Federal Register / Vol. 62, No. 164 / Monday, August 25, 1997 / Notices 44999

6Existing paragraph (c) of Rule 303 (as relettered)

currently provides that an exempt non-U.S. clearing

member must notify OCC promptly of any violation

on its part of the rules or regulations of its non-U.S.

regulatory agency or any notice received from such

agency that alleges a violation of such rules or

regulations, informs the non-U.S. clearing member

that it may violate such rules or regulations, or

informs the non-U.S. clearing member that it has

triggered any provision relating to early warning

notices contained in such rules or regulations.

7 15 U.S.C. 78q–1. 8 17 CFR 200.30–3(a)(12).

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

2 17 CFR 240.19b–4.

3Securities Exchange Act Release No. 38821 (July

8, 1997), 62 FR 38180.

does not receive, concerning a clearing

member’s financial condition. For

example, many of OCC’s clearing

members are also registered as futures

commission merchants (‘‘FCMs’’) under

the Commodity Exchange Act and as

such are subject to the financial

reporting requirements of the CFTC and

the early warning notice requirements of

commodity self-regulatory

organizations. Because of differences in

the early warning notice criteria used by

the commodity regulatory organizations

and those of securities regulatory

organizations, events triggering early

warning notice requirements for an FCM

(e.g., net capital below a specified

percentage of segregated funds) would

not necessarily create an early warning

notice requirement for a registered

broker-dealer. Consequently, under

OCC’s current rules, a situation could

occur that would require a clearing

member to give early warning notice to

its commodity regulatory authority but

would not require notice to be given to

OCC. Accordingly, requiring a clearing

member to provide OCC with early

warning notices which it is required to

provide to any other regulatory

organization should assist OCC in

assessing the ongoing creditworthiness

of its clearing members.

OCC believes that there is potential

overlap between the requirements of

new Rule 303(a) and existing Rule

303(c) (as relettered), such that a nonU.S. clearing member might be required

to notify OCC of a notice from a nonU.S. regulatory agency pursuant to both

paragraphs.6 However, OCC believes

that the overlap should not impose an

inappropriate burden on non-U.S.

clearing members because the

requirement to notify OCC of an event

can be satisfied by the same notice to

OCC even if the requirement arises

under both paragraphs.

OCC believes the proposed rule

change is consistent with the purposes

and requirements of Section 17A of the

Act 7 in that it strengthens OCC’s rules

relating to financial surveillance and

financial responsibility which are

designed, in general, to protect OCC,

clearing members, and the investing

public.

(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

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 OCC. All submissions should

refer to File No. SR–OCC–97–05 and

should be submitted by September 15,

1997.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.8

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–22527 Filed 8–22–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–38945; File No. SR–PCX–

97–27]

Order Approving Proposed Rule

Change

August 18, 1997.

Self-Regulatory Organizations; Order

Approving Proposed Rule Change by the

Pacific Exchange, Inc. Relating to The

Addition of a Public Governor to its Board of

Governors and Permitting an Additional

Public Governor to Serve on the Executive

Committee.

On June 27, 1997, the Pacific

Exchange (‘‘PCX’’ or ‘‘Exchange’’) filed

with the Securities and Exchange

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

a proposed rule change pursuant to

Section 19(b)(1) of the Securities

Exchange Act of 1934 (‘‘Act’’) 1 and Rule

19b–4 thereunder,2 to add a public

governor to its Board of Governors and

to permit an additional public governor

to serve on the Executive Committee of

the Exchange. The Commission

published notice of the proposed rule

change in the Federal Register on July

16, 1997.3 This order approves the

proposed rule change.

I. Description of the Proposal

PCX is amending Sections 1(a) and 6

of Article II and Section 2(a) of Article

III of its Constitution so that an

additional individual from the public

sector may serve on the Board of

Governors and to permit an additional

public governor to serve on the

Executive Committee for the Exchange.

This proposed rule change will result in

the PCX Board having seven public

governors on its twenty-two person

Board. Also, the Executive Committee,

comprised of six governors, will now

have two public governors versus the

current single public governor. In

addition, the proposed rule change

contains an alteration to the text of

Section 2(a), establishing gender neutral

language for that provision.

II. Discussion

The Commission finds that the

proposed rule change is consistent with

the requirements of the Act and the

rules and regulations thereunder
45000 Federal Register / Vol. 62, No. 164 / Monday, August 25, 1997 / Notices

4 In approving this rule, the Commission notes

that it has considered the proposed rule’s impact on

efficiency, competition, and capital formation. 15

U.S.C. 78c(f).

5 15 U.S.C. 78s(b)(2).

6 17 CFR 200.30–3(a)(12).

applicable to a national securities

exchange, and in particular, the

requirements of Sections 6(b)(5) in that

it is designed to prevent fraudulent,

manipulative acts and practices and to

promote just and equitable principles of

trade, and to remove impediments to

and protect the mechanism of a free and

open market and to protect investors

and the public interest.4

The Commission believes that another

public governor on the Exchange Board

will render the Board more balanced,

fair and effective. Similarly, adding

another public governor to serve on the

Executive Committee will serve to

increase the influence of outside

directors regarding the administration of

the Exchange.

While the Commission views the

addition of a public member to the

Exchange’s Board of Governors as an

encouraging initial step towards a more

balanced Board composition, the

Commission continues to encourage the

Exchange to consider adding more

public members to its Board in order to

achieve a public majority on the Board.

The Commission believes that

significant representation by public

governors on the Board is desirable and

should ensure better protection of

investors and the public interest. Public

governors are likely to have little or no

stake in internal Exchange politics, and,

if carefully selected, public governors

should bring diverse experience and

increased ethical sensitivity to the

Board, thus enhancing the confidence of

members and of the public in the

Exchange’s ability to govern its

members appropriately.

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act 5 that the

proposed rule change (SR–PCX–97–27)

is approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.6

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–22427 Filed 8–22–97; 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 October 24, 1997.

FOR FURTHER INFORMATION CONTACT:

Curtis B. Rich, Management Analyst,

Small Business Administration, 409 3rd

Street, S.W., Suite 5000, Washington,

D.C. 20416. Phone Number: 202–205–

6629.

SUPPLEMENTARY INFORMATION:

Title: ‘‘Validation of Pass

Registration.’’

Type of Request: Extension of a

currently approved collection.

Form No’s: 1167 and 1395.

Description of Respondents: Small

Businesses interested in federal

procurement opportunities.

Annual Responses: 242,000.

Annual Burden: 47,333.

Comments: Send all comments

regarding this information collection to

Glen Harwood, Pass Program Manager,

Office of Government Contracting,

Small Business Administration, 409 3rd

Street, S.W., Suite 8000, Washington,

D.C. 20416. Phone No: 202–205–6469.

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.

Title: ‘‘Low Doc Loan Program

Customer Satisfaction Survey.’’

Type of Request: Extension of a

currently approved collection.

Form No: 1921.

Description of Respondents: Low Doc

Loan Participants.

Annual Responses: 3,000.

Annual Burden: 600.

Comments: Send all comments

regarding this information collection to

George Price, Director, Market Research,

Small Business Administration, 409 3rd

Street, S.W., Suite 7600, Washington,

D.C. 20416. Phone No: 202–205–7124.

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.

Title: ‘‘Certified Development

Company Program Annual Report

Guide.’’

Type of Request: Extension of a

currently approved collection.

Form No’s: 1253 and 1253A.

Description of Respondents: Certified

Development Companies.

Annual Responses: 300.

Annual Burden: 10,800.

Comments: Send all comments

regarding this information collection to

Michael J. Dowd, Director, Office of

Program Development, Small Business

Administration, 409 3rd Street, S.W.,

Suite 8300, Washington, D.C. 20416.

Phone 202–205–6570.

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.

Title: ‘‘Client’s service report and

verification form (Non-Task order

service) 7 (J).’’

Type of Respondents: Extension of a

currently approved collection.

Form No: 1538.

Description of Respondents: Minority

Small Businesses.

Annual Responses: 2,000.

Annual Burden: 167.

Comments: Send all comments

regarding this information collection to

Arthur Collins, Assistant Administrator,

Office of Program Development, Small

Business Administration, 409 3rd Street,

S.W., Suite 8000, Washington, D.C.

20416, Phone No: 202–205–6421.

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

enhance the quality.

Dated: August 20, 1997.

Vanessa K. Smith,

Acting Chief, Administrative Information

Branch.

[FR Doc. 97–22532 Filed 8–22–97; 8:45 am]

BILLING CODE 8025–01–P

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster #2970, Amdt. 2]

State of Idaho

In accordance with a notice from the

Federal Emergency Management Agency

dated August 11, 1997, the abovenumbered Declaration is hereby

amended to include Bonneville 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 counties of

Teton and Lincoln in the State of