Federal Register / Vol. 62, No. 223 / Wednesday, November 19, 1997 / Notices 61857

1PQAC is composed of the Representative

Examination Subcommittee and the Principal

Continued

the interests of the Eligible Trustees or

the Trust’s shareholders.

5. Section 22(g) generally prohibits

registered open-end investment

companies from issuing any of their

securities for services or for property

other than cash or securities. Applicants

assert that the legislative history of

section 22(g) was primarily concerned

with the dilutive effect on the equity

and voting power of common stock of,

or units of beneficial interest in, an

investment company if the company’s

securities are issued for consideration

not readily valued. Applicants contend

that the Plan does not raise these

concerns because any rights issued

under the Plan to Eligible Trustees will

not be issued for services but in

consideration for the Trust not being

required to pay the fees on a current

basis. In addition, applicants state that

the Eligible Trustees’ compensation

arrangements, including the right to

defer fees, will be described in the

Trust’s proxy statements.

6. Section 17(d) and rule 17d–1

prohibit affiliated persons from

participating in joint arrangements with

a registered investment company unless

authorized by the SEC. In passing on

applications for such orders, rule 17–d

provides that the SEC will consider

whether the participation of such

investment company is consistent with

the provisions, policies, and purposes of

the Act and the extent to which such

participation is on a basis different from

or less advantageous than that of other

participants. Applicants acknowledge

that the Plan may be deemed to

constitute a joint arrangement within

the meaning of rule 17d–1. Applicants

state that the Eligible Trustees will not

share in any increase or decrease in the

value of amounts retained by the Trust

or otherwise participate in that

investment experience. Except for

accrued interest to be paid on Deferral

Accounts, Eligible Trustees will receive

the same fixed amounts that would have

been received if fees were paid on a

current basis. Therefore, applicants

assert that the Trust’s obligation to make

payments to Trustees under the Plan

will not be based upon a level of the

Trust’s income, its realized gains or

losses on investments, or the unrealized

appreciation or depreciation of its

assets. Applicants believe that the

selection of the Equitable Rate is

inherently no different from the

selection of a prime rate, the interest

rate on U.S. Treasury Bills, or other

assumed interest rates for fixed

retirement type obligations. Thus,

Applicants contend that the selection of

the Equitable Rate as a convenient

reference point does not represent a

participation in the Equitable

Investment Plan or in the performance

of the Trust.

For the Commission, by the Division of

Investment Management, under delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–30297 Filed 11–18–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[File No. 500–1]

HealthTech International, Inc.; Order of

Suspension of Trading

November 17, 1997

It appears to the Securities and

Exchange Commission that questions

have been raised about the adequacy

and accuracy of publicly-disseminated

information about HealthTech

International, Inc. concerning, among

other things, its financial condition and

acquisitions made by the company.

The Commission is of the opinion that

the public interest and the protection of

investors require a suspension of trading

in the securities of the above listed

company.

Therefore, it is ordered, pursuant to

Section 12(k) of the Securities Exchange

Act of 1934, that trading in the above

listed company is suspended for the

period from 9:30 a.m. EST, November

17, 1997, through 11:59 p.m. EST, on

December 1, 1997.

By the Commission.

Jonathan G. Katz,

Secretary.

[FR Doc. 97–30490 Filed 11–17–97; 11:37

am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–39320; File No. SR–MSRB–

97–7]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Municipal Securities Rulemaking

Board to Revise the Study Outline for

the Board’s Municipal Securities

Principal Qualification Examination

(Test Series 53)

November 12, 1997.

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

Securities Exchange Act of 1934

(‘‘Act’’), 15 U.S.C. 78s(b)(1), notice is

hereby given that on October 16, 1997,

the Municipal Securities Rulemaking

Board (‘‘Board or ‘‘MSRB’’) filed with

the Securities and Exchange

Commission (‘‘Commission’’ or ‘‘SEC’’)

a proposed rule change (File No. SR–

MSRB–97–7). The proposed rule change

is described in Items, I, II, and III below,

which Items have been prepared by the

Board. 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 MSRB is filing herewith a

proposed rule change to revise the study

outline for the Board’s Municipal

Securities Principal Qualification

Examination, Test Series 53

(‘‘Examination’’). The Board requests

that the Commission delay the

effectiveness of the revised study

outline until January 1, 1998, in order

to provide time to modify the

Examination to reflect the changes in

the study outline and for information

concerning the revised outline to be

circulated to the industry.

II. Self-Regulatory Organization’s

Statement of The Terms of Substance of

The Proposed Rule Change

In its filing with the Commission, the

Board 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 texts of these

statements may be examined at the

places specified in Item IV below. The

Board 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 Examination is the only

examination a candidate may take to

qualify as a municipal securities

principal. A municipal securities

principal manages, directs or supervises

the municipal securities activities of a

broker, dealer or municipal securities

dealer. Specific subjects and questions

have been updated from time to time in

the Examination to reflect changes in

Board rules or applicable federal

regulation. The Board’s Professional

Qualification Advisory Committee

(‘‘PQAC’’) 1 determined that the content
61858 Federal Register / Vol. 62, No. 223 / Wednesday, November 19, 1997 / Notices

Examination Subcommittee. The subcommittees are

composed of individuals with extensive experience

in the securities industry. The committee members

are employed by securities firms and bank dealers

and come from diverse geographic locations.

of the study outline should be revised

to reflect additions to and changes in

Board rules since the outline was last

revised. The revised outline also

provides for the inclusion of new Board

rules as they are promulgated.

Treatment of the following existing

Board rules has changed in the revised

study outline:

• Rule G–3 on professional

qualifications.

• Rule G–8 on books and records.

• Rule G–23 on activities of financial

advisors.

• Rule G–34 on CUSIP numbers and

new issue requirements.

• Rule G–37 on political

contributions and prohibitions on

municipal securities business.

• Rule G–38 on consultants.

• Rule G–39 on telemarketing.

The test specifications for the

Examination have not been changed,

and it will remain a three-hour 100

question examination administered by

National Association of Securities

Dealers Regulation, Inc. (‘‘NASDR’’)

using the PROCTOR system.

Examinations administered after

January 1, 1998 will include an exhibits

book, which is a compilation of

materials (e.g., syndicate agreement,

trade blotter) that a principal might

employ in the conduct of his job

responsibilities, and will be used to

answer certain questions.

2. Statutory Basis

It is the Board’s responsibility under

Section 15B(b)(2)(A) of the Act, to

propose and adopt rules which

provide that no municipal securities broker

or municipal securities dealer shall effect any

transaction in, or induce the purchase or sale

of, any municipal security unless * * * such

municipal securities broker or municipal

securities dealer and every natural person

associated with such municipal securities

broker or municipal securities dealer meets

such standards of training, experience,

competence, and such other qualifications as

the Board finds necessary or appropriate in

the public interest or for the protection of

investors.

Section 15B(b)(2)(A) of the Act also

provides that the Board may

appropriately classify municipal

securities brokers and municipal

securities dealers and their associated

personnel and require persons in any

such class to pass tests prescribed by the

Board.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Board does not believe that the

proposed rule change will impose any

burden on competition 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 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: (i) does not significantly affect

the protection of investors or the public

interest; (ii) does not impose any

significant burden on competition; (iii)

was provided to the Commission for its

review at least five days prior to the

filing date; and (iv) does not become

operative for thirty (30) days from the

date of its filing on October 16, 1997,

the proposed rule change has become

effective pursuant to Section 19(b)(3)(A)

of the Act and Rule 19b–4(e)(6)

thereunder. In particular, the

Commission believes the proposed rule

change qualifies as a ‘‘non-controversial

filing’’ in that the proposed Standards

do not significantly affect the protection

of investors or the public interest and do

not impose any significant burden on

competition. 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 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, NW.,

Washington, DC 20549. Copies of the

submissions, 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 Board’s principal offices. All

submissions should refer to File No.

SR–MSRB–97–7 and should be

submitted by December 10, 1997.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority, 17 CFR 200.30–3(a)(12).

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–30340 Filed 11–18–97; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Advisory Circular 27–1A, Certification

of Normal Category Rotorcraft

AGENCY: Federal Aviation

Administration (FAA), DOT.

ACTION: Notice of issuance and

availability.

SUMMARY: Advisory Circular (AC) 27–

1A, Certification of Normal Category

Rotorcraft, is a total revision of AC 27–

1 dated August 29, 1985, with changes

1, 2, 3, and 4 dated September 16, 1987,

April 24, 1989, September 12, 1991, and

August 18, 1995, respectively,

incorporated. In addition, new material

plus changes to existing paragraphs

have been incorporated to bring the AC

up-to-date with various rule changes to

14 CFR Part 27. As part of the FAA

effort to achieve national

standardization in rotorcraft

certification, the AC serves as a ready

reference for manufacturers, modifiers,

FAA design evaluation engineers, flight

test engineers, and engineering flight

test pilots and has been harmonized

with the Joint Aviation Authority (JAA)

to establish common guidance for the

U.S. and for JAA member nations. The

AC material has no legally binding

status and must be treated as advisory

only.

DATES: AC 27–1A was issued by the

Rotorcraft Directorate, Aircraft

Certification Service, on July 30, 1997.

How to Order: A copy of AC 27–1A

may be purchased from the

Superintendent of Documents, Mail

Stop: SSOP, U.S. Government Printing

Office, Washington, DC 20402, or from

any of the Government Printing Offices

located in major cities throughout the

United States. Identify the publication

as AC 27–1A, Certification of Normal

Category Rotorcraft, Stock Number 050–

007–01186–5. The cost is $57.00 per

copy for orders mailed within the U.S.

and $71.25 for orders mailed outside of