50648 Federal Register / Vol. 62, No. 187 / Friday, September 26, 1997 / Notices

5OCC has filed with the Commission a proposed

rule change that will authorize OCC to issue and

clear options on fund shares and trust units.

Securities Exchange Act Release No. 38706 (June 2,

1997, 62 FR 31468. OCC also asserts that, if

approved by the Commission, fund shares and trust

units will by definition become ‘‘underlying

securities as defined by Article I, Section 1 of OCC’s

bylaws,’’ and escrow deposits with respect to call

option contracts on these underlying securities

carried in a short position will be automatically

permitted under the existing provisions of OCC

Rule 610, which relates to the deposit of underlying

securities in lieu of margin.

6OCC has indicated that if the Commission

approves the proposal, OCC will send a notice to

each of its custodian banks advising them that the

term ‘‘common stocks’’ as used in the Amended and

Restated On-Line Escrow Deposit Agreement

includes the SPDRs and WEBS identified above.

7 15 U.S.C. 78q–1(b)(3)(F).

8Securities Exchange Act Release No. 38105,

(December 31, 1996) 62 FR 1014 [File No. SR–OCC–

96–13] (order approving a proposed rule change

relating to unit investment trusts as margin

collateral). 9 17 CFR 200.30–3(a)(12).

short position in a clearing members’

customer account.5

The language of the new definition

parallels that of Rule 604(d), as

amended herein. Accordingly, fund

shares and trust units deposited as

index option escrow deposits must meet

the existing requirements for deposits of

common stock under Rule 1801(b) and

must be of a class approved by OCC for

deposit as margin collateral. Because the

Committee already has approved for

deposit as margin SPDRs on the S&P

500 Index and S&P 400 Mid-Cap Index

(as an eligible class of trust units) and

WEBS (as an eligible class of fund

shares), upon approval of this rule filing

SPDRs and WEBS will be eligible for

use as escrow deposits for short

positions in index call options.6

II. Discussion

Section 17A(b)(3)(F) 7 of the Act

requires that the rules of a clearing

agency be designed to assure the

safeguarding of securities and funds in

its custody or control or for which it is

responsible. Because fund shares and

trust units, among other things, must be

either traded on a national securities

exchange or designated as a national

market system security to be eligible as

margin collateral, the proposal ensures

that only liquid securities will be

accepted as a form of margin or an

escrow deposit. In addition, fund shares

and trust units are typically traded and

cleared like shares of common stock and

are typically held in book-entry form at

a securities depository.8 As a result,

OCC believes it will be able to readily

perfect a security interest in deposited

fund shares and will be able to liquidate

them if necessary. Furthermore, OCC

already has had an opportunity to gain

experience in accepting trust units as a

form of margin and will be able to use

this experience in expanding to fund

shares. Therefore, the Commission

believes that OCC’s proposed rule

change is consistent with OCC’s

obligations under the Act to safeguard

securities and funds.

III. Conclusion

On the basis of the foregoing, the

Commission finds that the proposal is

consistent with the requirements of the

Act and in particular with the

requirements of Section 17A of the Act

and the rules and regulations

thereunder.

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act, that the

proposed rule change (File No. SR–

OCC–97–01) be, and hereby is,

approved.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.9

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–25520 Filed 9–25–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

Performance Review Board:

Membership

AGENCY: Securities and Exchange

Commission.

ACTION: Notice of membership of

Performance Review Board.

SUMMARY: In accordance with 5 U.S.C.

4314(c)(4), the U.S. Securities and

Exchange Commission announces the

appointment of Performance Review

Board members.

EFFECTIVE DATE: November 1, 1997.

FOR FURTHER INFORMATION CONTACT:

Carol S. Smith, U.S. Securities and

Exchange Commission, Washington, DC

20549 (202) 942–4198.

The following are the names and

present titles of the individuals

appointed to the Performance Review

Board established by the U.S. Securities

and Exchange Commission.

Name, Title, Organization

Jennifer Scardino, Chief of Staff, Office

of the Chairman

James M. McConnell, Executive

Director, Office of the Executive

Director

Richard Walker, General Counsel, Office

of the General Counsel

For the Chairman, by the Executive

Director, pursuant to delegated authority.

Dated: September 18, 1997.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–25605 Filed 9–25–97; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

Data Collection Available for Public

Comments and Recommendations

ACTION: Notice and request for

comments.

SUMMARY: In accordance with the

Paperwork Reduction Act of 1995, this

notice announces the Small Business

Administration’s intentions to request

approval on a new, and/or currently

approved information collection.

DATES: Comments should be submitted

on or before November 25, 1997.

FOR FURTHER INFORMATION CONTACT:

Curtis B. Rich, Management Analyst,

Small Business Administration, 409 3rd

Street, S.W., Suite 5000, Washington,

D.C. 20416. Phone Number: 202–205–

6629.

SUPPLEMENTARY INFORMATION:

Title: ‘‘Request for Management and

Technical Assistance’’.

Type of Request: Revision of

Currently Approved Collection.

Form No: 641.

Description of Respondents:

Individuals Requesting Counseling

Management Counseling from SBA.

Annual Responses: 450,000.

Annual Burden: 59,850.

Title: ‘‘Counselor’s Case Report’’.

Tye of Request: Revisions of Currently

Approved Collection.

Form No: 641A.

Description of Respondents: SBI and

Score Counselors.

Annual Responses: 450,000.

Annual Burden: 90,000.

Comments: Send all comments

regarding these information collections

to John Bebris, Director, Business

Education & Resource Management,

Small business Administration, 409 3rd

Street, S.W., Suite 6100, Washington,

D.C. 20416. Phone No: 202–205–7424.

Send comments regarding whether these

information collections are necessary for

the proper performance of the function

of the agency, accuracy of burden

estimate, in addition to ways to

minimize these estimates, and ways to

enhance the quality.

Jacqueline White,

Chief, Administrative Information Branch.

[FR Doc. 97–25627 Filed 9–25–97; 8:45 am]

BILLING CODE 8025–01–M