Federal Register / Vol. 65, No. 128 / Monday, July 3, 2000 / Notices 41121

15 17 CFR 200.30–3(a)(12).

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

2The Commission has modified the text of the

summaries prepared by NSCC.

3 15 U.S.C. 78q–1(b)(3)(F).

4 15 U.S.C. 78q–1(b)(3)(F).

5 15 U.S.C. 78s(b)(2).

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. Copies of such filing will also be

available for inspection and copying at

the principal office of the NASD All

submissions should refer to file number

SR–NASD–00–35 and should be

submitted by July 24, 2000.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.15

Margaret H. McFarland,

Deputy Secretary

[FR Doc. 00–16747 Filed 6–30–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–42982; File No. SR–NSCC–

00–08]

Self-Regulatory Organizations;

National Securities Clearing

Corporation; Notice of Filing and Order

Granting Accelerated Approval of a

Proposed Rule Change Relating to

Dividend Processing of AT&T

Corporation’s When-Issued Trades

June 26, 2000.

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

Securities Exchange Act of 1934

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

June 23, 2000, the National Securities

Clearing Corporation (‘‘NSCC’’) filed

with the Securities and Exchange

Commission (‘‘Commission’’) the

proposed rule change as described in

Items I and II below, which items have

been prepared primarily by NSCC. The

Commission is publishing this notice

and order to solicit comments from

interested persons and to grant

accelerated approval of the proposal.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The purpose of the proposed rule

change is facilitate the processing

through NSCC’s continuous net

settlement (‘‘CNS’’) system of a

dividend declared by AT&T Corp.

payable on both its regular way and its

when-issued securities.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

NSCC included statements concerning

the purpose of and basis for the

proposed rule change and discussed any

comments it received on the proposed

rule change. The text of these statements

may be examined at the places specified

in Item IV below. NSCC has prepared

summaries, set forth in sections (A), (B),

and (C) below, of the most significant

aspects of such statements.2

(A) Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

The purpose of the proposed rule

filing is to facilitate the processing in

NSCC’s CNS system of a dividend

declared by AT&T Corp. to which firms

with both regular way and when-issued

positions as of a certain date are

entitled. NSCC’s procedures for the

processing of the dividend are set forth

in NSCC’s Important Notice dated June

22, 2000, which is attached to this

Notice and Order as Exhibit A.

NSCC believes that the proposed rule

change is consistent with the

requirements of the Act and the rules

and regulations thereunder. In

particular, the proposed rule change is

consistent with Section 17A(b)(3)(F) of

the Act 3 which requires that the rules

of a clearing agency be designed to

promote the prompt and accurate

clearance and settlement of securities

transactions.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

NSCC does not believe that the

proposed rule change will have an

impact on or impose a 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. NSCC will notify

the Commission of any written

comments received by NSCC.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The Commission finds that the

proposed rule change is consistent with

the requirements of the Act and the

rules and regulations thereunder the

particularly with the requirements of

Section 17A(b)(3)(F).4 Section

17A(b)(3)(A)(F) requires that the rules of

a clearing agency be designed to

promote the prompt and accurate

clearance and settlement of securities

transactions. Allowing the dividend

which is payable on both when-issued

and regular way securities to be

processed in the CNS system should

help ensure the dividend will be

promptly and accurately cleared and

settled.

NSCC has requested that the

Commission approve the proposed rule

change prior to the thirtieth day after

publication of the notice of the filing.

The Commission finds good cause for

approving the rule change prior to the

thirtieth day after publication because

such approval will facilitate the

processing in NSCC’s CNS system of a

dividend declared by AT&T Corp.

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, NW.,

Washington, DC 20549. Copies of such

filing will also be available for

inspection and copying at the principal

office of NSCC. All submissions should

refer to File No. SR–NSCC–00–08 and

should be submitted by July 24, 2000.

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act,5 that the

proposed rule change (File No. SR–

NSCC–00–08) be and hereby is

approved.

41122 Federal Register / Vol. 65, No. 128 / Monday, July 3, 2000 / Notices

6 17 CFR 200.30–3(a)(12).

For the Commission by the Division

of Market Regulation, pursuant to

delegated authority.6

Margaret H. McFarland,

Deputy Secretary.

Exhibit A

Important

June 22, 2000.

To: All Participants

Attention: Managing Partner/Officer, Cashier,

Manager Reorganization Department, Data

Processing Manager, Manager Dividend

Department

Subject: AT&T Corp

On June 15, 2000, the New York Stock

Exchange (NYSE) began trading in AT&T

Corp When-Issued (CUSIP 001957109

Symbol TWD).

On June 21, 2000, AT&T announced the

payment of a quarterly cash dividend to be

paid based on the following:

Ex-Dividend June 28, 2000

Record Date June 30, 2000

Payable Date August 1, 2000

The Ex-Dividend will apply to both the

Regular-Way and When-issued securities

trades occurring prior to the ex-dividend

date.

Dividend processing for regular way trades

will occur in accordance with NSCC’s

current procedures. In order to permit NSCC

to process dividend debits and credits for the

when-issued trades occurring prior to the exdividend date the following procedures will

apply:

1. NSCC will carry two (2) separate CUSIP

numbers in CNS

CUSIP number 001957109 for trades prior to

ex-dividend date

CUSIP number 001957125 for trades on or

after ex-dividend date

2. NSCC will calculate a net when-issued

position for when-issued trades eligible for

the dividend. (CUSIP 001957109)

Participants will be debited or credited the

appropriate dividend amounts on payable

date August 1, 2000 based on the net

positions.

For Settlement purposes, all compared

When-Issued trades will settle via the

Continuous Net Settlement System (CNS).

When-Issued trades compared using CUSIP

001957109 will be combined with any

regular way positions in AT&T common

stock (normal when-issued processing).

When-Issued trades compared using CUSIP

number 001957125 will be merged into the

AT&T CUSIP (001957109) using the CNS

Reorg system. These entries will occur on

When-Issued Settlement Date and will

appear on your CNS Miscellaneous Activity

Report as Code 51 Merger.

At the opening of trading on June 28, 2000,

The New York Stock Exchange will suspend

trading in AT&T Corp When-Issued CUSIP

001957109 (Symbol TWD) and begin trading

in AT&T Corp When-Issued CUSIP

001957125 (Symbol TWD). The NYSE will

announce the actual Settlement Date once it

has been determined. The same settlement

date will apply to both AT&T When-Issued

CUSIPS.

Please refer to the New York Stock

Exchange Information Notice dated June 22,

2000 for additional information regarding

this security.

Questions regarding this notice can be

directed to the Joe Conte, NYSE @ 212–656–

5024, Tony Aliberti, NYSE @ 212–656–5034

or the undersigned @ 212–412–8662.

Kevin A. Brennan,

Director, Operations.

[FR Doc. 00–16746 Filed 6–30–00; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF STATE

[Public Notice 3352]

Culturally Significant Objects Imported

for Exhibition Determinations: ‘‘Art and

the Empire City’’

AGENCY: Department of State.

ACTION: Notice.

SUMMARY: Notice is hereby given of the

following determinations: Pursuant to

the authority vested in me by the Act of

October 19, 1965 (79 Stat. 985, 22 U.S.C.

2459), the Foreign Affairs Reform and

Restructuring Act of 1998 (112 Stat.

2681, et seq.), Delegation of Authority

No. 234 of October 1, 1999, and

Delegation of Authority of October 19,

1999, I hereby determine that the objects

to be included in the exhibition ‘‘Art

and the Empire City, ‘‘ imported from

abroad for the temporary exhibition

without profit within the United States,

are of cultural significance. These

objects are imported pursuant to loan

agreements with foreign lenders. I also

determine that the exhibition or display

of the exhibit objects at The

Metropolitan Museum, New York, NY

from September 11, 2000 through

January 7, 2001 is in the national

interest. Public Notice of these

Determinations is ordered to be

published in the Federal Register.

FOR FURTHER INFORMATION CONTACT: For

further information, including a list of

exhibit objects, contact Jacqueline

Caldwell, Attorney-Adviser, Office of

the Legal Adviser, U.S. Department of

State (telephone: 202/619–6982). The

address is U.S. Department of State, SA–

44; 301–4th Street, SW, Room 700,

Washington, DC 20547–0001.

Dated: June 22, 2000.

William B. Bader,

Assistant Secretary for Educational and

Cultural Affairs, Department of State.

[FR Doc. 00–16767 Filed 6–30–00; 8:45 am]

BILLING CODE 4710–08–U

DEPARTMENT OF STATE

[Public Notice 3354]

Culturally Significant Objects Imported

for Exhibition Determinations:

‘‘Egyptian Art at Eton College:

Selections from the Myers Museum’’

AGENCY: Department of State.

ACTION: Notice.

SUMMARY: Notice is hereby given of the

following determinations: Pursuant to

the authority vested in me by the Act of

October 19, 1965 (79 Stat. 985, 22 U.S.C.

2459), the Foreign Affairs Reform and

Restructuring Act of 1998 (112 Stat.

2681, et seq.), Delegation of Authority

No. 234 of October 1, 1999, and

Delegation of Authority No. 236 of

October 19, 1999, as amended, I hereby

determine that the objects to be

included in the exhibition ‘‘Egyptian

Art at Eton College: Selections from the

Myers Museum,’’ imported from abroad

for the temporary exhibition without

profit within the United States, are of

cultural significance. These objects are

imported pursuant to a loan agreement

with a foreign lender. I also determine

that the exhibition or display of the

exhibit objects at the Metropolitan

Museum of Art, New York, NY from on

or about September 25, 2000 to on or

about January 21, 2001, is in the

national interest. Public Notice of these

Determinations is ordered to be

published in the Federal Register.

FOR FURTHER INFORMATION CONTACT: For

further information, including a list of

exhibit objects, contact Paul Manning,

Attorney-Adviser, Office of the Legal

Adviser, U.S. Department of State

(telephone: 202/619–5997). The address

is U.S. Department of State, SA–44, 301

4th Street, SW, Room 700, Washington,

DC 20547–0001.

Dated: June 23, 2000.

William B. Bader,

Assistant Secretary for Educational and

Cultural Affairs, Department of State.

[FR Doc. 00–16769 Filed 6–30–00; 8:45 am]

BILLING CODE 4710–08–U

DEPARTMENT OF STATE

[Public Notice 3353]

Culturally Significant Objects Imported

for Exhibition Determinations: ‘‘Queen

Victoria and Thomas Sully’’

AGENCY: Department of State.

ACTION: Notice.

SUMMARY: Notice is hereby given of the

following determinations: Pursuant to

the authority vested in me by the Act of