5662 Federal Register / Vol. 62, No. 25 / Thursday, February 6, 1997 / Notices

1 15 U.S.C. § 78s(b)(1).

2 17 CFR 240.19b–4.

3On January 29, 1997, the Exchange filed

Amendment No. 1 to its proposal. Amendment No.

1 is a technical amendment, correcting rule

language in Rule 1047, Commentary .03(c), which

was submitted as Exhibit B with the rule filing. See

Letter from Edith Hallahan, Phlx, to Janice Mitnick,

Division of Market Regulations, SEC, dated January

29, 1997.

According to the Company, it has

complied with Rule 18 of the AMEX by

filing with such Exchange a certified

copy of preambles and resolutions

adopted by the Company’s Board of

Directors authorizing the withdrawal of

its securities from listing on the AMEX

and by setting forth in detail to such

Exchange the reasons for such proposed

withdrawal, and the facts in support

thereof. The Securities began trading on

the New York Stock Exchange, Inc.

(‘‘NYSE’’) on December 31, 1996. In

making the decision to withdraw the

Securities from listing on the AMEX, the

Company considered the breadth of the

investment base, the trading liquidity,

and number of analysts covering the

stock. Additionally, the Company

wished to avoid the direct and indirect

costs and the division of the market

resulting from dual listing on the AMEX

and NYSE.

Any interested person may, on or

before February 24, 1997, submit by

letter to the Secretary of the Securities

and Exchange Commission, 450 Fifth

Street, N.W., Washington, D.C. 20549,

facts bearing upon whether the

application has been made in

accordance with the rules of the

exchanges and what terms, if any,

should be imposed by the Commission

for the protection of investors. The

Commission, based on the information

submitted to it, will issue an order

granting the application after the date

mentioned above, unless the

Commission determines to order a

hearing on the matter.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 97–2910 Filed 2–5–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–38218; File No. SR–Phlx–

97–04]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change and

Amendment No. 1 Thereto by the

Philadelphia Stock Exchange, Inc.

Relating to a 4:02 p.m. Closing Time

for Equity Options Trading

January 30, 1997.

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

Securities Exchange Act of 1934

(‘‘Act’’),1 and Rule 19b–4 2 thereunder,

notice is hereby given that on January 8,

1997, the Philadelphia Stock Exchange,

Inc. (‘‘Phlx’’ or ‘‘Exchange’’) 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 by the selfregulatory organization.3 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 Exchange proposes to amend

Rule 101, Hours of Business, and Rule

1047, Trading Rotations, Halts and

Suspensions, to close equity options

trading at 4:02 p.m. Currently, equity

options trade until 4:10 p.m.

The text of the proposed rule change

is available at the Office of the

Secretary, Phlx, 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

self-regulatory organization 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 self-regulatory organization has

prepared summaries, set froth 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

1. Purpose

Since 1978, equity options have

traded ten minutes longer than the

primary market. At that time, significant

delays in the reporting of stock prices

were common; therefore, the additional

ten minute period was necessary to

receive final stock prices. These delays

have now been reduced due to

technological advances. Currently, the

extra time period for options trading

after closing prices are reported in the

underlying equities results in equity

options trading without the pricing

benefit of continuing stock trading. The

additional ten minutes also results in

repeated automatic executions at

outdated equity options prices. Further,

not all market participants are able to

respond quickly to changes in equity

options prices between 4:00 and 4:10

p.m. In summary, the Exchange, in

balancing the benefits of an extended

trading session with the difficulties of

trading after the underlying stock has

closed, has determined that the benefits

do not outweigh the difficulties;

therefore, a 4:02 p.m. close for equity

options is appropriate.

The purpose of the rule change is to

reduce the amount of time equity

options trade after the close of the

primary market for the underlying

security. Under the proposal, there will

be a two minute time period for equity

options traders and investors to respond

to late reports of closing security prices

and, where warranted, to bring closing

equity option prices in line with stock

prices. The proposed changes to Rule

101 establish a 4:02 p.m. close for equity

options, and expressly except index

options. Reference to narrow-based

(industry) index options trading until

4:10 p.m. is being added to Rule 101,

and reference to broad-based index

options is replacing the listing of

specific such index options by name.

Broad-based index options will

continue to trade until 4:15 p.m. The

Exchange understands that other option

exchanges have proposed a 4:02 p.m.

close for certain index options as well

as for equity options; however, the

Exchange is not proposing to change the

closing time for its index options.

The proposed change to Rule 1047

merely substitutes reference to the

current close of 4:10 p.m. with the

proposed 4:02 p.m. close. The Exchange

notes that pursuant to Commentary .03

of this Rule, in unusual market

conditions, a closing rotation after the

4:02 p.m. close may be conducted in an

option, whether or not expiring, with

the approval of the Options Committee.

Further, the Exchange proposes to

amend the rule to begin the closing

rotation five minutes after the notice is

disseminated. Currently under Rule

1047, Commentary .03(b), the closing

rotation begins 10 minutes after the

notice is disseminated.

2. Statutory Basis

The proposed rule change is

consistent with Section 6 of the Act in

general, and in particular, with Section

6(b)(5), in that it is designed to promote

just and equitable principles of trade,

prevent fraudulent and manipulative

acts and practices, to foster cooperation

and coordination with persons engaged

in regulating, clearing, settling,

processing information with respect to,

and facilitating transactions in
Federal Register / Vol. 62, No. 25 / Thursday, February 6, 1997 / Notices 5663

4 17 CFR 200.30–3(a)(12).

securities, to remove impediments to

and perfect the mechanism of a free and

open market and a national market

system, as well as to protect investors

and the public interest, consistent with

Section 6(b)(5).

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange does not believe that

the proposed rule change will impose

any inappropriate burden on

competition.

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

Within 35 days of the date of

publication of this notice in the Federal

Register or within such longer period (i)

as the Commission may designate up to

90 days of such date if it finds such

longer period to be appropriate and

publishes its reasons for so finding or

(ii) as to which the self-regulatory

organization consents, the Commission

will:

(A) By order approve such proposed

rule change, or

(B) Institute proceedings to determine

whether the proposed rule change

should be disapproved.

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 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–Phlx–97–04, and should be

submitted by February 27, 1997.

For the Commission, by the Division of

Market Regulations, pursuant to delegated

authority.4

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–2912 Filed 2–5–97; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF TRANSPORTATION

Office of the Secretary; Reports, Forms

and Recordkeeping Requirements;

Proposed Agency Information

Collection Activity Under OMB Review

AGENCY: Department of Transportation

(DOT), Office of the Secretary (OST).

ACTION: Notice.

SUMMARY: This collection (2105–0517) is

resubmitted to the Federal Register

because of errors published previously.

In compliance with the Paperwork

Reduction Act (44 U.S.C. 3501 et seq.),

this notice announces one information

collection request coming up for

renewal. Before submitting the renewal

package to the Office of Management

and Budget (OMB), the Department of

Transportation is soliciting comments

on specific aspects of the collection as

described below. The ICR describes the

nature of the information collection and

its expected cost and burden. Comments

are invited on: Whether the proposed

collection of information is necessary

for the proper performance of the

functions of the Department, including

whether the information will have

practical utility; the accuracy of the

Department’s estimate of the burden of

the proposed information collection;

ways to enhance the quality, utility and

clarity of the information to be

collected; and ways to minimize the

burden of the collection of information

on respondents, including the use of

automated collection techniques or

other forms of information technology.

All responses to this notice will be

summarized and included in the request

for OMB approval.

DATES: Comments must be submitted on

or before April 7, 1997.

ADDRESSES: Submit written comments

identified by the OMB Control Number

2105–0517, by mail to: Mr. Dave Jordan,

M–61, U.S. Department of

Transportation, 400 Seventh Street

S.W., Washington, DC 20590.

FOR FURTHER INFORMATION CONTACT: Mr.

Dave Jordan, (202) 366–4265, and refer

to OMB Control Number, 2105–0517.

SUPPLEMENTARY INFORMATION:

Office of the Secretary (OST)

Title: Amendment to the

Transportation Acquisition Regulation

(TAR).

Form(s): DOT F 4220.4, DOT F

4220.7, DOT F 4220.43, DOT F 4220.44,

DOT F 4220.45, DOT F 4220.46, and

Form DD 882.

OMB Control Number: 2105–0517.

Affected Public: Individuals or

households and business or other forprofit organizations.

Abstract: The requested extension of

the approved control number covers

forms DOT F 4220.4, DOT F 4220.7,

DOT F 4220.43, DOT F 4220.44, DOT F

4220.45, DOT F 4220.46, and Form DD

882. In addition, the control number

includes an amended request to obtain

data associated with acquisitions for

training services. The Transportation

Acquisition Regulation (TAR) 48 CFR

1213.70, 1237.70, 1252.237–71, and

1252.237–72 requires contracting

officers to obtain and evaluate,

qualification data and other pertinent

information when it is necessary to

determine whether offerors have the

capability to perform training services

under a proposed contract.

Annual Estimated Burden: The

annual estimated burden is 57,167

hours.

Issued in Washington, DC, on February 3,

1997.

Phillip A. Leach,

Clearance Officer, Department of

Transportation.

[FR Doc. 97–2999 Filed 2–5–97; 8:45 am]

BILLING CODE 4910–62–P

Office of the Secretary

Privacy Act; System of Records;

General Routine Uses

AGENCY: Office of the Secretary, DOT.

ACTION: Notice of Intended

Establishment of General Routine Use.

SUMMARY: DOT intends to establish

under the Privacy Act of 1974 a General

Routine Use applicable to all DOT

systems of records to facilitate

implementation of the Brady Handgun

Violence Prevention Act. Public

comment is invited.

DATES: Comments are due March 10,

1997.

ADDRESSES: Comments should be

addressed to Information Resources

Management Staff, M–31, Department of

Transportation, 400 Seventh Street, SW,

Washington, DC 20590.

FOR FURTHER INFORMATION CONTACT:

Robert I. Ross, Office of the General