Federal Register / Vol. 62, No. 203 / Tuesday, October 21, 1997 / Notices 54669

5 15 U.S.C. 78s(b)(3)(A)(ii).

6 17 CFR 240.19b–4(e)(2).

7 17 CFR 200.30–3(a)(12).

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

2The Commission has modified the text of the

summaries prepared by OCC.

3Such fees consist of a $1.00 exercise fee, $269.00

per month for leased line direct data service,

$355.00 per month for dial up data service, and

$250.00 per month for service bureau data service.

4OCC is considering applying the proposed

introductory fee structure for the DJIA to all new

contracts introduced in the future.

5See Letter to James C. Yong, Vice President,

OCC (July 23, 1993).

6 15 U.S.C. 78q–1.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Because the foregoing rule change

establishes or changes a due, fee, or

other charge imposed by NSCC, it has

become effective pursuant to Section

19(b)(3)(A)(ii) of the Act 5 and Rule 19b–

4(e)(2) thereunder.6 At any time within

sixty days of the filing of the proposed

rule change, the Commission may

summarily abrogate such rule change if

it appears to the 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, 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 in

the Commission’s Public Reference

Section, 450 Fifth Street N.W.,

Washington, D.C. 20549. Copies of such

filing will also be available for

inspection and copying at the principal

office of the NSCC. All submissions

should refer to the File No. SR–NSCC–

97–09 and should be submitted by

November 12, 1997.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.7

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–27757 Filed 10–20–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–39231; File No. SR–OCC–

97–16]

Self-Regulatory Organizations; the

Options Clearing Corporation; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change Relating to

Fees and Charges

October 10, 1997.

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

Securities Exchange Act of 1934

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

September 2, 1997, The Options

Clearing Corporation (‘‘OCC’’) filed with

the Securities and Exchange

Commission (‘‘Commission’’) the

proposed rule change as described in

Items I, II, and III below, which items

have been prepared primarily by OCC.

The Commission is publishing this

notice to solicit comments from

interested persons on the proposed rule

change.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The proposed rule change revises

OCC’s fees for its clearing service and

introduces an interim and regular fee for

the Dow Jones Industrial Average

(‘‘DJIA’’) index option contract service.

4II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

OCC 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. OCC has prepared

summaries, set forth in sections (A), (B),

and (C) below, of the most significant

aspects of such statements.2

(A) Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

During the first half of 1997, OCC

experienced a record volume of options

cleared. OCC currently refunds a

portion of clearing fees collected during

the year to its clearing members when

it experiences high volume levels. The

practice of refunding clearing fees at the

end of OCC’s fiscal year creates a gap

between when it realizes record clearing

fees and when the clearing member

realizes its year-end discount.

The purpose of the proposed rule

change is to revise OCC’s per contract

clearing fee from $.10 to $.068 for the

remainder of 1997 for all contracts

cleared between September 1, 1997,

through December 31, 1997. In addition,

OCC will not bill clearing members for

data services fees and exercise fees from

July 1, 1997, through December 31,

1997.3 OCC believes a reduction in fees

allows members to realize an immediate

reduction in costs rather than having to

wait for OCC to disburse refunds at the

end of the fiscal year.

The purpose of the rule change is also

to introduce an interim discounted and

regular fees for the DJIA index option

contract which is scheduled to begin

trading in October 1997. OCC believes

that the DJIA fee structure will

encourage trading and clearance of this

new contract. OCC is offering an

introductory clearing fee of $.00 per

contract per side for the first month the

DJIA is traded, $.025 per contract per

side for the second month, $.05 per

contract per side for the third month,

and $.10 per contract per side (i.e., the

normal OCC rate) thereafter.4

OCC has received approval to store

media on CD–ROM to replace the

practice of storage on microfiche.5

While OCC no longer stores new media

or data on microfiche, there remains

historic data stored on microfiche.

Because both the need for retrieval of

data stored on microfiche and the costs

associated with its retrieval remain, the

fees associated with microfiche retrieval

will remain on the schedule.

OCC believes that the proposed rule

change is consistent with the

requirements of Section 17A of the Act 6

and the rules and regulations

thereunder because it provides for the

equitable allocation of dues, fees, and

other charges among OCC’s participants

and other parties that use OCC’s

services.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

OCC does not believe that the

proposed rule change will impose any

burden on competition that is not

necessary or appropriate in furtherance

of the purposes of the Act.
54670 Federal Register / Vol. 62, No. 203 / Tuesday, October 21, 1997 / Notices

7 15 U.S.C. 78s(b)(3)(A)(ii).

8 17 CFR 240.19b–4(e)(2).

9???

(C) Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants or Others

No comments on the proposed rule

change were solicited or received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The foregoing rule change has become

effective pursuant to Section

19(b)(3)(A)(ii) 7 of the Act and pursuant

to Rule 19b–4(e)(2)8 promulgated

thereunder because the proposal

establishes or changes a due, fee, or

other charge imposed by OCC. At any

time within sixty days of the filing of

such rule change, the Commission may

summarily abrogate such 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, D.C. 20549. Copies of the

submission, 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 in

the Commission’s Public Reference

Section, 450 Fifth Street, N.W.,

Washington, D.C. 20549. Copies of such

filing also will be available for

inspection and copying at the principal

office of OCC. All submissions should

refer to File No. SR–OCC–97–16 and

should be submitted by November 12,

1997.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.9

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–27760 Filed 10–20–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

Submission for OMB Review;

Comment Request

Upon written request, copies available

from: Securities and Exchange Commission,

Office of Filings and Information Services,

450 Fifth Street, N.W., Washington, D.C.

20549.

Extension: Rule 23c–1 [17 CFR 270.23c–1];

SEC File No. 270–253; OMB Control No.

3235–0260.

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 ( the

‘‘Commission’’) has submitted to the

Office of Management and Budget a

request for extension of the previously

approved collection of information

discussed below.

Rule 23c–1, among other things,

permits a closed-end fund to repurchase

its securities for cash if in addition to

the other requirements set forth in the

rule: (i) payment of the purchase price

is accompanied or preceded by a written

confirmation of the purchase; (ii) the

asset coverage per unit of the security to

be purchased is disclosed to the seller

or his agent; and (iii) if the security is

a stock, the fund has, within the

preceding six months, informed

stockholders of its intention to purchase

stock. The Commission estimates that

approximately 575 closed-end funds

may rely on rule 23c–1, and that on

average, a fund spends approximately

2.5 hours per year on complying with

the rule’s paperwork requirements. The

total annual burden of the rule’s

paperwork requirements thus is

estimated to be 1,438 hours.

In addition, the fund must file with

the Commission, during the calendar

month following any month in which a

purchase permitted by rule 23c–1

occurs, two copies of a report of

purchases made during the month,

together with copies of any written

solicitation to purchase securities given

on behalf of the fund to 10 or more

persons. The burden associated with

filing Form N–23C–1, the form for this

report, has been addressed in the

submission for that Form.

The estimate of average burden hours

is made solely for the purposes of the

Paperwork Reduction Act, and is not

derived from a comprehensive or even

a representative survey or study of the

costs of Commission rule and forms.

Complying with the collection of

information requirements of the rule is

mandatory. The filings that the rule

requires to be made with the

Commission are available to the public.

An agency may not conduct or sponsor,

and a person is not required to respond

to, a collection of information unless it

displays a currently valid control

number.

Please direct general comments

regarding the above information to the

following persons: (i) Desk Officer for

the Securities and Exchange

Commission, Office of Information and

Regulatory Affairs, Office of

Management and Budget, Room 3208,

New Executive Office Building,

Washington, D.C. 20503; and (ii)

Michael E. Bartell, Associate Executive

Director, Office of Information

Technology, Securities and Exchange

Commission, 450 Fifth Street, N.W.,

Washington, D.C. 20549. Comments

must be submitted to OMB within 30

days of this notice.

Dated: October 14, 1997.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–27763 Filed 10–20–97; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[License No. 09/79–0409]

New Vista Capital Fund, L.P.; Notice of

Issuance of a Small Business

Investment Company; License

On May 14, 1997, an application was

filed by New Vista Capital Fund, L.P.,

at 499 Hamilton Avenue, Suite 140, Palo

Alto, California 94301, with the Small

Business Administration (SBA)

pursuant to Section 107.300 of the

Regulations governing small business

investment companies (13 CFR 107.300

(1996)) 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. 09/79–0409 on

September 17, 1997, to NewVista

Capital Fund, 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 10, 1997.

Don A. Christensen,

Associate Administrator for Investment.

[FR Doc. 97–27790 Filed 10–20–97; 8:45 am]

BILLING CODE 8025–01–P