Federal Register / Vol. 62, No. 222 / Tuesday, November 18, 1997 / Notices 61559

to $775 as the monthly compensation

base for that year bears to $600 shall be

taken into account.The calendar year

1998 monthly compensation base is

$925. The ratio of $925 to $600 is

1.54166667. Multiplying 1.54166667 by

$775 produces $1,195. Accordingly, the

amount determined under section 2(c) is

$1,195 for months in calendar year

1998.

Under section 3, an employee shall be

a ‘‘qualified employee’’ if his/her base

year compensation is not less than 2.5

times the monthly compensation base

for months in such base year.

Multiplying 2.5 by the calendar year

1998 monthly compensation base of

$925 produces $2,312.50. Accordingly,

the amount determined under section 3

is $2,312.50 for calendar year 1998.

Under section 4(a–2)(i)(A), an

employee who leaves work voluntarily

without good cause is disqualified from

receiving unemployment benefits until

he has been paid compensation of not

less than 2.5 times the monthly

compensation base for months in the

calendar year in which the

disqualification ends. Multiplying 2.5

by the calendar year 1998 monthly

compensation base of $925 produces

$2,312.50. Accordingly, the amount

determined under section 4(a–2)(i)(A) is

$2,312.50 for calendar year 1998.

Maximum Daily Benefit Rate

Section 2(a)(3) contains a formula for

determining the maximum daily benefit

rate for registration periods beginning

after June 30, 1989, and after each June

30 thereafter. Legislation enacted on

October 9, 1996, revised the formula for

indexing maximum daily benefit rates.

Under the prescribed formula, the

maximum daily benefit rate increases by

approximately two-thirds of the

cumulative growth in average national

wages since 1984. The maximum daily

benefit rate for registration periods

beginning after June 30, 1998, shall be

equal to 5 percent of the monthly

compensation base for the base year

immediately preceding the beginning of

the benefit year. Section 2(a)(3) further

provides that if the amount so computed

is not a multiple of $1, it shall be

rounded down to the nearest multiple of

$1.

The calendar year 1997 monthly

compensation base is $890. Multiplying

$890 by 0.05 yields $44.50, which must

then be rounded down to $44.

Accordingly, the maximum daily benefit

rate for days of unemployment and days

of sickness beginning in registration

periods after June 30, 1998, is

determined to be $44.

Dated: November 10, 1997.

By authority of the Board.

Beatrice Ezerski,

Secretary to the Board.

[FR Doc. 97–30168 Filed 11–17–97; 8:45 am]

BILLING CODE 7905–01–P

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, Washington, DC

20549

Extension:

Rule 10b–10, SEC File No. 270–389, OMB

Control No. 3235–0444

Rule 11Ac1–3, SEC File No. 270–382, OMB

Control No. 3235–0435

Rule 15c2–12, SEC File No. 270–330, OMB

Control No. 3235–0372

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

(‘‘Commission’’) has submitted to the

Office of Management and Budget

requests for extension of the previously

approved collections of information

discussed below.

Rule 10b–10, Confirmation of

Transactions, applies to all securities

transactions, other than transactions in

municipal securities or U.S. savings

bonds, it would potentially apply to all

of the approximately 5,400 firms

registered with the Securities and

Exchange Commission that effect

transactions on behalf of customers.

Rule 10b–10 requires broker-dealers

convey to customers basic trade

information regarding their securities

transactions. This information includes

the date and time of the transaction; the

identity and number of shares bought or

sold; and the trading capacity of the

broker-dealer. Depending on the trading

capacity of the broker-dealer, the rule

requires the disclosure of commissions

and, under specified circumstances,

mark-up and mark-down information.

For transactions in debt securities, the

rule requires the disclosure of

redemption and yield information.

The confirmation process is

automated, and it takes about one

minute to generate and send a

confirmation. The cost per confirmation

generally stays the same. Per year, it is

estimated that broker-dealers spend 10.8

million hours complying with Rule

10b–10.

It is important to note, however, that

the confirmation is a customary

document used by the industry. The

staff estimates the costs of producing

and sending a confirmation to be

approximately 89 cents, although the

amount of confirmations sent and the

cost of sending each confirmation will

vary from firm to firm. Smaller firms

will send fewer confirmations because

they will have fewer transactions. As a

result, the total cost to the industry is

approximately $578 million per year

(650 million confirmations at 89 cents

per confirmation).

Rule 11Ac1–3, Customer Account

Statements, requires disclosure on each

new account and on a yearly basis

thereafter, on the annual statement, the

firm’s policies regarding receipt of

payment for order flow from any market

makers, exchanges or exchange

members to which it routes customers’

order in the national market system

securities for execution; and

information regarding the aggregate

amount of monetary payments,

discounts, rebates or reduction in fees

received by the firm over the past year.

It is estimated that there are 5,308

registered broker-dealers with customer

accounts. The staff estimates that the

average number of hours necessary for

each broker-dealer to comply with the

Rule 11Ac1–3 is fourteen hours

annually. Thus, the total burden is

74,312 hours annually. The average cost

per hour is approximately $40.

Therefore, the total cost of compliance

for broker-dealers is $297,248.

Rule 15c2–12, Municipal Securities

Disclosure, requires underwriters of

municipal securities: (1) To obtain and

review a copy of an official statement

deemed final by an issuer of the

securities, except for the omission of

specified information; (2) in noncompetitively bid offerings, to make

available, upon request, the most recent

preliminary official statement, if any; (3)

to contract with the issuer of the

securities, or its agent, to receive, within

specified time periods, sufficient copies

of the issuer’s final official statement to

comply both with this rule and any

rules of the Municipal Securities

Rulemaking Board; (4) to provide, for a

specified period of time, copies of the

final official statement to any potential

customer upon request; (5) before

purchasing or selling municipal

securities in connection with an

offering, to reasonably determine that

the issuer or other specified person has

undertaken, in a written agreement or

contract, for the benefit of holders of

such municipal securities, to provide

certain information about the issue or

issuer on a continuing basis to a

nationally recognized municipal

securities information repository; and

(6) to review the information the issuer
61560 Federal Register / Vol. 62, No. 222 / Tuesday, November 18, 1997 / Notices

1As used in this release, the term ‘‘Portfolio’’

refers to any series of a registered open-end

management investment company relying on any

order granting the application or, if the company

relying on any such order has a single investment

portfolio, the company itself.

of the municipal security has

undertaken to provide prior to

recommending a transaction in the

municipal security.

These disclosure and recordkeeping

requirements will ensure that investors

have adequate access to official

disclosure documents that contain

details about the value and risks of

particular municipal securities at the

time of issuance while the existence of

compulsory repositories will ensure that

investors have continued access to

terms and provisions relating to certain

static features of those municipal

securities. The provisions of Rule 15c2–

12 regarding an issuer’s continuing

disclosure requirements assist investors

by ensuring that information about an

issue or issuer remains available after

the issuance.

Municipal offerings of less than $1

million are exempt from the rule, as are

offerings of municipal securities issued

in large denominations that are sold to

no more than 35 sophisticated investors,

have short-term maturities, or have

short-term tender or put features. It is

estimated that approximately 12,000

brokers, dealers, municipal securities

dealers, issues of municipal securities,

and nationally recognized municipal

securities information repositories will

spend a total of 123,850 hours per year

complying with Rule 15c2–12. Based on

average cost per hour of $50, the total

cost of compliance with Rule 15c2–12 is

$6,192,500.

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.

General comments regarding the

above information should be directed 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: November 10, 1997.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–30177 Filed 11–17–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Rel. No. IC–22882/812–10050]

The Benchmark Funds, et al.; Notice of

Application

November 12, 1997.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of Application for

Exemption under the Investment

Company Act of 1940 (the ‘‘Act’’).

SUMMARY OF APPLICATION: Applicants

request an order under sections 6(c),

10(f) and 17(b) of the Act for an

exemption from the provisions of

sections 10(f) and 17(a) of the Act. The

order would permit principal

transactions effected in the ordinary

course of business between the

Benchmark Funds, The Commerce

Funds, and Goldman, Sachs & Co.

APPLICANTS: The Benchmark Funds, The

Commerce Funds (collectively, the

‘‘Funds’’), and Goldman, Sachs & Co.

(‘‘Goldman Sachs’’).

FILING DATES: The application was filed

on March 19, 1996 and amended on

October 15, 1996, and September 18,

1997.

HEARING OR NOTIFICATION OF HEARING: An

order granting the application will be

issued unless the SEC orders a hearing.

Interested persons may request a

hearing by writing to the SEC’s

Secretary and serving applicants with a

copy of the request, personally or by

mail. Hearing requests should be

received by the SEC by 5:30 p.m. on

December 8, 1997, and should be

accompanied by proof of service on

applicant, in the form of an affidavit or,

for lawyers, a certificate of service.

Hearing requests should state the nature

of the writer’s interest, the reason for the

request, and the issues contested.

Persons who wish to be notified of a

hearing may request notification by

writing to the SEC’s Secretary.

ADDRESSES: Secretary, SEC, 450 Fifth

Street, NW., Washington, DC 20549. The

Benchmark Funds, 4900 Sears Tower,

Chicago, Illinois 60606–6303, The

Commerce Funds, PO Box 16391, St.

Louis, Missouri 63105, Goldman, Sachs

& Co., 85 Broad Street, New York, New

York 10004.

FOR FURTHER INFORMATION CONTACT:

Deepak T. Pai, Staff Attorney, at (202)

942–0574, or Mary Kay Frech, Branch

Chief at (202) 942–0564 (Division of

Investment Management, Office of

Investment Company Regulation).

SUPPLEMENTARY INFORMATION: The

following is a summary of the

application. The complete application

may be obtained for a fee at the SEC’s

Public Reference Branch, 450 Fifth

Street, NW., Washington, DC 20549 (tel.

202–942–8090).

Applicants’ Representations

1. The Benchmark Funds is a

Massachusetts business trust that is

registered under the Act as an open-end

management investment company. The

Benchmark Funds currently offers to

institutional investors 17 equity, fixed

income and money market Portfolios.1

The Benchmark Funds is the proprietary

fund of the Northern Trust Company

(‘‘Northern’’), which serves as

investment adviser, transfer agent and

custodian for each of the Benchmark

Funds’ Portfolios. Northern, a member

of the Federal Reserve System, is an

Illinois state-chartered commercial bank

and the principal subsidiary of Northern

Trust Corporation, a bank holding

company.

2. The Commerce Funds is a Delaware

business trust that is registered under

the Act of an open-end management

investment company. The Commerce

Funds currently consists of nine

Portfolios, which are offered to both

individual and institutional investors.

The Commerce Funds is the proprietary

fund of the Commerce Bank, N.A. (St.

Louis) and Commerce Bank, N.A.

(Kansas City), which serve as the

investment advisers to the Commerce

Funds. Each of these banks is a

subsidiary of Commerce Bancshares,

Inc., a registered multi-bank holding

company (collectively, ‘‘Commerce

Bank’’ and together with Northern, the

‘‘Banks’’).

3. At present, federal banking laws

and regulations are interpreted to

restrict the ability of banks and bank

holding companies, directly or through

affiliated persons, to act as distributors

for mutual funds or to provide

personnel to act as officers and

employees of the funds. Consistent with

these requirements, bank proprietary

funds must find a third party,

independent of the bank, to act as the

nominal ‘‘distributor,’’ and retain

officers who are not affiliated with the

bank to perform certain administrative

functions not associated with the

selection of investments or brokerdealers through which trades may be

effected.

4. Goldman Sachs is a registered

broker-dealer that was founded in 1869.