43764 Federal Register / Vol. 62, No. 158 / Friday, August 15, 1997 / Notices

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

2The Commission has modified parts of these

statements.

3 15 U.S.C. 78q–1(b)(3)(D).

4 15 U.S.C. 78s(b)(3)(A)(ii).

5 17 CFR 240.19b(e)(2).

6 17 CFR 200.30–3 (a)(12).

1 15 U.S.C. § 78s(b)(1) (1988).

2 17 CFR 240.19b–4 (1991).

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

July 30, 1997, Delta Clearing Corp.

(‘‘DCC’’) 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 primarily by DCC.

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 purpose of the proposed rule

change is to amend DCC’s fee schedule

for the clearance of options on U.S.

Government securities.

II. Self-Regulatory Organization’s

Statement for the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

DCC included statements concerning

the purpose of and statutory basis for

the proposed rule change. The text of

these statements may be examined at

the places specified in Item IV below.

DCC had 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

Currently, DCC charges each party to

an options contract submitted to DCC

for settlement a fee based on the

maturity date of the option. Each

participant pays five dollars for options

that mature within fourteen days, ten

dollars for options that mature within

fifteen to ninety days, and fifteen dollars

for options that mature within ninetyone days to two years.

The proposed rule change amends

DCC’s fee schedule for the clearance of

options. Each participant will pay a fee

of three dollars for options that mature

within thirty-three days, four dollars for

options that mature within thirty-four to

sixty-three days, five dollars for options

that mature within sixty-four to 123

days, and seven dollars for options that

mature within 124 days to two years. In

addition, participants will be charged

all out of pocket charges including but

not limited to charges by Federal

Reserve banks for delivery of securities

and money through FedWire and any

charges by DCC’s clearing bank.

DCC believes that the proposed rule

change is consistent with Section

17A(b)(3)(D) of the Act,3 which requires

that the rules of a registered clearing

agency provide for equitable allocation

of reasonable dues, fees, and other

charges for services which it provides to

its participants. DCC believes that the

proposed rule change will result in

increased utilization of its clearing

services thereby resulting in more

securities transactions being cleared and

settled through a registered clearing

agency environment.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

DCC 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

Comments were neither solicited nor

received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Because the foregoing rule change

establishes or changes a due, fee, or

other charge imposed by DCC, it has

become effective pursuant to Section

19(b) (3)(A)(ii) of the Act 4 and Rule

19b–4(e)(2) thereunder.5 At any time

within sixty days of the filing of the

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.

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

Section, 450 Fifth Street, N.W.,

Washington, D.C. 20549. Copies of such

filing will also be available for

inspection and copying at DCC. All

submissions should refer to the File No.

SR–DCC–97–08 and should be

submitted by September 5, 1997.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.6

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–21682 Filed 8–14–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–38912; File No. SR–PCX–

97–23]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Pacific Exchange, Inc. (‘‘PCX’’ Relating

to Revision of Membership Definitions

in the PCX Constitution and Clarifying

Constitutional Transfer Language

August 8, 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 23,

1997, the Pacific Exchange Inc. (‘‘PCX’’

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. 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 Exchange is proposing to amend

Articles V and VII of the Constitution to

reflect a Board and member vote to

revise certain membership definitions in

the Constitution and to clarify the

Transfer of Membership Article in the

Constitution. The text of the proposed

rule change is below. Additions are

italicized; deletions are bracketed.
Federal Register / Vol. 62, No. 158 / Friday, August 15, 1997 / Notices 43765

Article V—Membership in the Exchange

¶ 1351 Number of Memberships

Sec. 1. No change.

¶ 1356 Privileges

Sec. 2. No change.

¶ 1361 Definition of ‘‘Member’’

Sec. 3. The term ‘‘member’’ as used

throughout the Constitution and Rules

of the Exchange shall refer to [mean] the

natural person in whose name the

membership is held and who is in good

standing. [An ‘‘inactive’’ member shall

refer to a natural person who owns or

inherits a membership which they

intend to keep for the sole purpose of

acting as a lessor.]

¶ 1366 Definition of ‘‘Member Firm’’

Sec. 4. The term ‘‘member firm’’ as

used throughout the Constitution and

Rules of the Exchange shall refer to

[mean] a partnership, corporation,

limited liability company or other

organization in good standing who owns

or leases a membership or upon whom

[which] a member has conferred

privileges of [his] membership pursuant

to and in compliance with Article VIII

of this Constitution.

¶ 1369 Definition of ‘‘Member

Organization’’

Sec. 5. The term ‘‘member

organization’’ as used throughout the

Constitution and Rules of the Exchange

shall refer to [mean] a sole proprietor,

partnership, corporation, limited

liability company or other organization

in good standing who owns or leases a

membership or upon whom [which] a

member has conferred privileges of

membership pursuant to and in

compliance with Article VIII of this

Constitution.

¶ 1371 Definition of ‘‘Allied Member’’

Sec. 6. The term ‘‘allied member’’ as

used throughout the Constitution and

Rules of the Exchange shall refer to a

non-member, who is:

[(I) A general partner in a member

firm; or]

(1) [(ii)] An employee of a member

firm who controls such member firm, or

[who is either:

(a) A director of such corporation; or

(b) A principal executive officer of

such corporation.]

(2) An employee of a member firm

corporation who is a director or a

principal executive officer of such

corporation, or

(3) An employee of a member firm

limited liability company who is a

manager or a principal executive officer

of such limited liability company, or

(4) A general partner in a member

firm partnership;

and who has been approved by the

Exchange as an allied member.

¶ 1376 Definition of ‘‘Associated

Person’’

Sec. 7. The term ‘‘associated person’’

as used throughout the Constitution and

Rules of the Exchange shall refer to a

[means any] person who is a partner,

officer, director, member of a Limited

Liability Company, trustee of a Business

Trust, [or] employee of a member

organization or any person directly or

indirectly controlling, controlled by or

under common control with a member

organization.

¶ 1381 Definition of ‘‘Floor Member’’

[‘‘Control’’]

Sec. 8. The term ‘‘floor member’’

[‘‘control’’] as used throughout the [in

this] Constitution and Rules of the

Exchange shall refer to an individual,

approved as a member of the Exchange,

who meets the qualification

requirements for the purpose of

exercising full trading privileges on a

floor of the Exchange on behalf of a

member organization [be defined in the

Rules of the Board of Governors of the

Exchange].

¶ 1382 Definition of ‘‘Inactive Lessor’’

Sec. 9. The term ‘‘inactive lessor’’ as

used throughout the Constitution and

Rules of the Exchange shall refer to a

natural person, firm or other such entity

as the Board may approve, who owns or

inherits a membership for the sole

purpose of acting as a lessor.

¶ 1383 Definition of ‘‘Non-Resident

Member Organization’’

Sec. 10. The term ‘‘non-resident

member organization’’ as used

throughout the Constitution and Rules

of the Exchange shall refer to:

(1) In the case of an individual, one

who resides in or has their principal

place of business in any place not

subject to the jurisdiction of the United

States;

(2) In the case of a corporation, one

incorporated in or having its principal

place of business in any place not

subject to the jurisdiction of the United

States;

(3) In the case of a partnership or

other unincorporated organization or

association, one having its principal

place of business in any place not

subject to the jurisdiction of the United

States.

* * * * *

Article VII—Transfer of Membership

¶ 1451 Transfer

Sec. 1. Transfer of Membership in the

Exchange must comply with the

provisions of Article VII [may be

transferred by a member only in

accordance with the provisions of this

Article VII and only to a person whose

application and election becomes

effective under Article VI].

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 on 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

Purpose

The purpose of the proposed rule

change to Article V is to revise certain

membership-related definitions in the

Constitution. These proposed revisions

are the result of several PCX Board

approvals and member votes. Last year,

the membership approved a

comprehensive revision to Rule 1 of the

Board of Governors, placing all of the

relevant provisions relating to

membership at the Exchange in a central

location in the PCX rules. This included

moving any membership-related

definitions from various sections of the

Constitution and placing them,

complete with revisions, all into Rule 1

with the other provisions relating to

membership. Prior to the actual

proposed rule filing to remove and

revise these Constitutional definitions,

some members expressed concerns that

these definitions should remain in the

Constitution so that any changes would

have to be effected by a member vote.

Therefore, the Board approved the

reinstatement of the revised definitions

back into the Constitution and the

members agreed. This proposed rule

change revises the various sections of

Article V of the Constitution to reflect

the revised definitions agreed upon

pursuant to the member votes and the

Board approvals.

The purpose of the proposed change

to Article VII, Section 1, is to clarify the
43766 Federal Register / Vol. 62, No. 158 / Friday, August 15, 1997 / Notices

3 15 U.S.C. § 78s(b)(3)(A)(iii).

4 17 CFR 240.19b–4(e)(3). 5 17 CFR 200.30–3(a)(12).

language of the Article to clearly state

that transfers of memberships needed to

be made pursuant to this Constitutional

Article. When the new Rule 1 was being

revised, the Board and membership

agreed to change the language of Section

1, Article VII. The proposed change was

viewed as somewhat confusing by the

membership. Consequently, after Board

approval and member vote, the

Exchange is now proposing to change

Article VII so that it clearly states that

transfers of membership must comply

with the provisions of Article VII in the

Constitution.

Basis

Pursuant to Rule 19b–4(e)(3), the

proposed rule change is concerned

solely with the administration of the

Exchange. The proposed rule change is

consistent with Section 6(b) of the Act,

in general, and Section 6(b)(5), in

particular, in that it is designed to

promote just and equitable principles of

trade because the definitions, reflecting

the changes desired by the membership,

will be consistent throughout the PCX

Constitution and Rules and a

membership vote will be necessary to

approve any changes to these

definitions.

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

Written comments on the proposed

rule change were neither solicited nor

received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The Exchange has designated this

proposal as concerned solely with the

administration of the Exchange under

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

subparagraph (e)(3) of Rule 19b–4,4

which renders the proposed rule change

effective on July 23, 1997, the date of

receipt of this filing by the Commission.

At any time within sixty days of the

filing of the proposed rule change, the

Commission may summarily abrogate

such rule change it if 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.

People 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 the filing will also be

available for inspection and copying at

the PCX’s principal offices. All

submissions should refer to File No.

SR–PCX–97–23 and should be

submitted by September 5, 1997.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.5

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–21593 Filed 8–14–97; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster #2970]

State of Idaho; (Amendment #1)

In accordance with a notice from the

Federal Emergency Management Agency

dated July 25, 1997, the abovenumbered Declaration is hereby

amended to include Madison County,

Idaho as a disaster area due to damages

caused by severe storms, snowmelt,

land and mud slides, and flooding

which occurred March 14 through June

30, 1997.

In addition, applications for economic

injury loans from small businesses

located in the contiguous county of

Teton in the State of Idaho 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 22, 1997, and for economic

injury the termination date is April 22,

1998.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008)

Dated: August 8, 1997.

Becky C. Brantley,

Acting Associate Administrator for Disaster

Assistance.

[FR Doc. 97–21686 Filed 8–14–97; 8:45 am]

BILLING CODE 8025–01–P

SMALL BUSINESS ADMINISTRATION

[Declaration of Economic Injury Disaster

#9577]

State of Tennessee; (and Contiguous

Counties in North Carolina)

Cocke County and the contiguous

Counties of Greene, Hamblen, Jefferson,

and Sevier in the State of Tennessee,

and Haywood, Madison, and Swain

Counties in the State of North Carolina

constitute an economic injury disaster

loan area as a result of a rockslide that

occurred on July 1, 1997, on the North

Carolina side of Interstate 40 and closed

it to all east and west traffic. Eligible

small businesses and small agricultural

cooperatives without credit available

elsewhere may file applications for

economic injury assistance for this

disaster until the close of business on

May 6, 1998, at the address listed below

or other locally announced locations:

U.S. Small Business Administration,

Disaster Area 2 Office, One Baltimore

Place, Suite 300, Atlanta, GA 30308

The interest rate for eligible small

businesses and small agricultural

cooperatives is 4 percent.

The economic injury number for

North Carolina is 957800.

(Catalog of Federal Domestic Assistance

Program No. 59002.)

Dated: August 6, 1997.

Ginger Lew,

Acting Administrator.

[FR Doc. 97–21687 Filed 8–14–97; 8:45 am]

BILLING CODE 8025–01–P

DEPARTMENT OF STATE

[Public Notice #2579]

Bureau of Political-Military Affairs;

Determination Under the Foreign

Assistance Act of 1961

Pursuant to Section 654(c) of the

Foreign Assistance Act of 1961, as

amended (‘‘the Act’’), notice is hereby

given that the Acting Secretary of State

has made a determination pursuant to

the Foreign Operations, Export

Financing and Related Programs