001 par common
GIGA INFORMATION GROUP, INC.
$.001 par common
GLOBAL CROSSING, LTD.
9-\5/8\% senior notes due 2008
GOLDEN STATE VINTNERS, INC.
Class B, $.01 par common
GRAND UNION COMPANY, THE
$.01 par common
HERITAGE COMMERCE CORPORATION
No par common
HOMETOWN AUTO RETAILERS, INC.
Class A, $.001 par common
ICO GLOBAL COMMUNICATIONS (HOLDINGS) LIMITED
$.01 par common
IDG BOOKS WORLDWIDE, INC.
$.001 par common
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, common shares
IXOS SOFTWARE AKTIENGESELLSCHAFT
American Depositary Shares
JEWETT-CAMERON TRADING COMPANY, LTD.
No par common
KASPER A.S.L., LTD.
$.01 par common
LANDAIR CORPORATION
$.01 par common
LEAP WIRELESS INTERNATIONAL, INC.
$.0001 par common
MAXTOR CORPORATION
$.01 par common
MDC COMMUNICATIONS CORPORATION
Class A, subordinate voting shares
MERRILL MERCHANTS BANCSHARES, INC.
$1.00 par common
NATROL, INC.
$.01 par common
NORTHEAST OPTIC NETWORK, INC.
$.01 par common
PATHFINDER BANCORP, INC.
$.10 par common
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 common
R & G FINANCIAL CORPORATION
Series A, 7.40% noncumulative monthly 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 common
SOFTWORKS, INC.
$.001 par common
SOUND FEDERAL BANCROP
$.10 par common
SUNRISE TECHNOLOGIES INTERNATIONAL, INC.
$.001 par common
SYNTROLEUM CORPORATION
$.01 par common
TARAGON REALTY INVESTORS, INC.
$.01 par common
TELEBANC FINANCIAL CORPORATION
$.01 par common
Series A, 9% beneficial unsecured securities
TERAYON COMMUNICATION SYSTEMS
$.001 par common
THISTLE GROUP HOLDINGS
$.01 par common
TOWNE SERVICES, INC.
No par common
TWEETER HOME ENTERTAINMENT GROUP, INC.
No par common
UNITY BANCORP, INC.
No par common
WEST ESSEX BANCORP, INC.
$.01 par common
WINTRUST FINANCIAL CORPORATION
Cumulative trust preferred
WRP CORPORATION
$.01 par common
Deletions from the Foreign Margin Stock List
Tokyo
FURUKAWA CO., LTD.
50 par common
MEIDENSHA CORPORATION
50 par common
NOF CORPORATION
50 par common
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 21, 1998.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 98-28657 Filed 10-26-98; 8:45 am]
BILLING CODE 6210-01-P
