[Federal Register Volume 59, Number 21 (Tuesday, February 1, 1994)] [Unknown Section] [Page 0] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 94-2253] Federal Register / Vol. 59, No. 21 / Tuesday, February 1, 1994 / [[Page Unknown]] [Federal Register: February 1, 1994] VOL. 59, NO. 21 Tuesday, February 1, 1994 ======================================================================= ----------------------------------------------------------------------- FEDERAL RESERVE SYSTEM 12 CFR Parts 207, 220, 221 and 224 [Regulations G, T, U 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. ----------------------------------------------------------------------- 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 additions to the Foreign List. Both Lists were last published on October 25, 1993 (58 FR 54929), and became effective on November 8, 1993. EFFECTIVE DATE: February 14, 1994. 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. This supersedes the last OTC List which was effective November 8, 1993. Additions and deletions to the OTC List were last published on October 25, 1993 (58 FR 54929). 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 under a Securities and Exchange Commission (SEC) rule as qualified for trading in the national market system (NMS security). Additional OTC stocks may be designated as NMS securities in the interim between the Board's quarterly publications. They will become automatically 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 are the additions to the Board's Foreign List, which was last published October 25, 1993 (58 FR 54929), and became effective November 8, 1993. There are no deletions from the Foreign List. 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 additions to the Foreign List. Deletions from the List of Marginable OTC Stocks Stocks Removed For Failing Continued Listing Requirements All American Semiconductor, Inc. Class B, warrants (expire 06-18-97) Alliance Imaging, Inc. $.01 par common BKLA Bancorp (California) No par common California Micro Devices Corp. Warrants (expire 04-16-97) Candies, Inc. Warrants (expire 01-18-94) CBL Medical, Inc. $.01 par common Dynasty Classics Corporation No par common Energy Conversion Devices, Inc. $.01 par common Future Communications Inc. $.001 par common Industrial Funding Corp. Class A, no par common Invitro International Warrants (expire 05-16-96) Keene Corporation $.0001 par common Neozyme Corporation $.01 par common Tele-Communications, Inc. Liquid yield options due 2008 TSL Holdings Inc. $.01 par common W.W. Williams Company, The $1.00 par common Wegener Corporation $.01 par common Stocks Removed For Listing On A National Securities Exchange Or Being Involved In An Acquisition A & W Brands, Inc. $.01 par common Ahold N.V. American Depositary Receipts Amoskeag Company $1.00 par common Aritech Corp. $1.00 par common Autotrol Corporation $.10 par common Boston Five Bancorp, Inc. $.01 par common Bytex Corporation $.10 par common Checkpoint Systems, Inc. $.10 par common Compania Boliviana De Energia Electrica S.A. No par common Corestates Financial Corporation $1.00 par common Costco Wholesale Corporation $.0033 par common Elmwood Bancorp, Inc. (Pennsylvania) $1.00 par common Engraph, Inc. $1.00 par common First Amarillo Bancorporation, Inc. $1.00 par common First AMFED Corporation $.01 par common First Bancorp Indiana, Inc. No par common Gateway FED Corporation (Ohio) $.01 par common Geraghty & Miller, Inc. $.01 par common Gerrity Oil and Gas Corporation $.01 par common Goody Products, Inc. $.10 par common Heritage Bankcorp, Inc. (Michigan) $.01 par common Integrated Health Services, Inc. $.001 par common Interfirst Bankcorp, Inc. (Michigan) $.01 par common Jackson Country Federal Bank, A Federal Savings Bank Series A, preferred stock Jefferson Bank (Pennsylvania) $1.75 par common Kendall International, Inc. $.01 par common Masco Industries, Inc. $1.00 par common 6% convertible debentures due 2011 Meca Software, Inc. $.01 par common Medco Containment Services, Inc. $.01 par common Mid-State Federal Savings Bank (Florida) $1.00 par common Millicom Incorporated $.01 par common Morrison Incorporated $.01 par common National Data Corporation $.125 par common Ohio Bancorp No par common Oil-Dri Corporation of America $.10 par common Osmonics, Inc. $.01 par common Pacific Bancorporation (California) $1.88 par common Preferred Health Care Ltd. $.01 par common Railroadmen's Federal Savings & Loan Association $.01 par capital Salem Sportswear Corporation $.01 par common Secor Bank, Federal Savings Bank (Alabama) $.01 par common Simula, Inc. $.01 par common Statesman Group, Inc., The $1.00 par common 6\1/4\% convertible subordinated debentures Stewart Information Services Corp. $1.00 par common Sun Coast Plastics, Inc. $.01 par common Telematics International, Inc. $.01 par common Total Energold Corporation No par common Total Pharmaceutical Care, Inc. No par common Tristate Bancorp, The (Ohio) $1.00 par common United Mobile Homes, Inc. $.10 par common United Thermal Corporation $.10 par common Valley Bancorp, Inc. $5.00 par common Valley National Bancorp No par common Washington Homes, Inc. $.01 par common Wellington Leisure Products, Inc. $.01 par common Wisconsin Southern Gas Company, Inc. $5.00 par common Wiser Oil Company, The $3.00 par common Additions to the List of Marginable OTC Stocks AAON, Inc. $.001 par common ABC Rail Products Corporation $.01 par common Active Voice Corporation No par common Advanced Technology Materials, Inc. $.01 par common AFC Cable Systems, Inc. $.01 par common Airport Systems International, Inc. $.01 par common Aladdin Knowledge Systems Ltd. Ordinary Shares, NIS .01 par value Alliance Semiconductor Corporation $.01 par common Allied Capital Lending Corporation $.0001 par common Allied Life Financial Corporation No par common Alpha Microsystems Warrants (expire 09-01-98) American Mobile Satellite Corporation $.01 par common American Recreation Company Holdings Inc. $.01 par common American Telecasting, Inc. $.01 par common Amerigon Incorporated Class A, no par common Ameristar Casinos Inc. $.01 par common Amrion Inc. $.0011 par common Applied Innovation Inc. $.01 par common Applied Microbiology, Inc. $.005 par common Applied Science & Technology Inc. $.01 par common Warrants (expire 11-10-98) Arakis Energy Corporation No par common Arris Pharmaceutical Corporation $1.00 par common Asante Technologies, Inc. $.001 par common Astoria Financial Corporation $.01 par common Atlantic Beverage Co., Inc. $.01 par common Bando McGlocklin Capital Corporation Series A, $.01 par adjustable rate cumulative preferred Bankunited Financial Corporation (Florida) $.01 par noncumulative perpetual preferred Billy Blues Food Corporation 9% cumulative convertible preferred Bioject Medical Tech Inc. No par common Bollinger Industries Inc. $.01 par common Boston Chicken $.01 par common Brothers Gourmet Coffees Inc. $.0001 par common C. Brewer Homes, Inc. Class A, $.01 par common Cable Design Technologies Corporation $.01 par common Cablemaxx Inc. $.01 par common Call-Net Enterprises Inc. Class B, no par common Capital Savings Bancorp Inc. (Michigan) $.01 par common Cardinal Bancshares, Inc. (Kentucky) No par common Careline, Inc. $.0001 par common Carson Pirie Scott & Co. $.01 par common CBT Corporation No par common Celex Group, Inc. $.01 par common Cellstar Corporation $.01 par common CHC Helicopter Corporation Class A, subordinate voting shares Children's Broadcasting Corporation $.01 par common Clintrials Inc. $.01 par common Club Car Inc. $.01 par common CMC Industries Inc. $.01 par common Coastal Banc Savings Association (Texas) Series A, no par noncumulative preferred Coflexip American Depositary Receipts Commerce Group, Inc., The $.50 par common Communications Central Inc. $.01 par common Conso Products Company No par common Consolidated Stainless Inc. $.01 par common Consumer Portfolio Services, Inc. No par common Credence Systems Corporation $.001 par common Crescent Airways Corporation $.01 par common Warrants (expire 01-10-98) Crossmann Communities Inc. No par common D & N Financial Corporation Warrants (expire 12-31-96) Davel Communications Group Inc. No par common Deckers Outdoor Corporation $.01 par common Delta Petroleum Corporation $.01 par common Digidesign, Inc. $.001 par common DM Management Company $.01 par common Duracraft Corporation No par common Eateries, Inc. $.002 par common EB, Inc. $2.00 par common Elephant & Castle Group, Inc. No par common Ellett Brothers, Inc. $.01 par common Encad, Inc. No par common Encon Systems, Inc. $.01 par common Ensys Environmental Products Inc. $.01 par common Envirogen, Inc. Warrants (expire 10-12-98) Enviropur Waste Refining & Technology Inc. $.01 par common Class B warrants, (expire 12-31-94) Evergreen Media Corporation 6% convertible exchangeable preferred Fairfield Communities Inc. $.01 par common Farmers & Mechanics Bank (Connecticut) $.01 par common FFLC Bancorp, Inc. (Florida) $.01 par common Fidelity Bancorp Inc. (Illinois) $.01 par common Fidelity Federal Savings Bank of Florida $1.00 par common First Banking Company of Southeast Georgia $1.00 par common First Bankshares Inc. (Missouri) $.01 par common First Charter Bank, N.A. (California) $2.56 par common First Financial Bankshares, Inc. (Texas) $10.00 par common First Savings Bank of Moore County Inc., SSB No par common First State Bancorporation (New Mexico) No par common Flair Corporation $.01 par common Foamex International, Inc. $.01 par common Franklin Ophthalmic Instruments Co., Inc. $.001 par common Friedman's Inc. Class A, $.01 par common Frisco Bay Industries Ltd. No par common FTP Software Inc. $.01 par common Fulcrum Technologies, Inc. No par common Gaming Corporation of America $.02 par common Gateway 2000 Inc. $.01 par common Gibraltar Steel Corporation $.01 par common Globalink, Inc. $.01 par common Golden Systems Inc. No par common Granite Broadcasting Corporation $.01 par cumulative convertible exchangeable preferred Grasso Corporation $.01 par common Great American Communications Company Class A, no par common Greenwich Air Services Inc. $.01 par common Gryphon Holdings Inc. $.01 par common Hallmark Capital Corporation $1.00 par common Harbor Federal Savings Bank (Florida) $1.00 par common Harvard Industries Inc. Class B, $.01 par common $.01 par 14\1/4\% PIK exchangeable preferred Harvey Comics Entertainment, Inc. No par common Healthwise of America, Inc. $.25 par common Heidemij N.V. $.05 par common (NLG) Hi-Rise Recycling Systems, Inc. $.01 par common Holophane Corp. $.01 par common Human Genome Sciences Inc. $.01 par common Ico, Inc. Depositary shares Illinois Superconductor Corporation $.001 par common Innovative Gaming Corporation $.01 par common Warrants (expire 05-28-96) Insignia Financial Group, Inc. Class A, $.01 par common Insilco Corporation $.001 par common Insite Vision Inc. $.01 par common Integracare Inc. $.001 par common Integrated Process Equipment Corporation $.01 par common Intelligent Surgical Lasers, Inc. Warrants A, (expire 11-17-2000) Warrants B, (expire 11-17-2000) Interfilm, Inc. $.01 par common Interlink Electronics No par common International Fast Food Corporation $.01 par common International Semi-Tech Microelectronics Class A, sub-voting shares Interpore International No par common Itron, Inc. No par common Iwerks Entertainment Inc. $.001 par common Jacor Communications Inc. $.10 par common Warrants (expire 01-14-2000) Jasmine Ltd. $.001 par common Jetform Corporation No par common JPE, Inc. No par common Kaman Corporation Depositary Shares Kentucky Enterprise Bancorp, Inc. $.01 par common Koala Corporation $.10 par common Koo Koo Roo, Inc. $.01 par common Lakeview Savings Bank (New Jersey) $2.00 par common Landair Services Inc. $.01 par common Lodgenet Entertainment Corporation $.01 par common London & Overseas Freighters Limited American Depositary Receipts Lone Star Casino Corporation $.001 par common Louisville Gas and Electric Company 5% preferred stock M.G. Products, Inc. No par common Mace Security International Inc. $.01 par common Macromedia, Inc. $.001 par common Main Street Community Bancorp, Inc. $.01 par common Martek Biosciences Corporation $.10 par common Masland Corporation $.01 par common Merchants Bancorp, Inc. (Illinois) $1.00 par common Mercury Interactive Corporation $.002 par common Mikohn Gaming Corporation $.10 par common Millicom International Cellular S.A. $2.00 par common MK Gold Company $.01 par common Monaco Finance, Inc. Class A, $.01 par common Class B, warrants (expire 12-11-95) Monterey Pasta Company No par common Mountasia Entertainment International Inc. No par common MRI Management Associates, Inc. $.001 par common Mutual Federal Savings Bank of Miamisburg $1.00 par common N-Viro International Corporation $.01 par common National Dentex Corporation $.01 par common Navarre Corporation No par common NDC Automation, Inc. $.01 par common Network Imaging Corporation $.0001 par common $.0001 par preferred Warrants (expire 05-07-97) New World Power Corporation $.01 par common North Bancshares Inc. (Illinois) $.01 par common Ocean Optique Distributors, Inc. No par common Odetics, Inc. Class A, $.10 par common Class B, $.10 par common Old Second Bancorp Inc. (Illinois) No par common Olympic Financial Ltd. (Minnesota) 8% cumulative convertible exchangeable preferred OM Group Inc. $.01 par common Opinion Research Corporation $.01 par common Oxford Resources Corporation Class A, $.01 par common P.A.M. Transportation Services Inc. $.01 par common Pacific Crest Capital Inc. $.01 par common Parkervision, Inc. $.01 par common Partnerre Holdings Ltd. $1.00 par common Patterson Energy Inc. $.01 par common Warrants (expire 11-02-95) Penederm Inc. No par common Penn-America Group, Inc. $.01 par common Perseptive Technologies II Corporation Units (expire 12-31-95) Petrocorp Incorporated $.01 par common Petstuff Inc. $.01 par common Pharmhouse Corporation No par common Pharmos Corporation $.03 par common Photonics Corporation $.001 par common Physicians Insurance Company of Michigan $1.00 par common Piemonte Foods Inc. No par common Pinpoint Retail Solutions, Inc. No par common Planar Systems, Inc. No par common PMC Commercial Trust Shares of beneficial interest Pollo Tropical, Inc. $.01 par common Positron Corporation $.01 par common Warrants (expire 12-02-98) Premiere Page, Inc. $.01 par common Proxim, Inc. $.001 par common PSB Holdings Corporation $.01 par common Purus, Inc. $.001 par common Quaker City Bancorp, Inc. (California) $.01 par common Quaker Fabric Corporation $.01 par common Queens County Bancorp, Inc. (New York) $.01 par common Quickturn Design Systems, Inc. $.001 par common Racotek, Inc. $.01 par common Railtex, Inc. $.10 par common Republic Security Financial Corporation (Florida) Series A, 7.5% cumulative convertible preferred RGB Computer & Video, Inc. No par common Rimage Corporation Warrants (expire 07-21-95) Roberds Inc. No par common Robotic Vision Systems, Inc. $.01 par common Royce OTC Micro-Cap Fund, Inc. $.001 par common Safeskin Corporation $.01 par common Sangstat Medical Corporation No par common Schnitzer Steel Industries Inc. Class A, $1.00 par common Search Capital Group, Inc. $.01 par common Security Capital Corporation (Wisconsin) $1.00 par common Seda Specialty Packaging Corporation No par common Shaw Group Inc., The $.01 par common Skybox International Inc. $.01 par common Sonoco Products Company Series A, cumulative convertible preferred Soricon Corporation $.01 par common Southwest Bancorp, Inc. (Oklahoma) $1.00 par common Speciality Equipment Companies Inc. $.01 par common Spectral Diagnostics Inc. No par common Spreckels Industries, Inc. Class A, $.01 par common Stacey's Buffet, Inc. Warrants (expire 11-12-98) State Bancshares Inc. (Pennsylvania) $1.00 par common Stimsonite Corporation $.01 par common Submicron Systems Corporation $.0001 par common Summa Industries, Inc. No par common Sunbelt Companies, Inc., The $.01 par common Sutton Resources, Ltd. No par common Sylvan Learning Systems Inc. $.01 par common Tat Technologies Ltd. Ordinary shares, NIS (0.15 par common) Class A, warrants (expire 03-31-94) Tee-Comm Electronics Inc. No par common Temtex Industries, Inc. $.20 par common TFC Enterprises, Inc. $.01 par common Tower Air Inc. $.01 par common Transnational Re Corporation Class A, $.01 par common Triad Guaranty Inc. $.01 par common Triquint Semiconductor, Inc. No par common U.S. Wireless Data, Inc. Class A, $.01 par common Ultimate Electronics Inc. $.01 par common Union Switch & Signal Inc. $.01 par common Uniphase Corporation $.001 par common United Video Satellite Group, Inc. Class A, $.01 par common Universal Forest Products Inc. No par common Urban Outfitters Inc. $.0001 par common Veritas Software Corporation No par common Viagene, Inc. $.001 par common Visx, Incorporated $.01 par common Wang Laboratories, Inc. $.01 par common Warrants (expire 07-02-2000) Welbilt Corporation $.01 par common West Marine, Inc. $.001 par common Westerfed Financial Corporation $.01 par common White River Corporation $.01 par common Wickes Lumber Company $.01 par common WRT Energy Corporation $.01 par common 9% convertible preferred WVS Financial Corporation $.01 par common Zoltek Companies, Inc. $.01 par common Zytec Corp No par common Additions to the List of Foreign Margin Stocks Cheung Kong Holdings Ltd. HK$.50 par ordinary shares China Light & Power Co., Ltd. HK$5.00 par ordinary shares Daifuku Company Y50 par ordinary shares Dairy Farm International Holdings Ltd. HK$.05 par ordinary shares Guoco Group Ltd. HK$.50 par ordinary shares Hang Lung Development Company HK$1.00 par ordinary shares Hang Seng Bank Ltd. HK$5.00 par ordinary shares Henderson Land Development Co., Ltd. HK$2.00 par ordinary shares Hong Kong Electric Holding Ltd. HK$1.00 par ordinary shares Hong Kong Land Holdings Ltd. HK$.10 par ordinary shares Hong Kong Telecommunications Ltd. HK$.50 par ordinary shares HSBC Holdings PLC HK$.50 par ordinary shares Hutchinson Whampoa Ltd. HK$.25 par ordinary shares Hysan Development Co., Ltd. HK$5.00 par ordinary shares Jardine Strategic Holdings Ltd. HK$.05 par ordinary shares Sun Hung Kai Properties Ltd. HK$.50 par ordinary shares Swire Pacific Ltd. A shares, par HK$.60 Wharf Holdings Ltd. HK$1.00 par ordinary shares 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 26, 1994. William W. Wiles, Secretary of the Board. [FR Doc. 94-2253 Filed 1-31-94; 8:45 am] BILLING CODE 6210-01-P