Federal Register / Vol. 62, No. 159 / Monday, August 18, 1997 / Notices 44023

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

2 17 CFR 240.19b–4.

3See Securities Exchange Act Release No. 27967

(May 1, 1990), 55 FR 19124 (May 8, 1990)

(approving File No. SR–NYSE–89–22, Series 17);

Securities Exchange Act Release No. 36629,

International Series Release No. 909 (Dec. 21, 1995),

60 FR 67385, corrected, Securities Exchange Act

Release No. 36629A, International Series Release

No. 909A (Jan. 4, 1996), 61 FR 744 (Jan. 10, 1996)

(approving File No. SR–NYSE–95–29, Series 37 and

Series 38); Securities Exchange Act Release No.

36708, International Series Release No. 915 (Jan. 11,

1996), 61 FR 1808 (Jan. 23, 1996) (approving File

No. SR–NYSE–95–36, Series 47); see also Securities

Exchange Act Release No. 36825 (Feb. 9, 1996), 61

FR 6052 (approving File No. SR–NASD–96–04,

Series 37 and 38); Securities Exchange Act Release

No. 37112 (April 12, 1996), 61 FR 17339 (approving

File No. SR–NASD–96–13); Securities Exchange Act

Release No. 38274 (February 12, 1997), 62 FR 7485

(File No. SR–CBOE–97–04),

salaries and personal information concerning

individuals associated with the proposals.

These matters are exempt under 5 U.S.C.

552b(c) (4) and (6) of the Government in the

Sunshine Act.

Dated: August 12, 1997.

M. Rebecca Winkler,

Committee Management Officer.

[FR Doc. 97–21776 Filed 8–15–97; 8:45 am]

BILLING CODE 7555–01–M

NATIONAL SCIENCE FOUNDATION

Special Emphasis Panel in

Geosciences; Notice of Meeting

In accordance with the Federal

Advisory Committee Act (Pub. L. 92–

463, as amended), the National Science

Foundation announces the following

meeting:

Name: Special Emphasis Panel in

Geosciences (1756).

Date and Time: September 3–4, 1997; 8:30

a.m. to 5:00 p.m. each day.

Place: National Science Foundation, 4201

Wilson Blvd., Arlington, VA.

Type of Meeting: Closed.

Contact Person: Dr. Richard A. Behnke,

Section Head, Upper Atmosphere Research

Section, Division of Atmospheric Sciences,

National Science Foundation, 4201 Wilson

Blvd., Arlington, VA 22230, telephone (703)

306–1518.

Purpose of Meeting: To provide advice and

recommendations concerning proposals

submitted to NSF for financial support.

Agenda: To review and evaluate proposals

submitted to the Foundation in response to

the Polar Cap Observatory project solicitation

as part of the selection process for awards.

Reason for Closing: The proposals being

reviewed include information of a

proprietary or confidential nature, including

technical information; financial data, such as

salaries; and personal information

concerning individuals associated with the

proposals. These matters are exempt under 5

USC 552b(c) (4) and (6) of the Government

in the Sunshine Act.

Dated: August 12, 1997.

M. Rebecca Winkler,

Committee Management Officer.

[FR Doc. 97–21778 Filed 8–15–97; 8:45 am]

BILLING CODE 7555–01–M

POSTAL RATE COMMISSION

Sunshine Act Meeting

TIME AND DATE: 2:00 p.m., August 21,

1997.

PLACE: Commission Conference Room,

1333 H Street, NW., Suite 300,

Washington, DC 20268–0001.

STATUS. Closed.

MATTERS TO BE CONSIDERED. (1) Docket

MC97–3—consideration of proposed

settlement, and (2) Docket MC97–4—

consideration of proposed settlement.

CONTACT PERSON FOR MORE INFORMATION:

Stephen L. Sharfman, General Counsel,

Postal Rate Commission, 1333 H Street,

NW., Suite 300, Washington, DC 20268–

0001, (202) 789–6820.

Dated: August 13, 1997.

Cyril J. Pittack,

Acting Secretary.

[FR Doc. 97–21849 Filed 8–13–97; 4:26 pm]

BILLING CODE 7710–FW–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–38921; International Series

Release No. IS–1096; File No. SR–AMEX–

97–26]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by American

Stock Exchange, Inc. Relating to

Adoption of Foreign Examination

Modules

August 11, 1997.

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 July 28,

1997, the American Stock Exchange,

Inc. (‘‘Amex’’ or ‘‘Exchange’’) filed with

the Securities and Exchange

Commission the proposed rule change

as 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.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The American Stock Exchange, Inc.

proposes to adopt certain foreign

examination modules of the General

Securities Registered Representative

Examination (‘‘Series 7’’), which were

developed by the New York Stock

Exchange (‘‘NYSE’’), for use by

registered representatives from the

United Kingdom (‘‘U.K.’’), Canada and

Japan seeking to qualify as general

securities registered representatives in

the United States.

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 IV below.

The self-regulatory organization 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 the

Statutory Basis for, the Proposed Rule

Change

(1) Purpose

Pursuant to Commentary .03 to

Exchange Rule 341, natural persons

seeking to become registered

representatives must pass a qualifying

examination. The Exchange currently

requires that all such persons, including

those qualified in foreign countries,

including the U.K., Canada and Japan,

pass the Series 7 examination. In order

to reduce redundant qualification

requirements, the NYSE developed

foreign examination modules for the

U.K. (Series 17), Canada (Series 37/38)

and Japan (Series 47). By successfully

completing these modified

examinations rather than the full Series

7 examination, persons in good standing

with the securities regulators of their

respective countries may perform all of

the functions permitted of a person who

holds a Series 7 registration, with the

exception of selling municipal

securities. These examination modules

are currently in use by the NYSE,

National Association of Securities

Dealers (‘‘NASD’’) and the Chicago

Board Options Exchange (‘‘CBOE’’).3

The Series 17 version, the Limited

Registered Representative Examination,

is for U.K. registrants who have

successfully completed the basic exam

of the U.K. and who are in good

standing with securities regulators in

the U.K. It deletes those substantive

sections of the standard Series 7 which

overlap with the U.K. examination. The

Series 17 is a ninety question
44024 Federal Register / Vol. 62, No. 159 / Monday, August 18, 1997 / Notices

4Forty-five questions pertaining to options are

included in the Series 37 but omitted from the

Series 38.

5 17 CFR 200.30–3(a)(12).

1 15 U.S.C. § 78s(b)(1) (1998).

2 17 CFR 240.19b–4 (1991).

3This proposed rule change was originally filed

on June 24, 1997. The CSE subsequently submitted

Amendment No. 1 which altered minor technical

language in Item II. Letter from Adam W. Gurwitz,

Vice President Legal and Secretary, CSE, to Karl J.

Varner, Esq., SEC, dated August 4, 1997. This

proposed rule change replaces SR–CSE–97–06,

which has been withdrawn. Letter from Adam W.

Gurwitz, Vice President Legal and Secretary, CSE,

to Katherine England, Assistant Director, SEC,

dated June 23, 1997.

examination dealing with U.S. securities

laws, regulations, sales practices and

special products drawn from the

standard Series 7 examination.

The Series 37 version is for Canadian

registrants who have successfully

completed the basic core module of the

Canadian Securities Institute program.

The Series 38 version is for Canadian

registrants who, in addition to having

successfully completed the basic core

module of the Canadian Securities

Institute program, have also successfully

completed the Canadian options and

futures program. Although the Canadian

exam modules contain some overlap

with the Series 7, the Series 37 and

Series 38 cover only subject matter that

is not covered, or not covered in

sufficient detail, on the Canadian

qualification examination. The Series 37

has 90 questions and is 150 minutes in

duration, while the Series 38, an

abbreviated version of the Series 37, has

only 45 questions and is 75 minutes in

duration.4

The Series 47 version is for Japanese

registrants in good standing with

Japanese securities authorities, and is

designed to test a Japanese registered

representative’s knowledge of U.S.

securities laws, markets, investment

products and sales practices. It contains

160 questions and is 240 minutes long.

(2) Statutory Basis

The proposed rule change is

consistent with Section 6(b) of the Act

in general and furthers the objectives of

Section 6(b)(3)(B) in particular in that it

establishes standards of training,

experience and competence for persons

associated with Exchange members and

member organizations. The foreign

examination modules should provide

comprehensive coverage of the topics

contained in the Series 7 that are not

adequately covered by the applicable

foreign qualification examination. The

proposal is also consistent with Section

6(b)(5) in that it is designed to perfect

the mechanism of a free and open

market by reducing duplicative

qualification requirements while

ensuring that foreign representatives

seeking to become registered with the

Exchange are fully qualified.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The proposed rule change will impose

no 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 were solicited

or received with respect to the proposed

rule change.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The Exchange has asserted, and the

Commission agrees, that the proposed

rule change (i) will not significantly

affect the protection of investors or the

public interest, (ii) will not impose any

significant burden on competition, and

(iii) will not become operative for 30

days after the date of this filing. For the

foregoing reasons and because the

Exchange provided at least five business

days notice to the Commission of its

intent to file this proposed rule change,

the rule filing will become operative as

a ‘‘non-controversial’’ rule change under

Section 19(b)(3)(A) of the Act and Rule

19b–4(e)(6) thereunder.

At any time within 60 days of this

filing, the Commission may summarily

abrogate this proposal 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.

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 in Washington, D.C. Copies of

such filing will also be available for

inspection and copying at the principal

office of the Amex. All submissions

should refer to file number SR–AMEX–

97–26 and should be submitted by

September 8, 1997.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.5

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–21748 Filed 8–15–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–38922; File No. SR–CSE–

97–07]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

The Cincinnati Stock Exchange, Inc.

Relating to Minor Rule Plan Violations

August 11, 1997.

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

Securities Exchange Act of 1934

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

notice is hereby given that on August 5,

1997, The Cincinnati Stock Exchange,

Incorporated (‘‘CSE’’ or ‘‘Exchange’’)

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 Exchange.3

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 CSE hereby proposes to amend

Exchange Rule 8.14 to expand its Minor

Rule Violation Program. The text of the

proposed rule change is below.

Additions are italicized.

The Cincinnati Stock Exchange,

Incorporated

Rule 8.14 Imposition of Fines for Minor

Violation(s) of Rules

No Change.

Interpretations and Policies

.01 List of Exchange Rule Violations

and Fines Applicable thereto Pursuant

to Rule 8.14:

(a)–(d) No Change.