Federal Register / Vol. 62, No. 24 / Wednesday, February 5, 1997 / Notices 5503

3The Department of the Treasury has adopted

amendments to its Uniform Offering Circular for the

Sale and Issue of Marketable Book-Entry Treasury

Bills, Notes, and Bonds (31 CFR Part 356) to

accommodate the issuance of TIIS. Department of

the Treasury Circular, Public Debt Service No. 1–

93 (December 30, 1996) 62 FR 846 (January 6, 1997).

4The following enhancements have been made to

GSCC’s automated system. GSCC has created a

database of historical CPI indexes in order to

determine accrued interest, which will be used in

valuing positions for settlement purposes and for

forward margin and clearing fund calculations.

GSCC has modified the security database to permit

it to designate TIIS as a variable rate security. GSCC

has modified participant input and output formats

to take into account different and additional data

elements.

5 15 U.S.C. 78q–1(b)(3)(F).

6 17 CFR 200.30–3(a)(12).

below, the Commission is approving the

proposed rule change.

I. Description

The proposed rule change amends

GSCC’s rules to make the U.S.

Department of the Treasury’s Treasury

Inflation Indexed Security (‘‘TIIS’’)

eligible for clearance and settlement at

GSCC.3 The first auction of TIIS by the

Department of the Treasury will occur

on January 29, 1997, and such securities

will be issued on February 6, 1997. TIIS

is a book-entry security that is designed

to protect investors from inflation by

adjusting semiannually the principal

amount of the investors’ holdings while

maintaining a fixed interest rate. The

amount of the principal adjustment is

computed by multiplying the stated

value at issuance (i.e., par amount) by

an index ratio. The applicable index

will be the U.S. City Average All Items

Consumer Price Index for All Urban

Consumers (‘‘CPI’’) published by the

Bureau of Labor Statistics of the U.S.

Department of Labor. TIIS will be

redeemed at maturity at the greater of its

inflation adjusted principal or its par

amount.

Although the interest rate is fixed, the

coupon payments will be variable

because the interest is paid on a varying

amount of principal. Because this will

be the first security with variable

interest payments eligible for netting at

GSCC, GSCC has enhanced its

automated systems.4 Since December

16, 1996, GSCC has been conducting

tests with GSCC members in order to

ensure that participants are able to

properly provide and receive data

regarding transactions in these new

securities.

GSCC also worked with the Public

Securities Association to determine a

uniformly acceptable method for the

industry to reflect the inflation index in

the calculation of final money on TIIS

transactions. Consistent with these

discussions, participants will submit

transactions using their contract price.

GSCC will compare and will report

transactions based on its Final

Settlement Money formula. Final

Settlement Money will equal the

original par value multiplied by the CPI

index ratio multiplied by the contract

price plus the inflation adjusted accrued

interest. Inflation adjusted accrued

interest will equal the original par value

multiplied by the CPI index ratio

multiplied by the interest rate

multiplied by the term.

II. Discussion

Section 17A(b)(3)(F) 5 of the Act

requires that the rules of a clearing

agency be designed to promote the

prompt and accurate clearance and

settlement of securities transactions.

The Commission believes GSCC’s rule

change meets these goals by establishing

a clearance and settlement system for

TIIS whereby GSCC can provide the

benefits of centralized automated

settlement to a broader segment of

government securities transactions. In

addition, the inclusion of TIIS trades in

GSCC’s netting system provides several

benefits to participants such as

guaranteed settlement, automated

coupon tracking, and automated output.

By automating and enhancing the

settlement process, GSCC’s proposal is

consistent with the prompt and accurate

clearance and settlement of securities.

III. Conclusion

On the basis of the foregoing, the

Commission finds that the proposal is

consistent with 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–

GSCC–96–13) be, and hereby is,

approved.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.6

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–2780 Filed 2–4–97; 8:45 am]

BILLING CODE 8010–01–M

SOCIAL SECURITY ADMINISTRATION

Finding Regarding Foreign Social

Insurance or Pension System—Former

Yugoslav Republic of Macedonia

AGENCY: Social Security Administration.

ACTION: Notice of finding regarding

foreign social insurance or pension

system—former Yugoslav Republic of

Macedonia.

FINDING: Section 202(t)(1) of the Social

Security Act (42 U.S.C. 402(t)(1))

prohibits payment of monthly benefits

to any individual who is not a United

States citizen or national for any month

after he or she has been outside the

United States for 6 consecutive months,

and prior to the first month thereafter

for all of which, the individual has been

in the United States. This prohibition

does not apply to such an individual

where one of the exceptions described

in sections 202(t)(2) through 202(t)(5) of

the Social Security Act (42 U.S.C.

402(t)(2)-(5)) affects his or her case.

Section 202(t)(2) of the Social

Security Act provides that, subject to

certain residency requirements of

section 202(t)(11), the prohibition

against payment shall not apply to any

individual who is a citizen of a country

which the Commissioner of Social

Security finds has in effect a social

insurance or pension system which is of

general application in such country and

which:

(a) Pays periodic benefits, or the

actuarial equivalent thereof, on account

of old age, retirement, or death; and

(b) Permits individuals who are

United States citizens but not citizens of

that country and who qualify for such

benefits to receive those benefits, or the

actuarial equivalent thereof, while

outside the foreign country regardless of

the duration of the absence.

The Commissioner of Social Security

has delegated the authority to make

such a finding to the Associate

Commissioner for International Policy.

Under that authority, the Associate

Commissioner for International Policy

has approved a finding that the Former

Yugoslav Republic of Macedonia, as of

February 1, 1994, has a social insurance

system of general application which:

(a) Pays periodic benefits, or the

actuarial equivalent thereof, on account

of old age, retirement, or death; and

(b) Permits United States citizens who

are not citizens of the Former Yugoslav

Republic of Macedonia and who qualify

for the relevant benefits to receive those

benefits, or their actuarial equivalent,

while outside of the Former Yugoslav

Republic of Macedonia, regardless of the

duration of the absence of these

individuals from the Former Yugoslav

Republic of Macedonia.

Accordingly, it is hereby determined

and found that the Former Yugoslav

Republic of Macedonia has in effect, as

of February 1, 1994, a social insurance

system which meets the requirements of

section 202(t)(2) of the Social Security

Act (42 U.S.C. 402(t)(2)).
5504 Federal Register / Vol. 62, No. 24 / Wednesday, February 5, 1997 / Notices

This is our first finding under section

202(t) of the Social Security Act for the

Former Yugoslav Republic of

Macedonia. Before February 1994, the

United States did not recognize the

Former Yugoslav Republic of

Macedonia as an independent nation. At

that time, it was considered part of the

former Yugoslavia which, on March 25,

1959, had been found to have a system

that met section 202(t)(2) of the Social

Security Act. Thus, prior to February

1994, Former Yugoslav Republic of

Macedonia citizens were afforded the

social insurance exception to the alien

nonpayment provision based on the

determination which was then in effect

for Yugoslavia.

FOR FURTHER INFORMATION CONTACT:

Donna Powers, Room 1104, West High

Rise Building, P.O. Box 17741, 6401

Security Boulevard, Baltimore, MD

21235, (410) 965–3568.

(Catalog of Federal Domestic Assistance:

Program Nos. 96.001 Social Security—

Disability Insurance; 96.002 Social

Security—Retirement Insurance; 96.004

Social Security—Survivors Insurance)

Dated: January 28, 1997.

James A. Kissko,

Associate Commissioner for International

Policy.

[FR Doc. 97–2754 Filed 2–4–97; 8:45 am]

BILLING CODE 4190–29–P

DEPARTMENT OF TRANSPORTATION

Coast Guard

[CGD8-96-060]

Lower Mississippi River Waterway

Safety Advisory Committee Ports and

Waterways Safety Systems ad hoc

Committee

AGENCY: Coast Guard, DOT.

ACTION: Notice of meetings location

change.

SUMMARY: The Lower Mississippi River

Waterway Safety Advisory Committee

Ports and Waterways Safety System ad

hoc Committee will hold 7 meetings to

develop a baseline Vessel Traffic

Service system for the Lower

Mississippi river area. The meetings

will be open to the public.

DATES: The meetings will be held from

9 a.m. to approximately 3 p.m. on

Wednesday, February 5, 1997,

Thursday, February 20, 1997, Friday,

March 7, 1997, Friday, March 21, 1997,

Wednesday April 2, 1997, Thursday,

April 17, 1997 and Tuesday, April 29,

1997.

ADDRESSES: The meetings location has

changed. The new location will be the

23rd floor boardroom of Tidewater

Marine Inc., 1440 Canal Street, New

Orleans, Louisiana.

FOR FURTHER INFORMATION CONTACT: Mr.

Monty Ledet, USCG, Administrator,

Lower Mississippi River Waterway

Safety Advisory Committee, c/o

Commander, Eighth Coast Guard

District (m), Room 1341, Hale Boggs

Federal Building, 501 Magazine Street,

New Orleans, LA 70130–3396,

telephone (504) 589–4686.

SUPPLEMENTARY INFORMATION: Notice of

these meetings are given pursuant to the

Federal Advisory Committee Act, 5

U.S.C. App. 2 section 1 et seq. The

meetings are open to the public.

Members of the public are encouraged

to provide oral or written comments to

a committee representative in advance

of the meeting. Due to time constraints,

only written comments will be received

during a meeting. Written comments

presented during a meeting will be

submitted for consideration at the next

meeting.

The agenda for the meeting consists of

the following items:

(1) Presentation of the committee

charter.

(2) Review of previous meeting

minutes.

(3) Committee discussions.

(4) Adjournment.

INFORMATION ON SERVICES FOR

INDIVIDUALS WITH DISABILITIES: For

information on facilities or services for

individuals with disabilities or to

request special assistance at the

meeting, contact the Committee

Administrator as soon as possible.

Dated: January 27, 1997.

T.W. Josiah,

Rear Admiral, U.S. Coast Guard, Commander,

Eighth Coast Guard District.

[FR Doc. 97–2783 Filed 2–4–97; 8:45 am]

BILLING CODE 4910–14–M

[CGD 97–007]

Minimum Requirements and

Capabilities for Vessel Traffic Services

AGENCY: Coast Guard, DOT.

ACTION: Notice of public meeting.

SUMMARY: The Coast Guard is

undertaking an effort to identify the

minimum requirements and capabilities

a Vessel Traffic Service (VTS) must have

have to serve its wide range of users and

to develop criteria to identify ports

requiring a VTS. This effort will form

the basis for the Coast Guard to propose

to Congress a viable production program

for a VTS that takes advantage of

available, off-the-shelf and open

architecture systems that are

inexpensive and easy to build and

operate. The Coast Guard has invited

representatives of maritime and

environmental organizations and

members of the public to provide input

on these topics. The first public meeting

on these topics was held on January 15,

1997. Several additional public

meetings are planned.

DATES: The Coast Guard will sponsor a

public meeting to be held on February

11, 1997, from 9:00 a.m. to 5:00 p.m.

ADDRESSES: The meeting will be held at

the Marine Board, National Academy of

Sciences Foundry Building, 1055

Thomas Jefferson Street, NW,

Washington, DC, in room 2004.

FOR FURTHER INFORMATION CONTACT:

For information on VTS, contact Mike

Sollosi, U.S. Coast Guard Office of

Vessel Traffic Management, 2100 2nd

Street, SW, Washington DC. Telephone

(202) 267–1539, FAX (202) 267–4826.

For information on the meeting, contact

Peter Johnson, Marine Board, National

Academy of Sciences, 2001 Wisconsin

Avenue, NW, Washington, DC.

Telephone (202) 334–3157, FAX (202)

334–3789.

Dated: January 28, 1997.

J.C. Card,

Rear Admiral, U.S. Coast Guard, Assistant

Commander for Marine Safety and

Environmental Protection.

[FR Doc. 97–2866 Filed 2–4–97; 8:45 am]

BILLING CODE 4910–14–M

Research and Special Programs

Administration

Office of Hazardous Materials Safety;

Notice of Applications for Modification

of Exemptions or Applications To

Become a Party to an Exemption

AGENCY: Research and Special Programs

Administration, DOT.

ACTION: List of applications for

modification of exemptions or

applications to become a party to an

exemption.

SUMMARY: In accordance with the

procedures governing the application

for, and the processing of, exemptions

from the Department of Transportation’s

Hazardous Materials Regulations (49

CFR Part 107, Subpart B), notice is

hereby given that the Office of

Hazardous Materials Safety has received

the applications described herein. This

notice is abbreviated to expedite

docketing and public notice. Because

the sections affected, modes of

transportation, and the nature of

application have been shown in earlier

Federal Register publications, they are