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