Federal Register / Vol. 62, No. 217 / Monday, November 10, 1997 / Notices 60547

32 15 U.S.C. 78o–3(b)(6).

33 In approving the proposal, the Commission has

considered the proposal’s impact on efficiency,

competition, and capital formation. 15 U.S.C. 78c(f). 34 15 U.S.C. 78s(b)(2).

of the provision is to permit banks and

broker-dealers to maintain open

communications about dual employees,

and it is unclear what purpose would be

served by the revision.

III. Solicitation of Comments

Interested persons are invited to

submit written data, views, and

arguments concerning Amendment No.

5. 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 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–95–63 and should be

submitted by December 1, 1997.

IV. Commission Findings

The Commission finds that the rule

change is consistent with the

requirements of Section 15A(b)(6) of the

Act.32 Section 15A(b)(6) specifies that

the rules of a national securities

association be designed, among other

things, to prevent fraudulent and

manipulative acts, to promote just and

equitable principles of trade, and, in

general, to protect investors and the

public interest. The Commission

believes that the rule will provide

enforceable standards designed to

reduce potential customer confusion in

dealing with broker-dealers that conduct

business on the premises of financial

institutions. The rule also should clarify

the relationship between a broker-dealer

and a financial institution entering into

a networking arrangement.33 The rule

should help prevent confusion by

clarifying that securities purchased by

customers on the premises of a financial

institution are not insured by the FDIC

or the financial institution. The

disclosures required by the rule, and the

written acknowledgement of disclosures

obtained pursuant to the rule, are

intended to assist investors in making

investment decisions based on a better

understanding of the distinctions

between insured deposits and

uninsured securities products. Although

the rule requires only that members

‘‘make reasonable efforts’’ to obtain

written customer acknowledgment of

the required disclosures in the account

opening process, the Commission

expects members to obtain such written

acknowledgement in all but rare

circumstances (e.g. when a customer

refuses to sign the acknowledgment). It

is anticipated that, as is the case today,

many firms will provide these

disclosures in the new account opening

form which, when signed by the

customer, constitutes written

acknowledgment. The Commission

believes that in the rare circumstances

where acknowledgment is not obtained,

heightened supervisory procedures

would be necessary. Reasonable

supervisory procedures would include

procedures for the registered

representative receiving approval from

the member’s compliance department

prior to opening the account, and

documenting that the customer has

refused to sign the written

acknowledgment of such disclosure.

The Commission also agrees with the

NASD that the activities of NASD

member firms operating on the premises

of financial institutions and related

customer protection issues are not

adequately addressed by existing NASD

rules. Because the Interagency

Statement is not part of the securities

laws or rules, the basis for NASD

Regulation disciplinary action against

member firms that do not comply with

the Interagency Statement is unclear.

The proposed rule establishes a clear

standard of conduct governing the

practices of member firms operating on

the premises of financial institutions

that is enforceable by the NASD.

The Commission finds good cause for

approving Amendment No. 5 prior to

the thirtieth day after the date of the

publication of notice of filing thereof in

the Federal Register, because

Amendment No. 5 reflects and responds

to earlier comments about the proposal

and further clarifies the proposal. In

addition, accelerated approval of

Amendment No. 5 will permit the rule

to go into effect without further delay.

V. Effective Date

The NASD will announce the

approval of this rule in a Notice to

Members no later than 60 days after

publication of this Order in the Federal

Register. The effective date of this rule

will be 60 days after publication of the

NASD’s Notice to Members.

It is therefore ordered, pursuant to

Section 19(b)(2) 34 of the Act, that the

proposed rule change (SR–NASD–95–

63), as amended be, and hereby is,

approved.

By the Commission.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–29600 Filed 11–7–97; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF STATE

[Public Notice No. 2625]

Secretary of State’s Advisory

Committee on Private International

Law; Meeting Notice

There will be a meeting on

Developments in Private International

Law of the Secretary of State’s Advisory

Committee on Private International Law

(ACPIL) on Thursday, November 20

from 1:00 p.m. to 5:00 p.m. and Friday,

November 21 from 10:00 a.m. to 4:30

p.m. at the Department of State in

Washington, D.C.

Comments and advice will be

solicited on developments in private

international law. The meeting agenda

will include a review of the work of

international organizations specializing

in this field, including the International

Institute for Unification of Private Law

(UNIDROIT), the Hague Conference on

Private International Law, the United

Nations Commission on International

Trade Law (UNCITRAL), Inter-American

Specialized Conferences on Private

International Law (CIDIP) sponsored by

the Organization of American States

(OAS), and other international

organizations, as appropriate.

Topics for discussion will include the

proposed Hague convention on

jurisdiction, recognition and

enforcement of foreign judgments; the

1997 UNCITRAL model law on crossborder insolvencies; electronic

commerce developments, including

jurisdiction, cross-border recognition,

and U.S. positions on electronic

signatures; whether the Advisory

Committee should endorse for U.S.

signature and ratification the 1996

Hague Convention on Protection of

Children; possible PIL topics at the next

O.A.S. Specialized Conference on

Private International Law (CIDIP–VI);

the proper role non-governmental

parties should play in international

bodies such as the U.N.; the Hague

Conventions on intercountry adoption

and international child abduction; the

prospects for a Hague convention on
60548 Federal Register / Vol. 62, No. 217 / Monday, November 10, 1997 / Notices

protection of incapacitated adults;

international issues involved in

reciprocal arrangements for enforcement

of support obligations; and whether U.S.

policy on commercial law unification

should be based on the balancing of

provisions of various legal systems, or

should adopt economic objectives as the

guiding standard. Additional topics may

be considered as time permits.

Members of the general public may

attend up to the capacity of the meeting

room, which may be limited, and

participate subject to the direction of the

Chair. The meeting will be held in

Conference Room 1107 at the

Department of State; entry should be

only via the Diplomatic entrance at 22d

and ‘‘C’’ Streets, N.W. As access to the

building is controlled, the office

indicated below should be notified by

mail or fax not later than Friday,

November 14, of the name, address, firm

or affiliation if any, social security

number and date of birth of persons

wishing to attend. Providing this

information permits us to pre-clear

participants and avoid delays that

otherwise may occur due to security

procedures.

To register for the meeting with the

above information or to request copies

of documents on particular topics,

please contact the Office of the Assistant

Legal Adviser for Private International

Law (L/PIL), attention Harold S.

Burman, Advisory Committee Executive

Director, at 2430 ‘‘E’’ Street, N.W., Suite

355 South Building, Washington D.C.

20037–2800, or notify Ms. Rosalia

Gonzales by fax at (202) 776–8482,

phone (202) 776–8420, or by e-mail at

pildb@his.com. Members of the public

are also invited to request information

on the Department’s program in this

field.

Peter H. Pfund,

Assistant Legal Adviser for Private

International Law.

[FR Doc. 97–29582 Filed 11–7–97; 8:45 am]

BILLING CODE 4710–08–M

TRADE AND DEVELOPMENT AGENCY

SES Performance Review Board;

Notice

AGENCY: Trade and Development

Agency.

ACTION: Notice.

SUMMARY: Notice is hereby given of the

appointment of members of the Trade

and Development Agency’s Performance

Review Board.

FOR FURTHER INFORMATION CONTACT:

Deirdre E. Curley, Assistant Director for

Management, Trade and Development

Agency, 1621 N. Kent Street, Arlington,

VA 22209–2131, (703) 875–4357.

SUPPLEMENTARY INFORMATION: Section

4314(c) (1) through (5), U.S.C., requires

each agency to establish, in accordance

with regulations prescribed by the

Office of Personnel Management, one or

more SES performance review boards.

The board shall review and evaluate the

initial appraisal of a senior executive’s

performance by the supervisor, along

with any recommendations to the

appointing authority relative to the

performance of the senior executive.

The following have been selected as

acting members of the Performance

Review Board of the Trade and

Development Agency: Lois E. Hartman,

Deputy Director (retired), Office of

Human Resources, Agency for

International Development; James

Sullivan, Director, Office of Energy and

Infrastructure, Bureau for Research and

Development, Agency for International

Development; and John L. Wilkinson,

Associate Assistant Administrator,

Bureau for Global Programs, Agency for

International Development.

Dated: November 5, 1997.

Deirdre E. Curley,

Assistant Director for Management.

[FR Doc. 97–29620 Filed 11–7–97; 8:45 am]

BILLING CODE 8040–01–M

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Noise Exposure Map Notice; Receipt of

Noise Compatibility Program and

Request for Review, Akron-Canton

Regional Airport, Akron, OH

AGENCY: Federal Aviation

Administration, DOT.

ACTION: Notice.

SUMMARY: The Federal Aviation

Administration (FAA) announces its

determination that the noise exposure

maps submitted by the Akron-Canton

Regional Airport Authority for AkronCanton Regional Airport under the

provisions of Title I of the Aviation

Safety and Noise Abatement Act of 1979

(Public Law 96–193) and 14 CFR Part

150 are in compliance with applicable

requirements. The FAA also announces

that it is reviewing a proposed noise

compatibility program that was

submitted for Akron-Canton Regional

Airport under Part 150 in conjunction

with the noise exposure map, and that

this program will be approved or

disapproved on or before April 14, 1998.

EFFECTIVE DATE: The effective date of the

FAA’s determination on the noise

exposure maps and of the start of its

review of the associated noise

compatibility program is October 16,

1997. The public comment period ends

December 15, 1997.

FOR FURTHER INFORMATION CONTACT:

Lawrence C. King, Program Manager,

Federal Aviation Administration,

Detroit Airports District Office, Willow

Run Airport, East, 8820 Beck Road,

Belleville, Michigan 48111. Comments

on the proposed noise compatibility

program should also be submitted to the

above office.

SUPPLEMENTARY INFORMATION: This

notice announces that the FAA finds

that the noise exposure maps submitted

for Akron-Canton Regional Airport are

in compliance with applicable

requirements of Part 150, effective

October 16, 1997. Further, FAA is

reviewing a proposed noise

compatibility program for that airport

which will be approved or disapproved

on or before April 14, 1998. This notice

also announces the availability of this

program for public review and

comment.

Under section 103 of Title I of the

Aviation Safety and Noise Abatement

Act of 1979 (hereinafter referred to as

‘‘the Act’’), an airport operator may

submit to the FAA noise exposure maps

which meet applicable regulations and

which depict noncompatible land uses

as of the date of submission of such

maps, a description of projected aircraft

operations, and the ways in which such

operations will affect such maps. The

Act requires such maps to be developed

in consultation with interested and

affected parties in the local community,

government agencies, and persons using

the airport.

An airport operator who has

submitted noise exposure maps that are

found by the FAA to be in compliance

with the requirements of Federal

Aviation Regulations (FAR) Part 150,

promulgated pursuant to Title I of the

Act, may submit a noise compatibility

program for FAA approval which sets

forth the measures the operator has

taken or proposes for the reduction of

existing noncompatible uses and for the

prevention of the introduction of

additional noncompatible uses.

Akron-Canton Regional Airport

Authority submitted to the FAA on

September 22, 1997, noise exposure

maps, descriptions and other

documentation which were produced

during the Akron-Canton Regional

Airport Noise Compatibility Study

update dated 1997. It was requested that

the FAA review this material as the

noise exposure maps, as described in

section 103(a)(1) of the Act, and that the