03-22532. Credit by Brokers and Dealers; List of Foreign Margin Stocks  

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    AGENCY:

    Board of Governors of the Federal Reserve System.

    ACTION:

    Final rule; determination of applicability of regulations.

    SUMMARY:

    The List of Foreign Margin Stocks (Foreign List) is composed of certain foreign equity securities that qualify as margin securities under Regulation T. The Foreign List is published twice a year by the Board.

    EFFECTIVE DATE:

    September 15, 2003.

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    FOR FURTHER INFORMATION CONTACT:

    Peggy Wolffrum, Financial Analyst, Division of Banking Supervision and Regulation, (202) 452-2837, or Scott Holz, Senior Counsel, Legal Division, (202) 452-2966, Board of Governors of the Federal Reserve System, Washington, DC 20551.

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    SUPPLEMENTARY INFORMATION:

    Listed below is a complete edition of the Board's Foreign List. The Foreign List was last published on February 27, 2003 (68 FR 8993), and became effective March 1, 2003.

    The Foreign List is composed of foreign equity securities that qualify as margin securities under Regulation T by meeting the requirements of § 220.11(c) and (d). Additional foreign securities qualify as margin securities if they are deemed by the Securities and Exchange Commission (SEC) to have a “ready market” under SEC Rule 15c3-1 (17 CFR 240.15c3-1) or a “no-action” position issued thereunder. This includes all foreign stocks in the FTSE World Index Series.

    It is unlawful for any creditor to make, or cause to be made, any representation to the effect that the inclusion of a security on the Foreign List is evidence that the Board or the SEC has in any way passed upon the merits of, or given approval to, such security or any transactions therein. Any statement in an advertisement or other similar communication containing a reference to the Board in connection with the Foreign List or the stocks thereon shall be an unlawful representation.

    There are no additions to, or deletions from, the Foreign List.

    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 Foreign List specified in § 220.11(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 the Foreign List as soon as possible. The Board has responded to a request by the public and allowed approximately a one-week delay before the Foreign List is effective.

    Start List of Subjects

    List of Subjects in 12 CFR Part 220

    • Brokers
    • Credit
    • Margin
    • Margin requirements
    • Investments
    • Reporting and recordkeeping requirements
    • Securities
    End List of Subjects Start Amendment Part

    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 complete edition of the Foreign List.

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    Japan

    Akita Bank, Ltd., ¥50 par common

    Aomori Bank, Ltd., ¥50 par common

    Asatsu-Dk Inc., ¥50 par common

    Bank of Nagoya, Ltd., ¥50 par common

    Chudenko Corp., ¥50 par common

    Chugoku Bank, Ltd., ¥50 par common

    Daihatsu Motor Co., Ltd., ¥50 par common

    Dainippon Screen Mfg. Co., Ltd., ¥50 par common

    Denki Kagaku Kogyo, ¥50 par common

    Eighteenth Bank, Ltd., ¥50 par common

    Futaba Corp., ¥50 par common

    Futaba Industrial Co., Ltd., ¥50 par common

    Higo Bank, Ltd., ¥50 par common

    Hitachi Software Engineering Co., Ltd., ¥50 par common

    Hokkoku Bank, Ltd., ¥50 par common

    Hokuetsu Paper Mills, Ltd., ¥50 par common

    Iyo Bank, Ltd., ¥50 par common

    Japan Airport Terminal Co., Ltd., ¥50 par common

    Juroku Bank, Ltd, ¥50 par common

    Kagoshima Bank, Ltd., ¥50 par common

    Kamigumi Co., Ltd., ¥50 par common

    Katokichi Co., Ltd., ¥50 par common

    Keisei Electric Railway Co., Ltd., ¥50 par common

    Keiyo Bank, Ltd., ¥50 par common

    Komori Corp., ¥50 par common

    Konami Co., Ltd., ¥50 par common

    Michinoku Bank, Ltd., ¥50 par common

    Musashino Bank, Ltd., ¥500 par common

    Namco, Ltd., ¥50 par common

    Nichicon Corp., ¥50 par common

    Nihon Unisys, Ltd., ¥50 par common

    Nishi-Nippon Bank, Ltd., ¥50 par common

    Nishi-Nippon Railroad Co., Ltd., ¥50 par common

    Nissan Chemical Industries, Ltd., ¥50 par common

    Ogaki Kyoritsu Bank, Ltd., ¥50 par common

    Q.P. Corp., ¥50 par common

    Rinnai Corporation, ¥50 par common

    Sagami Railway Co., Ltd., ¥50 par common

    Sakata Seed Corp., ¥50 par common

    Santen Pharmaceutical Co., Ltd., ¥50 par common

    Shimadzu Corp., ¥50 par common

    Shimamura Co., Ltd., ¥50 par common

    Sumitomo Rubber Indsutries, Ltd., ¥50 par common

    Taiyo Yuden Co., Ltd., ¥50 par common

    Takara Standard Co., Ltd., ¥50 par common

    Toho Bank, Ltd., ¥50 par common

    Toho Gas Co., Ltd., ¥50 par common

    Tokyo Ohka Kogyo Co., Ltd., ¥50 par common

    Uni-Charm Corp., ¥50 par common

    Ushio, Inc., ¥50 par common Start Printed Page 52487

    Yamaha Motor Co., Ltd., ¥50 par common

    Start Signature

    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)), August 28, 2003.

    Jennifer J. Johnson,

    Secretary of the Board.

    End Signature End Supplemental Information

    [FR Doc. 03-22532 Filed 9-3-03; 8:45 am]

    BILLING CODE 6210-01-P

Document Information

Effective Date:
9/15/2003
Published:
09/04/2003
Department:
Federal Reserve System
Entry Type:
Rule
Action:
Final rule; determination of applicability of regulations.
Document Number:
03-22532
Dates:
September 15, 2003.
Pages:
52486-52487 (2 pages)
Docket Numbers:
Regulation T
Topics:
Brokers, Credit, Investments, Reporting and recordkeeping requirements, Securities
PDF File:
03-22532.pdf
CFR: (1)
12 CFR 220