436 Federal Register / Vol. 62, No. 2 / Friday, January 3, 1997 / Notices

4 17 CFR 200.30-3(a)(12) (1996).

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received from

Members, Participants, or Others

No written comments relating to the

proposed rule change have been

solicited or received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing For

Commission Action

Within thirty-five days of the date of

publication of this notice in the Federal

Register or within such longer period (i)

as the Commission may designate up to

ninety days of such date if it finds such

longer period to be appropriate and

publishes its reasons for so finding or

(ii) as to which CBOE consents, the

Commission will:

(A) By order approve such proposed

rule change or

(B) Institute proceedings to determine

whether the proposed rule change

should be disapproved.

IV. 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

Section, 450 Fifth Street NW.,

Washington, DC 20549. Copies of such

filing will also be available for

inspection and copying at the principal

office of CBOE. All submissions should

refer to File No. SR–CBOE–96–70 and

should be submitted by January 24,

1997.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.4

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–19 Filed 1–2–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–38089; File No. SR–NASD–

96–50]

Self-Regulatory Organizations; Notice

of Proposed Rule Change by the

National Association of Securities

Dealers, Inc. Relating to Amendments

to the NASD’s Excess Spread Rule

Applicable to Market Maker Quotations

December 27, 1996.

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

Securities Exchange Act of 1934

(‘‘Act’’), 15 U.S.C. 78s(b)(1), notice is

hereby given that on December 16, 1996,

the National Association of Securities

Dealers, Inc. (‘‘NASD’’ or ‘‘Association’’)

filed with the Securities and Exchange

Commission (‘‘Commission’’ or ‘‘SEC’’)

the proposed rule change as described

in Items I, II, and III below, which Items

have been prepared by the NASD. 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 NASD proposes to amend NASD

Rule 4613(d) on a one-year pilot basis to

provide that a registered market maker

in a security listed on The Nasdaq Stock

Market, Inc. (‘‘Nasdaq’’) shall be

precluded from being a registered

market maker in that issue for twenty

(20) business days if its average spread

in the security over the course of any

full calendar month exceeds 150 percent

of the average of all dealer spreads in

such issue for the month. The text of the

proposed rule change is as follows.

(Additions are italicized; deletions are

bracketed.)

* * * * *

NASD Rule 4613 Character of

Quotations

(d) Reasonably Competitive

Quotations [Excess Spreads]

A registered market maker in a

security listed on The Nasdaq Stock

Market will be withdrawn as a registered

market maker and precluded from reregistering as a market maker in such

issue for 20 business days if its average

spread in the security over the course of

any full calendar month exceeds 150

percent of the average of all dealer

spreads in such issue for the month.

(1) If a registered market maker has

not satisfied the average spread

requirement set forth in this

subparagraph (d) for a particular

Nasdaq security, its registration in such

issue shall be withdrawn commencing

on the next business day following the

business day on which the market

maker was sent notice of its failure to

comply with the requirement. A market

maker may request reconsideration of

the withdrawal notification. Requests

for reconsideration will be reviewed by

the Market Operations Review

Committee, whose decisions are final

and binding on the members. A request

for reconsideration shall not operate as

a stay of the withdrawal or toll the

twenty business day period noted in

subparagraph (d) above.

(2) Grounds for requests for

reconsideration shall be limited to

claims that Nasdaq’s calculation of the

market maker’s average spread for the

month was in error.

(3) This subparagraph (d) shall be in

effect until January 31, 1998.

[A market maker shall not enter

quotations in The Nasdaq Stock Market

securities that exceed the parameters for

maximum allowable spreads as

approved by the Association’s Board of

Governors and that may be published

from time to time by the Association.

The maximum allowable spreads for

Nasdaq securities shall be 125 percent

of the average of the three (3) narrowest

market maker spreads in each security

(if there are fewer than three (3) market

makers in a security, the maximum

allowable spread will be 125% of the

average spread); provided however, that

the maximum allowable spread shall

never be less than 1⁄4 point.]

* * * * *

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

NASD 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. The NASD 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

NASD Rule 4613(d), which is

commonly known as the NASD’s

‘‘excess spread rule,’’ presently provides

that registered market makers in Nasdaq

securities shall not enter quotations that

exceed the NASD’s parameter for

maximum allowable spreads.

Specifically, the rule provides that the

maximum allowable spread for any

Nasdaq security is 125 percent of the
Federal Register / Vol. 62, No. 2 / Friday, January 3, 1997 / Notices 437

1Unrelated to the excess spread rule, there is also

a dealer spread test that is part of the NASD’s

Primary Market Maker (‘‘PMM’’) standards that are

used to determine the eligibility of market makers

to an exemption from the NASD’s short sale rule for

short sales effected during the course of bona fide

market making activity. Specifically, the market

maker spread component of the PMM standards

provides that a market maker must maintain a

spread no greater than 102 percent of the average

dealer spread.

2See Appendix to Report Pursuant to Section

21(a) of the Securities Exchange Act of 1934

Regarding the NASD and The Nasdaq Stock Market

(‘‘21(a) Report’’), SEC, August 8, 1996, at p. 98.

3 Id. at p. 99.

4 Id.

5SEC Rule 11Ac1–4 requires the display of

customer limit orders that are priced better than a

market maker’s quote or that add to the size

associated with a market maker’s quote when the

market maker is at the best price in the market. See

Securities Exchange Act Release 37619A

(September 6, 1996), 61 FR 48290 (September 12,

1996) (‘‘Order Handling Rule Adopting Release’’).

average of the three narrowest market

maker spreads in that issue (‘‘125

percent test’’), provided, however, that

the maximum allowable spread shall

never be less than 1⁄4 of a point.1

The excess spread rule was originally

designed to bring a measure of quality

to the Nasdaq market by preventing

firms from holding themselves out as

market makers without having a

meaning quote in the system. Despite

the laudable regulatory objectives

underlying the excess spread rule,

however, many market participants

believe the rule has produced a variety

of unintended consequences that have

undermined the integrity of Nasdaq.

Most notably, the SEC found in its 21(a)

Report on the NASD and The Nasdaq

Stock Market that ‘‘the interdependence

of quotes mandated by the rule may

deter market makers from narrowing

their dealer spreads, because, once the

spread is tightened, the rule in some

instances precludes a market maker

from widening the spread to earlier

levels.’’ 2 As a result, the SEC found that

the excess spread rule creates an

economic incentive for market makers

to discourage one another from

narrowing their quotes, thereby

interfering with the ‘‘free flow of prices

in the market and imped[ing] attempts

by the market to reach the optimal

competitive spread.’’ 3 Accordingly, the

SEC has requested that the NASD

‘‘modify the rule to eliminate its

undesirable effects, or to repeal it.’’ 4 In

addition, because of the constraints on

quote movements created by the rule,

market participants claim that the

excess spread rule has contributed to

locked and crossed markets during

periods of market turbulence.

Accordingly, Nasdaq and the NASD

are submitting this rule proposal to help

to ameliorate adverse consequences the

current excess spread rule could

potentially have on the competitiveness

and independence of quotations

displayed on the Nasdaq market. In

formulating this proposal Nasdaq and

the NASD felt that it was important to

strike a reasonable balance between the

need to eliminate any constraints that

the excess spread rule places on firms

to adjust their quotations and the need

to avoid fostering a market environment

where registered market makers can

maintain inordinately wide spreads and

still receive the benefits of being a

market maker (e.g., affirmative

determination exemption and

preferential margin treatment). Nasdaq

and the NASD also believe it is critical

to transform the excess spread rule into

a performance standard used to

determine market maker eligibility,

instead of a strict regulatory

requirement applicable to every quote

update in a Nasdaq security, violations

of which are punishable by disciplinary

action.

With these considerations in mind,

Nasdaq and the NASD discussed a

variety of proposals to amend the excess

spread rule. Ultimately, as discussed

below, Nasdaq and the NASD reached a

determination to eliminate the current

‘‘125 percent test’’ and instead

substitute a new minimal market maker

performance requirement that would

help to ensure that all registered market

makers are providing some threshold

level of market making support in their

issues. Specifically, under the proposal,

a registered market maker would be

required to maintain an average spread

over the course of any full calendar

month equal to or less than 150 percent

of the average of all market makers in

the issue over the course of the month

(‘‘150 percent test’’). If a market maker

failed to satisfy this standard with

respect to a particular issue, it would be

forced to withdraw from that issue for

at least 20 business days.

Even though the proposed minimal

market maker performance standard

would have adverse ramifications for

those market makers who quote

inordinately wide spreads, Nasdaq and

the NASD believe the proposal is

responsive to the SEC’s request that the

NASD eliminate the undesirable effects

of the excess spread rule. Specifically,

because the proposed ‘‘150 percent test’’

is based on the average of all market

makers in an issue and not just the three

market makers quoting the narrowest

spreads and because of the magnitude of

increase to 150 percent, Nasdaq and the

NASD do not believe that the

interdependence of market maker quote

movements noted by the SEC in its 21(a)

Report will occur with this standard.

Moreover, Nasdaq and the NASD

believe market makers will not feel

constrained to narrow or widen their

spreads under the proposal because the

‘‘150 percent test’’ would evaluate a

market maker’s quotation behavior over

the course of a full calendar month,

rather than each time a market maker

updates its quote, as is presently the

case.

Nasdaq and the NASD also believe it

is important to eliminate the current

excess spread rule because of the orderdriven nature of the Nasdaq market that

will be brought about by

implementation of the SEC’s new limit

order display rule on January 10, 1997.5

In particular, because spreads in Nasdaq

securities likely will narrow because of

the display of customer limit orders, the

average of the three narrowest market

maker spreads will be commensurately

narrowed. As a result, the

interdependence of market maker

quotations highlighted by the SEC in its

21(a) Report will be exacerbated and

some market makers may even choose to

withdraw from making markets, thus

dampening liquidity on Nasdaq and

reducing competition among market

makers. Conversely, under the current

excess spread rule, market makers may

have an economic incentive to not

accept customer limit orders or only

accept those limit orders priced at the

inside bid or offer so as to not narrow

the maximum allowance spread

parameters. Such a development would

be completely contradictory to the

important investor protection objectives

underlying adoption of the SEC’s limit

order display rule. Because neither

result is acceptable, Nasdaq and the

NASD believe that the current excess

spread rule should be eliminated.

While Nasdaq and the NASD believe

the proposed ‘‘150 percent test’’ will

help to ensure that market makers

maintain at least a minimal level of

commitment to their issues, Nasdaq and

the NASD, nevertheless, believe it

would be prudent to not impose the

‘‘150 percent test’’ on a permanent basis

until there is a substantial basis to

conclude that the ‘‘150 percent test’’ has

not contributed to or fostered the same

unintended consequences created by the

current excess spread rule (e.g., the

interdependence of market maker quote

movements and the exacerbation of

locked and crossed market situations).

Accordingly, Nasdaq and the NASD

propose that the ‘‘150 percent test’’ be

implemented on a one-year pilot basis

until January 31, 1998. During the pilot

period, Nasdaq and the NASD will

analyze market maker quotation

behavior to determine whether the rule
438 Federal Register / Vol. 62, No. 2 / Friday, January 3, 1997 / Notices

6 17 CFR 200.30–3(a)(12).

has met its dual objectives of removing

constraints on market maker quotation

movements and ensuring some minimal

level of commitment by market makers

to their issues. Throughout the pilot

period, Nasdaq and the NASD also will

proactively explore whether there are

other alternative means to achieve these

objectives without reliance on a

quotation-based evaluation criteria.

In addition, because a market maker

would be precluded from functioning as

a registered market maker in a particular

Nasdaq security for twenty business

days if it failed to meet the ‘‘150 percent

test’’, the proposal also amends NASD

Rule 4613(d) to afford market makers

the opportunity to request

reconsiderations of their withdrawal

notices. Requests for reconsideration

will be reviewed by the Market

Operations Review Committee, whose

decisions will be final and binding on

the members. Because Nasdaq and the

NASD believe that such

reconsiderations should be exclusively

limited to an evaluation as to whether

the ‘‘150 percent test’’ was indeed

satisfied, the proposed rule change

provides that the grounds for

reconsideration shall be limited to

claims that Nasdaq’s calculation of the

market maker’s average spread for the

month was in error.

The NASD believes that the proposed

rule change is consistent with Sections

15A(b)(6), 15A(b)(9), 15A(b) (11) and

11A(a)(1)(C) of the Act. Among other

things, Section 15A(b)(6) requires that

the rules of a national securities

association be designed to prevent

fraudulent and manipulative acts and

practices, to promote just and equitable

principles of trade, to foster cooperation

and coordination with persons engaged

in regulating, clearing, settling,

processing information with respect to,

and facilitating transactions in

securities, 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.

Section 15A(b)(9) provides that the rules

of the Association may not impose any

burden on competition not necessary or

appropriate in furtherance of the

purposes of the Act. Section 15A(b)(11)

empowers the NASD to adopt rules

governing the form and content of

quotations relating to securities in the

Nasdaq market. Such rules must be

designed to produce fair and

informative quotations, prevent fictious

and misleading quotations, and promote

orderly procedures for collecting and

distributing quotations. Section

11A(a)(1)(C) provides that it is in the

public interest to, among other things,

assure the economically efficient

execution of securities transactions and

the availability to brokers, dealers, and

investors of information with respect to

quotations for and transactions in

securities. Specifically, because Nasdaq

and the NASD believe the proposed

‘‘150 percent test’’ will help to

ameliorate adverse consequences the

current excess spread could potentially

have on the competitiveness and

independence of quotations displayed

on the Nasdaq market, Nasdaq and the

NASD believe the proposed rule change

will promote the integrity of quotations

on the Nasdaq market and enhance

competition among market makers,

thereby contributing to greater market

liquidity, improved price discovery, and

the best execution of customer orders.

At the same time, while Nasdaq and the

NASD believe the proposed ‘‘150

percent test’’ will remove a constraint

on market maker quote movements,

Nasdaq and the NASD also believe that

the proposal will help to ensure that all

registered market makers are providing

some threshold level of market making

support in their issues. Nasdaq and the

NASD also believe that use of the ‘‘150

percent test’’ will avoid fostering a

market environment where registered

market makers can maintain

inordinately wide spreads and still

receive the benefits of being a market

maker. Accordingly, the NASD and

Nasdaq believe the proposed rule

change is consistent with all of the

above-cited Sections of the Act and the

rules thereunder.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The NASD believes that the proposed

rule change will not result in 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

Comments were neither solicited nor

received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The NASD and Nasdaq request that

the Commission find good cause to

accelerate the effectiveness of the

proposed rule change pursuant to

Section 19(b)(2) of the Act by January

10, 1997. As noted above in the text

accompanying footnote 5, Nasdaq and

the NASD believe that serious market

consequences could potentially result

from retention of the current excess

spread rule in a market environment

where customer limit orders are

required to be displayed. Accordingly,

since implementation of the SEC’s new

limit order display rule is scheduled to

commence on January 10, 1997, Nasdaq

and the NASD believe good cause exists

to accelerate approval of the proposed

rule change on or prior to January 10,

1997. In addition, in a separate rule

filing, SR–NASD–96–43, Nasdaq and

the NASD proposed to modify the SOES

Automated Quotation Update Feature so

that only one side of a market maker’s

quote would be updated when its quote

size has been decremented to zero

through SOES executions. By updating

the bid or the offer, but not both, the

NASD and Nasdaq believe the autorefresh feature will not exacerbate or

contribute to locked or crossed markets,

as has been the case with the current

update feature during turbulent market

conditions. Accordingly, Nasdaq and

the NASD believe that the instant rule

filing and SR–NASD–96–43 should be

approved in tandem and, therefore, that

good cause exists to accelerate approval

of the instant rule filing if such

acceleration is necessary to ensure that

both filings are approved at the same

time.

IV. 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, N.W.,

Washington, D.C. 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. 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–96–50 and should be

submitted by January 24, 1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.6
Federal Register / Vol. 62, No. 2 / Friday, January 3, 1997 / Notices 439

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–20 Filed 1–2–97; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

Data Collection Available for Public

Comments and Recommendations

ACTION: Notice and request for

comments.

SUMMARY: In accordance with the

Paperwork Reduction Act of 1995, this

notice announces the Small Business

Administration’s intentions to request

approval on a new, and/or currently

approved information collection.

DATES: Comments should be submitted

on or before March 4, 1997.

FOR FURTHER INFORMATION CONTACT:

Curtis B. Rich, Management Analyst,

Small Business Administration, 409 3rd

Street, SW., Suite 5000, Washington, DC

20416. Phone Number: 202–205–6629.

SUPPLEMENTARY INFORMATION:

Title: ‘‘Disaster Home Loan

Application.’’

Type of Request: Extension of a

Currently Approved Collection.

Form No’s.: 5C, 739, 1632.

Description of Respondents:

Applicants Requesting SBA Disaster

Home Loans.

Annual Responses: 26,100.

Annual Burden: 52,200.

Comments: Send all comments

regarding this information collection to

Bridget Dusenbury, Disaster Resource

Specialist, Office of Disaster Assistance,

Small Business Administration, 409 3rd

Street, SW., Suite 6500 Washington, DC

20416. Phone No.: 202205–6734.

Send comments regarding whether

this information collection is necessary

for the proper performance of the

function of the agency, accuracy of

burden estimate, in addition to ways to

minimize this estimate, and ways to

enhance the quality.

Jacqueline White,

Chief, Administrative Information Branch.

[FR Doc. 97–3 Filed 1–2–97; 8:45 am]

BILLING CODE 8025–01–P

Small Business Administration Interest

Rates; Notice

The Small Business Administration

publishes an interest rate called the

optional ‘‘peg’’ rate (13 CFR 120.214) on

a quarterly basis. This rate is a weighted

average cost of money to the

government for maturities similar to the

average SBA direct loan. This rate may

be used as a base rate for guaranteed

fluctuating interest rate SBA loans. This

rate will be 65⁄8 percent for the January–

March quarter of FY 97.

Pursuant to 13 CFR 120.932, the

maximum legal interest rate for a

commercial loan which funds any

portion of the cost of a project (see 13

CFR 120.801) shall be 6% over the New

York prime rate. The initial rate for a

fixed rate loan shall be the legal rate for

the term or the loan.

John. R. Cox,

Associate Administrator for Financial

Assistance.

[FR Doc. 97–2 Filed 1–2–97; 8:45 am]

BILLING CODE 8025–01–M

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

RTCA, Inc., Special Committee 182;

Minimum Operational Performance

Standards (MOPS) for an Avionics

Computer Resource

Pursuant to section 10(a)(2) of the

Federal Advisory Committee Act (Pub.

L. 92–463, 5 U.S.C., Appendix 2), notice

is hereby given for Special Committee

182 meeting to be held January 22–24,

1997, starting at 9:00 a.m. The meeting

will be held at RTCA, Inc., 1140

Connecticut Avenue, NW., Suite 1020,

Washington, DC 20036.

The agenda will include: (1)

Chairman’s Introductory Remarks; (2)

Review and Approval of Meeting

Agenda; (3) Review and Approval of

Minutes from the Previous Meeting; (4)

Reports from Related Industry Meetings;

(5) Role of ARP 4754, Certification

Consideration for Highly Integrated or

Complex Aircraft Systems; (6) Review of

MOPS Draft Version 0.3; (7) Web

Forum: Plan for MOPS Document

Administration; (8) Discussion Papers;

(9) Position Papers; (10) Glossary

Additions; (11) Other Business; (12)

Date and Place of Next Meeting.

Attendance is open to the interested

public but limited to space availability.

With the approval of the chairman,

members of the public may present oral

statements at the meeting. Persons

wishing to present statements or obtain

information should contact the RTCA

Secretariat, 1140 Connecticut Avenue,

NW., Suite 1020, Washington, DC

20036; (202) 833–9339 (phone) or (202)

833–9434 (fax). Members of the public

may present a written statement to the

committee at any time.

Issued in Washington, DC, on December

27, 1996.

Steve Zaidman,

Director, Office of System Architecture and

Investment Analysis, Designated Official.

[FR Doc. 97–80 Filed 1–2–97; 8:45 am]

BILLING CODE 4810–13–M

RTCA, Inc. Special Committee 169;

Aeronautical Data Link Applications

Pursuant to section 10(a) (2) of the

Federal Advisory Committee Act (P.L.

92–463, 5 U.S.C., Appendix 2), notice is

hereby given for Special Committee

(SC)–169 meeting to be held January 28–

29, 1997, starting at 9:00 a.m. The

meeting will be held at RTCA, Inc. 1140

Connecticut Avenue, N.W., Suite 1020,

Washington, DC, 20036.

The agenda will include: (1) Plenary

Administration: Chairman’s

Introductory Remarks; Review and

Approval of Meeting Agenda; Review

and Approval of Minutes from the

Previous Meeting; Review of

Outstanding Action Items; (2) Working

Group (WG) Progress: WG–1, Air/

Ground Air Traffic Service

Applications; WG–2, Systems

Architecture/ Performance; WG–3,

Flight Information Services

Applications; WG–4, International

Coordination; WG–5, Ground/Ground

Traffic Flow Management Applications;

(3) Plenary Business; Final Review/

Approval of Minimum Aviation System

Performance Standards (MASPS) for Air

Traffic Management (ATM)—

Aeronautical Operational Control (AOC)

Ground-Ground Information Exchange,

RTCA Paper No. 440–96/SC169–273;

Review of SARP Compliant Documents;

Discussion of Future of SC–169 Work

Efforts; (4) Other Business; (5) Date and

Place of Next Meeting.

Attendance is open to the interested

public but limited to space availability.

With the approval of the chairman,

members of the public may present oral

statements at the meeting. Persons

wishing to present statements or obtain

information should contact the RTCA

Secretariat, 1140 Connecticut Avenue,

N.W., Suite 1020, Washington, DC,

20036; (202) 833–9339 (phone) or (202)

833–9434 (fax). Members of the public

may present a written statement to the

committee at any time.

Issued in Washington, DC, on December

27, 1996.

Steve Zaidman,

Director, Office of System Architecture and

Investment Analysis, Designated Official.

[FR Doc. 97–81 Filed 1–2–97; 8:45 am]

BILLING CODE 4810–13–M