Federal Register / Vol. 65, No. 85 / Tuesday, May 2, 2000 / Notices 25527

1 15 U.S.C. 78s(b)(1).

2 17 CFR 240.19b–4.

3Securities Exchange Act Release No. 42450

(February 23, 2000), 65 FR 10577 (‘‘Concept

Release’’).

assets invested by a Participating Fund,

before the next meeting of the Board of

that Participating Fund is held for the

purpose of voting on the Participating

Fund’s advisory contract pursuant to

section 15 of the Act, State Street will

provide the Board with specific

information regarding the approximate

cost to State Street for, or portion of the

advisory fee under the existing advisory

contract attributable to, managing the

assets of the Participating Fund that can

be expected to be invested in such

Central Funds. Before approving the

Participating Fund’s advisory contract

pursuant to section 15, the Board,

including a majority of the Disinterested

Trustees shall consider to what extent,

if any, the advisory fees charged to the

Participating Fund by State Street

should be reduced to account for

reduced services provided to the

Participating Fund by State Street as a

result of Uninvested Cash being

invested in the Central Funds. The

minute books of the Participating Fund

will record fully the Board’s

consideration in approving the advisory

contract, including the considerations

relating to fees referred to above.

3. Each of the Participating Funds will

invest Uninvested Cash in, and hold

shares of, the Central Funds only to the

extent that the Participating Fund’s

aggregate investment in the Central

Funds does not exceed 25% of the

Participating Fund’s total assets. For

purposes of this limitation, each

Participating Fund or series thereof will

be treated as a separate investment

company.

4. Investment in shares of the Central

Funds will be in accordance with each

Participating Fund’s respective

investment restrictions, if any, and will

be consistent with each Participating

Fund’s policies as set forth in its

prospectus(es) and statement(s) of

additional information. Participating

Funds that are money market funds will

not acquire shares of any Central Fund

that does not comply with the

requirements of rule 2a–7 under the Act.

5. Each Participating Fund, each

Central Fund, and any future Fund that

may rely on the order shall be advised

by State Street.

6. No Central Fund shall acquire

securities of any other investment

company in excess of the limits

contained in section 12(d)(1)(A) of the

Act.

For the Commission, by the Division of

Investment Management, under delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–10856 Filed 5–1–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–42723; File No. SR–NYSE–

99–48]

Notice of Extension of Comment

Period for Issues Relating to Market

Fragmentation

April 26, 2000.

On December 10, 1999, the New York

Stock Exchange, Inc. (‘‘NYSE’’ or

‘‘Exchange’’) filed with the Securities

and Exchange Commission (‘‘SEC’’ or

‘‘Commission’’), pursuant to Section

19(b)(1) of the Securities Exchange Act

of 1934 (‘‘Exchange Act’’) 1 and Rule

19b–4 thereunder,2 a proposed rule

change to rescind Exchange Rule 390.

The proposed rule change was

published for comment in the Federal

Register on February 28, 2000.3 The

release publishing notice of the

proposed rule change also included a

Commission request for public comment

on issues relating to market

fragmentation (‘‘Concept Release’’). The

comment period relating to the

rescission of Exchange Rule 390 expired

on March 20, 2000; the comment period

for issues related to market

fragmentation is scheduled to expire on

April 28, 2000.

The Commission has decided to

extend for two weeks until May 12,

2000, the comment period for issues

related to market fragmentation. The

Concept Release requested comment on

a wide range of issues, including

whether fragmentation is now, or may

become in the future, a problem that

significantly detracts from the fairness

and efficiency of the U.S. markets. In

addition, the Concept Release requested

comment on six potential options for

addressing fragmentation. These issues

are very complex, and the Commission

believes that it will be helpful for

commenters to have two extra weeks in

which to prepare and submit their

views.

In this regard, the Commission urges

commenters not to limit their attention

to a single option raised in the Concept

Release, particularly the option of

establishing comprehensive price/time

priority for all displayed trading

interest. This option has been widely

referred to in the press as a ‘‘CLOB’’—

a central limit order book. The other five

options were included in the Concept

Release specifically to afford

commenters an opportunity to submit

their views on alternatives to a CLOB

that would be more focused on specific

practices or problems that may isolate

investor orders, discourage quote

competition, or impair public price

discovery. The Commission hopes to

receive the benefit of commenters’

views on these other options as well.

Interested persons are invited to

submit written data, views, and

arguments concerning issues relating to

market fragmentation discussed in the

Concept Release. Persons making

written submissions should file six

copies thereof with the Secretary,

Securities and Exchange Commission,

450 Fifth Street, NW, Washington, DC

20549–0609. Comments also may be

submitted electronically at the following

E-mail address: rule-comments@sec.gov.

All comment letters should refer to File

No. SR–NYSE–99–48. Comments

submitted by E-mail should include this

file number in the subject line.

Comment letters received will be

available for public inspection and

copying in the Commission’s Public

Reference Room. Electronically

submitted comment letters will be

posted on the Commission’s Internet

web site (http://www.sec.gov).

It is therefore ordered that the period

for public comment on issues relating to

market fragmentation is extended until

May 12, 2000.

By the Commission.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–10893 Filed 5–1–00; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Notice of Availability of the Draft

Environmental Assessment for the

Proposed Actions Relating to the

Change in Departure Procedure at

Sarasota Manatee International Airport

and Public Comment

AGENCY: Federal Aviation

Administration (FAA).

ACTION: Notice of availability and

request for comments.

SUMMARY: The Federal Aviation

Administration (FAA) announces the