61566 Federal Register / Vol. 62, No. 222 / Tuesday, November 18, 1997 / Notices

4Applicants represent that these guarantees will

support only securities issuances authorized by the

Commission or exempt from the requirement of

prior Commission approval under section 6(a) of

the Act.

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

2 17 CFR 240.19b–4.

3The Commission notes that the minimum size

for an opening transaction in a Request for Quotes

is 250 contracts for any FLEX series in which there

is no open interest, and 100 contracts in any

currently opened FLEX series. See Amex Rule

903G(a)(4)(ii) and (iii).

Guarantees of the indebtedness or other

obligations of one or more Exempt

Entities; assumption of liabilities of one

or more Exempt Entities; and guarantees

and letter of credit reimbursement

agreements in support of equity

contribution obligations or otherwise in

connection with project development

activities for one or more Exempt

Entities.

Under the Orders, GPU’s ‘‘aggregate

investment’’ (as defined in rule

53(a)(1)(i)) in Project Parent and Exempt

Entities cannot exceed 100% of GPU’s

‘‘consolidated retained earnings’’ (as

defined in rule 53(a)(1)(ii)).

Applicants now propose to extend the

authorizations under the Orders through

December 31, 2000. In addition,

applicants request authorization for

Project Parent to guarantee or assume

liabilities of the securities issued by, or

other obligations of, their direct or

indirect subsidiaries in an aggregate

amount not to exceed $1 billion,

through December 31, 2000.4

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–30180 Filed 11–17–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

Agency Meeting; Sunshine Act

Meeting

Notice is hereby given, pursuant to

the provisions of the Government in the

Sunshine Act, Pub. L. 94–409, that the

Securities and Exchange Commission

will hold the following meeting during

the week of November 17, 1997.

A closed meeting will be held on

Thursday, November 20, 1997, at 10:00

a.m.

Commissioners, Counsel to the

Commissioners, the Secretary to the

Commission, and recording secretaries

will attend the closed meeting. Certain

staff members who have an interest in

the matters may also be present.

The General Counsel of the

Commission, or his designee, has

certified that, in his opinion, one or

more of the exemptions set forth in 5

U.S.C. 552b(c)(4), (8), (9)(A) and (10)

and 17 CFR 200.402(a)(4), (8), (9)(i) and

(10), permit consideration of the

scheduled matters at the closed meeting.

Commissioner Hunt, as duty officer,

voted to consider the items listed for the

closed meeting in a closed session.

The subject matter of the closed

meeting scheduled for Thursday,

November 20, 1997, at 10:00 a.m., will

be:

Institution and settlement of injunctive

actions.

Institution and settlement of

administrative proceedings of an

enforcement nature.

At times, changes in Commission

priorities require alterations in the

scheduling of meeting items. For further

information and to ascertain what, if

any, matters have been added, deleted

or postponed, please contact: The Office

of the Secretary at (202) 942–7070.

Dated: November 14, 1997.

Jonathan G. Katz,

Secretary.

[FR Doc. 97–30338 Filed 11–14–97; 11:03 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–39315; File No. SR–AMEX–

97–43]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

American Stock Exchange, Inc.

Relating to a Reduction in Minimum

Size for Closing Transactions in FLEX

Equity Options

November 10, 1997.

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

Securities Exchange Act of 1934

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

notice is hereby given that on November

4, 1997, the American Stock Exchange,

Inc. (‘‘Amex’’ or ‘‘Exchange’’) 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 Amex. 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 Amex proposes to amend

Exchange Rule 903G to decrease from

100 contracts to 25 contracts the

minimum value size of closing

transactions and quotes for Flex Equity

Options. The text of the proposed rule

change is available at the Office of the

Secretary, the Amex 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

Amex 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 Amex has

prepared summaries, set forth 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

The purpose of the proposed rule

change is to reduce from 100 contracts

to 25 contracts the minimum value size

of closing transactions in and exercises

of FLEX Equity Options, and to make a

comparable reduction in the minimum

value size of FLEX Equity Quotes in

response to a Request for Quotes.

Currently, Rule 903G(a)(4)(iii)

imposes a 100 contract minimum on all

transactions in FLEX Equity Options

unless the transaction is for the entire

remaining position in the account. The

Exchange believes that the current

minimum value size of closing and

exercise transactions in FLEX Equity

Options is too large to accommodate the

needs of certain member firms and their

customers. These firms may purchase

100 or more FLEX Equity Options in an

opening transaction for a single firm

account in which more than one of the

firm’s clients have an interest.3 If one of

these clients wants to redeem its

investment in the account, the firm

likely will want to engage in a closing

or exercise transaction in order to

reduce the account’s position in those

FLEX Equity Options by the number

being redeemed. Thus, if the redeeming

client’s interest is less than 100 FLEX

Equity Options and does not represent

the total remaining position in the

account, Rule 903G(a)(4)(iii), as it stands

presently, prevents the firm from

closing or exercising positions of this

size.
Federal Register / Vol. 62, No. 222 / Tuesday, November 18, 1997 / Notices 61567

4The Commission’s staff has reviewed the

Annex’s surveillance program and believes it

provides a reasonable framework in which to

monitor investor open interest to ensure that only

such sophisticated investors are utilizing this

product. Nonetheless, the Commission requests that

the Exchange provide a report to the Commission’s

Division of Market Regulation describing the nature

of investor participation in FLEX Equity Options for

one year from the implementation date for the rule

change. The report is due on December 31, 1998.

If the Exchange determines in the interim that the

proposed rule change has resulted in a pattern of

inappropriate investor participation in FLEX Equity

Options, it should notify the Commission’s Division

of Market Regulation to determine if the minimum

closing transaction sizes should be modified.

5 15 U.S.C. 78f(b)(5).

6 15 U.S.C. 78s(b)(3)(A).

7 17 CFR 240.19b–4(e)(6). 8 17 CFR 200.30–3(a)(12).

The Exchange believes that the

proposed rule change would remedy the

situation described above, by permitting

an order to close or exercise as few as

25 FLEX Equity Option contracts. The

corresponding change to Rule

903G(a)(4)(iv), which governs the

minimum size for FLEX Equity Quotes

that may be entered in response to

Request for Quotes, is necessary in order

to provide the liquidity needed to

facilitate the execution of closing orders

between 25 and 99 FLEX Equity Option

contracts that would be permitted by the

proposed amendment to Rule

903G(a)(4)(iii).

The Exchange represents that it will

issue a circular that (1) describes the

new rule; and (2) reminds all members

and member firms of their continuing

responsibility to ensure that FLEX

Equity Options are utilized only by

sophisticated investors with the

necessary financial resources to sustain

the possible losses arising from

transactions in the requisite FLEX

Equity Options class size.4

2. Statutory Basis

The Exchange believes that by

providing firms and their customers

greater flexibility to trade FLEX Equity

Options by lowering from 100 to 25 the

minimum number of contracts required

for a closing transaction, for exercises,

and for FLEX Quotes responsive to a

Request for Quotes, the proposed rule

change is consistent with and furthers

the objectives of Section 6(b)(5) of the

Act 5 by removing impediments to and

perfecting the mechanism of a free and

open market in securities and otherwise

serving to protect investors and the

public interest.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Amex 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.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants, or Others

Written comments on the proposed

rule change were neither solicited nor

received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Because the foregoing proposed rule

change: (1) Does not significantly affect

the protection of investors or the public

interest; (2) does not impose any

significant burden on competition; and

(3) does not become operative for 30

days from November 4, 1997, the date

on which it was filed, and the Exchange

provided the Commission with written

notice of its intent to file the proposed

rule change at least five days prior to the

filing date, it has become effective

pursuant to Section 19(b)(3)(A) of the

Act 6 and Rule 19b–4(e)(6) 7 thereunder.

At any time within 60 days of the

filing of the proposed 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 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, 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 Amex. All submissions

should refer to File No. SR–Amex–97–

43 and should be submitted by

December 9, 1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.8

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–30178 Filed 11–17–97; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster #2987]

State of Florida

Volusia County and the contiguous

Counties of Brevard, Flagler, Lake,

Orange, Putnam, and Seminole in the

State of Florida constitute a disaster area

as a result of damages caused by heavy

rains, strong thunderstorms, and

tornadoes which occurred on November

2, 1997. Applications for loans for

physical damage may be filed until the

close of business on January 5, 1998 and

for economic injury until the close of

business on August 6, 1998 at the

address listed below or other locally

announced locations: U.S. Small

Business Administration, Disaster Area

2 Office, One Baltimore Place, Suite

300, Atlanta, GA 30308

The interest rates are:

Percent

For Physical Damage:

Homeowners with credit available elsewhere .................... 7.625

Homeowners without credit

available elsewhere ............. 3.812

Busineses with credit available

elsewhere ............................ 8.000

Businesses and non-profit organizations without credit

available elsewhere ............. 4.000

Others (including non-profit organizations) with credit

available elsewhere ............. 7.125

For Economic Injury:

Businesses and small agricultural cooperatives without

credit available elsewhere ... 4.000

The number assigned to this disaster

for physical damage is 298706 and for

economic injury the number is 963600.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008)

Dated: November 6, 1997.

Ginger Lew,

Acting Administrator.

[FR Doc. 97–30265 Filed 11–17–97; 8:45 am]

BILLING CODE 8025–01–P