[Federal Register Volume 68, Number 39 (Thursday, February 27, 2003)]
[Rules and Regulations]
[Pages 8993-8994]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-4619]



[[Page 8993]]

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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, 2003.

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.

SUPPLEMENTARY INFORMATION: Listed below is a complete edition of the 
Board's Foreign List. The Foreign List was last published on August 20, 
2002 (67 FR 53875), and became effective September 1, 2002.
    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 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 six 
stocks are being removed because they no longer substantially meet the 
provisions of Sec.  220.11(d) of Regulation T:

Bandai Co., Ltd.
    [yen] 50 par common
Clarion Co., Ltd.
    [yen] 50 par common
Kyowa Exeo Corp.
    [yen] 50 par common
Matsushita Seiko Co., Ltd.
    [yen] 50 par common
Nippon Comsys Corp.
    [yen] 50 par common
Takuma Co., Ltd.
    [yen] 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.

Japan

Akita Bank, Ltd.
    [yen] 50 par common
Aomori Bank, Ltd.
    [yen] 50 par common
Asatsu-DK Inc.
    [yen] 50 par common
Bank of Nagoya, Ltd.
    [yen] 50 par common
Chudenko Corp.
    [yen] 50 par common
Chugoku Bank, Ltd.
    [yen] 50 par common
Daihatsu Motor Co., Ltd.
    [yen] 50 par common
Dainippon Screen Mfg. Co., Ltd.
    [yen] 50 par common
Denki Kagaku Kogyo
    [yen] 50 par common
Eighteenth Bank, Ltd.
    [yen] 50 par common
Futaba Corp.
    [yen] 50 par common
Futaba Industrial Co., Ltd.
    [yen] 50 par common
Higo Bank, Ltd.
    [yen] 50 par common
Hitachi Software Engneering Co., Ltd.
    [yen] 50 par common
Hokkoku Bank, Ltd.
    [yen] 50 par common
Hokuetsu Paper Mills, Ltd.
    [yen] 50 par common
Iyo Bank, Ltd.
    [yen] 50 par common
Japan Airport Terminal Co., Ltd.
    [yen] 50 par common
Juroku Bank, Ltd.
    [yen] 50 par common
Kagoshima Bank, Ltd.
    [yen] 50 par common
Kamigumi Co., Ltd.
    [yen] 50 par common
Katokichi Co., Ltd.
    [yen] 50 par common
Keisei Electric Railway Co., Ltd.
    [yen] 50 par common
Keiyo Bank, Ltd.
    [yen] 50 par common
Komori Corp.
    [yen] 50 par common
Konami Co., Ltd.
    [yen] 50 par common
Michinoku Bank, Ltd.
    [yen] 50 par common
Musashino Bank, Ltd.
    [yen] 500 par common
Namco, Ltd.
    [yen] 50 par common
Nichicon Corp.
    [yen] 50 par common
Nihon Unisys, Ltd.
    [yen] 50 par common
Nishi-Nippon Bank, Ltd.
    [yen] 50 par common
Nishi-Nippon Railroad Co., Ltd.
    [yen] 50 par common
Nissan Chemical Industries, Ltd.
    [yen] 50 par common
Ogaki Kyoritsu Bank, Ltd.
    [yen] 50 par common
Q.P. Corp.
    [yen] 50 par common
Rinnai Corp.
    [yen] 50 par common
Sagami Railway Co., Ltd.
    [yen] 50 par common
Sakata Seed Corp.
    [yen] 50 par common
Santen Pharmaceutical Co., Ltd.
    [yen] 50 par common
Shimadzu Corp.
    [yen] 50 par common
Shimamura Co., Ltd.
    [yen] 50 par common
Sumitomo RubbeR Industries, Ltd.
    [yen] 50 par common
Taiyo Yuden Co., Ltd.

[[Page 8994]]

    [yen] 50 par common
Takara Standard Co., Ltd.
    [yen] 50 par common
Toho Bank, Ltd.
    [yen] 50 par common
Toho Gas Co., Ltd.
    [yen] 50 par common
Tokyo Ohka Kogyo Co., Ltd.
    [yen] 50 par common
Uni-Charm Corp.
    [yen] 50 par common
Ushio, Inc.
    [yen] 50 par common
Yamaha Motor Co., Ltd.
    [yen] 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 21, 2003.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 03-4619 Filed 2-26-03; 8:45 am]
BILLING CODE 6210-01-P