Federal Register / Vol. 65, No. 123 / Monday, June 26, 2000 / Notices 39461

12 17 CFR 200.30–3(a)(12).

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

2 17 CFR 240.19b–4.

3 15 U.S.C. 78s(b)(3)(A)(iii).

4Securities Exchange Act Release No. 42360 (Jan.

28, 2000), 65 FR 5003 (Feb. 2, 2000).

5Securities Exchange Act Release No. 42685

(Apr. 13, 2000), 65 FR 21046 (Apr. 19, 2000).

6Securities Exchange Act Release No. 42914

(June 8, 2000), 65 FR 38010 (June 19, 2000).

7 15 U.S.C. 78f(b).

8 15 U.S.C. 78f(b)(5).

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.12

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–16026 Filed 6–23–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–42960; File No. SR–NYSE–

00–26]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the New

York Stock Exchange, Inc., Creating

New Rule 438 Mandating Decimal

Pricing Testing and Rescinding Rule

437 Relating to Year 2000 Testing

June 20, 2000.

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

Securities Exchange Act of 1934

(‘‘Act’’),1’’ and Rule 19b–4 thereunder,2

notice is hereby given that on June 14,

2000, the New York Stock Exchange,

Inc. (‘‘NYSE’’ or ‘‘Exchange ’’) 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 by the NYSE. The

NYSE has designated this proposal as

one concerned solely with the

administration of the NYSE under

Section 19(b)(3)(A)(iii) of the Act,3

which renders the proposal effective

upon filing with the Commission. The

Commission is publishing this notice to

solicit comments on the proposed rule

change from interested persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The proposal consists of the adoption

of new NYSE Rule 438 (‘‘Participation

in Decimal Conversion Testing’’) and

the rescission of NYSE Rule 437

(‘‘Participation in Year 2000 Testing’’).

The text of the proposed rule change is

available upon request from the NYSE

or the Commission.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission, the

Exchange included statements

concerning the purpose of and basis for

the proposed rule change and discussed

any comments it received regarding the

proposed rule change. The text of these

statements may be examined at the

places specified in Item IV below. The

Exchange has prepared summaries, set

forth in Sections A, B, and C below, of

the most significant aspects of such

statements.

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

1. Purpose

On January 28, 2000, the Commission

issued an order (‘‘January 28 Order’’) 4

requiring the NYSE, the other national

securities exchanges, and the National

Association of Securities Dealers, Inc.

(the ‘‘Participants’’) to take certain steps

necessary to facilitate a safe and orderly

transition to decimal pricing in the

United States securities markets. The

initial phase-in date of this process was

originally scheduled for July 3, 2000.

In order to prepare for the

implementation of decimal pricing

industry-wide, the Commission’s

January 28 Order required, among other

things, that the Participants jointly

submit a ‘‘Decimals Implementation

Plan’’ by April 14, 2000. The

Commission additionally required each

Participant to submit by April 28, 2000,

such proposed rule changes as would be

necessary to administer the Decimals

Implementation Plan.

On April 13, 2000, the Commission

suspended by order 5 the deadlines

prescribed by the January 28 Order and

solicited public comment on the

feasibility of several alternatives for

implementing decimal trading

(including the possibility of trading

exchange-listed securities in penny or

nickel increments by September 4,

2000). On June 8, 2000, the Commission

subsequently issued an order 6 directing

the securities markets to begin phasing

in decimal pricing no later than

September 5, 2000.

In order to assist and coordinate the

efforts of the NYSE’s membership to

ensure a smooth transition to

decimalization, new NYSE Rule 438

authorizes the Exchange to require

members and member organizations, in

a manner and frequency to be

prescribed by the Exchange, to

participate in decimal pricing testing.

The Exchange is prepared to adjust its

testing and implementation dates in

accordance with Commission directives.

NYSE Rule 438.10 provides the

Exchange authority to exempt either

individual or categories of members and

member organizations from some or all

of the testing requirements. Further,

NYSE rule 438.20 requires members and

member organizations to maintain

adequate documentation of such tests as

may be required, including results of

those tests, which must be made

available to the Exchange for

examination. NYSE rule 438.30

provides that the rule shall expire

automatically upon the full

implementation of decimal pricing.

In addition to creating the foregoing

new rule, the Exchange proposes to

delete NYSE Rule 437, authorizing the

Exchange to require the membership’s

participation in testing related to

potential computer problems associated

with the year 2000 date change. Further

testing in this regard is no longer

necessary.

2. Statutory Basis

The NYSE believes proposed NYSE

Rule 438, which is designed to

authorize the Exchange to require its

members and member organizations, in

a manner and frequency prescribed by

the Exchange, to participate in testing of

computer systems in preparation for the

implementation of decimal pricing, is

consistent with Section 6(b) of the Act 7

in general and furthers the objectives of

Section 6(b)(5) 8 in particular in that it

is designed to promote just and

equitable principles of trade, to remove

impediments to and to perfect the

mechanism of a free and open market

and a national market system and, in

general, to protect investors and the

public interest.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange does not believe that

the proposed rule change will impose

any burden on competition that is not

necessary or appropriate in furtherance

of the purposes of the Act.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants, or Others

The Exchange has neither solicited

nor received written comments on the

proposed rule change.

39462 Federal Register / Vol. 65, No. 123 / Monday, June 26, 2000 / Notices

9 15 U.S.C. 78s(b)(3)(A)(iii).

10 17 CFR 240.19b–4(f)(3).

11 17 CFR 200.30–3(a)(12).

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Because the foregoing rule change is

concerned solely with the

administration of the Exchange, it has

become effective pursuant to Section

19(b)(3)(A)(iii) of the Act 9 and

subparagraph (f)(3) of Rule 19b–4

thereunder.10 At any time within 60

days of the filing of such 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, 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

Room, 450 Fifth Street, N.W.,

Washington, D.C. Copies of such filing

will also be available for inspection and

copying at the principal office of the

Exchange. All submissions should refer

to File No. SR–NYSE–00–26 and should

be submitted by July 17, 2000.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.11

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–16029 Filed 6–23–00; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster #3265]

State of Texas

Tarrant County and the contiguous

counties of Dallas, Denton, Ellis,

Johnson, Parker, and Wise in the State

of Texas constitute a disaster area as a

result of damages caused by severe

thunderstorms and flooding that

occurred on June 3–4, 2000.

Applications for loans for physical

damage as a result of this disaster may

be filed until the close of business on

August 18, 2000 and for economic

injury until the close of business on

March 19, 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 326511 for physical damage and

9H5500 for economic injury.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008).

Dated: June 19, 2000.

Kris Swedin,

Acting Administrator.

[FR Doc. 00–16109 Filed 6–23–00; 8:45 am]

BILLING CODE 8025–01–P

SOCIAL SECURITY ADMINISTRATION

Agency Information Collection

Activities; Emergency Consideration

Request

In compliance with Public Law 104–

13, the Paperwork Reduction Act of

1995, the Social Security

Administration (SSA) is providing

notice of its information collections that

require submission to the Office of

Management and Budget (OMB). SSA is

requesting emergency consideration

from OMB by July 12, 2000, of the

information collections listed below.

1. Representative Payee ReportSpecial Veterans Benefits-0960-NEW.

The information collected on form SSA–

2001 is used to determine whether

payments certified to the representative

payee have been used properly and

whether the representative payee

continues to demonstrate strong concern

for the beneficiary’s best interests. The

form will be completed annually by all

representative payees receiving special

veterans benefits (SVB) payments on

behalf of beneficiaries outside the

United States. It will also be required at

anytime SSA has reason to believe that

the representative payee could be

misusing the payments. Respondents

are representative payees of veterans

receiving SVB Payments under title VIII.

Number of Respondents: 200

Frequency of Response: 1

Average Burden Per Response: 10

minutes

Estimated Annual Burden: 33 hours

Background Information

In November 1999, Congress passed

the Foster Care Independence Act, and

on December 14, 1999, the President

signed it into law (Pub. L. 106–169). An

important part of this legislation,

section 251, creates a new title VIII of

the Social Security Act. Title VIII

provides for a program of special

benefits for certain World War II

veterans.

As a part of the title VIII

administration, Section 807(a) of PL

106–169, also provides that, if the Social

Security Administration determines that

it is not in the best interest of the

beneficiary to receive benefits directly,

payments may be certified to a relative,

another person or an organization

interested in or concerned about the

welfare of the beneficiary. These

individuals or organizations are called

representative payees.

You can obtain a copy of the

collection instruments and/or OMB

clearance packages by calling the SSA

Reports Clearance Officer on (410) 965–

4145, or by writing to him.

(SSA Address)

Social Security Administration,

DCFAM, Attn: Frederick W.

Brickenkamp, 6401 Security Blvd., 1–

A–21 Operations Bldg., Baltimore,

MD 21235.

Dated: June 21, 2000.

Frederick W. Brickenkamp,

Reports Clearance Officer.

[FR Doc. 00–16119 Filed 6–23–00; 8:45 am]

BILLING CODE 4190–29–U