55296 Federal Register / Vol. 62, No. 205 / Thursday, October 23, 1997 / Notices

4 17 CFR 240.19b–4(e).

5 17 CFR 200.30–3(a)(12). 1 15 U.S.C. § 78s(b)(1).

2See Securities Exchange Act Release No.

37619A (September 6, 1996), 61 FR 48290

(September 12, 1996).

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants, or Others

Written comments were neither

solicited nor received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The foregoing rule change has become

effective upon filing pursuant to Section

19(b)(3)(A)(i) of the Act and

subparagraph (e) of Rule 19b–4 4

thereunder in that it constitutes a stated

policy, practice, or interpretation with

respect to the meaning of an existing

rule.

At any time within 60 days of the

filing of a rule change pursuant to

Section 19(b)(3)(A) of the Act, 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, 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 Commissions’ Public Reference

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the NASD. All

submissions should refer to File

Number SR–NASD–97–75 and should

be submitted by November 13, 1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.5

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–28122 Filed 10–22–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–39248; File No. SR–NASD–

97–74]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by National

Association of Securities Dealers, Inc.

Relating to SelectNet Fees

October 16, 1997.

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

Securities Exchange Act of 1934

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

October 14, 1997, the National

Association of Securities Dealers, Inc.

(‘‘NASD’’ or ‘‘Association’’) 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 NASD. 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

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

Act, the NASD, through its whollyowned subsidiary, The Nasdaq Stock

Market, Inc. (‘‘Nasdaq’’) is herewith

filing a proposed rule change to

temporarily abate 50% of the fee

currently charged under NASD Rule

7010(l) for the execution of a transaction

in SelectNet from $2.50 per side to

$1.25 per side effective October 1, 1997

through December 31, 1997. If no

further action is taken, Nasdaq will

revert to assessing SelectNet fees at the

present level of $2.50 per side on

January 1, 1998.

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

NASD 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 NASD has

prepared summaries, set forth in

Sections A, B, and C below, of the most

significant aspects of the statements.

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

Nasdaq is proposing to temporarily

abate 50% of the fee currently charged

under NASD Rule 7010(l) for the

execution of a transaction in SelectNet

from $2.50 per side to $1.25 per side

effective October 1, 1997 through

December 31, 1997. The proposed rule

change constitutes only a temporary

abatement in the fee Nasdaq collects.

Nasdaq believes that the recent

volume increases in the market

generally and SelectNet usage in

particular justify a temporary abatement

of fees to SelectNet users. Specifically,

SelectNet transaction volume is at an

historic high. In August 1997, more than

75,000 daily executions took place in

SelectNet. This represents an almost

fourfold increase in volume from

average daily activity recorded in 1996.

The growth in SelectNet usage can be

attributed to a number of factors, most

notably the introduction of the SEC

Order Execution Rules (‘‘Order

Execution Rules’’) in January of this

year.2 Nasdaq used the SelectNet system

to create the linkage with each

electronic communication network

(‘‘ECN’’) anticipated by the Order

Execution Rules. Accordingly, SelectNet

has become the chosen means of

accessing orders displayed in the

Nasdaq quote montage by eligible ECNs

such as Instinet. Growth in SelectNet

utilization closely tracks expansion in

the number of Nasdaq stocks covered by

the Order Execution Rules. The speed

and volatility of today’s markets,

software enhancements and a

heightened awareness of trading

obligations by market participants also

has contributed to growth in SelectNet

activity as well as an increase in

SelectNet revenues. Accordingly,

Nasdaq believes that a temporary

abatement of these fees for SelectNet

users is appropriate.

Nasdaq believes that a temporary fee

abatement is preferable to a permanent

fee reduction due to both the uncertain

future of SelectNet as a service offered

by Nasdaq and the significant amount of

network capacity consumed by

SelectNet Message traffic. If no further

action is taken, Nasdaq will revert to

assessing SelectNet fees at the present

rate of $2.50 per side on January 1,

1998.

Nasdaq believes that the proposed

rule change is consistent with Section
Federal Register / Vol. 62, No. 205 / Thursday, October 23, 1997 / Notices 55297

3 15 U.S.C. § 78o–3(b)(5).

4 15 U.S.C. § 78s(b)(3)(A)(ii).

5 17 CFR 240.19b–4(e). 6 17 CFR 200.30–3(a)(12).

15A(b)(5) 3 of the Act, which requires

that the rules of the NASD provide for

the equitable allocation of reasonable

dues, fees and other charges among

members and issuers and other persons

using any facility or system which the

NASD operates or controls. Specifically,

Nasdaq believes that the proposed

temporary fee abatement is appropriate

in light of both the recent growth in

SelectNet activity as well as uncertainty

regarding future usage levels.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The NASD believes that the proposed

rule change will not result in any

burden on competition that is not

necessary or appropriate in furtherance

of the purposes of the Act.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants, or Others

Comments were neither solicited nor

received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

This filing applies to the assessment

of SelectNet fees to NASD members, and

thus the proposed rule change is

effective upon filing pursuant to Section

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

subparagraph (e) of Rule 19b–4 5

thereunder because the proposal

establishes or changes a due, fee or

other charge.

At any time within 60 days of the

filing of a rule change pursuant to

Section 19(b)(3)(A) of the Act, 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, 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

Room. Copies of the filing will also be

available for inspection and copying at

the principal office of the NASD. All

submissions should refer to File

Number SR–NASD–97–74 and should

be submitted by November 13, 1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.6

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–28125 Filed 10–22–97; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

Revocation of License of Small

Business Investment Company

Pursuant to the authority granted to

the United States Small Business

Administration by the Final Order of the

United States District Court for the

Central District of California, dated

September 2, 1997, the United States

Small Business Administration hereby

revokes the license of ABC Capital

Corporation, a California corporation, to

function as a small business investment

company under the Small Business

Investment Company License No. 09/

09–5352 issued to ABC Capital

Corporation on January 9, 1985 and said

license is hereby declared null and void

as of October 6, 1997.

Dated: October 6, 1997.

United States Small Business

Administration.

Don A. Christensen,

Associate Administrator for Investment.

[FR Doc. 97–28024 Filed 10–22–97; 8:45 am]

BILLING CODE 8025–01–P

DEPARTMENT OF STATE

Inspector General

[Public Notice 2617]

State Department Performance Review

Board Members (Office of Inspector

General)

In accordance with section 4314(c)(4)

of the Civil Service Reform Act of 1978

(Pub. L. 95–454), the Office of Inspector

General of the Department of State has

appointed the following individuals to

its Performance Review Board register.

Regina Brown, Deputy Assistant

Secretary of African Affairs,

Department of State

Donald Mancuso, Assistant Inspector

General for Investigations,

Department of Defense

Michael G. Sullivan, Assistant Inspector

General for Auditing, Department of

Veterans Affairs

Harvey Thorp, Assistant Inspector

General for Audit, Office of Personnel

Management

Dated: October 9, 1997.

Mark Johnson,

Deputy Inspector General.

[FR Doc. 97–28032 Filed 10–22–97; 8:45 am]

BILLING CODE 4710–42–M

DEPARTMENT OF TRANSPORTATION

Office of the Secretary

Notice of Request for Reinstatement

Without Change of a Previously

Approved Collection for Which

Approval Has Expired

AGENCY: Office of the Secretary, DOT.

ACTION: Notice and request for

comments.

SUMMARY: In accordance with the

Paperwork Reduction Act of 1995 (44

U.S.C. Chapter 35, as amended) this

notice announces the Department of

Transportation’s (DOT) intention to

request an extension for and revision to

a currently approved information

collection.

DATES: Comments on this notice must be

received by December 22, 1997.

ADDRESSES: Comments should be sent to

the Deputy Assistant General Counsel

for Regulation and Enforcement, Office

of the Secretary, U.S. Department of

Transportation, 400 7th Street, SW.,

Washington, DC 20590–0002.

FOR FURTHER INFORMATION CONTACT: Mr.

Robert C. Ashby, Office of the Secretary,

Office of Assistant General Counsel for

Regulation and Enforcement,

Department of Transportation, at the

address above. Telephone: (202) 366–

9306.

SUPPLEMENTARY INFORMATION:

Title: Report of DBE Awards and

Commitments.

OMB Control Number: 2106–0031.

Expiration Date: (Not Applicable).

Type of Request: Extension for and

revision to a currently approved

information collection.

Abstract: 49 CFR Part 23 establishes

requirements for the Department of