Rules and Regulations. Final rule; determination of applicability of regulations

1,049 words·~5 min read·/register/2002/02/22/02-4265

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BILLING CODE 3410-34-U 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. 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, 2002. 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 24, 2001 (66 FR 44525), and become effective September 1, 2001. 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 not additions to the Foreign List. The following six stocks are being removed because they no longer substantially meet the provisions of § 220.11(d) of Regulation T: Hitachi Transport System, LtD., ¥ 50 par common Hokuetsu Bank, LtD, ¥ 50 par common Kiyo Bank, LtD., ¥ 50 par common Max Co., LtD., ¥ 50 par common Ryosan Co., LtD., ¥ 50 par common Yamanashi Chuo Bank, LtD., ¥ 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 § 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 a 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., ¥ 50 par common Aomori Bank, LtD., ¥ 50 par common Asatsu-DK Inc., ¥ 50 par common Bandai Co., 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 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 Kyowa Exeo Corp., ¥ 50 par common Matsushita Seiko Co., Ltd., ¥ 50 par common Michinoku Bank, Ltd., ¥ 50 par common Musashino Bank, Ltd., ¥ 50 par common Namco, Ltd., ¥ 50 par common Nichicon Corp., ¥ 50 par common Nihon Unisys, Ltd., ¥ 50 par common Nippon Comsys Corp., ¥ 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 Industries, Ltd., ¥ 50 par common Taiyo Yuden Co., Ltd., ¥ 50 par common Takara Standard Co., Ltd., ¥ 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 Uni-Charm Corp., ¥ 50 par common Ushio, Inc., ¥ 50 par common Yamaha Motor Co., 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 19, 2002. Jennifer J. Johnson, Secretary of the Board. [FR Doc. 02-4265 Filed 2-21-02; 8:45 am]

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