[Federal Register Volume 65, Number 37 (Thursday, February 24, 2000)]
[Rules and Regulations]
[Pages 9207-9209]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-4327]


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FEDERAL RESERVE SYSTEM

12 CFR Part 220

[Regulation T]


Credit by Brokers and Dealers; 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 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: March 1, 2000.

FOR FURTHER INFORMATION CONTACT: Peggy Wolffrum, Securities Regulation 
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, 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 is a complete edition of the 
Board's Foreign List. The Foreign List was last published on August 26, 
1999 (64 FR 46559), and became effective September 1, 1999.
    The Foreign List is composed of foreign equity securities that 
qualify as margin securities under Regulation T by meeting the 
requirements of Sec. 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

[[Page 9208]]

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 the Foreign List. The following seven 
stocks are being removed because they no longer substantially meet the 
provisions of Sec. 220.11(d) of Regulation T:

Germany

HOECHST AG
Ordinary shares, par DM 50

Japan

DAIWA KOSHO LEASE CO., LTD.
     50 par common
JACCS CO., LTD.
     50 par common
MAEDA ROAD CONSTRUCTION CO., LTD.
    50 par common
NICHIMEN CORPORATION
    50 par common
SANKI ENGINEERING CO., LTD.
    50 par common
TAKASAGO THERMAL ENGINEERING COMPANY
    50 par common

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 Sec. 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.

List of Subjects in 12 CFR Part 220

    Brokers, Credit, Margin, Margin requirements, Investments, 
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 complete edition of the Foreign List.

Germany

GEHE AG
    Ordinary shares, par DM 50

Japan

AIWA CO., LTD.
     50 par common
AKITA BANK, LTD.
     50 par common
AOMORI BANK, LTD.
     50 par common
ASATSU INC.
     50 par common
BANDAI CO., LTD.
     50 par common
BANK OF KINKI, LTD.
     50 par common
BANK OF NAGOYA, LTD.
     50 par common
CHUDENKO CORP.
     50 par common
CHUGOKU BANK, LTD.
     50 par common
CLARION CO., 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 CONSTRUCTION MACHINERY CO., LTD.
     50 par common
HITACHI SOFTWARE ENGINEERING CO., LTD.
     50 par common
HITACHI TRANSPORT SYSTEM, LTD.
     50 par common
HOKKOKU BANK, LTD.
     50 par common
HOKUETSU 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
JAPAN SECURITIES FINANCE 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
KIYO BANK, LTD.
     50 par common
KOMORI CORP.
     50 par common
KONAMI CO., LTD.
     50 par common
KYOWA EXEO CORP.
     50 par common
MATSUSHITA SEIKO CO., LTD.
     50 par common
MAX 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
NIPPON COMSYS CORP.
     50 par common
NIPPON TRUST BANK, 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
RYOSAN CO., LTD.
     50 par common
SAGAMI RAILWAY CO., LTD.
     50 par common
SAIBU GAS 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 INDUSTRIES, LTD.
     50 par common
SURUGA BANK, LTD.
     50 par common
TAIYO YUDEN CO., LTD.
     50 par common
TAKARA STANDARD CO., LTD.
     50 par common
TAKUMA CO., LTD.
     50 par common

[[Page 9209]]

TOHO BANK, LTD.
     50 par common
TOHO GAS CO., LTD.
     50 par common
TOKYO OHKA KOGYO CO., LTD.
     50 par common
TOKYO TOMIN BANK, LTD.
     500 par common
UNI-CHARM CORP.
     50 par common
USHIO, INC.
     50 par common
YAMAHA MOTOR CO., LTD.
     50 par common
YAMANASHI CHUO BANK, LTD.
     50 par common
YODOGAWA STEEL WORKS, LTD.
     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)), 
February 17, 2000.

Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 00-4327 Filed 2-23-00; 8:45 am]
BILLING CODE 6210-01-P