Federal Register / Vol. 62, No. 22 / Monday, February 3, 1997 / Notices 5063

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

2 17 CFR 240.19b–4.

3See Securities Exchange Act Release No. 37653

(September 6, 1996), 61 FR 48185 (September 12,

1996).

4See letter from James E. Buck, Senior Vice

President and Secretary, New York Stock Exchange,

Inc. (‘‘NYSE’’), to Jonathan G. Katz, Secretary,

Commission, dated October 10, 1996.

its business. Therefore, these caucuses

will be closed to the public because of

a determination made by the Director of

the Office of Personnel Management

under the provisions of section 10(d) of

the Federal Advisory Committee Act

(Pub. L. 92–463) and 5 U.S.C.

552b(c)(9)(B). These caucuses may,

depending on the issues involved,

constitute a substantial portion of the

meeting.

Annually, the Chair compiles a report

of pay issues discussed and concluded

recommendations. These reports are

available to the public, upon written

request to the Committee’s Secretary.

The public is invited to submit

material in writing to the Chair on

Federal Wage System pay matters felt to

be deserving of the Committee’s

attention. Additional information on

these meetings may be obtained by

contacting the Committee’s Secretary,

Office of Personnel Management,

Federal Prevailing Rate Advisory

Committee, Room 5559, 1900 E Street

NW., Washington, DC 20415 (202) 606–

1500.

Dated: January 27, 1997.

Phyllis G. Foley,

Chair, Federal Prevailing Rate Advisory

Committee.

[FR Doc. 97–2614 Filed 1–31–97; 8:45 am]

BILLING CODE 6325–01–M

The National Partnership Council;

Meeting

AGENCY: Office of Personnel

Management.

ACTION: Notice of meeting.

TIME AND DATE: 1 p.m., February 12,

1997.

PLACE: OPM Conference Center, Room

1350, Theodore Roosevelt Building,

1900 E Street, NW., Washington, DC

20415–0001. The conference center is

located on the first floor.

STATUS: This meeting will be open to the

public. Seating will be available on a

first-come, first-served basis.

Individuals with special access needs

wishing to attend should contact OPM

at the number shown below to obtain

appropriate accommodations.

MATTERS TO BE CONSIDERED: The

National Partnership Council (NPC) will

receive a briefing on the status of career

transition services to Federal

employees. Also, there will be a

presentation of the NPC Project Team

plan for working with labormanagement partnerships that are facing

difficulties, and a presentation on the

findings of the Senior Executives

Association survey of senior executives

in the Federal Government.

CONTACT PERSON FOR MORE INFORMATION:

Michael Cushing, Director, Center for

Partnership and Labor-Management

Relations, Office of Personnel

Management, Theodore Roosevelt

Building, 1900 E Street, NW., Room

7H28, Washington, DC 20415–0001,

(202) 606–0010.

SUPPLEMENTARY INFORMATION: We invite

interested persons and organizations to

submit written comments. Mail or

deliver your comments to Michael

Cushing at the address shown above. To

be considered at the February 12

meeting, written comments should be

received by February 7.

Office of Personnel Management.

James B. King,

Director.

[FR Doc. 97–2615 Filed 1–31–97; 8:45 am]

BILLING CODE 6325–01–M

SECURITIES AND EXCHANGE

COMMISSION

[File No. 1–9307]

Issuer Delisting; Notice of Application

To Withdraw From Listing and

Registration; (Gundle/SLT

Environmental, Inc., Common Stock,

$0.01 Par Value)

January 28, 1997.

Gundle/SLT Environmental, Inc.

(‘‘Company’’) has filed an application

with the Securities and Exchange

Commission (‘‘Commission’’), pursuant

to Section 12(d) of the Securities

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

12d2–2(d) promulgated thereunder, to

withdraw the above specified security

(‘‘Security’’) from listing and

registration on the American Stock

Exchange, Inc. (‘‘Amex’’).

The reasons alleged in the application

for withdrawing the Security from

listing and registration include the

following:

According to the Company, it has

complied with Rule 18 of the Amex by

filing with such Exchange a certified

copy of preambles and resolutions

adopted by the Company’s Board of

Directors authorizing the withdrawal of

its security from listing on the Amex

and by setting forth in detail to such

Exchange the reasons for such proposed

withdrawal, and the facts in support

thereof. The Security of the Company

has been listed on the New York Stock

Exchange, Inc. (‘‘NYSE’’) as of December

10, 1996. In making the decision to

withdraw the Security from listing on

the Amex, the Company considered the

sufficient liquidity provided by its

listing on the NYSE and the

corresponding reduction in benefits

provided by the costs associated with

maintaining the Amex listing.

Any interested person may, on or

before February 19, 1997, submit by

letter to the Secretary of the Securities

and Exchange Commission, 450 Fifth

Street, N.W., Washington, D.C. 20549,

facts bearing upon whether the

application has been made in

accordance with the rules of the

exchanges and what terms, if any,

should be imposed by the Commission

for the protection of investors. The

Commission, based on the information

submitted to it, will issue an order

granting the application after the date

mentioned above, unless the

Commission determines to order a

hearing on the matter.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 97–2560 Filed 1–31–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–38211; File No. SR–CSE–

96–05]

Self-Regulatory Organizations; Order

Approving Proposed Rule Change and

Amendment No. 1 Thereto by the

Cincinnati Stock Exchange Relating to

Day Trading Margin Requirements

January 28, 1997.

On August 15, 1996, the Cincinnati

Stock Exchange (‘‘CSE’’ or ‘‘Exchange’’)

submitted to the Securities and

Exchange Commission (‘‘SEC’’ or

‘‘Commission’’), pursuant to Section

19(b)(1) of the Securities Exchange Act

of 1934 (‘‘Act’’),1 and Rule 16b–4

thereunder,2 a proposed rule change to

implement Rule 6.2, Day Trading

Margin. Notice of the proposed rule

change was published for comment and

appeared in the Federal Register on

September 12, 1996.3 One comment

letter was received on the proposal.4 In

response to the comment letter, the

Exchange filed Amendment No. 1 to the

proposal which was published in the

Federal Register on December 19,
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