Federal Register / Vol. 62, No. 19 / Wednesday, January 29, 1997 / Notices 4371

currently permits a member to withdraw

an erroneous transaction complaint at

any time. Because there are no

restrictions on when a complaint can be

withdrawn, market participants have in

the past withdrawn their complaints

when the market moved in their favor

subsequent to filing the complaint.

Accordingly, in order to facilitate the

maintenance of fair and orderly markets

and the equitable resolution of

erroneous transaction disputes, the

NASD and Nasdaq believe that Rule

11890 should be amended to prohibit

the withdrawal of a complaint or an

appeal of an erroneous transaction

determination unless both parties to the

trade agree to withdraw the matter.

(v) Time Parameter to Appeal

Erroneous Transaction Determinations:

Presently, members have four ‘‘market’’

hours to appeal an erroneous

transaction determination. This period

of time is too long in that it unduly

extends the period of time that both

parties to the trade are subject to market

risk. Accordingly, the NASD has

proposed that, once a member has

received verbal notification of an

erroneous transaction determination

from the staff, it shall have thirty

minutes to appeal the determination.

The NASD and Nasdaq also propose

that Rule 11890 should be amended to

clarify that once a written appeal has

been received, the counter-party to the

trade will be notified of the appeal and

both parties will be able to submit any

additional supporting written

information up until the time the appeal

is considered by the Committee. In

addition, the NASD and Nasdaq believe

that the Rule should be amended to

provide that either party to a disputed

trade may request the written

information provided by the other party

during the appeal process.

(vi) Clarification of the Appeal

Process for Erroneous Transaction

Determinations: In order to clarify the

current operation of the appeal process

for erroneous transaction

determinations, Rule 11890(b)(3) should

be amended to provide that:

(a) an appeal of an erroneous

transaction determination does not

operate as a stay of the initial ruling;

and

(b) any decisions by the MORC or the

staff are rendered without prejudice as

to the rights of the parties to seek

arbitration of the disputed transactions.

In proposing these rule changes, the

NASD and Nasdaq believe that the

process for resolving erroneous

transaction complaints will become

fairer, more efficient, and more timely,

thereby promoting the maintenance of

fair and orderly markets and exposing

the parties to an allegedly erroneous

transaction to less market risk. In

addition, allowing Nasdaq officials to

cancel or adjust erroneous transactions

on their own motion in the event a

disturbance or malfunction with a

Nasdaq system will serve to protect the

interests of investors. Accordingly, the

NASD and Nasdaq believe that the

proposed rule change is consistent with

the provisions of Section 15A(b)(6) in

that it promotes the protection of

investors and the public interest.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

The NASD and Nasdaq do not believe

that the proposed rule change will result

in any burden on competition that is not

necessary or appropriate in furtherance

of the purposes of the Act, as amended.

(C) Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received from

Members, Participants, or Others

Written comments were neither

solicited nor received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Within 35 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

90 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 the self-regulatory

organization 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, 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 No.

SR–NASD–96–51 and should be

submitted by February 19, 1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–2099 Filed 1–28–97; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF STATE

Office of the Secretary

[Public Notice 2506]

Extension of the Restriction on the Use

of United States Passports for Travel

to, in or Through Lebanon

On January 26, 1987, pursuant to the

authority of 22 U.S.C. 211a and

Executive Order 11295 (31 FR 10603),

and in accordance with 22 CFR

51.73(a)(3), all United States passports,

with the exception of passports of

immediate family members of hostages

in Lebanon, were declared invalid for

travel to, in or through Lebanon unless

specifically validated for such travel.

This action was taken because the

situation in Lebanon was such that

American citizens there could not be

considered safe from terrorist acts, and

has since been periodically renewed.

Although security conditions in

Lebanon continue to improve, the

situation there has led me to conclude

that Lebanon remains an area

‘‘. . . where there is imminent danger

to the public health or the physical

safety of United States travelers’’ within

the meaning of 22 U.S.C. 211a and 22

CFR 51.73(a)(3).

Accordingly, all United States

passports shall remain invalid for travel

to, in, or through Lebanon unless

specifically validated for such travel

under the authority of the Secretary of

State.

This Public Notice shall be effective

upon publication in the Federal

Register and shall expire at midnight

July 31, 1997, unless extended or sooner

revoked by Public Notice. Upon

publication, this Public Notice shall

supersede Public Notice 2429,

published August 22, 1996 (61 FR

43395).
4372 Federal Register / Vol. 62, No. 19 / Wednesday, January 29, 1997 / Notices

Dated: January 15, 1997.

Warren Christopher,

Secretary of State.

[FR Doc. 97–2182 Filed 1–28–97; 8:45 am]

BILLING CODE 4710–10–M

DEPARTMENT OF TRANSPORTATION

Federal Highway Administration

[FHWA Docket No. MC–96–45]

Winter Home Heating Oil Delivery State

Flexibility Program; Hours of Service

AGENCY: Federal Highway

Administration (FHWA), DOT.

ACTION: Notice of final determination.

SUMMARY: The FHWA is announcing the

implementation of a Winter Home

Heating Oil Delivery State Flexibility

Program for motor carriers making

intrastate home heating oil deliveries

within a 100 air-mile radius of a central

terminal or distribution point. The

FHWA has selected the States of

Connecticut, New Jersey, New York, and

Pennsylvania to participate in the

program.

DATES: States are authorized to begin

granting exemptions under this program

on January 29, 1997. This authorization

expires April 30, 1997.

FOR FURTHER INFORMATION CONTACT: Mr.

Nathan C. Root, Office of Motor Carrier

Research and Standards, (202) 366–

8759, or Mr. Charles Medalen, Office of

the Chief Counsel, (202) 366–1354,

Federal Highway Administration, DOT,

400 Seventh Street, SW., Washington,

DC. 20590. Office hours are from 7:45

a.m. to 4:15 p.m., e.t., Monday through

Friday, except Federal holidays.

SUPPLEMENTARY INFORMATION: Section

346 of the National Highway System

Designation Act of 1995 (NHS Act) (Pub.

L. 104–59, 109 Stat. 568, 615, November

28, 1995, 49 U.S.C. 31136 note) requires

the Secretary of Transportation to

develop and implement a Winter Home

Heating Oil Delivery State Flexibility

Program (Heating Oil Program).

Pursuant to the NHS Act, the FHWA

published a notice in the Federal

Register requesting comments on the

development and implementation of the

program and State applications to

participate in the program on October 2,

1996 (61 FR 5146). The program will

permit any period of 7 or 8 consecutive

days to end for any driver who has been

off-duty for a period of 24 or more

consecutive hours for the purposes of

determining maximum on-duty time

under 49 CFR 395.3(b) for drivers of

vehicles making intrastate home heating

oil deliveries within 100 air-miles of a

central terminal or distribution point of

the delivery of such oil. The NHS Act

allows the Secretary to approve up to 5

States to participate in the program

during the winter heating season

beginning November 1, 1996, without

jeopardizing Motor Carrier Safety

Assistance Program (MCSAP) funding to

those States. The State participants were

required to meet criteria set forth in the

NHS Act. This includes having a

substantial number of citizens relying

upon home heating oil, indicating the

current hours-of-service regulations may

endanger the welfare of these citizens by

impeding timely deliveries of home

heating oil, and ensuring that

participating motor carriers maintain a

level of safety equal to or greater than

that produced by compliance with the

current regulations through proper

monitoring of their safety performance

and reporting their performance to the

FHWA.

Under the Heating Oil Program, the

States will limit participation to those

motor carriers with commercial motor

vehicles (CMVs) that make intrastate

home heating oil deliveries within a 100

air-mile radius of a central terminal or

distribution point. The relief provided

by participating States will be effective

for an initial 15-day period. Each State

will be able to continue in the program

unless the FHWA finds that a State’s

continued participation is inconsistent

with the NHS Act, or until April 30,

1997.

Comments on all aspects of the

program were welcomed. However, the

FHWA also requested comments on a

number of specific issues. Namely, the

15-day and 30-day reporting and

program extension requirements, the

definition of a ‘‘substantial number of

citizens relying on home heating oil,’’

and the implementation plan

requirements. The comment period for

the Notice ended November 2, 1996.

Discussion of Comments

The FHWA received sixteen

comments to the notice. The American

Trucking Association (ATA) and

National Tank Truck Carriers, Inc.

(NTTC), provided comments. Four

comments were received from

petroleum industry associations: the

Petroleum Marketers Association of

America (PMAA), the Empire State

Petroleum Association, the

Pennsylvania Petroleum Association,

and the Oil Heat Task Force (OHTF).

The Wisconsin State Patrol and the

Commonwealth of Massachusetts also

provided comment, as did the

Advocates for Highway and Auto Safety

(AHAS) and two private companies.

Applications for participation were

received from four States. All comments

to the docket were in favor of the

implementation of the Heating Oil

Program with the exception of those of

AHAS and Wisconsin. Massachusetts

indicated that a substantial number of

their citizens rely on home heating oil

and that they are reviewing the October

2nd notice to determine if it is in the

Commonwealth’s best interest to

participate. To date, no application from

Massachusetts has been received by the

FHWA.

Reporting and Program Extension

Requirements

The NHS Act directs the Secretary to

select up to 5 States to participate in the

program for an initial period of 15 days

during the winter heating season. If the

Secretary finds that a State’s continued

participation in the program has not

resulted in a significant adverse impact

upon public safety, the NHS Act directs

the Secretary to extend the State’s

participation in the program for periods

of up to 30 days. Accordingly, the

FHWA indicated that it would require

each participating State to submit a

preliminary report of its evaluation of

carrier performance within 5 days after

the initial 15 days. A State’s

participation in the program could be

suspended at any time if: (1) The State

had not complied with any criteria

established for participation in the

program; (2) The motor carriers found

eligible by the State were causing a

significant adverse impact upon public

safety; or (3) The State elected to end its

participation in the program on its own

initiative.

The FHWA also indicated that it

would require each participating State

to submit a report of carrier performance

within 5 days of the close of each 30-

day reporting period. In the October 2nd

notice, the FHWA asked for comments

on the requirement that extensions be

granted to the States after each reporting

period, given the fact that program

participation may be suspended at any

time during the program for individual

carriers or for an entire State. The

applications of each State that applied

for participation included plans for

submitting a report at the end of the

initial 15-day period, and at the end of

each 30-day period for the duration of

the program. The ATA and the AHAS

also provided discussion on this issue.

The ATA commented that States

should periodically report safety

performance data to the FHWA and

suggested a 60-day reporting interval to

reduce the burdens on the States and

the carriers participating in the program.

The ATA also believed that requiring

the FHWA to grant extensions to the