Federal Register / Vol. 62, No. 189 / Tuesday, September 30, 1997 / Notices 51173

7 15 U.S.C. § 78f(b).

8 15 U.S.C. § 78f(b)(5).

9 Id.

10 15 U.S.C. § 78s(b)(2).

11 17 CFR 200.30–3(a)(12).

will have an opportunity to continue

reviewing and evaluating the program

before seeking permanent approval. In

that regard, on May 29, 1997, the

Exchange submitted a report to the

Commission responding to particular

questions set forth in the Pilot Approval

Order. The Exchange believes that the

program is operating successfully and

without any problems, and on that

basis, the Exchange believes that a oneyear extension of the program is

warranted. At this time, the Exchange is

not seeking to modify the pilot program.

Basis

The Exchange believes that the

proposal is consistent with Section 6(b)

of the Act,7 in general, and Section

6(b)(5),8 in particular, in that it is

designed to facilitate transactions in

securities, to promote just and equitable

principles of trade, and to protect

investors and the public interest.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange does not believe that

the proposed rule change will impose

any burden on competition that is not

necessary or appropriate in furtherance

of the purposes of the Act.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants, or Others

Written comments on the proposed

rule change were neither solicited nor

received.

III. Commission’s Findings and Order

Granting Accelerated Approval of

Proposed Rule Change

The Commission has closely reviewed

the proposed LMM Book Pilot program

and has concluded that it should be

extended for another year. The

Commission believes that the pilot

program, whereby the approved LLMs

manager the Book function, take

responsibility for trading disputes and

errors, set rates for Book execution, and

pay the Exchange a fee for systems and

services, is consistent with the Act and

the rules and regulations thereunder. In

particular, the Commission believes that

the proposed rule change is consistent

with Section 6(b)(5) of the Act 9 in that

it is designed to promote just and

equitable principles of trade, to facilitate

transactions in securities, and to remove

impediments to and perfect the

mechanism of a free and open market

and a national market system, and, in

general, to protect investors and the

public interest.

As noted above, the LLM Book Pilot

Program allows LMMs to have greater

control over their operations on the

Exchange floor, and the Commission

agrees with the Exchange that a one-year

extension of the program is warranted to

allow the Exchange to continue its

evaluation of the program.

The Commission finds good cause for

approving the proposed rule change

prior to the thirtieth day after the date

of publication of notice of filing thereof

in order to ensure that PCX officials

have a continuous period to review and

evaluate the program before seeking

permanent approval. The LLM Book

Pilot Program was first established on

October 11, 1996 and, with a few

modest changes, has been operating

continuously since that date. Based on

the representations made by the

Exchange in its 1997 LLM Book Pilot

Program report, the Commission

concludes that the pilot program has

contributed to the Exchange’s ability to

provide fair and orderly markets. Based

on these findings, the Commission

concurs that a one-year extension of the

program is warranted. Because the pilot

program is scheduled to expire October

12, 1997, the Commission believes it is

appropriate to extend the pilot program

before that date to allow the

uninterrupted continuation of the

program.

IV. Solicitation of Comments

Interested person 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 the PCX. All submissions

should refer to File No. SR–PCX–97–32

and should be submitted by October 21,

1997.

It is therefore ordered, pursuant to

Section 19(b)(2) 10 of the act, that the

proposed rule change is approved and,

accordingly, the Lead Market Maker

Book Pilot Program is extended until

October 12, 1998.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.11

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–25795 Filed 9–29–97; 8:45 am]

BILLING CODE 8010–01–M

OFFICE OF THE UNITED STATES

TRADE REPRESENTATIVE

Technical Corrections to the

Harmonized Tariff Schedule of the

United States

AGENCY: Office of the United States

Trade Representative.

ACTION: Technical corrections to the

Harmonized Tariff Schedule of the

United States (HTSUS); effective date.

SUMMARY: The United States Trade

Representative (USTR) is making

technical corrections to the HTSUS,

pursuant to authority granted to the

President in section 604 of the Trade

Act of 1974 and delegated by the

President to the USTR in Proclamation

6969 (62 FR 4415). These modifications

will correct errors in prior

proclamations, so that the intended

tariff treatment is accorded.

ADDRESSES: Office of the United States

Trade Representative, 600 17th Street,

NW, Washington, D.C. 20508.

FOR FURTHER INFORMATION CONTACT:

Barbara Chattin, Director For Tariff

Affairs, (202) 395–5097, or Catherine

Field, Senior Counsel For Multilateral

Affairs, (202) 395–3432.

CORRECTION: The HTS is modified as set

forth below with respect to goods

entered, or withdrawn from warehouse

for consumption, on or after the

effective dates specified for the

enumerated actions.

BILLING CODE 3190–01–M
51174 Federal Register / Vol. 62, No. 189 / Tuesday, September 30, 1997 / Notices

BILLING CODE 3190–01–C
Federal Register / Vol. 62, No. 189 / Tuesday, September 30, 1997 / Notices 51175

1Section 201.5 further prohibits issuance of

tickets or acceptance of payment for a carrier’s

proposed service until its authority has become

effective or the Department specifically authorizes

sales. Under the rule, after Department approval but

prior to receipt of effective authority, a carrier may

advertise, take reservations and publish schedules

(but not accept payment), provided such advertising

or schedules prominently state the following: ‘‘This

service is subject to receipt of government operating

authority.’’

Explanation of Correction: The action

designated in section 1, would correct

the misspelling in the article description

of a tariff category created to implement

a concession under the NAFTA,

effective as of the date of entry into

force of that agreement. The new tariff

provision created in section 2 would

correct the inadvertent deletion by Pres.

Proclamation 7011 of a pre-existing

temporary duty suspension on

particular semiconductor machinery.

Proclamation 7011 implemented the

Information Technology Agreement

(ITA) for the United States. Annex B to

that Proclamation failed to continue a

pre-existing duty suspension provision,

since the goods covered by the duty

suspension now fall in another

provision of chapter 84. The duty

suspension provision of chapter 99 must

be amended accordingly to reflect the

tariff subheading now applicable to

these goods. The continuation of the

duty suspension (which is scheduled to

continue through the close of 2000)

allows the subject products to continue

to enter the customs territory free of

duty, rather than to enter at the rates of

duty (being reduced in stages) provided

under the ITA.

Frederick L. Montgomery,

Executive Secretary.

[FR Doc. 97–25824 Filed 9–29–97; 8:45 am]

BILLING CODE 3190–01–M

DEPARTMENT OF TRANSPORTATION

Office of the Secretary

Foreign Air Carriers; Unfair and

Deceptive Advertising; Enforcement

Policy

AGENCY: Office of the Secretary (DOT).

ACTION: Notice.

SUMMARY: The Department’s Office of

Aviation Enforcement and Proceedings

issues this notice to clarify its

enforcement policy with regard to the

advertising of service to or from the U.S.

by foreign carriers. The notice advises

foreign carriers that advertising service

for which they lack the requisite

economic authority from the

Department violates the authority

provisions of 49 U.S.C. § 41301 and is

an unfair and deceptive practice under

49 U.S.C. § 41712 that may warrant

enforcement action, even if the carrier

has an application for such authority

pending before the Department.

FOR FURTHER INFORMATION CONTACT:

Nicholas Lowry, Office of Aviation

Enforcement and Proceedings, U.S.

Department of Transportation, 400 7th

St. SW., Washington, DC 20590. Tel. No.

(202) 366–9349.

United States of America, Department

of Transportation, Office of the

Secretary, Washington, D.C.

Advertising of Scheduled Service in

Foreign Air Transportation—Use of the

Notation ‘‘Subject to Government

Approval’’

Notice

During a recent investigation, it came

to the attention of the Office of Aviation

Enforcement and Proceedings (AEP) that

some foreign air carriers may be holding

out service from the U.S. to foreign

points for which they lack U.S.

economic authority under 49 U.S.C.

§ 41301. The issue arose in connection

with listings by a foreign carrier on the

internet and in the Official Airline

Guide (OAG) which related to service

that was the subject of its application for

authority. The application was pending

at the time the advertisements appeared.

The carrier included with the listings in

question a statement that the service

was ‘‘subject to government approval,’’

to indicate that the service was

contingent on receiving Department

approval and might not be provided. It

also stated to AEP that it accepted no

reservations for the service in the U.S.

We asked the carrier to remove the

listings in question and it agreed. Since

similar practices may be widespread, we

believe it appropriate to disseminate

AEP’s policy on matters of this kind to

all foreign carriers operating or planning

to operate from the U.S.

AEP has in the past applied and will

continue to apply the same standards to

the advertisement of proposed service

by foreign carriers as it currently applies

under Department regulations to U.S.

applicants for certificate authority.

Section 201.5 of the Department’s rules

(14 CFR 201.5) provides that U.S.

applicants for certificate authority may

not ‘‘advertise, list schedules or accept

reservations’’ or ‘‘accept payment or

issue tickets’’ for their proposed service

until the relevant application has been

approved by the Department. 1 Although

section 201.5 is specifically limited to

U.S. applicants for air carrier authority,

we will continue our practice of

following a consistent policy in

evaluating the advertisements and

schedule listings of foreign air carriers.

We will therefore consider it an unfair

and deceptive practice and an unfair

method of competition within the

meaning of 49 U.S.C. § 41712, as well as

a violation of the authority provisions of

49 U.S.C. § 41301, for a foreign air

carrier to hold out service in the U.S. for

which it does not have all requisite

authorizations from the Department at

the time of the holding out.

By the term ‘‘holding out,’’ we refer to

listing or advertising service in any

medium reasonably likely to reach the

U.S. public, such as computer

reservations systems (CRSs), the

internet, or published media, such as

the Official Airline Guide. Clearly, if the

appropriate authority is the subject of an

application pending with the

Department, the service may not be

listed or advertised. A note stating that

the listed service is ‘‘subject to

government approval’’ where an

application is pending within the

Department is not sufficient to avoid a

violation of 49 U.S.C. § 41712 and

§ 41301. Moreover, a violation is not

avoided by refusing to take reservations

or accept payment for tickets. On the

other hand, a carrier may hold out

service with a notation that service is

‘‘subject to government approval’’ if the

carrier has the requisite U.S. authority

but is awaiting approvals from foreign

governments only for the service

advertised.

Questions regarding this notice may

be addressed to the Office of Aviation

Enforcement and Proceedings, C–70,

400 7th St., S.W., Washington, D.C.

20590. A copy of this notice will be

published in the Federal Register.

Dated: September 24, 1997.

By:

Samuel Podberesky,

Assistant General Counsel for Aviation

Enforcement and Proceedings.

An electronic version of this document is

available on the World Wide Web at http://

www.dot.gov.

[FR Doc. 97–25903 Filed 9–29–97; 8:45 am]

BILLING CODE 4910–62–P

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Notice of Intent To Request Renewal

From the Office of Management and

Budget (OMB) of Current Public

Collections of Information

AGENCY: Federal Aviation

Administration (FAA), DOT.

ACTION: Notice.