36750 Federal Register / Vol. 65, No. 112 / Friday, June 9, 2000 / Notices

12 17 CFR 200.30–3(a)(12).

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

2Securities Exchange Act Release No. 42195

(December 1, 1999), 64 FR 68712.

3According to OCC, almost all clearing members

already contribute to both the equity and nonequity elements of the clearing fund and thus are

subject to the $75,000 minimum contribution for

each element. For those members, a merger of the

two elements into one combined clearing fund will

clause no aggregate change in the size of their

clearing fund contribution. Five clearing members

clear either only equity or only non-equity products

and therefore contribute to only one element of the

clearing fund. Three of these five members,

however, will not have their contributions affected

by the proposed $150,000 minimum. Thus, the

merger of the two elements into one clearing fund

will not materially change the overall size of the

clearing fund and will not have a minor impact on

a small number of members. 4 15 U.S.C. 78q–1(b)(3)(F).

accurate clearance and settlement of

securities transactions.

NSCC has requested that the

Commission find good cause for

approving the proposed rule change

prior to the thirtieth day after

publication of the notice of filing. The

Commission finds good cause for

approving the proposed rule change

prior to the thirtieth day after

publication of the notice because

accelerated approval will enable NSCC

to coordinate with GSCC and the AMEX

in order to begin providing these

clearance and settlement services on the

target start date of June 2, 2000.

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, NW.,

Washington, DC 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, NW.,

Washington, DC 20549. Copies of such

filing also will be available for

inspection and copying at the principal

office of NSCC. All submissions should

refer to File No. SR–NSCC–00–03 and

should be submitted by June 30, 2000.

It Is Therefore Ordered, pursuant to

section 19(b)(2) of the Act, that the

proposed rule change (File No. SR–

NSCC–00–03) be and hereby is

approved.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.12

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–14574 Filed 6–8–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–42897; File No. SR–OCC–

99–9]

Self-Regulatory Organizations; The

Options Clearing Corporation; Order

Approving a Proposed Rule Change To

Merge the Equity and Non-Equity

Elements of OCC’s Clearing Fund

June 5, 2000.

On September 24, 1999, The Options

Clearing Corporation (‘‘OCC’’) filed with

the Securities and Exchange

Commission (‘‘Commission’’) a

proposed rule change (File No. SR–

OCC–99–9) pursuant to Section 19(b)(1)

of the Securities Exchange Act of 1934

(‘‘Act’’). 1 Notice of the proposal was

published in the Federal Register on

December 8, 1999. 2 No comment letters

were received. For the reasons

discussed below, the Commission is

approving the proposed rule change.

I. Description

Under the rule change, OCC will

merge the equity and non-equity

elements of its clearing fund into

combined clearing fund. A member’s

contribution to the combined clearing

fund will be based on the member’s

total margin requirements, with a

minimum contribution of $150,000.3

In 1982, when OCC first began

clearing non-equity products, including

treasury, currency, and stock index

options, OCC instituted a separate nonequity element to the clearing fund to

limit the impact of a member default in

one product base (i.e., either equity or

non-equity) on members trading only

the other product base. The element of

the clearing fund applicable to the

product(s) involved in the default

would be utilized first; only after that

element was exhausted would the other

element be used. Beginning in 1986,

with the introduction of the Theoretical

Intermarket Margin System (‘‘TIMS’’) for

non-equity products, some margin

offsets were allowed between equity and

non-equity products. Such offsets

further expanded following the

implementation of TIMS for equity

products in 1991. The blurring of the

distinction between equity and nonequity margin requirements and the

integration of OCC’s equity and nonequity systems in general has reached a

level such that clearing members only

receive a single margin requirement

each day. OCC computes distinct equity

and non-equity margin requirements

only on a monthly basis for the purpose

of determining the size of each element

of the clearing fund.

Consistent with Article VIII, Section 2

of OCC’s Bylaws, OCC will issue a

memorandum to its clearing members at

least five business days prior to the

effective date of the rule change

advising them of the change in the

minimum contribution and advising

them of their ability to withdraw from

membership should they choose not to

make the required clearing fund

contribution.

II. Discussion

Section 17A(b)(3)(F) 4 of the Act

requires that the rules of a clearing

agency be designed to assure the

safeguarding of securities and funds

which are in the custody or control of

the clearing agency or for which it is

responsible. The Commission finds that

combing the two clearing funds will

have no effect on OCC’s margining and

risk management procedures that

protect OCC against a member default.

As a result, OCC will maintain its

current level of protection while

enhancing the efficiency of its

operations. Accordingly, the rule change

is consistent with OCC’s obligation to

safeguard securities and funds which

are in OCC’s custody or control.

III. Conclusion

On the basis of the foregoing, the

Commission finds that the proposal is

consistent with the requirements of the

Act and in particular with the

requirements of Section 17A of the Act

and the rules and regulations

thereunder.

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act, that the

proposed rule change (File No. SR–

OCC–99–9) be, and hereby is, approved.

Federal Register / Vol. 65, No. 112 / Friday, June 9, 2000 / Notices 36751

5 17 C.F.R. 200.30–3(a)(12).

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority. 5

Margaret H. McFarland

Deputy Secretary.

[FR Doc. 00–14595 Filed 6–8–00; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster #3257]

Commonwealth of Massachusetts and

a Contiguous County in the State of

New Hampshire

Middlesex County and the contiguous

Counties of Essex, Norfolk, Suffolk, and

Worcester in Massachusetts, and

Hillsborough County, New Hampshire

constitute a disaster area as a result of

damages caused by a fire that occurred

on May 4, 2000 in the Town of Concord.

Applications for loans for physical

damage as a result of this disaster may

be filed until the close of business on

July 31, 2000, and for economic injury

until the close of business on March 2,

2001 at the address listed below or other

locally announced locations: U.S. Small

Business Administration, Disaster Area

1 Office, 360 Rainbow Boulevard South,

3rd Floor, Niagara Falls, NY 14303.

The interest rates are:

Percent

For Physical Damage:

Homeowners With Credit Available Elsewhere ........................ 7.375

Homeowners Without Credit

Available Elsewhere ................ 3.687

Businesses With Credit Available

Elsewhere ................................ 8.000

Businesses and Non-Profit Organizations Without Credit Available Elsewhere ........................ 4.000

Others (Including Non-Profit Organizations) With Credit Available Elsewhere ........................ 6.750

For Economic Injury:

Businesses and Small Agricultural Cooperatives Without

Credit Available Elsewhere ..... 4.000

The numbers assigned for physical

damages are 325705 for Massachusetts

and 325805 for New Hampshire. For

economic injury the numbers are

9H4400 for Massachusetts and 9H4500

for New Hampshire.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008)

Dated: May 30, 2000.

Kris Swedin,

Acting Administrator.

[FR Doc. 00–14549 Filed 6–8–00; 8:45 am]

BILLING CODE 8025–01–U

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster #3259]

State of Texas

Liberty County and the contiguous

counties of Chambers, Hardin, Harris,

Jefferson, Montgomery, Polk, and San

Jacinto in the State of Texas constitute

a disaster area as a result of damages

caused by severe thunderstorms,

flooding, and a tornado that occurred on

May 19–20, 2000. Applications for loans

for physical damage as a result of this

disaster may be filed until the close of

business on July 31, 2000, and for

economic injury until the close of

business on March 2, 2001 at the

address listed below or other locally

announced locations: U.S. Small

Business Administration, Disaster Area

3 Office, 4400 Amon Carter Blvd., Suite

102, Ft. Worth, TX 76155.

The interest rates are:

Percent

For Physical Damage:

Homeowners With Credit Available Elsewhere ........................ 7.375

Homeowners Without Credit

Available Elsewhere ................ 3.687

Businesses With Credit Available

Elsewhere ................................ 8.000

Businesses and Non-Profit Organizations Without Credit Available Elsewhere ........................ 4.000

Others (Including Non-Profit Organizations) With Credit Available Elsewhere ........................ 6.750

For Economic Injury:

Businesses and Small Agricultural Cooperatives Without

Credit Available Elsewhere ..... 4.000

The numbers assigned to this disaster

are 325906 for physical damage and

9H4600 for economic injury.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008)

Dated: May 30, 2000.

Kris Swedin,

Acting Administrator.

[FR Doc. 00–14550 Filed 6–8–00; 8:45 am]

BILLING CODE 8025–01–U

DEPARTMENT OF STATE

Bureau of European Affairs

[Public Notice 3333]

30-Day Notice of Information

Collection: Irish Peace Process

Cultural and Training Program

AGENCY: Department of State.

SUMMARY: The Department of State has

submitted the following information

collection request to the Office of

Management and Budget (OMB) for

approval in accordance with the

Paperwork Reduction Act of 1995.

Comments should be submitted to OMB

within 30 days of the publication of this

notice.

The following summarizes the

information collection proposal

submitted to OMB:

Type of Request: New Collection.

Originating Office: EUR.

Title of Information Collection: Irish

Peace Process Cultural and Training

Program (‘‘IPPCTP’’).

Frequency: 1.

Form Number: N/A.

Respondents: Entities wishing to

provide employment.

Estimated Number of Respondents:

4200.

Average Hours Per Response: (a)

Prospective Employers: up to 2 hours in

providing employer background

information and up to 1 hour in

reporting on participants’ work

experience (for each participant hired

by an employer.) (b)

Participants: up to 2 hours in

providing background/resume

information, a photograph, and tracking

information. Where participation

originates with an employer

nomination, the increase of time

required of an employer in providing

employee-related information will be

offset by a corresponding reduction in

the time otherwise required of

employees in providing the same

information.

Total Estimated Burden: 12,400

hours.

Public comments are being solicited

to permit the agency to:

• Evaluate whether the proposed

collection of information is necessary

for the proper performance of the

functions of the agency, including

whether the information will have

practical utility.

• Evaluate the accuracy of the

agency’s estimate of the burden of the

collection, including the validity of the

methodology and assumptions used.

• Enhance the quality, utility, and

clarity of the information to be

collected.

• Minimize the reporting burden on

those who are to respond, including

through the use of automated collection

techniques or other forms of technology.

FOR FURTHER INFORMATION CONTACT:

Copies of the proposed information

collection and supporting documents

may be obtained from the Officer for

Ireland and Northern Ireland Affairs,

Bureau of European Affairs (EUR/UBI),

Room 4513, U.S. Department of State,

Washington, DC 20520, (202) 647-6585.