Federal Register / Vol. 62, No. 177 / Friday, September 12, 1997 / Notices 48123

1 15 U.S.C. § 78s(b)(1).

requirements at the time of issuance.

The commercial paper will be in

denominations of $50,000 or higher.

The terms of the commercial paper will

not provide for prepayment before

maturity. The commercial paper will be

purchased by the CP Dealer from the

issuer at a discount, which will not

exceed the discount then prevailing for

commercial paper of comparable quality

and maturity sold by public utility

issuers to commercial paper dealers.

The commercial paper will be further

discounted, but not more than 1⁄8th of

1% per year less than this prevailing

discount rate, when the CP Dealer

reoffers the commercial paper.

The CP Issuer’s effective interest cost

generally will not exceed the effective

interest cost of BankBoston’s base

lending rate. However, if necessary,

commercial paper will be issued that

matures within 90 days with an interest

cost above BankBoston’s lending rate.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–24175 Filed 9–11–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–39026; File No. SR–CBOE–

97–33]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

Chicago Board Options Exchange,

Incorporated Relating to Suspensions

for Failure To Pay Debts Owed to the

Exchange

September 8, 1997.

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

Securities Exchange Act of 1934

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

July 24, 1997, the Chicago Board

Options Exchange, Inc. (‘‘CBOE’’ 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 CBOE proposes to amend Rule

2.23, which permits the Exchange to

suspend CBOE members and associated

persons who fail to pay debts owed to

the Exchange in a timely manner. The

proposed rule change would clarify the

application of Rule 2.23 to former CBOE

members and associated persons. The

proposed rule change would also

provide for the reporting to the Central

Registration Depository (‘‘CRD’’)

operated by the NASD, Inc. of any

suspensions or bars imposed by the

CBOE pursuant to Rule 2.23.

The text of the proposed rule change

is as follows [new text is italicized;

deleted text is bracketed]:

Chicago Board Options Exchange,

Incorporated Rules

* * * * *

Chapter II

Organization and Administration

Part C—Dues, Fees and Other Charges;

Liability for Payment

* * * * *

Rule 2.23. A member or associated

person that does not pay any dues, fees,

assessments, charges, fines or other

amounts due to the Exchange within 30

days after the same has become payable

shall be reported to the Chairman of the

Executive Committee, who may, after

giving reasonable notice to the member

or associated person of such arrearages,

suspend the member or associated

person from membership and

association with any member until

payment is made. Should payment not

be made by a member within 6 months

after payment is due, any memberships

owned by that member [a regular

membership] may be disposed of by the

Exchange [for a special membership

may be disposed of or cancelled by the

Exchange,] in accordance with Rule

3.14(b). [A person associated with a

member who fails to pay any fine or

other amounts due to the Exchange

within 30 days after such amount has

become payable and after reasonable

notice of such arrearages, may be

suspended from association with a

member until payment is made.] A

former member or associated person

that does not pay any dues, fees,

assessments, charges, fines or other

amounts due to the Exchange within 30

days after the same has become payable

shall be reported to the Chairman of the

Executive Committee, who may, after

giving reasonable notice to the former

member or associated person of such

arrearages, bar the former member or

associated person from becoming a

member and associated person until

payment is made.

* * * Interpretations and Policies:

.01 Reasonable notice under Rule

2.23 shall include, but is not limited to,

service on a member or associated

person’s address as it appears on the

books and records of the Exchange

either by: (1) Hand delivery or (2)

deposit in the United States post office,

postage prepaid via registered or

certified mail.

.02 The Exchange shall report to the

Central Registration Depository

operated by the National Association of

Securities Dealers, Inc. (‘‘CRD’’) any

suspension or bar imposed pursuant to

this Rule.

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

Rule 2.23 is designed to provide

procedures to ensure that debts owed to

the Exchange are paid promptly.

Presently, Rule 2.23 provides the

members or associated persons who fail

to pay any debts owed to the Exchange

within 30 days after they become due

may be suspended from membership or

association with a member by the

Chairman of the Executive Committee

until payment is made. The purpose of

the proposed rule change is to clarify

that pursuant to Rule 2.23, former

members and associated persons who

fail to pay debts owed to the Exchange

may be barred from becoming a member

and associated person by the Chairman

of the Executive Committee until

payment is made.

It is not unusual for an Exchange

member or associated person to

terminate membership with the

Exchange without having paid a fine or

other debt owed to the Exchange. By

clarifying that the Chairman of the

Executive Committee may bar former

members and associated persons for

failing to pay debts owed to the

Exchange until payment is made, the
48124 Federal Register / Vol. 62, No. 177 / Friday, September 12, 1997 / Notices

Exchange will be better able to ensure

that all debts are paid promptly.

The Exchange also proposes to add

new Interpretation .02 to provide that

the Exchange will report any suspension

or bar imposed pursuant to Rule 2.23 to

CRD. This new paragraph is similar to

CBOE Rule 17.14 which provides for the

reporting by the Exchange to CRD of

information concerning pending formal

Exchange disciplinary proceedings.

Thus, the proposed rule change would

expand the information available to the

public concerning suspensions or bars

imposed by the CBOE upon its members

and associated persons.

The Exchange proposes to delete

references to a regular membership and

special membership in the current Rule

2.23, as CBOE no longer has any special

memberships, and to add language

clarifying that if a member fails to pay

an Exchange debt within 6 months, the

Chairman of the Executive Committee

may dispose of any memberships owned

by that member in accordance with Rule

3.14(b).

Finally the proposed rule change

includes several nonsubstantive

language changes.

2. Statutory Basis

The Exchange anticipates that this

rule change will improve the CBOE’s

ability to ensure that debts owed to the

Exchange by members and associated

persons are paid in a timely manner.

The Exchange believes that the

proposed rule change is consistent with

Section 6(b) of the Act, in general, and

furthers the objectives of Section 6(b)(5)

in particular, in that it is designed to

promote just and equitable principles of

trade, and to protect investors and the

public interest by enhancing the

public’s access to information regarding

suspensions and bars imposed by the

CBOE upon its members and associated

persons.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange 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 either

solicited or received.

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

Room. Copies of the filing will also be

available for inspection and copying at

the principal office of the Exchange. All

submissions should refer to File No.

SR–CBOE–97–33 and should be

submitted by October 3, 1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–24210 Filed 9–11–97; 8:45 am]

BILLING CODE 8010–01–M

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 July 7,

1997 (62 FR 36330).

DATES: Comments must be submitted on

or before October 14, 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: Survey of Community Response

to Aircraft Noise.

OMB Control Number: 2120–NEW.

Type of Request: New collection.

Affected Public: 1000 individual

residents of an airport area.

Abstract: Information for predicting

the impact of an abrupt change in noise

environment is required by FAA as part

of an assessment process. Predicting the

impact of an abrupt change in an aircraft

noise environment is an essential part of

the assessment of the environmental

impact of constructing new airports,

increasing the capacity of existing

airports through the construction of new

runways and modifying operations

existing airports. The information will

be used by the FAA and airport

authorities to estimate the changes in

numbers of people that will be impacted

to varying degrees by proposed changes

in airport configuration, airport

operations, and aircraft routing.

Frequency: One time study.

Estimated Annual Burden Hours: 460

hours.

Addressee: 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

clarity of the information to be

collected; and ways to minimize the

burden of the collection of information

on respondents, including the use of

automated collection techniques or

other forms of information technology.