41118 Federal Register / Vol. 62, No. 147 / Thursday, July 31, 1997 / Notices

1 15 U.S.C. § 78s(b)(1).

2See Securities Exchange Act Release No. 38067

(December 20, 1996), release adopting antimanipulation rules concerning securities offerings

(‘‘Reg M’’).

3See Securities Exchange Act Release No. 38478

(April 4, 1997).

4See Securities Exchange Act Release No. 38067

(December 20, 1996), adopting Reg M. See also

Securities Exchange Act Release No. 38363 (March

4, 1997), regarding technical amendments to

Regulation M.

equivalents. Seilon states that it has not

derived any net income from investment

securities for the last twelve years.

Seilon states that all of such subsidiaries

have been majority-owned and none of

them has ever been an investment

company within the meaning of the Act.

In addition, Seilon asserts that its recent

acquisitions have been for the purpose

of operating such businesses. Seilon

states that its net income is derived from

the operation of its subsidiaries, which

generate income from the sale of home

health services and the sale and rental

of durable medical equipment.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 97–20172 Filed 7–30–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–38873; File SR–NYSE–97–

15]

Self-Regulatory Organizations; Notice

of Filing and Order Granting

Accelerated Approval of Proposed

Rule Change and Amendment No. 1 by

the New York Stock Exchange, Inc.

Relating to Requirements for

Notification by Member Organizations

of Participation in Distributions

July 24, 1997.

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

Securities Exchange Act of 1934 (the

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

May 21, 1997, the New York Stock

Exchange, Inc. (‘‘NYSE’’ or ‘‘the

Exchange’’) filed with the Securities and

Exchange Commission (‘‘Commission’’)

the proposed rule change. The Exchange

subsequently filed Amendment No. 1 on

June 20, 1997. The proposed rule

change and Amendment No. 1 are

described in Items I, II and III below,

which Items have been prepared by the

self-regulatory organization. The

Commission is publishing this notice to

solicit comments on the proposed rule

change from interested persons and to

grant accelerated approval of the

proposed rule change.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The proposed rule change consists of

an amendment to NYSE Rule 392 to

require notification by member

organizations of any stabilizing bid

made in connection with an offering of

an Exchange-listed security. Proposed

new language is in italics.

Notification Requirements for Offerings

of Listed Securities

Rule 392

(a) No change.

(b) Any Exchange member or member

organization effecting a syndicate

covering transaction or imposing a

penalty bid or placing or transmitting a

stabilizing bid in a listed security shall

provide prior notice of such to the

Exchange in such format and within

such time frame as the Exchange may

from time to time require.

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

self-regulatory organization 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 III below

and is set forth in Sections A, B, and C

below.

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

1. Purpose

In March 1997, the Exchange

proposed Rule 392 to require

notification to the Exchange whenever a

member organization acts as a lead

underwriter in any offering of an

Exchange-listed security. The

Exchange’s Rule 392 codifies the

notification requirements of Regulation

M under the Act.2 The Commission

approved Rule 392 on April 4, 1997.3

The Exchange is now proposing to

amend Rule 392 with respect to

notification of any stabilizing bid made

in connection with an offering. Rule

104(h)(1) under Reg M requires

notification to the market when any

person makes a stabilizing bid.4 The

Exchange understands that such

notification to the market includes

notification to the Exchange as a selfregulatory organization. To encompass

this, the Exchange proposes to add a

requirement in Rule 392 for stabilization

notification. The Exchange originally

proposed to require the date and time of

a stabilizing bid or transaction under

Rule 392(a) but subsequently amended

the proposal under Amendment No. 1,

to require prior notice of the placing or

transmitting of a stabilizing bid

pursuant to Rule 392(b).

2. Statutory Basis

The statutory basis for the proposed

rule change is the requirement under

Section 6(b)(5) of the Act that an

Exchange have rules that are designed to

promote just and equitable principles of

trade, to remove impediments to, and

perfect the mechanism of a free and

open market 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.

III. Solicitation of Comments

Interested persons are invited to

submit written data, views and

arguments concerning the foregoing.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street NW.,

Washington, DC 20549.

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 the abovementioned self-regulatory organization.

All submissions should refer to the file

number in the caption above and should

be submitted by August 21, 1997.
Federal Register / Vol. 62, No. 147 / Thursday, July 31, 1997 / Notices 41119

5 15 U.S.C. § 78s(b)(2).

6 17 CFR 200.30–3(a)(12).

IV. Commission’s Findings and Order

Granting Accelerated Approval of the

Proposed Rule Change

The Commission finds that the

NYSE’s proposal is consistent with the

Act and the rules and regulations

thereunder applicable to national

securities exchanges. Specifically, the

Commission finds that the proposed

rule change is consistent with section

6(b)(5) of the Act that requires that an

exchange have rules that are designed to

prevent fraudulent and manipulative

acts and practices, to promote just and

equitable principles of trade, to remove

impediments to and perfect the

mechanism of a free and open market

and a national market system, and, in

general, to protect investors and the

public interest.

In addition, the Commission believes

that the Exchange’s proposal to enhance

timely notification to the Exchange of

stabilizing bids made with respect to

offerings of NYSE-listed securities will

facilitate compliance with Regulation

M. The Commission therefore finds

good cause for approving the proposed

rule change prior to the thirtieth day

after the date of publication of filing

thereof in the Federal Register.

It is therefore ordered, pursuant to

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

proposed rule change, NYSE–97–15, be,

and hereby is, approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.6

[FR Doc. 97–20170 Filed 7–30–97; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster #2965]

State of Michigan; (Amendment #1)

In accordance with a notice from the

Federal Emergency Management Agency

dated July 22, 1997, the abovenumbered Declaration is hereby

amended to include Genesee County,

Michigan as a disaster area due to

damages caused by severe storms,

tornadoes, and flooding which occurred

on July 2, 1997.

In addition, applications for economic

injury loans from small businesses

located in the contiguous counties of

Saginaw, Shiawassee, and Tuscola in

the State of Michigan may be filed until

the specified date at the previously

designated location.

All other information remains the

same, i.e., the deadline for filing

applications for physical damage is

September 9, 1997 and for economic

injury the termination date is April 13,

1998.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008)

Dated: July 23, 1997.

Becky C. Brantley,

Acting Associate Administrator for Disaster

Assistance.

[FR Doc. 97–20140 Filed 7–30–97; 8:45 am]

BILLING CODE 8025–01–P

DEPARTMENT OF STATE

[Public Notice No. 2572]

Shipping Coordinating Committee

Subcommittee on Safety of Life at Sea

Working Group on Fire Protection;

Notice of Meeting

The U.S. Safety of Life at Sea (SOLAS)

Working Group on Fire Protection will

conduct an open meeting on

Wednesday, August 20, 1997, at 9:30

AM, in Room 6103 at U.S. Coast Guard

Headquarters, 2100 2nd Street, SW,

Washington, DC 20593. The purpose of

the meeting will be to prepare for

discussions anticipated to take place at

the Forty-second Session of the

International Maritime Organization’s

Subcommittee on Fire Protection, to be

held December 8–12, 1997.

The meeting will focus on proposed

amendments to the 1974 SOLAS

Convention for the fire safety of

commercial vessels. Specific discussion

areas include: Ro-ro ferry safety, fire test

procedures, proposed restructuring of

Chapter II–2, fire extinguishing systems,

emergency escape breathing devices,

criteria for maximum fire loads,

interpretations to SOLAS 74, the High

Speed Craft Code, role of the human

element, and shipboard safety

emergency plans.

Members of the public wishing to

make a statement on new issues or

proposals at the meeting are requested

to submit a brief summary to the U.S.

Coast Guard five days prior to the

meeting.

Members of the public may attend

this meeting up to the seating capacity

of the room. For further information

regarding the meeting of the SOLAS

Working Group on Fire Protection

contact Mr. Jack Booth at (202) 267–

2997.

Dated: July 21, 1997.

Russell A. La Mantia,

Chairman, Shipping Coordinating Committee.

[FR Doc. 97–20085 Filed 7–30–97; 8:45 am]

BILLING CODE 4710–07–M

DEPARTMENT OF TRANSPORTATION

Office of the Secretary

Reports, Forms and Recordkeeping

Requirements; Agency Information

Collection Activity Under OMB Review

AGENCY: Office of the Secretary, DOT

ACTION: Notice.

SUMMARY: In compliance with the

Paperwork Reduction Act of 1995

(U.S.C. 3501 et seq.), this notice

announces that the Information

Collection Request (ICR) abstracted

below has been forwarded to the Office

of Management and Budget (OMB) for

review and comment. The ICR describes

the nature of the information collection

and its expected cost and burden. The

Federal Register Notice with a 60-day

comment period soliciting comments on

the following collections of information

was published on April 23, 1997 [62 FR

19854].

DATES: Comments must be submitted on

or before September 2, 1997.

FOR FURTHER INFORMATION CONTACT:

Bernie Stankus, Office of Airline

Information, K–25, Bureau of

Transportation Statistics, 400 Seventh

Street, S.W., Washington, DC 20590,

(202) 366–4387.

SUPPLEMENTARY INFORMATION:

Bureau of Transportation Statistics

(BTS)

Title: Part 249 Preservation of

Records.

Type of Request: Extension of a

currently approved information

collection.

OMB Control Number: 2138–0006.

Affected Public: Certificated air

carriers and public charter operators.

Abstract: Part 249 requires the

retention of such records as general and

subsidiary ledgers, journals and journal

vouchers, voucher distribution registers,

accounts receivable and payable

journals and ledgers, subsidy records

documenting underlying financial and

statistical reports to the Department,

funds reports, consumer records, sales

reports, auditors and flight coupons,

airway bills, etc. Depending on the

nature of the document, it may be

retained for a period of 30 days to 3

years. Public charter operators and

overseas military personnel charter

operators must retain documents which

evidence or reflect deposits made by

each charter participant and

commissions received by, paid to, or

deducted by travel agents, and all

statements, invoices, bills and receipts

from suppliers or furnishers of goods

and services in connection with the tour