Federal Register / Vol. 62, No. 196 / Thursday, October 9, 1997 / Notices 52797

DATES: Comments on this proposal

should be received within 60 calendar

days from the date of this publication.

ADDRESSES: Send or deliver comments

to—John C. Crawford, Chief, FERS

Division, Retirement and Insurance

Service, U.S. Office of Personnel

Management, 1900 E Street, NW, Room

3313, Washington, DC 20415.

FOR INFORMATION REGARDING

ADMINISTRATIVE COORDINATION CONTACT:

Mary Beth Smith-Toomey, Management

Services Division, (202) 606–0623.

U.S. Office of Personnel Management.

Janice R. Lachance,

Acting Director.

[FR Doc. 97–26826 Filed 10–8–97; 8:45 am]

BILLING CODE 6325–01–P

RAILROAD RETIREMENT BOARD

Agency Forms Submitted for OMB

Review

SUMMARY: In accordance with the

Paperwork Reduction Act of 1995 (44

U.S.C. Chapter 35), the Railroad

Retirement Board (RRB) has submitted

the following proposal(s) for the

collection of information to the Office of

Management and Budget for review and

approval.

Summary of Proposal(s)

(1) Collection title: Statement of

Claimant or Other Person.

(2) Form(s) submitted: G–93.

(3) OMB Number: 3220–0183.

(4) Expiration date of current OMB

clearance: 12/31/97.

(5) Type of request: Revision of a

currently approved collection.

(6) Respondents: Individuals or

households, business or other for profit.

(7) Estimated annual number of

respondents: 900.

(8) Total annual responses: 225.

(9) Total annual reporting hours: 225.

(10) Collection description: Under

Section 2 of the Railroad Retirement Act

and the Railroad Unemployment

Insurance Act, pertinent information

and proofs must be submitted by an

applicant so that the Railroad

Retirement Board can determine his or

her entitlement to benefits. The

collection obtains information

supplementing or changing information

previously provided by an applicant.

Additional Information or Comments:

Copies of the forms and supporting

documents can be obtained from Chuck

Mierzwa, the agency clearance officer

(312–751–3363). Comments regarding

the information collection should be

addressed to Ronald J. Hodapp, Railroad

Retirement Board, 844 North Rush

Street, Chicago, Illinois 60611–2092 and

the OMB reviewer, Laura Oliven (202–

395–7316), Office of Management and

Budget, Room 10230, New Executive

Office Building, Washington, D.C.

20503.

Chuck Mierzwa,

Clearance Officer.

[FR Doc. 97–26806 Filed 10–8–97; 8:45 am]

BILLING CODE 7905–01–M

SECURITIES AND EXCHANGE

COMMISSION

Proposed Collection; Comment

Request

Upon Written Request, Copies Available

From: Securities and Exchange Commission,

Office of Filings and Information Services,

Washington, DC 20549.

Extension:

Rule 17Ad–2 (c), (d), and (h) SEC File No.

270–149 OMB Control No. 3235–0130

Rule 17Ad–10 SEC File No. 270–265 OMB

Control No. 3235–0273

Notice is hereby given that pursuant

to the Paperwork Reduction Act of 1995

(44 U.S.C. 3501 et seq.) the Securities

and Exchange Commission

(‘‘Commission’’) is soliciting comments

on the collections of information

summarized below. The Commission

plans to submit these existing

collections of information to the Office

of Management and Budget for

extension and approval.

• Rule 17Ad–2(c), (d) and (h) Transfer

Agent Turnaround, Processing and

Forwarding Requirements

Rule 17Ad–2(c), (d), and (h), under

the Securities Exchange Act of 1934,

enumerate the requirements with which

transfer agents must comply to inform

the Commission or the appropriate

regulator of a transfer agent’s failure to

meet the minimum performance

standards set by the Commission rule by

filing a notice.

While it is estimated there are 1,326

transfer agents, approximately ten

notices pursuant to 17Ad–2(c), (d), and

(h) are filed annually. In view of: (a) the

readily available nature of most of the

information required to be included in

the notice (since that information must

be compiled and retained pursuant to

other Commission rules); (b) the

summary fashion that such information

must be presented in the notice (most

notices are one page or less in length);

and (c) the experience of the staff

regarding the notices, the Commission

staff estimates that, on the average, most

Notices require approximately one-half

hour to prepare. The Commission staff

estimates a cost of approximately $30.00

for each half hour spent preparing the

notices per year, transfer agents spend

an average of five hours per year

complying with the rule at a cost of

$300.

• Rule 17Ad–10 Prompt Posting of

Certificate Detail to Master

Securityholder Files; Maintenance of

Accurate Securityholder Files and

Control Book; and Retention of

Certificate Detail

Rule 17Ad–10, under the Securities

Exchange Act of 1934, requires

approximately 1,326 registered transfer

agents to create and maintain minimum

information on securityholders’

ownership of an issue of securities for

which it performs transfer agent

functions, including the purchase,

transfer and redemptions of securities.

In addition, the rule also requires

transfer agents that maintain

securityholder records to keep

certificate detail that has been cancelled

from those records for a minimum of six

years and to maintain and keep current

an accurate record of the number of

shares or principal dollar amount of

debt securities that the issuer has

authorized to be outstanding (a ‘‘control

book’’). These recordkeeping

requirements assist in the creation and

maintenance of accurate securityholder

records, the ability to research errors,

and ensure the transfer agent is aware of

the number of securities that are

properly authorized by the issuer,

thereby avoiding overissuance.

The staff estimates that the average

number of hours necessary for each

transfer agent to comply with Rule

17Ad–10 is approximately 20 hours per

year, totalling 26,520 hours industrywide. The average cost is approximately

$20 hour, with the industry-wide cost

estimated at approximately $530,400.

However, the information required by

Rule 17Ad–10 generally already is

maintained by registered transfer agents.

The amount of time devoted to

compliance with Rule 17Ad–10 varies

according to differences in business

activity.

Written comments are invited on: (a)

whether the proposed collection of

information is necessary for the proper

performance of the functions of the

agency, including whether the

information will have practical utility;

(b) the accuracy of the agency’s estimate

of the burden of the collection of

information; (c) ways to enhance the

quality, utility, and clarity of the

information collected; and (d) ways to

minimize the burden of the collection of

information on respondents, including

through the use of automated collection

techniques or other forms of information
52798 Federal Register / Vol. 62, No. 196 / Thursday, October 9, 1997 / Notices

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

2 IPRs have special characteristics, as described in

this rule filing, that distinguish them from unit

investment trust interests that can be listed under

Rule 31.5G. Accordingly, CBOE is proposing

separate listing standards for IPRs.

3 In connection with its plans to list and trade

IPRs, the CBOE will request exemptive,

interpretative or no-action relief from Rules 10a–1,

10b–7, 10b–10, 10b–13, 10b–17, 11d1–2, 15c1–5,

15c1–6 and Rules 101, 102 and 104 of Regulation

M under the Act and Section 16 of the Act.

4The Commission notes that CBOE has not

identified a particular trading product that it seeks

to list pursuant to the proposed listing standards.

Prior to trading a particular , CBOE may have to

submit an additional Section 19(b) filing that more

specifically addresses potential issues associated

with items such as the composition, calculation and

dissemination of the applicable index. A particular

proposal may also involve issues relating to product

disclosure, market impact, and applicable trading

rules. The Commission also notes that approval of

the proposed listing standards would likely provide

CBOE with a basis for concluding that it has rules

providing for transactions in products such as

AMEX SPDRs and MidCap SPDRs, thereby

satisfying rule 12f–5 of the Act and allowing

CBOE’s unlisted trading of such products.

5See File No. SR–AMEX–92–18 (adopting new

rules related to the listing and trading of PDRs); SR–

AMEX–95–16 (providing that the minimum tick

applicable to the MidCap SPDR, a PDR product,

will be 1⁄64 of $1.00); SR–AMEX–94–52 (listing and

trading of MidCap 400 SPDRs under the rules

originally adopted to trade PDRs); SR–AMEX–93–

41 (limiting the AMEX’s liability in connection

with its administration of proprietary indices and

products); and SR–AMEX–92–45 (providing that

the minimum tick applicable to SPDRs will be 1⁄32

of $1.00).

6CBOE anticipates that all of the Trusts will be

governed by a master trust agreement providing for

the issuance, in series, of IPRs based on different

underlying indices. The Sponsor will file (i) a

registration statement under the Investment

Company Act of 1940 (the ‘‘ICA’’) registering the

trust (consisting of such series of Trusts) as an

investment company under the ICA, and (ii) a

separate registration statement under the Securities

Act of 1933 (the ‘‘Securities Act’’) registering the

offer and sale of each series of IPRs. The Sponsor

will also file an application under Section 6(c) of

the ICA requesting exemption of the Trusts and the

Sponsor from certain provisions of the ICA and

permitting the Trusts and the Sponsor to engage in

certain affiliated transactions otherwise prohibited

by Section 17(d) of the ICA and Rule 17d–1

thereunder.

7Each Trust, however, may be terminated earlier

under the following circumstances: (1) delisting of

the IPRs issued by such Trust by the primary

market on which the IPRs are traded; (2)

termination of the license agreement with the

owner of the index on which the Trust is based; or

(3) if either the Trustee, Sponsor, Distributor,

Depository Trust Company (‘‘DTC’’) or the National

Securities Clearing Corporation (‘‘NSCC’’) is unable

to perform its functions or duties with respect to

operation of a Trust and a suitable successor entity

is unavailable. In addition, the Sponsor may also

terminate a Trust if, after six months from

inception, the Trust net asset value falls below $150

million or such other amount as may be specified

in the prospectus, or if, after three years from

inception, the Trust net asset value falls below $350

million or such other amount as may be specified

in the prospectus. IPRs cannot be traded after the

termination of a Trust. However, on termination the

Trust will be liquidated, and IPR holders at that

time will receive a distribution equal to their pro

rata share of the assets of the Trust, net of certain

fees and expenses.

technology. Consideration will be given

to comments and suggestions submitted

in writing within 60 days of this

publication.

Please direct your written comments

to Michael E. Bartell, Associate

Executive Director, Office of

Information Technology, Securities and

Exchange Commission, 450 5th Street,

N.W., Washington, DC 20549.

Dated: September 30, 1997.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–26725 Filed 10–8–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–39189; File No. SR–CBOE–

97–38]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the Chicago Board Options Exchange,

Relating to Listing and Trading of IPRs

October 2, 1997.

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

Securities Exchange Act of 1934

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

August 14, 1997, the Chicago Board

Options Exchange, Incorporated

(‘‘CBOE’’ or ‘‘Exchange’’) filed with the

Securities and Exchange Commission

(‘‘SEC’’ or ‘‘Commission’’) the proposed

rule change as described in Items I, II,

and III below, which Items have been

prepared by the Exchange. 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 its rules

to permit the listing and trading of

index portfolio receipts (‘‘IPRs’’) 2 of one

of more series. IPRs of each series

represent interests in a unit investment

trust (each a ‘‘Trust’’ and collectively

the ‘‘Trusts’’) operating on an open-end

basis and holding a portfolio of

securities that mirrors the securities in

a published index of securities.3

Amendments are proposed to Rules 1.1,

30.10, 30.20, 30.33, 30.36, 31.5 and

31.94. Also, the Exchange proposes to

adopt two new rules—Rule 30.54

applicable only to IPRs, and Rule 30.55

applicable to all securities governed by

the rules of CBOE’s Chapter XXX.

The text of the proposed rule change

is available at the Office of the

Secretary, CBOE 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 the

Statutory Basis for, the Proposed Rule

Change

1. Purpose

The proposed rules 4 are substantially

similar to existing rules of the American

Stock Exchange (‘‘AMEX’’) applicable to

Portfolio Depositary Receipts (‘‘PDRs’’),

which are substantively very similar to

IPRs.5 IPRs will be issued by one or

more Trusts to be formed by an entity

serving as the sponsor for the Trusts (the

‘‘Sponsor’’).6 Upon receipts of securities

and cash in payment for a creation order

placed through the Distributor as

described below, the Trustee will issue

a specified number of IPRs referred to as

a ‘‘Creation Unit.’’

Each series of IPRs will be based on

a published index of securities. IPRs of

each such series are intended to

produce investment results that

generally correspond to the price and

yield performance of the component

common stocks of the selected index.

Each Trust will provide investors with

an interest in a portfolio of securities

that is intended to closely track the

value of the index on which it is based.

IPRs will trade like shares of common

stock and will pay periodic dividends

proportionate to those paid with respect

to the underlying portfolio of securities,

less certain expenses, as described in

the prospectus for each series of IPRs.

The Exchange expects that the Trusts

will terminate 125 years from the initial

date of deposit of the trust corpus into

each respective Trust or on such earlier

date as may be required in order to

permit such Trust to comply with the

rule against perpetuities, in the event

that the Trust is governed by the law of

a state in which the rule against

perpetuities remains in effect.7

The Sponsor will enter into a trust

agreement with a trustee in accordance

with Section 26 of the ICA. CBOE will

establish a relationship with an entity