52602 Federal Register / Vol. 62, No. 195 / Wednesday, October 8, 1997 / Notices

6 17 CFR 200.30–3(a)(12).

1 15 U.S.C. § 78s(b)(1).

2The procedures for the administration of the

OTP lease pool were filed with the Commission in

SR–CBOE–97–14. SR–CBOE–97–14 provided for

the issuance of OTPs in connection with the

transfer of the options business of the New York

Stock Exchange, Inc. to CBOE and defined the

rights and obligations associated with OTPs. SR–

CBOE–97–14 was approved by the Commission in

Securities Exchange Act Release No. 38541 (April

23, 1997), 62 FR 23516 (April 30, 1997).

3 It should be noted that a current OTP lease pool

lessee may not submit an OTP bid during the six

month OTP lease cycle (except for a bid that is in

connection with the next bi-annual OTP lease pool

auction). This is the case because in order for a

person to submit an OTP bid, that person must be

immediately eligible to become an OTP lease pool

lessee. A current OTP lease pool lessee is not

immediately eligible to become an OTP lease pool

lessee for another OTP because that person is

already leasing an OTP from the lease pool, and a

person can only lease one OTP from the lease pool

at a time.

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.

SR–BSE–97–04 and should be

submitted by October 29, 1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.6

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–26648 Filed 10–7–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–39179; File No. SR–CBOE–

97–47]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Chicago Board Options Exchange,

Incorporated Relating to Option

Trading Permit Bid Fee

October 1, 1997.

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

Securities Exchange Act of 1934

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

September 18, 1997, the Chicago Board

Options Exchange, Incorporated

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

Securities and Exchange Commission

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

rule change as described in Items I, II,

and III below, which Items have been

prepared by the CBOE. 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 is proposing to amend the

manner in which it assesses the

Exchange fee that is charged when a

person submits a bid to receive an

Option Trading Permit (‘‘OTP’’) from

the OTP lease pool.

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

CBOE 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 CBOE 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

CBOE Rule 3.27(a)(3) provides for the

creation of an OTP lease pool to be

administered by the Exchange. The

procedures for the administration of this

lease pool were previously filed with

and approved by the Commission.2

Under these procedures, the Exchange

conducts an auction every six months

during which members and nonmembers who have qualified for

membership may submit bids equal to

the monthly rent that the bidder is

willing to pay for a month-to-month

OTP lease. Upon the close of the

bidding period, OTPs in the pool are

awarded to the highest bidders in a

number equal to the total number of

OTPs in the lease pool at that time. The

monthly rent to be paid by a lessee is

the dollar value of the bid submitted by

that lessee. Following each auction, the

Exchange continues to accept bids for

OTP leases. Should any OTP lessee

desire to give up that lessee’s OTP prior

to the next auction, the OTP is

transferred to the highest bidder at a

monthly lease price equal to the new

lessee’s bid for the remainder of the six

month auction cycle.

The procedures for the administration

of the OTP lease pool also provide that

a non-refundable $500 fee will be

assessed by the Exchange any time an

OTP bid is submitted. This fee is

intended to cover Exchange costs in

connection with its administration of

the OTP lease pool.

The Exchange proposes to amend the

manner in which it assesses the $500

OTP bid fee. Specifically, the Exchange

proposes not to charge the fee to any

current OTP lease pool lessee who

submits a bid in connection with one of

the Exchange’s bi-annual OTP lease

pool auctions. The $500 OTP bid fee

would continue to be assessed to

anyone who submits a bid in connection

with one of the Exchange’s bi-annual

OTP lease pool auctions and is not

currently an OTP lease pool lessee. In

addition, the $500 OTP bid fee would

continue to be assessed to anyone who

is not currently an OTP lease pool lessee

and submits an OTP bid during a six

month OTP lease cycle and not in

connection with one of the Exchange’s

bi-annual OTP lease pool auctions.

The Exchange has determined that it

is not necessary to assess a $500 OTP

bid fee to a current OTP lease pool

lessee in connection with a bi-annual

OPT lease auction because that person

will have already paid a $500 OTP bid

fee to the Exchange.3

The Exchange also proposes to amend

the procedures for the administration of

the OTP lease pool to clarify that the

$500 OTP bid fee is not assessed when

a bid is canceled or replaced with

another bid. The Exchange is not

waiving the $500 OTP bid fee for an

OTP lease pool lessee who terminates

his or her OTP lease and later submits

another bid for an OTP in the lease pool

because there is administrative work

involved in processing a change in OTP

lessees.

The proposed rule change is

consistent with Section 6(b) of the Act,

in general, and furthers the objectives of

Section 6(b)(4) of the Act in particular,

in that it is designed to provide for the

equitable allocation of reasonable dues,

fees, and other charges.

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.
Federal Register / Vol. 62, No. 195 / Wednesday, October 8, 1997 / Notices 52603

4 15 U.S.C. § 78s(b)(3)(A)(ii).

5 17 CFR 240.19b–4(e)(2).

6 17 CFR 200.30-3(a)(12).

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants, or Others

No written comments were solicited

or received with respect to the proposed

rule change.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The proposed rule change establishes

or changes a due, fee, or other charge

imposed by the Exchange and therefore,

has become effective pursuant to

Section 19(b)(3)(A)(ii) 4 of the Act and

Rule 19b-4(e)(2) 5 thereunder. At any

time within 60 days of the filing of a

rule change, the Commission may

summarily abrogate the rule change if it

appears to the Commission that such

action is necessary or appropriate in the

public interest, for the protection of

investors, or otherwise in furtherance of

the purposes of the Act.

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, DC 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 CBOE. All

submissions should refer to File No.

SR–CBOE–97–47 and should be

submitted by October 29, 1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.6

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–26576 Filed 10–7–97; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[License No. 02/72–0576]

Early Stage Enterprises, L.P.; Notice of

Issuance of a Small Business

Investment Company License

On July 19, 1996, an application was

filed by Early Stage Enterprises, L.P., at

221 Nassau Street, 3rd Floor, Princeton,

New Jersey 08542 with the Small

Business Administration (SBA)

pursuant to Section 107.300 of the

Regulations governing small business

investment companies (13 C.F.R.

107.300 (1997)) for a license to operate

as a small business investment

company.

Notice is hereby given that, pursuant

to Section 301(c) of the Small Business

Investment Act of 1958, as amended,

after having considered the application

and all other pertinent information, SBA

issued License No. 02/72–0576 on

September 26, 1997, to Early Stage

Enterprises, L.P. to operate as a small

business investment company.

(Catalog of Federal Domestic Assistance

Program No. 59.011, Small Business

Investment Companies)

Dated: October 2, 1997.

Don A. Christensen,

Associate Administrator for Investment.

[FR Doc. 97–26689 Filed 10–7–97; 8:45 am]

BILLING CODE 8025–01–P

DEPARTMENT OF STATE

Office of the Secretary

[Public Notice 2613]

Determination on Export-Import Bank

Support for the Sale to the

Commonwealth of the Bahamas of

Defense Articles or Services to be

Used Primarily for Counter-Narcotics

Purposes

Pursuant to section 2(b)(6) of the

Export-Import Bank Act of 1945, as

amended, and Executive Order 11958 of

January 18, 1977, as amended by

Executive Order 12680 of July 5, 1989,

I hereby determine that:

(1) The defense articles and services

for which the Government of the

Commonwealth of The Bahamas has

requested Export-Import Bank financial

guarantees, two (2) 60 meter patrol craft,

are being sold primarily for antinarcotics purposes;

(2) The sale of such defense articles

and services would be in the national

interest of the United States;

(3) The requirement for a

determination that the Commonwealth

of The Bahamas has complied with all

restrictions imposed by the United

States on the end use of defense articles

or services for which the Export-Import

Bank has provided guarantees or

insurance under section 2(b)(6) of the

Export-Import Bank Act is inapplicable

because the pending financing will be

the first Ex-Im Bank transaction with

The Bahamas made under section

2(b((6) of the Act.

(4) The requirement for a

determination that the Commonwealth

of The Bahamas has not used defense

articles or services for which the ExportImport Bank has provided guarantees or

insurance under section 2(b)(6) of the

Export-Import Bank Act to engage in a

consistent pattern of gross violations of

international recognized human rights is

inapplicable because the pending

financing will be the first Ex-Im Bank

transaction with The Bahamas made

under section 2(b)(6) of the Act.

The determination shall be reported

to the Congress and shall be published

in the Federal Register.

Dated: September 24, 1997.

Strobe Talbott,

Acting Secretary of State.

Justification for Determination

Pursuant to Section 2(b)(6) of the

Export-Import Bank Act of 1945, as

amended, and E.O. 12680 of July 5,

1989, I have made the determination

required to authorize financing by the

Export-Import Bank of the United States

of defense articles or services to be used

by the Government of the

Commonwealth of The Bahamas

primarily for counter-narcotics

purposes.

The defense articles to be financed are

two (2) 60 meter patrol boats built by

Halter Marine, Gulfport, Mississippi.

The new boats, by giving The Bahamas

a better means for patrolling its large

territorial waters, will further the joint

U.S.-Bahamas effort (‘‘Operation

Bahamas and Turks (OPBAT)’’) to

curtail the northward flow of cocaine,

marijuana and other illegal substances

from their production centers to the

south.

Based on assurances from the

Government of the Commonwealth of

The Bahamas and the assessment of our

Embassy in The Bahamas, I have

determined that the vessels to be

financed by the Export-Import Bank will

be used primarily for counter-narcotics

purposes. I have also determined that

the sale will enhance U.S. Bahamas

counter-narcotics cooperation and is

therefore in the national interest. The

Bahamas is a major drug transit country

that the President has certified has

cooperated fully with the United States