5064 Federal Register / Vol. 62, No. 22 / Monday, February 3, 1997 / Notices

5 In Amendment No. 1 the Exchange adds

proposed Rule 6.1(c), which sets forth specific

required maintenance margin for margin accounts.

In addition, Amendment No. 1 amends Rule 6.1(b)

to make clear that the Exchange is only permitted

to grant extensions of time under Regulation T of

the Board of Governors of the Federal Reserve

System for those firms for which the Exchange is

the designated examining authority. See Securities

Exchange Act Release No. 38046 (December 13,

1996), 61 FR 67086 (December 19, 1996) (Notice of

Filing of Amendment No. 1).

6Pursuant to proposed Rule 6.2(a), the term ‘‘day

trading’’ means the purchasing and selling of the

same security on the same day. A ‘‘day trader’’ is

any customer whose trading shows a pattern of day

trading. This definition of day trader is identical to

that used by the NYSE in Rule 431(f)(8)(B).

7 12 CFR 220.1–220.18.

8Proposed CSE Rule 6.1(c) provides that the

margin which must be maintained in margin

accounts of customers shall be as follows: (1) 25%

of the current market value of all securities ‘‘long’’

in the account; plus (2) $2.50 per share or 100% of

the current market value, whichever amount is

greater, of each stock ‘‘short’’ in the account selling

at less than $5.00 per share; plus (3) $5.00 per share

or 30% of the current market value, whichever

amount is greater, of each stock ‘‘short’’ in the

account selling at $5.00 per share or above; plus (4)

5% of the principal amount or 30% of the current

market value, whichever amount is greater, of each

bond ‘‘short’’ in the account.

9See note 8, supra.

10The Commission notes that presently there are

no firms for which the CSE is the designated

examining authority.

11See note 4, supra.

12 15 U.S.C. 78f(b)(5).

13See note 8, supra.

14The Commission notes that the CSE’s new

maintenance margin levels are identical to those of

the NYSE. See NYSE Rule 431(c).

15The Commission notes that the NYSE makes

this same distinction between day traders and nonday traders for purposes of required maintenance

margin. See NYSE rule 431(f)(B)(8).

16 15 U.S.C. 78s(b)(2).

17 17 CFR 200.30–3(a)(12).

1996.5 No additional comment letters

were received regarding the proposal.

This order approves the CSE proposal as

amended.

I. Description of the Proposal

The Exchange is proposing to adopt

Rule 6.2 (‘‘Day Trading Margin’’), make

a conforming amendment to Rule 6.1(b),

and adopt Rule 6.1(c). The CSE has

stated that the purpose of the proposed

rules is to enhance the financial

protections and therefore the integrity of

the Exchange’s markets by ensuring that

customers maintain adequate margin

reserves in their accounts. More

specifically, the proposed rule changes,

as amended by Amendment No. 1,

require day traders 6 to maintain margin

on the ‘‘long’’ or ‘‘short’’ transaction,

whichever occurred first, in the same

amount as required for initial margin by

Regulation T of the Board of Governors

of the Federal Reserve System

(‘‘Regulation T’’),7 or as required

pursuant to Exchange Rule 6.1(c),8

whichever amount is greater. By

contrast, when day trading occurs in the

margin account of a ‘‘non-day trader,’’

proposed Rule 6.2(b) provides that the

margin to be maintained shall be the

margin on the ‘‘long’’ or ‘‘short’’

transaction, whichever occurred first, as

required pursuant to Exchange Rule

6.1(c). Accordingly, with respect to

maintenance margin, the ‘‘non-day

trader’’ never will be subject to the

margin level of Regulation T, which in

some instances is higher than that

required by proposed Rule 6.1(c).9

In addition, Amendment No. 1 revises

the Exchange’s margin rules to conform

with more recent amendments to

Regulation T. Specifically, Amendment

No. 1 amends Rule 6.1(b) to make clear

that the Exchange is only permitted to

grant extensions of time under

Regulation T for those firms for which

the Exchange is the designated

examining authority.10

II. Comment Letter

As mentioned above, the NYSE filed

a written comment to the proposed rule

change by letter dated October 10,

1996.11 The NYSE comment letter sated

that proposed CSE Rule 6.2 was

deficient because the CSE’s rules did

not contain any maintenance margin

requirements. The NYSE further

contended that absent specific

maintenance margin requirements, the

CSE rule would be unenforceable.

III. Discussion

The Commission finds that, as

amended, the proposed rule changes are

consistent with the requirements of the

Act and the rules and regulations

thereunder applicable to a national

securities exchange, and, in particular,

the requirements of Section 6(b)(5)12 in

that they are designed to facilitate

transactions in securities, promote just

and equitable principles of trade, and

protect investors and the public interest.

Specifically, the Commission finds that

the new maintenance margin

requirements set forth in CSE Rule

6.1(c)13 are appropriate levels at which

to require additional cash (or securities

as collateral) to replenish a margin

account when the value of the existing

collateral is declining.14 In this regard,

the maintenance margin levels should

help to reduce credit risk, and, thereby,

provide stability to the CSE’s markets by

ensuring that customers maintain

adequate margin reserves in their

accounts. Additionally, the Commission

believes that distinguishing between

‘‘day traders’’ and ‘‘non-day traders’’ for

purposes of required maintenance

margin levels is reasonable and

consistent with the Act in light of the

greater credit risks associated with

frequent day trading.15

Moreover, the Commission believes

that the amendment to CSE Rule 6.1(b)

conforms the rule to recent amendments

to Regulation T and, therefore, is

appropriate. With respect to new CSE

Rule 6.2(c), which prohibits a customer

from making a practice of paying for a

security by selling the same security on

an intra-day basis (i.e. ‘‘free riding’’), the

Commission finds that the Rule serves

to provide further stability to the market

and, as such, is consistent with the Act.

Finally, with regard to the NYSE

comment letter, the Commission finds

that Amendment No. 1 adequately

addresses the concerns raised by the

NYSE. As noted above, Amendment No.

1 added specific maintenance margin

levels into the CSE’s Rules, and these

levels are identical to those set forth in

NYSE Rule 431(c). Further, Amendment

No. 1 was published for the full

statutory comment period, and the

Commission has received no additional

comment letters. Accordingly, the

Commission believes the NYSE’s

concerns have been addressed.

It therefore is ordered, pursuant to

Section 19(b)(2) of the Act,16 that the

proposed rule change (SR–CSE–96–05)

is approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.17

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–2559 Filed 1–31–97; 8:45 am]

BILLING CODE 8010–01–M

SOCIAL SECURITY ADMINISTRATION

Agency Information Collection

Activities: Proposed Collection

Request

The Social Security Administration

publishes a list of information collection

packages that will require submission to

the Office of Management and Budget

(OMB) for clearance in compliance with

Public Law 104–13 effective October 1,

1995, The Paperwork Reduction Act of

1995. The information collection(s)

listed below require(s) extension of the

current OMB approval(s):

Social Security Non-Applicant, Applicant

and Advisor Surveys on the Supplemental

Security Income and Social Security

Disability Programs—0960-NEW. SSA will

conduct a pilot study to obtain information

on the factors that motivate individuals to

file for benefits. The purpose of this project

is to provide SSA with an appropriate

methodology to conduct a scientific survey of

disability applicants, non-applicants and
Federal Register / Vol. 62, No. 22 / Monday, February 3, 1997 / Notices 5065

disability advisors to determine the types and

sources of information that disabled and

impaired individuals utilize in making their

decisions to apply or not to apply for

benefits. The data will be used to determine

the appropriateness and accuracy of the

information provided to potential applicants

and to identify the social networks through

which information about the disability

programs is disseminated.

Screener

survey Pilot survey

Number of Respondents.

1,000 ............... 200

Frequency of

Response.

1 ...................... 1

Average Burden

Per Response.

12 minutes. ...... 60 minutes.

Estimated Annual Burden.

200 hours. ....... 180 hours.

To receive a copy of the form(s) or

clearance packages (s), call the SSA

Reports Clearance Officer on (410) 965–

4125 or write to her at the address listed

below. Written comments and

recommendations regarding the

information collection(s) should be sent

within 60 days from the date of this

publication, directly to the SSA Reports

Clearance Officer at the following

address: Social Security Administration,

DCFAM, Attn: Judith T. Hasche, 1–A–21

Operations Bldg., 6401 Security Blvd.,

Baltimore, MD 21235.

In addition to your comments on the

accuracy of the agency’s burden

estimate, we are soliciting comments on

the need for the information; its

practical utility; ways to enhance its

quality, utility and clarity; and on ways

to minimize burden on respondents,

including the use of automated

collection techniques or other forms of

information technology.

Agency Information Collection

Activities: Submission for OMB Review;

Comment Request

The information collection listed

below, which was published in the

Federal Register on November 20, 1996,

has been submitted to OMB.

1. Report to the United States Social

Security Administration By

Person Receiving Benefits for A Child

or for An Adult Unable to Handle

Funds; Report to the United States

Social Security Administration—0960–

0049. The information collected on

forms SSA–7161 and SSA–7162 is

needed to determine continuing

entitlement to Social Security Benefits

and the proper benefit amount for

beneficiaries living outside the United

States. The information is used to

prevent underpayments or

overpayments of Benefits.

SSA–7161 SSA–7162

Number of Respondents.50,000 ............. 225,000.

Frequency of

Response.

Annually ........... Annually/

Biennially.

SSA–7161 SSA–7162

Average Burden

Per Response.

15 minutes ....... 5 minutes.

Estimated Annual Burden.12,500 hours ... 18,750 hours.

Social Security Administration

To receive a copy of the form(s) or

clearance packages(s), call the SSA

Reports Clearance Officer on (410) 965–

4125 or write to her at the address listed

below. Written comments and

recommendations regarding the

information collection(s) should be sent

within 30 days of the date of this

publication. Comments may be directed

to the OMB Desk Officer and SSA

Reports Clearance Officer at the

following addresses:

(OMB), Office of Management and

Budget, OIRA, Attn: Laura Oliven,

New Executive Office Building, Room

10230, 725 17th St., NW.,

Washington, DC 20503. (SSA), Social Security Administration,

DCFAM, Attn: Judith T. Hasche, 1–A–

21 Operations Bldg., 6401 Security

Blvd., Baltimore, MD 21235.

Dated: January 28, 1997.

Judith T. Hasche,

Reports Clearance Officer, Social Security

Administration.

[FR Doc. 97–2623 Filed 1–31–97; 8:45 am]

BILLING CODE 4190–29–P

DEPARTMENT OF TRANSPORTATION

Office of the Secretary

Reports, Forms and Recordkeeping

Requirements Agency Information

Collection Activity Under OMB Review

AGENCY: Department of Transportation

(DOT), Office of the Secretary (OST).

ACTION: Notice.

SUMMARY: In compliance with the

Paperwork Reduction Act (44 U.S.C.

3501 et seq.), this notice announces one

information collection request coming

up for renewal. Before submitting the

renewal package to the Office of

Management and Budget (OMB), the

Department of Transportation is

soliciting comments on specific aspects

of the collection as described below.

The ICR describes the nature of the

information collection and its expected

cost and burden. The Federal Register

Notice with a 60-day comment period

soliciting comments on the following

collection of information was published

on February 15, 1996 [FR 61, page

6056].

DATES: Comments must be submitted on

or before April 4, 1997.

ADDRESSES: Submit written comments

identified by the OMB Control Number

2105–0517, by mail to: Mr. Dave Jordan,

M–61, U.S. Department of

Transportation, 400 Seventh Street SW.,

Washington, DC 20590.

FOR FURTHER INFORMATION CONTACT: Mr.

Dave Jordan, (202) 366–4265, and refer

to OMB Control Number, 2105–0517.

SUPPLEMENTARY INFORMATION:

Office of the Secretary (OST)

Title: Amendment to the

Transportation Acquisition Regulation

(TAR).

Form(s): DOT F 4220.4, DOT F

4220.7, DOT F 4220.43, DOT F 4220.44,

DOT F 4220.45, DOT F 4220.46, and

Form DD 882.

OMB Control Number: 2105–0517.

Affected Public: Individuals or

households and business or other forprofit organizations. Abstract: The requested extension of

the approved control number covers

forms DOT F 4220.4, DOT F 4220.7,

DOT F 4220.43, DOT F 4220.44, DOT F

4220.45, DOT F 4220.46, and Form DD

882. In addition, the control number

includes an amended request to obtain

data associated with acquisitions for

training services. The Transportation

Acquisition Regulation (TAR) 48 CFR

1213.70, 1237.70, 1252.237–71, and

1252.237–72 requires contracting

officers to obtain and evaluate,

qualification data and other pertinent

information when it is necessary to

determine whether offerors have the

capability to perform services under a

proposed contract. Annual Estimated Burden: The

annual estimated burden is 57,167

hours.

Send comments to the Office of

Information and Regulatory Affairs,

Office of Management and Budget,

725—17th Street, NW., Washington, DC

20503, Attention OST 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. All responses to this notice will be

summarized and included in the request

for OMB approval.

Issued in Washington, DC, on January 29,

1997.

Phillip A. Leach,

Clearance Officer, United States Department

of Transportation.

[FR Doc. 97–2604 Filed 1–31–97; 8:45 am]

BILLING CODE 4910–62–P