Federal Register / Vol. 62, No. 159 / Monday, August 18, 1997 / Notices 44027

13OCC Rule 609.

14 15 U.S.C. 78q–1.

15 17 CFR 200.30–3(a)(12).

1 15 U.S.C. § 78s(b)(1) (1988).

2 17 CFR 240.19b–4.

3See Securities Exchange Act Release No. 38081

(December 23, 1996), 62 FR 138 (January 2, 1997)

(order approving File No. SR–PSE–96–40).

4See Securities Exchange Act Release No. 36841

(February 14, 1996), 61 FR 6666 (February 21, 1996)

(order approving File No. SR–PSE–95–24).

5These rules currently allow the Exchange to

trade FLEX Index options on the Wilshire Small

Continued

market or liquidity risk that it could

encounter in liquidating a clearing

member’s valued securities deposits.

Moreover, in addition to the valuation

rate applied to deposits of valued

securities, OCC Rule 604(d)(1) specifies

other criteria governing OCC’s

acceptance of deposits. According to

OCC, these criteria have been designed

to ensure: (i) That a ready and liquid

public market exists for deposited

securities; (ii) that a diversified portfolio

of securities is deposited with respect to

each account carried by a clearing

member at OCC; (iii) that OCC can

prescribe a lower valuation for

individual issues; and (iv) that deposits

are marked-to-the-market on each

business day. Furthermore, as market

conditions or other circumstances

warrant, OCC has the authority to issue

intraday margin calls.13 Accordingly,

OCC believes that it can prudently

apply a 70 percent valuation rate to

deposits of valued securities. OCC also

believes that a 70 percent valuation rate

will result in a further diversification of

the overall portfolio of margin collateral

deposited with OCC and, as such, will

lessen the risk of overexposure to any

one form of margin collateral.

OCC believes that the proposed rule

change is consistent with the

requirements of Section 17A of the

Act 14 and the rules and regulations

thereunder because it reduces costs to

persons facilitating transactions by and

acting on behalf of public investors

without adversely affecting OCC’s

ability to safeguard funds and securities

in its custody or control or for which it

is responsible.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

OCC does not believe that the

proposed rule change would impose any

burden on competition.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received from

Members, Participants or Others

Written comments were not and are

not intended to be solicited with respect

to the proposed rule change, and none

have been 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 OCC 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, 450 Fifth Street, N.W.,

Washington, D.C. 20549. Copies of such

filing will also be available for

inspection and copying at the principal

office of OCC. All submissions should

refer to the file number SR–OCC–97–09

and should be submitted by September

8, 1997.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.15

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–21751 Filed 8–15–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–38920; File No. SR–PCX–

97–22]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the Pacific Exchange, Inc., Relating

FLEX Index Options and LEAPS on the

Dow Jones & Co. Taiwan Index

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 June 9,

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

or ‘‘Exchange’’) 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 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 PCX, pursuant to Rule 19b–4 of

the Act, proposes to amend its rules to

allow the trading of FLEX Index options

and LEAPS on the Dow Jones & Co.

Taiwan Index.

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

Statutory Basis for, the Proposed Rule

Change

1. Purpose

On December 23, 1996, the

Commission approved an Exchange

proposal to list and trade cash-settled,

European-style stock index options on

the Dow Jones & Co. Taiwan Index

(‘‘Index’’).3 The Index is comprised of

113 representative stocks traded on the

Taiwan Stock Exchange. The Index is

deemed to be a broad-based index.

The Exchange is now proposing to

amend its rules on Flexible Exchange

options (‘‘FLEX Options’’) 4 to provide

that FLEX Options on the Dow Jones &

Co. Taiwan Index are approved for

trading on the Exchange. In this regard

the Exchange is proposing to amend

PCX Rules 8.100(a)(1) and 8.102(e)(1).5
44028 Federal Register / Vol. 62, No. 159 / Monday, August 18, 1997 / Notices

Cap Index and the PSE Technology Index. Pursuant

to PSE Rule 8.107, the position and exercise limits

for FLEX options on the Index will be set at 200,000

contracts. 6 17 CFR 200.30–3(a)(12).

The Exchange is also requesting the

ability to list and trade long-term index

option series (‘‘LEAPS’’), pursuant to

PCX Rule 6.4(d), on the Index.

2. Statutory Basis

The PCX believes that the proposed

rule change is consistent with Section

6(b)(5) of the Act in that it is designed

to facilitate transactions in securities as

well as to promote just and equitable

principles of trade.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The self-regulatory organization does

not believe that the proposed rule

change will impose any inappropriate

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

Within 35 days of the 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 the 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 at

the Commission’s Public Reference

Section, 450 Fifth Street, N.W.,

Washington, D.C. 20549. Copies of such

filing also will be available for

inspection and copying at the principal

office of the PCX. All submissions

should refer to File No. SR–PCX–97–22

and should be submitted by September

8, 1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.6

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–21750 Filed 8–15–97; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

Small Business Regulatory

Enforcement and Fairness Act

(SBREFA)

The Small Business Regulatory

Enforcement and Fairness Act

(SBREFA) will hold a public meeting on

Thursday, August 21, 1997, at the SBA

District Office Business Enterprise

Center at 1:30 p.m., at 1200 Sixth

Avenue, Suite 1700, Seattle,

Washington 98101. To inform the small

business community of the existence of

a regulatory enforcement oversight

process and of SBA’s desire to collect

information regarding businesses’

experience with regulatory enforcement

actions and to discuss such matters as

may be presented by members, staff of

the U.S. Small Business Administration,

or others present.

For further information, please call

Sharon L. Mathison at (206) 553–5676

or Gary P. Peele at (312) 353–0880.

Eugene Carlson,

Associate Administrator, Office of

Communications and Public Liaison.

[FR Doc. 97–21800 Filed 8–15–97; 8:45 am]

BILLING CODE 8025–01–P

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 and request for

comments.

SUMMARY: In compliance with the

Paperwork Reduction Act of 1995 (44

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

announces that the Information

Collection (ICR) abstracted below has

been forwarded to the Office of

Management and Budget (OMB) for

review and comment. The ICRs

describes the nature of the information

collection and their expected burden.

The Federal Register Notice with a 60-

day comment period soliciting

comments on the following collection of

information was published on May 15,

1997 (62 FR 26845–26846).

DATES: Comments must be submitted on

or before September 17, 1997.

FOR FURTHER INFORMATION CONTACT:

Judith Street, ABC–100; Federal

Aviation Administration; 800

Independence Avenue, SW.;

Washington, DC 20591; Telephone

number (202) 267–9895.

SUPPLEMENTARY INFORMATION:

Federal Aviation Administration (FAA)

Title: FAA Commercial Tour

Overflights Study.

OMB Control Number: 2120–0610.

Type of Request: Extension of a

currently approved collection.

Affected Public: Individuals (a

maximum of 500 visitors at the selected

national park).

Abstract: The proposed research is the

civilian counterpart of a study,

mandated by Pub. L. 100–91, to

determine the most appropriate

allocation and uses of airspace for

commercial tour overflights on National

Parks. The FAA seeks to identify and

reduce any problems or adverse impacts

associated with commercial tour

overflights on national parks. The

results of this study will further the

FAA’s understanding of the issue by

including the effects attributable to

sound produced by commercial tour

overflights.

Need: This data is necessary for the

FAA to develop a national rule that

evaluates noise impacts of commercial

tour overflights on national parks.

Estimated Annual Burden Hours: 83

hours.

ADDRESSES: Send comments to the

Office of Information and Regulatory

Affairs, Office of Management and

Budget, 725–17th Street, NW.,

Washington, DC 20503, Attention DOT

Desk Officer.

Comments Are Invited on: Whether

the proposed collection of information

is necessary for the proper performance

of the functions of the Department,

including whether the information will

have practical utility; the accuracy of

the Department’s estimate of the burden

of the proposed information collection;

ways to enhance the quality, utility and