Federal Register / Vol. 65, No. 107 / Friday, June 2, 2000 / Notices 35413

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

2PACE is a real time order routing and execution

system.

3The Commission has modified parts of these

statements.

4 15 U.S.C. 78q–1(b)(3)(D).

daily on its books and on the books of

its custodian. The Investment Adviser

and the custodian of each participating

Lending fund will maintain records

documenting, for any given day, each

Lending Fund’s aggregate investment in

a Joint Account and each Lending

Fund’s pro rata share of each investment

made through such Joint Account. The

records for each such Lending Fund

shall be maintained in conformity with

section 31 of the Act and the rules and

regulations thereunder.

13. Every Lending Fund participating

in the Joint Accounts will not

necessarily have its Cash Collateral

invested in every Short-Term

Investment. However, to the extent that

a Lending Fund’s Cash Collateral is

applied to a particular Short-Term

Investment, the Lending Fund will

participate in and own its proportionate

share of such Short-Term Investment,

and any income earned or accrued

thereon, based upon the percentage of

such investment purchased with monies

contributed by the Lending Fund.

14. Short-Term Investments held in a

Joint Account generally will not be sold

prior to maturity unless: (a) The

Investment Adviser believes the

investment no longer presents minimal

credit risk: (b) the investment no longer

satisfies the investment criteria of all

Lending funds participating in the

investment because of a credit

downgrading or otherwise; or (c) in the

case of a repurchase agreement, the

counterpart defaults. The Investment

Adviser may, however, sell any ShortTerm Investment (of a fractional portion

thereof) on behalf of some or all

participating Lending Funds prior to the

maturity of the investment if the cost of

such transactions will be borne solely

by the selling Lending Funds and the

transaction will not adversely affect

other Lending Funds participating in

that Joint Account. In no case will an

early termination by less than all

participating Lending Funds be

permitted if it would reduce the

principal amount or yield received by

other Lending funds in a particular Joint

Account or otherwise adversely affect

the other participating Lending Funds.

Each Fund participating in a Joint

Account will be deemed to have

consented to such sale and partition of

the investments in the Joint Account.

15. Short-Term Investments held

through a Joint Account will a

remaining maturity of more than seven

days, as calculated pursuant to rule 2a–

7 under the Act, will be considered

illiquid and subject to the restriction

that the lending Fund may not invest

more than 15%, or in the case of a

money market fund, more than 10% (or

such other percentage as set forth by the

SEC from time to time) of its net assets

in illiquid securities, if the Investment

Adviser cannot sell the instrument, or

the lending Fund’s fractional interest in

such instruments, pursuant to the

preceding condition.

E. Payment of Fees to the Lending

Agent, Program Administrator,

Administrator and Servicing Agent

1. The approval of each Lending

Fund’s Board, including a majority of

the disinterested directors, shall be

required for: the initial and subsequent

approvals of the Lending Agent’s service

as lending agent; for the Program

Administrator’s and the Administrator’s

services as administrator, and for the

Servicing Agent’s research and other

services, respectively, for each Lending

Fund pursuant to the Program; for the

institution of all procedures relating to

the Program as it relates to each lending

Fund; and for any periodic review of

loan transactions for which the lending

Agent acted as lending agent pursuant

to the program and the Program

Administrator, and/or Administrator

provided services as administrator and

the Servicing Agent provided research

and other services.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–13779 Filed 6–1–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–42829; File No. SR–SCCP–

00–03]

Self-Regulatory Organizations; Stock

Clearing Corporation of Philadelphia;

Notice of Filing and Immediate

Effectiveness of a Proposed Rule

Change Providing a Credit to

Specialists

May 25, 2000.

Pursuant to Section 19(b)(1) of the

Securities Exchange Act of 1934

(‘‘Act’’),1 notice is hereby given that on

May 8, 2000, the Stock Clearing

Corporation of Philadelphia (‘‘SCCP’’)

filed with the Securities and Exchange

Commission (‘‘Commission’’) the

proposed rule change as described in

Items I, II, and III below, which items

have been prepared primarily by SCCP.

The Commission is publishing this

notice to solicit comments on the

proposed rule change from interested

parties.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The purpose of the proposed rule

change is to provide a credit of $.20 per

trade to specialists trading equities

through the Philadelphia Stock

Exchange Automated Communication

and Execution (‘‘PACE’’) System.2 This

credit will be effective on June 1, 2000.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

In its filing with the Commission,

SCCP included statements concerning

the purpose of and statutory basis for

the proposed rule change. The text of

these statements may be examined at

the places specified in Item IV below.

SCCP has prepared summaries, set forth

in sections (A), (B), and (C) below, of the

most significant aspects of such

statements.3

(A) Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

SCCP has exceeded its budgetary

volume projects this year and has thus

generated revenue far in excess of its

budget. SCCP anticipates that this trend

will continue. Thus, in order to address

this situation, the proposed credit

would apply to specialists, who have

generated much of this revenue, that

trade through the PACE System.

Specifically, specialists that clear

through SCCP are the principal client

base upon which SCCP relies to cover

its expenses. For instance, PACE trades

represent approximately 90 percent of

the volume SCCP processes. Therefore,

SCCP proposes to credit $.20 per trade

to specialists using the PACE System.

This credit will be applied to the fees of

specialists trading through the PACE

System and will be effective on June 1,

2000.

SCCP believes that the proposed rule

change is consistent with Section

17A(b)(3)(D) of the Act 4 which requires

that the rules of a registered clearing

agency provide for equitable allocation

of reasonable dues, fees, and other

charges for services which it provides to

its participants.

35414 Federal Register / Vol. 65, No. 107 / Friday, June 2, 2000 / Notices

5U.S.C. 78s(b)(3)(A)(ii).

6 17 CFR 240.19b–4(e)(2). 7 17 CFR 200.30–3(a)(12).

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

SCCP does not believe that the

proposed rule change will impose any

inappropriate burden on competition.

(C) Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants, or Others

No written comments have been

solicited or received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Because the foregoing rule change

establishes or changes a due, fee, or

other charge imposed by SCCP, it has

become effective pursuant to Section

19(b)(3)(A)(ii) of the Act 5 and Rule 19b–

4(e)(2) thereunder.6 At any time within

sixty days of the filing of the proposed

rule change, the Commission may

summarily abrogate such rule change if

it appears to the Commission that such

action is necessary or appropriate in the

public interest, for the protection of

investors, or otherwise in furtherance of

the purposes of the Act.

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views, and

arguments concerning the foregoing,

including whether the proposed rule

change is consistent with the Act.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, N.W.,

Washington, D.C. 20549–0609. Copies of

the submission, all subsequent

amendments, all written statements

with respect to the proposed rule

change that are filed with the

Commission, and all written

communications relating to the

proposed rule change between the

Commission and any person, other than

those that may be withheld from the

public in accordance with the

provisions of 5 U.S.C. 552, will be

available for inspection and copying in

the Commission’s Public Reference

Section, 450 Fifth Street, N.W.,

Washington, D.C. 20549. Copies of such

filing will also be available for

inspection and copying at SCCP. All

submissions should refer to File No.

SR–SCCP–00–03 and should be

submitted by June 23, 2000.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority. 7

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–13780 Filed 6–1–00; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF STATE

[Public Notice #3313]

U.S. Advisory Commission on Public

Diplomacy; Notice of Meeting

The U.S. Advisory Commission on

Public Diplomacy, reauthorized

pursuant to P.L. 106–113 (H.R. 3194,

Consolidated Appropriations Act, 2000),

will meet on Thursday, June 15, 2000 in

Room 600, 301 4th St., SW, Washington,

D.C. from 2:00pm to 3:00pm.

The Commission will discuss its

plans for assessing the consolidation of

USIA into the State Department and the

effectiveness of U.S. public diplomacy

in the former Soviet Union.

Members of the general public may

attend the meeting, though attendance

of public members will be limited to the

seating available. Access to the building

is controlled, and individual building

passes are required for all attendees.

Persons who plan to attend should

contact David J. Kramer, Executive

Director, at (202) 619–4463.

Dated: May 30, 2000.

David J. Kramer,

Executive Director, U.S. Advisory

Commission on Public Diplomacy,

Department of State.

[FR Doc. 00–13871 Filed 6–1–00; 8:45 am]

BILLING CODE 4710–11–U

DEPARTMENT OF TRANSPORTATION

Coast Guard

[USCG 2000–7373]

Guidelines for Assessing Merchant

Mariners’ Proficiency Through

Demonstrations of Skills for Ratings

Forming Part of a Navigational Watch

AGENCY: Coast Guard, DOT.

ACTION: Notice of Availability and

Request for comments.

SUMMARY: The Coast Guard announces

the availability of, and seeks public

comments on, the national performance

measures proposed here for use as

guidelines when mariners demonstrate

their proficiency in skills for ratings

forming part of a navigational watch. A

working group of the Merchant Marine

Personnel Advisory Committee

(MERPAC) developed and

recommended national performance

measures for this proficiency. The Coast

Guard has adapted the measures

recommended by MERPAC.

DATES: Comments and related material

must reach the Docket Management

Facility on or before August 1, 2000.

ADDRESSES: Please identify your

comments and related material by the

docket number of this rulemaking

[USCG 2000–7373]. Then, to make sure

they enter the docket just once, submit

them by just one of the following means:

(1) By mail to the Docket Management

Facility, U.S. Department of

Transportation, room PL–401, 400

Seventh Street SW., Washington, DC

20590–0001.

(2) By delivery to room PL–401 on the

Plaza level of the Nassif Building, 400

Seventh Street SW., Washington, DC,

between 9 a.m. and 5 p.m., Monday

through Friday, except Federal holidays.

The telephone number is 202–366–

9329.

(3) By fax to the Docket Management

Facility at 202–493–2251.

(4) Electronically through the Web

Site for the Docket Management System

at http://dms.dot.gov.

The Docket Management Facility

maintains the public docket for this

Notice. Comments and related material

received from the public, as well as

documents mentioned in this Notice,

will become part of this docket and will

be available for inspection or copying at

room PL–401 on the Plaza level of the

Nassif Building, 400 Seventh Street

SW., Washington, DC, between 9 a.m.

and 5 p.m., Monday through Friday,

except Federal holidays. You may also

find this docket on the Internet at http:/

/dms.dot.gov.

The measures proposed here are also

available from Mr. Mark Gould,

Maritime Personnel Qualifications

Division, Office of Operating and

Environmental Standards, Commandant

(G–MSO–1), U.S. Coast Guard

Headquarters, telephone 202–267–0229.

FOR FURTHER INFORMATION CONTACT: For

questions on this Notice or on the

national performance measures

proposed here, write or call Mr. Mark

Gould where indicated under

ADDRESSES. For questions on viewing or

submitting material to the docket, call

Dorothy Walker, Chief, Dockets,

Department of Transportation,

telephone 202–366–9329.

SUPPLEMENTARY INFORMATION: