40012 Federal Register / Vol. 63, No. 143 / Monday, July 27, 1998 /Rules and Regulations

Done at Washington DC, on: July 14, 1998.

Thomas J. Billy,

Administrator.

[FR Doc. 98–20002 Filed 7–24–98; 8:45 am]

BILLING CODE 3410–DM–P

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.

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 foreign equity securities

that qualify as margin securities 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 a complete

edition of the Foreign List.

EFFECTIVE DATE: August 10, 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 April 28,

1998 (63 FR 23195), and became

effective May 11, 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. 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 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.

Pursuant to amendments recently

adopted by the Board (see, 63 FR 2805,

January 16, 1998), the definition of OTC

margin stock in § 220.2 and the

eligibility criteria for these stocks in

§ 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. Lenders subject to Regulation T

and borrowers subject to Regulation X

who are required under § 224.3(a) to

conform credit they obtain to Regulation

T will use the OTC List until

publication of the next OTC List,

anticipated for November, 1998. The

November 1998 OTC List will expire on

January 1, 1999.

Also listed below is a complete

edition of the Foreign List. This

supercedes the previous Foreign List,

which was last published on April 28,

1998, (63 FR 23195), and became

effective May 11, 1998. Pursuant to

amendments recently adopted by the

Board that became effective for all

broker-dealers on July 1, 1998 (see, 63

FR 2805, January 16, 1998), the Foreign

List is composed of those foreign equity

securities that qualify as margin

securities because they have been found

to meet the criteria in section 220.11 of

Regulation T. Additional foreign equity

securities qualify as margin securities if

they are deemed by the Securities and

Exchange Commission to have a ‘‘ready

market’’ for purposes of SEC Rule 15c3–

1. This includes all foreign stocks listed

on the Financial Times/Standard &

Poor’s Actuaries World Indices.

Although the Board has included these

stocks on its Foreign List since 1996, the

recent amendments allow broker-dealers

to extend credit on such stocks without

regard to 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 Lists

specified in 12 CFR 220.17(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

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 a complete edition of the

Foreign List.

Deletions From the List of Marginable

OTC Stocks

Stocks Removed For Failing Continued

Listing Requirements

ALTRIS SOFTWARE, INC.

No par common

AMERICAN CINEMASTORES INC.

$.001 par common

AMERICAN INTERNATIONAL

PETROLEUM CORP.

Class A, warrants (expire 04–09–1998)

AQUAGENIX INC.

$.01 par common

Warrants (expire 09–13–1999)

ARIELY ADVERTISING, LIMITED

Ordinary Shares

ATKINSON, GUY F., COMPANY OF

CALIFORNIA

No par common

AUTOINFO, INC.

$.01 par common

BIOCIRCUITS CORPORATION

$.001 par common

BPI PACKAGING TECHNOLOGIES,

INC.

Series A, $.01 par redeemable
Federal Register / Vol. 63, No. 143 / Monday, July 27, 1998 /Rules and Regulations 40013

convertible preferred

BUILDERS TRANSPORT,

INCORPORATED

$.01 par common

8% convertible debentures due 2005

CARE GROUP, INC., THE

$.001 par common

CLEAN DIESEL TECHNOLOGIES, INC.

$.05 par common

CLEVETRUST REALTY INVESTORS

$1.00 par shares of beneficial interest

CONSUMERS FINANCIAL

CORPORATION

No par common

CYGNE DESIGNS, INC.

$.01 par common

DAILY JOURNAL CORPORATION

$.01 par common

DATA SYSTEMS NETWORK

CORPORATION

$.01 par common

DATA TRANSLATION, INC.

$.01 par common

EAGLE FINANCE CORP.

$.01 par common

ENEX RESOURCES CORPORATION

$.05 par common

EQUIMED, INC.

No par common

FASTCOMM COMMUNICATIONS

CORPORATION

$.01 par common

FINE HOST CORPORATION

$.01 par common

FIRST DYNASTY MINES LIMITED

No par common

FIRST FINANCIAL BANCORP, INC.

(Illinois)

$.10 par common

FIRSTAR CORPORATION

American Depositary Shares

GEOTEK COMMUNICATIONS INC.

$.01 par common

HELP AT HOME, INC.

Warrants (expire 12–05–2000)

$.02 par common

IMPCO TECHNOLOGIES, INC.

Warrants (expire 03–07–1998)

INSITE VISION INCORPORATED

$.01 par common

INTERNATIONAL PRECIOUS METALS

CORPORATION

No par common

LONDON FINANCIAL CORPORATION

No par common

MANATRON, INC.

No par common

NATIONAL MEDICAL FINANCIAL

SERVICES CORPORATION

$.01 par common

NEORX CORPORATION

Warrants (expire 04–25–1998)

NITCHES, INC.

No par common

NORTH AMERICAN PALLADIUM LTD.

No par common

NOVAMETRIX MEDICAL SYSTEMS,

INC.

Class A, warrants (expire 12–08–1997)

NSA INTERNATIONAL, INC.

$.05 par common

NU–TECH BIO–MED, INC.

$.01 par common

PACIFIC CHEMICAL, INC.

$4.75 par common

PARIS CORPORATION

$.004 par common

PHOTO CONTROL CORPORATION

$.08 par common

PHYSICIAN COMPUTER NETWORK,

INC.

$.01 par common

PROVIDENT AMERICAN

CORPORATION

$1.00 par common

QUESTRON TECHNOLOGY, INC.

Series B, convertible preferred

RASTER GRAPHICS, INC.

$.001 par common

REPUBLIC SECURITY FINANCIAL

CORPORATION (Florida)

Series C, 7% par cumulative

convertible preferred

SCIOS INC.

Class D, warrants (expire 06–30–1998)

SEARCH FINANCIAL SERVICES, INC.

$.01 par common

SEMI–TECH CORPORATION

Class A, sub-voting shares

SERENGETI EYEWEAR, INC.

$.001 par common

Warrants (expire 09–29–2000)

SMARTSERV ONLINE, INC.

$.01 par common

SMED INTERNATIONAL, INC.

No par common

SOVEREIGN BANCORP, INC.

(Pennsylvania)

Series B, 61⁄4% cumulative

convertible preferred

STAR TECHNOLOGIES, INC.

$5.00 par common

SUBMICRON SYSTEMS

CORPORATION

$.0001 par common

SUMITOMO BANK OF CALIFORNIA,

THE

Depositary Shares

SWISHER INTERNATIONAL, INC.

$.01 par common

Warrants (expire 06–30–1998)

TAT TECHNOLOGIES LTD.

Ordinary shares (par NIS .15)

TRANSCOR WASTE SERVICES, INC.

$.001 par common

TRANSCRYPT INTERNATIONAL, INC.

$.01 par common

TRANSNET CORPORATION

$.01 par common

ULTRAFEM, INC.

$.001 par common

V BAND CORPORATION

$.01 par common

VALLEY SYSTEMS, INC.

$.01 par common

VERMONT TEDDY BEAR CO., INC.

$.05 par common

VIEW TECH, INC.

Warrants (expire 06–16–1998)

VININGS INVESTMENT PROPERTIES

TRUST

No par shares of beneficial interest

WILSONS THE LEATHER EXPERTS

Warrants (expire 05–27–2000)

Stocks Removed for Listing on a

National Securities Exchange or Being

Involved in an Acquisition

3–D GEOPHYSICAL, INC.

$.01 par common

ACC CORPORATION

$.015 par common

ACCELGRAPHICS, INC.

$.001 par common

ACCUGRAPH CORPORATION

Class A, No par common

ALOETTE COSMETICS, INC.

No par common

AMERIWOOD INDUSTRIES

INTERNATIONAL CORPORATION

$1.00 par common

ARTISTIC GREETINGS,

INCORPORATED

$.10 par common

AUTHENTIC SPECIALTY FOODS, INC.

$1.00 par common

BCB FINANCIAL SERVICES

CORPORATION

$2.50 par common

BEVERLY BANCORPORATION, INC.

$.01 par common

BOARDWALK CASINO, INC.

$.001 par common

CALIFORNIA COMMUNITY

BANCSHARES CORPORATION

$.10 par common

CALIFORNIA STATE BANK (California)

No par common

CALLON PETROLEUM COMPANY

$.01 par common

Series A, $.01 par convertible

exchangeable preferred

CAMERON ASHLEY BUILDING

PRODUCTS, INC.

No par common

CAPITAL SAVINGS BANCORP INC.

(Missouri)

$.01 par common

CARRIAGE SERVICES, INC.

Class A, $.01 par common

CBT CORPORATION

No par common

CENFED FINANCIAL CORPORATION

$.01 par common

CENTURY FINANCIAL CORPORATION

$.835 par common

CHARTER BANK, S.B. (Illinois)

$1.00 par common

CHECKMATE ELECTRONICS, INC.

$.01 par common

CHEMI-TROL CHEMICAL CO.

No par common

CHICAGO MINIATURE LAMP, INC.

$.01 par common

CHILDREN’S DISCOVERY CENTERS

OF AMERICA, INC.

Class A, $.01 par common
40014 Federal Register / Vol. 63, No. 143 / Monday, July 27, 1998 /Rules and Regulations

CITFED BANCORP, INC. (Ohio)

$.01 par common

COBANCORP, INC. (Ohio)

No par common

COMPANY DOCTOR, THE

$.01 par common

COMPSCRIPT, INC.

$.0008 par common

CONTOUR MEDICAL, INC.

$.001 par common

CORCOM, INC.

No par common

CORE LABORATORIES, N.V.

Ordinary shares (par NIS .03)

CROSS MEDICAL PRODUCTS, INC.

$.01 par common

DART GROUP CORPORATION

Class A, $1.00 par common

DATAFLEX CORPORATION

No par common

DEVON GROUP, INC.

$.01 par common

DLB OIL & GAS, INC.

$.01 par common

DONNELLEY ENTERPRISE

SOLUTIONS, INCORPORATED

$.01 par common

EAGLE FINANCIAL CORPORATION

$.01 par common

ENVIRONMENT/ONE CORPORATION

$.10 par common

ESELCO, INC.

$.01 par common

FIRST AMERICAN CORPORATION

$5.00 par common

FIRST COMMERCE CORPORATION

$5.00 par common

FIRST SHENANGO BANCORP, INC.

(Pennsylvania)

$.10 par common

FIRSTBANK OF ILLINOIS CO.

$1.00 par common

FOREFRONT GROUP, INC., THE

$.01 par common

FP BANCORP, INC.

No par common

FRANKLIN BANCORPORATION, INC.

$.10 par common

GRAND PRIX ASSOCIATION OF LONG

BEACH, INC.

No par common

GREAT WALL ELECTRONIC

INTERNATIONAL LTD.

American Depositary Receipts

GRIST MILL CO.

$.10 par common

HARCOR ENERGY COMPANY

$.10 par common

HERITAGE BANCORP, INC.

(Pennsylvania)

$5.00 par common

HERITAGE FINANCIAL SERVICES,

INC.

$.625 par common

HOLOPHANE CORPORATION

$.01 par common

HON INDUSTRIES INC.

$1.00 par common

HOUSE OF FABRICS, INCORPORATED

$.01 par common

IBAH, INC.

$.01 par common

INDIANA COMMUNITY BANK, SB

No par common

INTELLIGENT ELECTRONICS, INC.

$.01 par common

INTERNATIONAL MUREX

TECHNOLOGIES CORPORATION

No par common

INTERNATIONAL VERIFACT, INC.

No par common

INTIME SYSTEMS INTERNATIONAL,

INC.

Class A, $.01 par common

IPC INFORMATION SYSTEMS, INC.

$.01 par common

JABIL CIRCUIT, INC.

$.01 par common

JOACHIM BANCORP, INC. (Missouri)

$.01 par common

LANCIT MEDIA ENTERTAINMENT,

LTD.

$.001 par common

LEARMONTH & BURCHETT

MANAGEMENT SYSTEMS, INC.

American Depositary Receipts

LOGIC WORKS, INC.

$.01 par common

MASTERING, INC.

$.001 par common

MEDICUS SYSTEMS CORPORATION

$.01 par common

MERITRUST FEDERAL SAVINGS

BANK (Louisiana)

$1.00 par common

MICRONICS COMPUTERS, INC.

$.01 par common

MILESTONE SCIENTIFIC, INC.

$.001 par common

MONROC, INC.

$.01 par common

MTL, INC.

$.01 par common

NETWORK LONG DISTANCE, INC.

$.0001 par common

OCWEN ASSET INVESTMENT GROUP

$.01 par common

ORBITAL SCIENCES CORPORATION

$.01 par common

PEOPLES FIRST CORPORATION

No par common

PERPETUAL MIDWEST FINANCIAL,

INC.

$.01 par common

PETSEC ENERGY LTD.

American Depositary Receipts

PINNACLE FINANCIAL SERVICES,

INC.

$10.00 par common

POUGHKEEPSIE FINANCIAL

CORPORATION

$.01 par common

PROSOURCE, INC.

Class A,

$.01 par common

QUIKSILVER, INC.

$.01 par common

REDFED BANCORP INC. (California)

$.01 par common

REGAL CINEMAS, INC.

No par common

REPUBLIC AUTOMOTIVE PARTS, INC.

$.50 par common

REXX ENVIRONMENTAL

CORPORATION

$.02 par common

RYAN, BECK & CO., INC.

$.10 par common

SAGE LABORATORIES, INC.

$.10 par common

SCOPUS TECHNOLOGY, INC.

$.001 par common

SEALRIGHT CO., INC.

$.10 par common

SEARCH FINANCIAL SERVICES, INC.

$.01 par convertible preferred

SFX BROADCASTING, INC.

Class A, $.01 par common

Class B, warrants (expire 03–23–1999)

SHOWBIZ PIZZA TIME, INC.

$.10 par common

SIGMA CIRCUITS, INC.

$.001 par common

SIGNATURE RESORTS, INC.

$.01 par common

SIMULATION SCIENCES, INC.

$.001 par common

SOMATOGEN, INC.

$.001 par common

SOURCE SERVICES CORPORATION

$.02 par common

SOUTHWEST BANCSHARES, INC.

(Illinois)

$.01 par common

STAR GAS PARTNERS, L.P.

Shares of beneficial interest

STERLING WEST BANCORP

(California)

No par common

SUMMIT CARE CORPORATION

No par common

TICKETMASTER GROUP, INC.

No par common

TRACOR, INC.

$.01 par common

Series A, warrants (expire 12–31–

2001)

TRESCOM INTERNATIONAL, INC.

$.01 par common

TRUSTED INFORMATION SYSTEMS,

INC.

$.01 par common

ULTRA PAC, INC.

No par common

WALSH INTERNATIONAL, INC.

$.01 par common

WAVERLY, INC.

$2.00 par common

WHEELS SPORTS GROUP, INC.

$.01 par common

WHITE RIVER CORPORATION

$.01 par common

WILLIAMS-SONOMA, INC.

No par common

XLCONNECT SOLUTIONS, INC.

$.01 par common

YURIE SYSTEMS, INC.
Federal Register / Vol. 63, No. 143 / Monday, July 27, 1998 /Rules and Regulations 40015

$.01 par common

Additions to the List of Marginable OTC

Stocks

A.C.L.N. LIMITED

$.01 par ordinary shares

ADAMS GOLF, INC.

$.001 par common

ALBION BANC CORPORATION (New

York)

$.01 par common

ALLEGIANCE TELECOM, INC.

$.01 par common

ALPHA INDUSTRIES, INC.

$.25 par common

AMERICAN AIRCARRIERS SUPPORT,

INC.

$.001 par common

AMERICAN BANCORPORATION (West

Virginia)

Trust preferred securities of American

Bancorp Capital

AMERICAN BANCSHARES, INC.

(Florida)

Cumulative trust preferred

($10.00 liquidation preference)

AMERICAN XTAL TECHNOLOGY, INC.

$.001 par common

AMKOR TECHNOLOGY, INC.

$.001 par common

AMRESCO CAPITAL TRUST

$.01 par common shares of beneficial

interest

ANSWERTHINK CONSULTING

GROUP, INC.

$.01 par common

ARCHITEL SYSTEMS CORPORATION

No par common

ARIS CORPORATION

Warrants (expire 02–15–2000)

ARM HOLDINGS PLC

American Depositary Shares

ASPEC TECHNOLOGY, INC.

$.001 par common

ASYMETRIX LEARNING SYSTEMS,

INC.

$.01 par common

ATG, INC.

No par common

ATLANTIC DATA SERVICES, INC.

$.01 par common

AZTEC TECHNOLOGY PARTNERS,

INC.

$.001 par common

BALANCE BAR COMPANY

$.01 par common

BCSB BANKCORP

$.01 par common

BEBE STORES, INC.

$.01 par common

BEL FUSE, INC.

Class B, $.10 par common

BLUE RHINO CORPORATION

$.001 par common

BRIDGESTREET ACCOMMODATIONS,

INC.

$.01 par common

BRIGHTSTAR INFORMATION

TECHNOLOGY GROUP, INC.

$.001 par common

BRIO TECHNOLOGY, INC.

$.001 par common

BROADCOM CORPORATION

Class A, $.001 par common

CALIBER LEARNING NETWORK, INC.

$.01 par common

CAPITAL BEVERAGE CORPORATION

$.001 par common

CARREKER-ANTINORI, INC.

$.01 par common

CELLNET FUNDING LLC

Preferred securities

CENTRAL COAST BANCORP.

No par common

CENTURY BANCORP, INC.

(Massachusetts)

Trust preferred security

CHARLES RIVER ASSOCIATES, INC.

No par common

CHASTAIN CAPITAL CORPORATION

$.01 par common

CITADEL COMMUNICATIONS

CORPORATION

$.001 par common

CLEVELAND INDIANS BASEBALL

COMPANY, INC.

No par common

CLINICHEM DEVELOPMENT, INC.

Class A, no par common

COLLATERAL THERAPEUTICS, INC.

$.001 par common

COLORADO BUSINESS BANCSHARES,

INC.

$.01 par common

COM21, INC.

$.001 par common

COMBICHEM, INC.

$.001 par common

CONRAD INDUSTRIES, INC.

$.01 par common

COVOL TECHNOLOGIES, INC.

$.001 par common

COYOTE SPORTS, INC.

$.001 par common

CTI INDUSTRIES CORPORATION

No par common

CUMULUS MEDIA, INC.

Class A, $.01 par common

CUNNINGHAM GRAPHICS

INTERNATIONAL, INC.

No par common

CYBERSHOP INTERNATIONAL, INC.

$.001 par common

DA CONSULTING GROUP, INC.

$.01 par common

DEPOMED, INC.

No par common

DOCUCORP INTERNATIONAL, INC.

$.01 par common

DOREL INDUSTRIES, INC.

No par common

DROVERS BANCSHARES

CORPORATION

$5.00 par common

DYNATEC INTERNATIONAL, INC.

$.01 par common

EUROPEAN MICRO HOLDINGS, INC.

$.01 par common

EVOLVING SYSTEMS, INC.

$.001 par common

FFD FINANCIAL CORPORATION

No par common

FIELDS AIRCRAFT SPARES, INC.

$.05 par common

FINE.COM INTERNATIONAL

CORPORATION

$6.50 par common

FIRST BANK OF PHILADELPHIA

$2.00 par common

FIRST KANSAS FINANCIAL

CORPORATION

$.10 par common

FIRST VIRTUAL CORPORATION

$.001 par common

FLOUR CITY INTERNATIONAL, INC.

$.0001 par common

FNB CORP. (Virginia)

$5.00 par common

GENESIS DIRECT, INC.

$.01 par common

GENTLE DENTAL SERVICE

CORPORATION

No par common

GILMAN & CIOCIA, INC.

Warrants (expire 09–09–1998)

GLOBAL IMAGING SYSTEMS, INC.

$.01 par common

GO2NET, INC.

$.01 par common

GOLDEN STATE BANCORP, INC.

Litigation tracking warrants

GRIFFIN LAND & NURSERIES, INC.

$.01 par common

GUARANTY BANCSHARES, INC.

$1.00 par common

HASTINGS ENTERTAINMENT, INC.

$.01 par common

HAUPPAUGE DIGITAL, INC.

$.01 par common

HEADWAY CORPORATE RESOURCES,

INC.

No par common

HERBALIFE INTERNATIONAL, INC.

DECS Trust III

HIGH COUNTRY BANCORP, INC.

$.01 par common

HINES HORTICULTURE, INC.

$.01 par common

HORIZON GROUP PROPERTIES, INC.

$.01 par common

HORIZON ORGANIC HOLDING

CORPORATION

$.001 par common

HUDSON RIVER BANCORP, INC.

$.01 par common

HYPERION TELECOMMUNICATIONS,

INC.

Class A, $.01 par common

ICON PLC

American Depositary Shares

INDUSTRIAL HOLDINGS, INC.

Series D, warrants (expire 01–14–

2000)

INDUSTRIAL SERVICES OF AMERICA,

INC.

$.01 par common

INKTOMI CORPORATION
40016 Federal Register / Vol. 63, No. 143 / Monday, July 27, 1998 /Rules and Regulations

$.001 par common

INNOTRAC CORPORATION

$.10 par common

INTERNATIONAL INTEGRATION

INCORPORATED

$.01 par common

INTERNATIONAL ISOTOPES, INC.

$.01 par common

INTERPLAY ENTERTAINMENT

CORPORATION

$.001 par common

IVI CHECKMATE CORPORATION

$.01 par common

JPS PACKAGING COMPANY

$.01 par common

KING PHARMACEUTICALS, INC.

No par common

KNIGHT/TRIMARK GROUP, INC.

Class A, $.01 par common

KUALA HEALTHCARE, INC.

$.06 par common

LEUKOSITE, INC.

$.01 par common

LEXINGTON B & L FINANCIAL

CORPORATION

$.01 par common

LIBERTY BANCORP, INC.

$1.00 par common

LJ INTERNATIONAL, INC.

$.01 par common

Warrants (expire 04–16–2002)

LMI AEROSPACE, INC.

$.02 par common

MAIN STREET BANCORP, INC.

$1.00 par common

MANHATTAN ASSOCIATES, INC.

$.01 par common

MARINE TRANSPORT CORPORATION

$.01 par common

MARINER CAPITAL TRUST

PREFERRED

$10.00 par preferred security

MASON–DIXON BANCSHARES, INC.

(Maryland)

$20.00 par preferred stock

MASTER GRAPHICS, INC.

$.001 par common

METROPOLITAN FINANCIAL

CORPORATION

Trust preferred securities

MGC COMMUNICATIONS, INC.

$.001 par common

MICROSTRATEGY, INCORPORATED

$.001 par common

MID–STATE BANCSHARES

No par common

MIPS TECHNOLOGIES, INC.

$.001 par common

MOBIUS MANAGEMENT SYSTEMS,

INC.

$.0001 par common

NATIONAL CITY BANCSHARES, INC.

(Indiana)

Cumulative Trust Preferred

NAVIGANT INTERNATIONAL, INC.

$.001 par common

NETGRAVITY, INC.

$.001 par common

NIAGARA BANCORP, INC.

$.01 par common

PACALTA RESOURCES, LTD.

No par common

PACIFICHEALTH LABORATORIES,

INC.

$.0025 par common

PALATIN TECHNOLOGIES

$.01 par common

PARADIGM GEOPHYSICAL, LTD.

Ordinary shares (NIS .5 par)

PBOC HOLDINGS, INC.

$.01 par common

PDS FINANCIAL CORPORATION

Warrants (expire 05–04–2003)

PETRO UNION, INC.

Common

PHILADELPHIA CONSOLIDATED

HOLDING COMPANY

Growth Prides (expire 04–29–2001)

Income Prides (expire 04–29–2001)

PITTSBURGH HOME FINANCIAL

CORPORATION

8.56% cumulative trust preferred

PNB FINANCIAL GROUP

No par common

POINT OF SALE LIMITED

Ordinary shares

POINTE FINANCIAL CORPORATION

$.01 par common

PROFESSIONAL DETAILING, INC.

$.01 par common

PROTRAN CORPORATION

No par common

PROVANT, INC.

$.01 par common

PVC CONTAINER CORPORATION

$.01 par common

RAINBOW RENTALS, INC.

No par common

REALTY INFORMATION GROUP, INC.

$.01 par common

REGENCY BANCORP

No par common

RESTORATION HARDWARE, INC.

$.0001 par common

ROCK FINANCIAL CORPORATION

$.01 par common

SCC COMMUNICATIONS

CORPORATION

$.001 par common

SCHOOL SPECIALTY, INC.

$.001 par common

SFX ENTERTAINMENT, INC.

Class A voting, $.01 par common

SILICON VALLEY BANCSHARES, INC.

(California)

Cumulative trust preferred securities

SOFTWARE.NET CORPORATION

No par common

SOGNIZANT TECHNOLOGY

SOLUTIONS CORPORATION

Class A, $.01 par common

SOMANETICS CORPORATION

$.01 par common

SOURCE INFORMATION

MANAGEMENT COMPANY, THE

$.01 par common

SOUTHSIDE BANCSHARES, INC.

$2.50 par common

No par cumulative trust preferred

securities

SQL FINANCIALS INTERNATIONAL,

INC.

$.0001 par common

STET HELLAS

TELECOMMUNICATIONS SA

American Depositary Shares

STOLT COMEX SEAWAY S.A.

American Depositary Shares

SUCCESS BANCSHARES, INC. (Illinois)

8.95% cumulative trust preferred

securities

SVB FINANCIAL SERVICES, INC.

$2.08 par common

TCI MUSIC, INC.

Class A, $.01 par common

Series A, convertible preferred

TEARDROP GOLF COMPANY

$.01 par common

TECHNISOURCE, INC.

$.01 par common

TELESYSTEM INTERNATIONAL

WIRELESS, INC.

No par common

TRANS GLOBAL SERVICES, INC.

$.01 par common

U.S. HOME & GARDEN, INC.

$.001 par common

U.S. OFFICE PRODUCTS COMPANY

$.001 par common

ULTIMATE SOFTWARE GROUP, INC.

$.01 par common

UNITED COMMUNITY FINANCIAL

CORPORATION

No par common

UNITED PANAM FINANCIAL

CORPORATION

$.01 par common

UNITED ROAD SERVICES, INC.

$.001 par common

UNITED TENNESSEE BANKSHARES,

INC.

No par common

URSUS TELECOM CORPORATION

$.01 par common

US LEC CORPORATION

Class A, $.01 par common

USBANCORP, INC.

Capital Trust 1

V.I. TECHNOLOGIES, INC.

$.01 par common

VERIO, INC.

$.001 par common

WARWICK VALLEY TELEPHONE

COMPANY

No par common

WASHINGTON BANKING COMPANY

No par common

WASTE CONNECTIONS, INC.

$.01 par common

WASTE SYSTEMS INTERNATIONAL,

INC.

$.01 par common

WORKFLOW MANAGEMENT, INC.

$.001 par common

Complete Foreign Margin List

Germany

GEHE AG
Federal Register / Vol. 63, No. 143 / Monday, July 27, 1998 /Rules and Regulations 40017

Ordinary shares, par DM 50

HOECHST AG

Ordinary shares, par DM 50

Hong Kong

PEREGRINE INVESTMENT HOLDINGS

LTD.

Ordinary, par HK $0.60

SUN HUNG KAI PROPERTIES LIMITED

HK $0.50 par ordinary shares

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

CREDIT SAISON CO., LTD.

¥ 50 par common

DAIHATSU MOTOR CO., LTD.

¥ 50 par common

DAINIPPON SCREEN MFG. CO., LTD.

¥ 50 par common

DAIWA KOSHO LEASE CO., LTD.

¥ 50 par common

DENKI KAGAKU KOGYO

¥ 50 par common

EIGHTEENTH BANK, LTD.

¥ 50 par common

FURUKAWA CO., 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 ENGNEERING

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

JACCS CO., 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

KURIMOTO, LTD.

¥ 50 par common

KYOWA EXEO CORP.

¥ 50 par common

KYUDENKO CORP.

¥ 50 par common

MAEDA ROAD CONSTRUCTION CO.,

LTD.

¥ 50 par common

MATSUSHITA SEIKO CO., LTD.

¥ 50 par common

MAX CO., LTD.

¥ 50 par common

MEIDENSHA CORP.

¥ 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

NICHIMEN 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

NISSAN FIRE & MARINE INSURANCE

CO., LTD.

¥ 50 par common

NOF CORPORATION

¥ 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

SANKI ENGINEERING CO., LTD.

¥ 50 par common

SANTEN PHARMACEUTICAL CO.,

LTD.

¥ 50 par common

SANYO SECURITIES 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

TAKASAGO THERMAL ENGINEERING

CO.

¥ 50 par common

TAKUMA 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

TOKYO SOWA BANK, LTD.

¥ 50 par common

TOKYO TATEMONO CO., LTD.

¥ 50 par common

TOKYO TOMIN BANK, LTD.

¥ 500 par common

TOSHIBA CERAMICS CO., LTD.

¥ 50 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

United Kingdom

RACAL ELECTRONICS PLC

Ordinary shares, par value 25 p

By order of the Board of Governors of the

Federal Reserve System, acting by its Director

of the Division of Banking Supervision and
40018 Federal Register / Vol. 63, No. 143 / Monday, July 27, 1998 /Rules and Regulations

Regulation pursuant to delegated authority

(12 CFR 265.7(f)(10)), July 21, 1998.

Jennifer J. Johnson,

Secretary of the Board.

[FR Doc. 98–19947 Filed 7–24–98; 8:45 am]

BILLING CODE 6210–01–P

FEDERAL HOUSING FINANCE BOARD

12 CFR Part 933

[No. 98–29]

RIN 3069–AA67

Membership Approval

AGENCY: Federal Housing Finance

Board.

ACTION: Final rule.

SUMMARY: The Federal Housing Finance

Board (Finance Board) is amending its

regulation on membership in the

Federal Home Loan Banks (Banks)

(Membership Regulation) to make

certain technical and substantive

revisions to the regulation that would

improve the operation of the

membership application process, as

well as further streamline application

processing for certain types of

applicants for Bank membership.

EFFECTIVE DATE: August 26, 1998.

FOR FURTHER INFORMATION CONTACT:

Richard Tucker, Deputy Director,

Compliance Assistance Division, Office

of Policy, (202) 408–2848, or Sharon B.

Like, Senior Attorney-Adviser, Office of

General Counsel, (202) 408–2930,

Federal Housing Finance Board, 1777 F

Street, N.W., Washington, D.C. 20006.

SUPPLEMENTARY INFORMATION:

I. Statutory and Regulatory Background

Under the Federal Home Loan Bank

Act (Act), the Finance Board is

responsible for the supervision and

regulation of the 12 Banks, which

provide advances and other financial

services to their member institutions.

See 12 U.S.C. 1422a(a). Institutions may

become members of a Bank if they meet

certain membership eligibility and

minimum stock purchase criteria set

forth in the Act and the Finance Board’s

implementing Membership Regulation.

See id. sections 1424, 1426, 1430(e)(3);

12 CFR part 933.

On August 16, 1996, the Finance

Board published a final rule amending

the Membership Regulation to authorize

the 12 Banks, rather than the Finance

Board, to approve or deny all

applications for Bank membership,

subject to certain criteria for

determining compliance with the

statutory eligibility requirements for

Bank membership formerly contained in

policy guidelines used by the Finance

Board in approving membership

applications. See 61 FR 42531 (Aug. 16,

1996) (codified at 12 CFR part 933);

Federal Home Loan Bank System

Membership Application Guidelines,

Finance Board Res. No. 93–88 (Nov. 17,

1993) (Guidelines). The final rule also

provided for streamlined application

processing for certain types of

membership applications. See 12 CFR

part 933. In the course of processing and

approving membership applications

under the Membership Regulation, the

Banks raised a number of technical and

substantive issues with the Regulation

whose resolution would improve

operation of the membership

application process and streamline

membership application processing for

certain types of institutions. To address

these concerns, the Finance Board

issued a proposed rule revising various

provisions of the Membership

Regulation, which was published in the

Federal Register on February 19, 1998,

with a 30-day period for public

comment. See 63 FR 8364 (Feb. 19,

1998). The Finance Board received a

total of four letters on the proposed rule.

Commenters included three Banks, and

one Bank member thrift institution.

II. Analysis of the Final Rule

A. Definitions—Section 933.1

1. Definition of ‘‘Primary Regulator’’—

Section 933.1(y)

Section 933.1(y) of the current

Membership Regulation defines the

term ‘‘primary regulator’’ as the

chartering authority for federallychartered applicants, the insuring

authority for federally-insured

applicants that are not federallychartered, or the appropriate state

regulator for all other applicants. See 12

CFR § 933.1(y). This definition does not

include the Federal Reserve Board (FRB)

for state-chartered applicants that are

members of the Federal Reserve System

(FRS). Under § 933.11(a)(3), a Bank is

required to obtain as part of the

membership application the applicant’s

most recent available regulatory

examination report prepared by its

primary regulator or appropriate state

regulator. See id. § 933.11(a)(3). Section

933.11(b)(1) provides that an applicant

must have received a composite

regulatory examination rating from its

primary regulator or appropriate state

regulator within two years preceding the

date the Bank receives the application

for membership. See id. § 933.11(b)(1).

One Bank identified a potential

problem with meeting these financial

condition requirements where the FRB

and a state financial institution

regulator alternate examinations of a

state-chartered applicant that is an FRS

member. When the state financial

institution regulator performs the

examination, it provides a copy of the

regulatory examination report to the

FRB. According to the Bank, certain

state financial institution regulators in

its district cannot or will not release to

the Bank copies of the regulatory

examination reports they have prepared,

nor will the FRB release to the Bank

copies of the state regulatory

examination reports. Thus, regulatory

examination reports prepared under

such circumstances are not available in

order for the Bank to obtain a regulatory

examination rating for the applicant.

Nor may the Bank obtain and rely on a

copy of the regulatory examination

report and rating of the FRB when the

FRB has examined the applicant,

because the definition of ‘‘primary

regulator’’ in § 933.1(y) does not include

the FRB. Thus, in such situations, the

Bank may not be able to obtain any

examination report and rating for the

applicant and, therefore, the applicant

cannot be deemed to satisfy the

financial condition requirements of

§§ 933.11(a)(3) and (b)(1). The

presumption of noncompliance with the

financial condition requirements would

have to be rebutted under § 933.17(d)(1)

by preparing a written justification

providing substantial evidence

acceptable to the Bank that the

applicant is in the financial condition

required by § 933.6(a)(4),

notwithstanding the lack of a regulatory

examination rating. See id.

§ 933.17(d)(1).

The exclusion of the FRB from the

definition of ‘‘primary regulator’’ in

§ 933.1(y) was an oversight. The Banks

should be able to rely on regulatory

examination reports and examination

ratings from the FRB to determine an

applicant’s financial condition under

§ 933.11. An applicant should not have

to go through the additional burden of

establishing its satisfactory financial

condition through the rebuttal process if

an FRB regulatory examination report

and rating are available. Two Bank

commenters specifically supported

allowing the Banks to rely on FRB

regulatory examination reports and

ratings. One commenter stated that it

believes the FRB examination is

equivalent in rigor and thoroughness to

an examination by the Federal Deposit

Insurance Corporation (FDIC) or the

Office of the Comptroller of the

Currency (OCC).

Accordingly, consistent with the

proposed rule, the final rule revises the

definition of ‘‘primary regulator’’ in