Federal Register / Vol. 69, No. 45 / Monday, March 8, 2004 / Rules and Regulations 10601

§ 301.51–3 Quarantined areas. foreign margin stocks under Regulation and recordkeeping requirements, * * * * * T, making them also margin securities Securities. (c) * * * and therefore eligible for credit at ■ Accordingly, pursuant to the authority Illinois brokers and dealers on the same basis as of sections 7 and 23 of the Securities domestic margin securities. The List Exchange Act of 1934, as amended (15 Cook County. That area in the was last published on September 4, U.S.C. 78g and 78w), and in accordance Ravenswood community in the City of 2003 (68 FR 8993), and became effective with 12 CFR 220.2 and 220.11, the Chicago that is bounded as follows: September 15, 2003. Board is removing the following stocks Beginning on the shoreline of Lake The List is composed of foreign equity from the Foreign List: Michigan at Howard Street; then west securities that qualify as margin ql on Howard Street to Western Avenue; Akita Bank, Ltd., A¥ j50 par common securities under Regulation T by Aomori Bank, Ltd., A¥qlj50 par common then south on Western Avenue to Bryn meeting the financial requirements of § Asatsu-DK Inc., A¥qlj50 par common Mawr Avenue; then west on Bryn Mawr 220.11(c) and (d). In determining the Bank of Nagoya, Ltd., A¥qlj50 par Avenue to Central Park Avenue; then qualification of particular foreign equity common south on Central Park Avenue to securities, the Board has relied on a list Chudenko Corp., A¥qlj50 par common Diversey Avenue; then east on Diversey of proposed foreign margin stocks Chugoku Bank, Ltd. A¥qlj50 par common Avenue to Diversey Parkway; then east submitted by the New York Stock Daihatsu Motor Co., Ltd., A¥qlj50 par on Diversey Parkway to Damen Avenue; Exchange (NYSE) based on certification common then south on Damen Avenue to of the securities’ eligibility by at least Dainippon Screen MFG. Co., Ltd., Chicago Avenue; then east on Chicago two NYSE members under procedures A¥qlj50 par common ql Avenue to the shoreline of Lake adopted by the NYSE and approved by Denki Kagaku Kogyo, A¥ j50 par Michigan; then north along the common the Board in 1990. These procedures ql shoreline of Lake Michigan to the point include periodic recertification of the Eighteenth Bank, Ltd., A¥ j50 par of beginning. common stocks on the List by at least two NYSE ql * * * * * Futaba Corp., A¥ j50 par common member firms. Futaba Industrial Co., Ltd. A¥qlj50 par Done in Washington, DC, this 3rd day of Foreign securities may also qualify as margin securities if they are deemed by common March, 2004. Higo Bank, Ltd., A¥qlj50 par common Bobby R. Acord, the Securities and Exchange Hitachi Software Engneering Co., Ltd., Administrator, Animal and Plant Health Commission (SEC) to have a ‘‘ready A¥qlj50 par common Inspection Service. market’’ under SEC Rule 15c3–1 (17 Hokkoku Bank, Ltd., A¥qlj50 par [FR Doc. 04–5128 Filed 3–5–04; 8:45 am] CFR 240.15c3–1) or a ‘‘no-action’’ common BILLING CODE 3410–34–P position issued thereunder. This Hokuetsu Paper Mills, Ltd., A¥qlj50 par includes all foreign stocks in the FTSE common World Index Series. Iyo Bank, Ltd., A¥qlj50 par common FEDERAL RESERVE SYSTEM The New York Stock Exchange has Japan Airport Terminal Co., Ltd., A¥qlj50 informed the Board that the member par common 12 CFR Part 220 firms who usually recertify the stocks Juroku Bank, Ltd., A¥qlj50 par common ql [Regulation T] on the list have declined to do so, and Kagoshima Bank, Ltd., A¥ j50 par plan to rely on the ‘‘ready market’’ test common Credit by Brokers and Dealers; List of instead. The Board is therefore Kamigumi Co., Ltd., A¥qlj50 par common ql Foreign Margin Stocks removing the 51 stocks on the current Katokichi Co., Ltd., A¥ j50 par common List because it is no longer able to Keisei Electric Railway Co., Ltd., A¥qlj50 AGENCY: Board of Governors of the determine that the securities par common Federal Reserve System. substantially meet the provisions of Keiyo Bank, Ltd., A¥qlj50 par common ACTION: Final rule. Komori Corp., A¥qlj50 par common section 220.11(d) of Regulation T, which ql is necessary for the securities’ continued Konami Co., Ltd., A¥ j50 par common SUMMARY: The List of Foreign Margin Michinoku Bank, Ltd., A¥qlj50 par Stocks (List) is composed of certain inclusion on the List. The Board will publish a List in the common foreign equity securities that qualify as Musashino Bank, Ltd., A¥qlj500 par margin securities under Regulation T. future if it receives the required information under the approved common The Foreign List has been published Namco, Ltd., A¥qlj50 par common twice a year by the Board since 1999. procedures to establish the qualification Nichicon Corp., A¥qlj50 par common The Board is removing all 51 stocks of specific foreign equity securities Nihon Unisys, Ltd., A¥qlj50 par common from the current List because they have pursuant to section 220.11(c) of Nishi-Nippon Bank, Ltd., A¥qlj50 par not been recertified as required under Regulation T, which is necessary for common procedures approved by the Board in initial inclusion on the List. Nishi-Nippon Railroad Co., Ltd., A¥qlj50 1990. The Board will publish a new List Public Comment par common Nissan Chemical Industries, Ltd., A¥qlj50 if eligible securities are identified The Board finds that the requirements pursuant to these listing procedures. par common of 5 U.S.C. 553 with respect to notice Ogaki Kyoritsu Bank, Ltd., A¥qlj50 par EFFECTIVE DATE: April 15, 2004. and public participation are FOR FURTHER INFORMATION CONTACT: common unnecessary. No additional useful Q.P. Corp., A¥qlj50 par common Peggy Wolffrum, Financial Analyst, information would be gained by public Rinnai Corp., A¥qlj50 par common Division of Banking Supervision and participation, given the objective Sagami Railway Co., Ltd., A¥qlj50 par Regulation, (202) 452–2837, or Scott character of the criteria for continued common Holz, Senior Counsel, Legal Division, inclusion on the Foreign List specified Sakata Seed Corp., A¥qlj50 par common (202) 452–2966, Board of Governors of in § 220.11(d) of Regulation T. Santen Pharmaceutical Co., Ltd., A¥qlj50 the Federal Reserve System, par common Washington, DC 20551. List of Subjects in 12 CFR Part 220 Shimadzu Corp., A¥qlj50 par common SUPPLEMENTARY INFORMATION: Stocks Brokers, Credit, Margin, Margin Shimamura Co., Ltd., A¥qlj50 par that appear on the List are by definition requirements, Investments, Reporting common

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Sumitomo Rubber Industries, Ltd., withdrawal.1 A depositary bank operations from El Paso to Dallas and to A¥qlj50 par common generally must provide faster assist banks in identifying local and Taiyo Yuden Co., Ltd., A¥qlj50 par availability for funds deposited by a nonlocal banks. These amendments are common ‘‘local check’’ than by a ‘‘nonlocal effective May 15, 2004, to coincide with Takara Standard Co., Ltd., A¥qlj50 par check.’’ A check drawn on a bank is the effective date of the underlying common considered local if it is payable by or at check processing changes. The Board is Toho Bank, Ltd., A¥qlj50 par common a bank located in the same Federal providing advance notice of these Toho Gas Co., Ltd., A¥qlj50 par common Reserve check processing region as the amendments to give affected banks Tokyo Ohka Kogyo Co., Ltd., A¥qlj50 par depositary bank. A check drawn on a ample time to make any needed common nonbank is considered local if it is processing changes. The advance notice Uni-Charm Corp., A¥qlj50 par common payable through a bank located in the will also enable affected banks to amend Ushio, Inc., A¥qlj50 par common same Federal Reserve check processing their availability schedules and related Yamaha Motor Co., Ltd., A¥qlj50 par region as the depositary bank. Checks disclosures, if necessary, and provide common that do not meet the requirements for their customers with notice of these ‘‘local’’ checks are considered 3 By order of the Board of Governors of the changes. The Federal Reserve routing Federal Reserve System, acting by its Director ‘‘nonlocal.’’ symbols assigned to all other Federal of the Division of Banking Supervision and Appendix A to Regulation CC Reserve branches and offices will Regulation pursuant to delegated authority contains a routing number guide that remain the same at this time. The Board (12 CFR 265.7(f)(10)), March 2, 2004. assists banks in identifying local and of Governors, however, intends to issue Jennifer J. Johnson, nonlocal banks and thereby determining similar notices at least sixty days prior Secretary of the Board. the maximum permissible hold periods to the elimination of check operations at for most deposited checks. The [FR Doc. 04–5103 Filed 3–5–04; 8:45 am] some other Reserve Bank offices, as appendix includes a list of each Federal BILLING CODE 6210–01–P described in the May 2003 Federal Reserve check processing office and the Register document. first four digits of the routing number, Administrative Procedure Act FEDERAL RESERVE SYSTEM known as the Federal Reserve routing symbol, of each bank that is served by The Board has not followed the 12 CFR Part 229 that office. Banks whose Federal provisions of 5 U.S.C. 553(b) relating to Reserve routing symbols are grouped notice and public participation in [Regulation CC; Docket No. R–1185] under the same office are in the same connection with the adoption of this check processing region and thus are final rule. The revisions to the Availability of Funds and Collection of local to one another. appendices are technical in nature, and Checks As explained in detail in the Board’s the routing symbol revisions are final rule published in the Federal required by the statutory and regulatory AGENCY: Board of Governors of the Register on May 28, 2003, the Federal definitions of ‘‘check-processing Federal Reserve System. Reserve Banks decided in early 2003 to region.’’ Because there is no substantive ACTION: Final rule; technical reduce the number of locations at which change on which to seek public input, amendment. they process checks.2 As part of this the Board has determined that the restructuring process, the El Paso office section 553(b) notice and comment SUMMARY: The Board of Governors is of the Federal Reserve Bank of Dallas procedures are unnecessary. amending appendix A of Regulation CC will cease processing checks on May 15, to delete the reference to the El Paso 2004. As of that date, banks with routing Paperwork Reduction Act check processing office of the Federal symbols currently assigned to the El In accordance with the Paperwork Reserve Bank of Dallas and reassign the Paso office for check processing Reduction Act of 1995 (44 U.S.C. 3506; Federal Reserve routing symbols purposes will be reassigned to the 5 CFR 1320 appendix A.1), the Board currently listed under that office to the Dallas Reserve Bank’s head office. As a has reviewed the final rule under head office of the Federal Reserve Bank result of this change, some checks that authority delegated to the Board by the of Dallas. These amendments reflect the are drawn on and deposited at banks Office of Management and Budget. This restructuring of check processing located in the El Paso and Dallas check technical amendment to appendix A of operations within the Federal Reserve processing regions and that currently Regulation CC will delete the reference System. are nonlocal checks will become local to the El Paso check processing office of DATES: The final rule will become checks subject to faster availability the Federal Reserve Bank of Dallas and effective on May 15, 2004. schedules. reassign the routing symbols listed FOR FURTHER INFORMATION CONTACT: Jack The Board accordingly is amending under that office to the head office of K. Walton II, Assistant Director (202/ the list of routing symbols assigned to the Federal Reserve Bank of Dallas. The 452–2660), or Joseph P. Baressi, Senior Eleventh District check processing depository institutions that are located Financial Services Analyst (202/452– offices to reflect the transfer of in the affected check processing regions 3959), Division of Reserve Bank and that include the routing numbers in Operations and Payment Systems; or 1 For purposes of Regulation CC, the term ‘‘bank’’ their disclosure statements would be refers to any depository institution, including Adrianne G. Threatt, Counsel (202/452– commercial banks, savings institutions, and credit required to notify customers of the 3554), Legal Division. For users of unions. resulting change in availability under § Telecommunications Devices for the 2 See 68 FR 31592, May 28, 2003. In addition to 229.18(e). However, because all Deaf (TDD) only, contact 202/263–4869. the general advance notice of future amendments paperwork collection procedures previously provided by the Board, as well as the SUPPLEMENTARY INFORMATION: Regulation Board’s notices of final amendments, the Reserve associated with Regulation CC already CC establishes the maximum period a Banks are striving to inform affected depository depositary bank may wait between institutions of the exact date of each office 3 Section 229.18(e) of Regulation CC requires that transition at least 120 days in advance. The Reserve banks notify account holders who are consumers receiving a deposit and making the Banks’ communications to affected depository within 30 days after implementing a change that deposited funds available for institutions are available at www.frbservices.org. improves the availability of funds.

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