Federal Register / Vol. 62, No. 192 / Friday, October 3, 1997 / Notices 51917

2On July 30, 1997, the Petitioner filed a response

to NSP’s July 24, 1997, Motion for Withdrawal of

Application and Termination of Proceeding. In the

response, the Petitioner requested that the ASLB

dismiss the NSP application with prejudice, or

alternatively, deny NSP’s application, or impose a

condition of withdrawal that the application for the

Florence Township site shall not be resubmitted.

The ASLB considered this Petitioner’s June 30,

1997, submittal to be a motion for reconsideration.

On August 29, 1997, the staff responded that

Florence Township’s motion for reconsideration

should be denied on the basis that the proceeding

had not sufficiently progressed such that dismissal

with prejudice is appropriate, and on the basis that

Florence Township has not demonstrated legal

harm warranting the relief it requests.

3The regulatory requirements for comments on

the emergency plans for ISFSIs, like the

requirements for the emergency plans, are separate

and quite different from those for nuclear reactors.

The requirements for emergency plans for ISFSIs

are for on-site emergencies only. Because offsite

health effects have not been identified for accidents

at ISFSIs, there is no requirement for neighboring

jurisdictions to be involved in emergency response.

There is, for instance, no requirement for

evacuation planning and hence no need for the

kinds of more elaborate plans associated with

nuclear reactors.

4See NUREG–1140, ‘‘A Regulatory Analysis on

Emergency Preparedness for Fuel Cycle and Other

Radioactive Material Licensees.’’

Spent Fuel and Notice of Opportunity

for Hearing’’ was published in the

Federal Register on September 17, 1996.

The Petitioner and several others sought

a hearing as provided by 10 CFR 2.105.

An Atomic Safety and Licensing Board

(ASLB) was established on October 9,

1996. Among the issues raised in the

petitions to intervene by the Petitioner

and by Lake City, Minnesota, were

issues associated with emergency

planning, substantially similar to the

issues raised by the Petitioner in the

petition requesting that the NRC

institute a proceeding pursuant to 10

CFR 2.202. Consequently, the staff

deferred the response to the Petition

until completion of the ASLB hearing

process.

Because of the physical proximity of

its Reservation to PINGP, the Prairie

Island Indian Community had been

particularly interested in seeing the

offsite ISFSI built. Since the MEQB

decision effectively ended the

possibility of that facility being

developed, the Indian Community

initiated litigation in the Minnesota

State Courts in December 1996, seeking

to overturn the MEQB decision. When

the litigation began, NSP requested and

was granted a suspension of both NRC

staff’s review of the Goodhue County

application and the ASLB proceeding,

just prior to the pre-hearing conference

which was scheduled for December

1996. State litigation ended in July

1997, when the Minnesota Supreme

Count declined to hear an appeal of the

Minnesota Court of Appeals ruling

which affirmed the MEQB decision.

Subsequently, in a letter dated July 22,

1997, NSP withdrew the Goodhue

County application. NRC acknowledged

the withdrawal in a letter dated August

4, 1997. The ASLB issued a

Memorandum and Order terminating its

proceeding on July 30, 1997. However,

a motion for reconsideration is currently

under review by the Board. 2

III. Discussion

Section 72.32(a)(14) provides that the

offsite response organizations expected

by the licensee to respond to an on-site

emergency should be provided an

opportunity to comment on an ISFSI

emergency plan. 3 As required by 10

CFR 72.32(a)(14), NSP contacted the

offsite response organizations it

expected to respond to an on-site

emergency at the proposed Goodhue

County facility. NSP requested

comments from the Minnesota

Departments of Public Safety and Public

Health and the Goodhue County,

Minnesota, Office of Emergency

Management. All three responded to

NSP’s request. Their comments were

provided to NRC with the emergency

plan.

The Petitioner claims that because the

Lake City, Minnesota, Fire Department

contracts with Florence Township to

provide fire protection, it is one of the

offsite response organizations that NSP

would contact in case of an on-site

emergency at the Goodhue County

ISFSI. Lake City is not located in

Goodhue County, however, and

therefore is not expected by the

applicant to respond to an on-site

emergency.

The emergency plan appropriate for

an ISFSI is an on-site emergency plan.

The staff has determined that there are

no credible accidents at an ISFSI which

have significance for offsite emergency

preparedness. 4 There is no specific

requirement that any particular political

jurisdiction be contacted to comment on

an ISFSI emergency plan. Rather, the

applicant is required to determine

which services it will require from

offsite providers and to seek comments

from those organizations. NSP did not

indicate in the emergency plan that

Lake City, Minnesota, was expected to

respond to an on-site emergency.

Further, no evidence has been provided

that NSP, at the time of the submittal of

the license application, had plans to

seek emergency planning assistance

from Lake City, Minnesota. Thus, there

is no violation of 10 CFR 72.32(a)(14) to

warrant any enforcement action.

The Petitioner raised several

additional requests regarding NRC’s

review of NSP’s Goodhue County

application. These are matters which

the NRC considers during the license

review, not as part of a Petition filed

under 10 CFR 2.206. Further, in light of

the fact that NSP has now withdrawn

the application, they are moot.

Conclusion

I have concluded that NSP did not

violate NRC regulations by failing to

provide Lake City, Minnesota, with an

opportunity to respond to the proposed

emergency plan. As provided by 10 CFR

2.206(c), a copy of this Decision will be

filed with the Secretary of the

Commission for the Commission’s

review.

Dated at Rockville, Maryland, this 26th day

of September, 1997.

For The Nuclear Regulatory Commission.

Carl J. Paperiello,

Director, Office of Nuclear Material Safety

and Safeguards.

[FR Doc. 97–26273 Filed 10–2–97; 8:45 am]

BILLING CODE 7590–01–P

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–39143; File No. SR–Amex–

97–29]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the American Stock Exchange, Inc.

Relating to Listing and Trading of

DIAMONDSSM Trust Units

September 29, 1997.

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

Securities Exchange Act of 1934

(‘‘Act’’), 15 U.S.C. 78s(b)(1), notice is

hereby given that on August 11, 1997,

the American Stock Exchange, Inc.

(‘‘Amex’’ 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 Amex proposes to list and trade

under Amex Rules 1000 et seq.

DIAMONDSSM, units of beneficial

interest in the DIAMONDS Trust. In

addition, the Exchange proposes to

adopt Amex Rule 1005, ‘‘Dow Jones

Indexes,’’ relating to license and

warranty issues. The text of the

proposed rule change is available at the
51918 Federal Register / Vol. 62, No. 192 / Friday, October 3, 1997 / Notices

1See Securities Exchange Act Release No. 31591

(December 11, 1992), 57 FR 60253 (December 18,

1992) (‘‘SPDRs Order’’).

2 ‘‘PDRs’’ is a service mark of PDR Services Corp.

3See SPDRs Order, supra note 1.

4See Securities Exchange Act Release No. 35534

(March 24, 1995), 60 FR 16686 (March 31, 1995).

‘‘Standard & Poor’s 500,’’ ‘‘Standard & Poor’s

MidCap 400 Index,’’ ‘‘Standard & Poor’s Depositary

Receipts,’’ ‘‘SPDRs,’’ ‘‘Standard & Poor’s MidCap

400 Depositary Receipts’’ and ‘‘MidCap SPDRs’’ are

trademarks of The McGraw-Hill Companies, Inc.

and are being used by the Exchange and the

Sponsor under license among Standard & Poor’s, a

division of The McGraw-Hill Companies, Inc., the

Exchange and the Sponsor. ‘‘SPDRs’’ and ‘‘MidCap

SPDRs’’ are not sponsored, endorsed, sold, or

promoted by S&P, and S&P makes no representation

regarding the advisability of investing in SPDRs or

MidCap SPDRs.

5 ‘‘Dow Jones Industrial AverageSM,’’ ‘‘DJIASM,’’

‘‘Dow JonesSM’’ and ‘‘DIAMONDS’’ are each

trademarks and service marks of Dow Jones &

Company, Inc. (‘‘Dow Jones’’) and have been

licensed for use for certain purposes by the

Exchange and the Sponsor. DIAMONDS are not

sponsored, endorsed, sold or promoted by Dow

Jones, and Dow Jones makes no representation

regarding the advisability of investing in such

product.

6The description of the DJIA included herein is

based on materials prepared by Dow Jones.

7Currently, the divisor is recalculated after the

close of business on the day prior to the occurrence

of the split.

8See ‘‘Distributions’’ infra.

Office of the Secretary, Amex and at the

Commission.

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 11, 1992,1 the

Commission approved Amex Rules 1000

et seq. to accommodate trading on the

Exchange of Portfolio Depositary

Receipts (‘‘PDRsSM’’), securities which

represent interests in a unit investment

trust (‘‘Trust’’) operating on an open-end

basis and that hold a portfolio of

securities. The Trust sponsor

(‘‘Sponsor’’) for each series of PDRs is

PDR Services Corporation, a whollyowned subsidiary of Amex.2 Each Trust

is intended to provide investors with an

instrument that closely tracks the

underlying securities portfolio, that

trades like a share of common stock, and

that pays to PDR holders periodic

dividends proportionate to those paid

with respect to the underlying portfolio

of securities, less certain expenses, as

described in the applicable Trust

prospectus. The first Trust to be formed

in connection with the issuance of PDRs

was based on the Standard & Poor’s 500

Index (‘‘S&P 500 Index’’), known as

Standard & Poor’s Depositary Receipts

(‘‘SPDRs’’), which have been trading on

the Exchange since January 29, 1993.3 In

1995, the Commission approved Amex’s

listing and trading of PDRs based on the

Standard & Poor’s MidCap 400 IndexTM

(‘‘MidCap SPDRs’’).4

The Exchange now proposes to list

and trade under Rules 1000 et seq.

DIAMONDSSM, units of beneficial

interest in the DIAMONDS Trust.5 The

Sponsor will enter into a trust

agreement with the Trustee, State Street

Bank and Trust Company, in accordance

with Section 26 of the Investment

Company Act of 1940 (‘‘1940 Act’’). A

distributor will act as underwriter of

DIAMONDS on an agency basis. All

orders to create DIAMONDS in Creation

Unit size aggregations must be placed

with the distributor, and it will be the

responsibility of the distributor to

transmit such orders to the Trustee. The

distributor is a registered broker-dealer,

and a member of the National

Association of Securities Dealers, Inc.

The Dow Jones Industrial Average: 6

The Dow Jones Industrial Average is the

oldest continuous barometer of the U.S.

stock market, and the most widely

quoted indicator of U.S. stock market

activity. The 30 stocks now comprising

the DJIA are all leaders in their

respective industries, and their stocks

are widely held by individuals and

institutional investors.

The DJIA is a price-weighted stock

index; that is, the component stocks are

accorded relative importance based on

their prices. The DJIA is called an

‘‘average’’ because originally it was

calculated by adding up the component

stock prices and then dividing by the

number of stocks. The method remains

the same today, but the divisor (the

number that is divided into the total of

the stock prices) has been increased to

eight significant digits to minimize

distortions due to rounding.

The DJIA divisor is adjusted due to

corporate actions that change the price

of any of its component shares. The

most frequent reason for such an

adjustment is a stock split. For example,

suppose a company in the DJIA issues

one new share for each share

outstanding. After this two-for-one

‘‘split,’’ each share of stock is worth half

what it was immediately before, other

things being equal. But without an

adjustment in the divisor, this split

would produce a distortion in the DJIA.

An adjustment must be made to

compensate so that the ‘‘average’’ will

remain unchanged. At Dow Jones, this

adjustment is handled by changing the

divisor.7 The formula used to calculate

divisor adjustments is:

New Divisor = Current Divisor ×

Adjusted Sum of Prices/Unadjusted

Sum of Prices

Changes in the composition of the

DJIA are made entirely by the editors of

The Wall Street Journal without

consultation with the companies, the

respective stock exchange, or any

official agency. Additions or deletions

of components may be made to achieve

better representation of the broad

market and of American industry.

The DIAMONDS Trust: To be eligible

to place orders to create DIAMONDS as

described below, an entity or person

must either be a participant in the

Continuous Net Settlement (‘‘CNS’’)

system of the National Securities

Clearing Corporation (‘‘NSCC’’) or a

Depository Trust Company (‘‘DTC’’)

participant. Upon acceptance of an

order to create DIAMONDS, the

distributor will instruct the Trustee to

initiate the book-entry movement of the

appropriate number of DIAMONDS to

the account of the entity placing the

order. DIAMONDS will be registered in

book entry only, which records will be

kept by DTC.

Payment with respect to creation

orders placed through the distributor

will be made by (1) the ‘‘in-kind’’

deposit with the Trustee of a specified

portfolio of securities that is

substantially similar in composition to

the component shares of the underlying

index or portfolio; (2) a cash payment

sufficient to enable the Trustee to make

a distribution to the holders of

beneficial interests in the Trust on the

next dividend payment date as if all the

securities had been held for the entire

accumulation period for the distribution

(‘‘Dividend Equivalent Payment’’),

subject to certain specified

adjustments; 8 and (3) a cash payment or

adjustment calculated by the Trustee to

enable the securities portfolio portion to

equal the net asset value of the Trust

(the ‘‘Balancing Amount’’). The

Balancing Amount and the Dividend

Equivalent Payment are referred to as

the ‘‘Cash Component’’ in the case of a

creation. The securities and cash
Federal Register / Vol. 62, No. 192 / Friday, October 3, 1997 / Notices 51919

9The DIAMONDS Trust, Series I, has filed with

the Commission an application seeking, among

other things, an order: (1) Permitting secondary

market transactions in DIAMONDS at negotiated

prices, rather than at a current public offering price

described in the prospectus as required by Section

22(d) of the 1940 Act and Rule 22c–1; and (2)

permitting the sale of DIAMONDS to purchasers in

the secondary market unaccompanied by a

prospectus, when prospectus delivery is not

required by Section 4(3) of the Securities Act of

1933 but may be required according to Section

24(d) of the 1940 Act for redeemable securities

issued by a Unit Investment Trust. These

exemptions, if granted, will permit individual

DIAMONDS to be traded in secondary market

transactions similar to a closed-end investment

company.

accepted by the Trustee are referred to,

in the aggregate, as a ‘‘Portfolio

Deposit.’’

The mandatory termination date of

the Trust will be the first to occur of (i)

January 30, 2122 or (ii) the date 20 years

after the death of the last survivor of

eleven persons named in the trust

agreement between the Trust Sponsor

and the Trustee.

Issuance: Upon receipt of a Portfolio

Deposit in payment for a creation order

placed through the distributor as

described above, the Trustee will issue

a specified number of DIAMONDS,

which aggregate number is referred to as

a ‘‘Creation Unit.’’ The Exchange

anticipates that, with respect to

DIAMONDS, a Creation Unit will be

made up of 50,000 DIAMONDS.

Individual DIAMONDS can then be

traded in the secondary market like

other equity securities.9 It is expected

that Portfolio Deposits will be made

primarily by institutional investors,

arbitrageurs, and the Exchange

specialist. The DIAMONDS Trust has

been structured to provide for the initial

issuance of DIAMONDS at a per unit

price which would approximate 1/100th

of the value of the DJIA. As of August

7, 1997 it is estimated that the value of

such an individual DIAMONDS Unit

would be approximately $81.88.

It is expected that the Trustee or

Sponsor will make available (a) on a

daily basis a list of the names and

required number of shares for each of

the securities in the current Portfolio

Deposit; (b) on a minute-by-minute basis

throughout the day, a number

representing the value (on a per

DIAMONDS Unit basis) of the securities

portion of a Portfolio Deposit in effect

on such day, plus accumulated

dividends less expenses through the

previous day’s close, and (c) on a daily

basis, the accumulated dividends, less

expenses, per outstanding DIAMONDS

Unit.

Transactions in DIAMONDS may be

effected on the Exchange until 4:15 p.m.

New York time each business day. The

minimum fractional change for

DIAMONDS shall be 1⁄64 of $1.00.

Redemption: DIAMONDS in Creation

Unit size aggregations generally will be

redeemable in kind by tendering them

to the Trustee. While holders may sell

DIAMONDS in the secondary market at

any time, they must accumulate at least

50,000 (or multiples thereof) to redeem

through the Trust. DIAMONDS will

remain outstanding until redeemed or

until the termination of the Trust.

Creation Units generally will be

redeemable on any business day in

exchange for a portfolio of the securities

held by the Trust identical in

composition to the securities portion of

a Portfolio Deposit in effect on the date

request is made for redemption, together

with a ‘‘Cash Redemption Payment’’ (as

defined in the Trust prospectus),

including accumulated dividends, less

expenses, through the date of

redemption. The number of shares of

each of the securities transferred to the

redeeming holder generally will be the

number of shares of each of the

component stocks in a Portfolio Deposit

on the day a redemption notice is

received by the Trustee, multiplied by

the number of Creation Units being

redeemed. Nominal service fees may be

charged in connection with the creation

and redemption of Creation Units. The

Trustee will cancel all tendered

Creation Units upon redemption.

Distributions: The DIAMONDS Trust

will pay monthly dividends. The first

ex-dividend date for DIAMONDS will

be the third Friday of the third full

month following the commencement

date of the Trust unless such date is not

a Business Day, in which case the exdividend date will be the immediately

preceding Business Day (the ‘‘exdividend date’’). Holders of DIAMONDS

as reflected on the records of the DTC

and the DTC Participants on the second

business day following the ex-dividend

date will be entitled to receive an

amount representing dividends

accumulated through the monthly

dividend period which ends on the

business day preceding such exdividend date net of fees and expenses

accrued daily for such period. The

payment of dividends will be made on

the first business day coincident with or

following the Monday preceding the

third Friday in the calendar month

following the ex-dividend date (the

‘‘Dividend Payment Date’’). On the

Dividend Payment Date, dividends

payable for those securities with exdividend dates falling within the period

from the ex-dividend date most recently

preceding the current ex-dividend date

will be distributed. The Trustee will

compute on a daily basis the dividends

accumulated within each monthly

dividend period. Dividend payments

will be made through DTC and its

participants to all such holders with

funds received from the Trustee. The

DIAMONDS Trust intends to make the

DTC Dividend Reinvestment Service

available for use by DIAMONDS holders

through DTC Participant brokers for

reinvestment of their cash proceeds. An

interested investor would have to

consult his or her broker to ascertain the

availability of dividend reinvestment

through such broker.

Criteria for Initial and Continued

Listing: Because of the open-end nature

of the Trust upon which a series of

PDRs is based, the Exchange believes it

is necessary to maintain appropriate

flexibility in connection with listing a

specific Trust. In connection with initial

listing, the Exchange will establish a

minimum number of PDRs required to

be outstanding at the time of

commencement of Exchange trading.

For DIAMONDS, it is anticipated that a

minimum of 150,000 DIAMONDS (i.e.,

three Creation Units of 50,000

DIAMONDS each), will be required to

be outstanding when trading begins.

The DIAMONDS Trust will be subject

to the initial and continued listing

criteria of Rule 1002(b). Rule 1002(b)

provides that, following twelve months

from the formation of a Trust and

commencement of Exchange trading, the

Exchange will consider suspension of

trading in, or removal from listing of a

Trust when, in its opinion, further

dealing in such securities appears

unwarranted under the following

circumstances:

(a) If the Trust on which the PDRs are

based has more than 60 days remaining

until termination and there have been

fewer than 50 record and/or beneficial

holders of the PDRs for 30 or more

consecutive trading days; or

(b) If the index on which the Trust is

based is no longer calculated; or

(c) If such other event shall occur or

condition exists which, in the opinion

of the Exchange, makes further dealings

on the Exchange inadvisable.

A Trust shall terminate upon removal

from Exchange listing and its PDRs

redeemed in accordance with provisions

of the Trust prospectus. A Trust may

also terminate under such other

conditions as may be set further in the

Trust prospectus. For example, the

Sponsor, following notice to PDRs

holders, shall have discretion to direct

that the Trust be terminated if the value

of securities in such Trust falls below a
51920 Federal Register / Vol. 62, No. 192 / Friday, October 3, 1997 / Notices

10With respect to the DIAMONDS Trust, the

Sponsor has the discretionary right to terminate the

Trust if the value of Trust Securities (as defined in

the Trust registration statement) falls below

$150,000,000 at any time after six months

following, and prior to three years following,

inception of the Trust. Following such time, the

Sponsor has the discretionary right to terminate if

Trust Securities fall below $350,000,000 in value,

adjusted annually for inflation.

11Amex Rule 918C(b)(3).

12Amex Rule 918C(b)(4). 13 15 U.S.C. 78f(b)(5).

specified amount.10 The DIAMONDS

Trust may also terminate if the license

agreement with Dow Jones terminates.

Trading Halts: Prior to

commencement of trading in

DIAMONDS, the Exchange will issue a

circular to members informing them of

Exchange policies regarding trading

halts in such securities. The circular

will make clear that, in addition to other

factors that may be relevant, the

Exchange may consider factors such as

those set further in Rule 918C(b) in

exercising its discretion to halt or

suspend trading. These factors would

include whether trading has been halted

or suspended in the primary market(s)

for any combination of underlying

stocks accounting for 20% or more of

the applicable current index group

value 11; or whether other unusual

conditions or circumstances detrimental

to the maintenance of a fair and orderly

market are present.12

Terms and Characteristics: Under

Amex Rule 1000, Commentary .01,

Amex members and member

organizations are required to provide to

all purchasers of DIAMONDS a written

description of the terms and

characteristics of such securities, in a

form prepared by the Exchange, not

later than the time a confirmation of the

first transaction in each series is

delivered to such purchaser. The

Exchange also requires that such

description be included with any sales

material on DIAMONDS that is

provided to customers or the public. In

addition, the Exchange requires that

members and member organizations

provide customers the prospectus for

DIAMONDS upon request.

A member or member organization

carrying an omnibus account for a nonmember broker-dealer is required to

inform such non-member that execution

of an order to purchase DIAMONDS for

such omnibus account will be deemed

to constitute agreement by the nonmember to make such written

description available to its customers on

the terms as are directly applicable to

members and member organizations.

Prior to commencement of trading of

DIAMONDS, the Exchange will

distribute to Exchange members and

member organizations an Information

Circular calling attention to

characteristics of the DIAMONDS Trust

and to applicable Exchange rules.

Adoption of Rule 1005: The Exchange

proposes to adopt Rule 1005 (‘‘Dow

Jones Indexes’’) stating that Dow Jones

has licensed the Exchange to use certain

Dow Jones indexes for purposes of the

listing and trading of particular series of

Portfolio Depositary Receipts on the

Exchange, and stating, among other

things, that Dow Jones and the Exchange

make no warranty, express or implied,

as to results to be obtained by any

person or entity from the use of the

Indexes or any data included therein.

2. Statutory Basis

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) 13 in particular in that it is

designed to prevent fraudulent and

manipulative acts and practices, to

promote just and equitable principles of

trade, to foster cooperation and

coordination with persons engaged in

regulating, clearing, settling, processing

information with respect to, and

facilitating transactions in securities,

and, in general, to protect investors and

the public interest. The Exchange

believes that Portfolio Depositary

Receipts, generally, and DIAMONDS

specifically, have the potential to

benefit the markets by providing an

alternate trading instrument, such as

those encouraged by the Division of

Market Regulation in its report, ‘‘The

October 1987 Market Break,’’ that may

help temper market volatility and

reduce stress on individual index

component stocks during unusual

market conditions.

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 such filing will also be

available for inspection and copying at

the principal office of the Exchange. All

submissions should refer to File No. SRAmex-97-29 and should be submitted by

October 24, 1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–26285 Filed 10–2–97; 8:45 am]

BILLING CODE 8010–01–M

UNITED STATES SENTENCING

COMMISSION

Sentencing Guidelines for United

States Courts

AGENCY: United States Sentencing

Commission.

ACTION: Notice of: (a) Final action

regarding amendments to sentencing

guidelines and policy statements

effective November 1, 1997; and (b) an

amendment to correct a clerical error in

USSG § 2K2.1(a)(3), as amended by

amendment 522 (November 1, 1995).

SUMMARY: The Sentencing Commission

hereby gives notice of: (a) Several

amendments to policy statements and

commentary made pursuant to its

authority under 28 U.S.C. 994(a); (b)