62796 Federal Register / Vol. 62, No. 227 / Tuesday, November 25, 1997 / Notices

1 Very recently (see SR–AMEX–97–34) the

Exchange had extended a PER fee waiver to

customer orders up to 5,099 shares in all exchangetraded fund products (‘‘EXTRA Funds’’). This fee

schedule change was not implemented and is being

replaced by the fee schedule revisions being made

herein.

2 15 U.S.C. 78f(b)(4).

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

4 17 CFR 19b–4(e).

5 17 CFR 200.30–3(a)(12).

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The Amex has revised its schedule of

fees imposed on trades in Standard &

Poor’s Depositary Receipts (‘‘SPDRs’’)

and Standard & Poor’s MidCap

Depositary Receipts (‘‘MidCap

SPDRs’’). The text of the fee 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

self-regulatory organization included

statements concerning the purpose of

and basis for the fee change and

discussed any comments it received on

the fee change. The text of these

statements may be examined at the

places specified in Item IV below. The

self-regulatory organization 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 the

Statutory Basis for, the Proposed Rule

Change

1. Purpose

The Exchange currently imposes a

transaction charge and a regulatory fee

on trades in equity securities executed

on the Exchange. The Exchange’s equity

transaction charge is a two-part fee

consisting of a share charge and a value

charge, based on the total number of

shares traded and the value of such

shares, respectively. All equity trades

executed through the Exchange’s Post

Execution Reporting (‘‘PER’’) order

routing system up to 1,099 shares are

exempt from Exchange equity

transaction charges (excluding only

those for the account of non-member

competing dealers). The Exchange also

imposes a separate regulatory fee on all

equity trades calculated at .00005 times

the total value of shares traded.

The Exchange is now making

revisions to its schedule of fees relative

to trades on the Exchange in SPDRs and

MidCap SPDRs. The Exchange will

charge a different and separate fee

which will vary depending on for whom

the trade was executed. Specialists will

be charged a transaction fee of $.006 per

share ($.60 per 100 shares), capped at

$300 per trade. Registered Traders will

be charged a transaction fee of $.007 per

share ($.70 per 100 shares), capped at

$350 per trade. Off-floor orders (both

customer and broker-dealer) will be

charged a transaction fee of $.006 per

share ($.60 per 100 shares), capped at

$100 per trade.

In addition to the foregoing, orders up

to 5,099 shares in SPDRs and MidCap

SPDRs routed to the Exchange Floor

electronically through the Exchange’s

PER System will not be assessed a

transaction fee.1 However, the new fee

schedule will operate on a principle

consistent with that applied in the

context of the Exchange’s current fee

waiver in equities generally for PER

orders up to 1,099 shares, in that the

various fee waivers in SPDRs and

MidCap SPDRs will not be available to

PER orders for the account of a nonmember competing marketmaker.

These changes are calculated to lower

costs to users of the products while

making the cost of trading on the

Exchange comparable to the economics

of trading this and functionally similar

products in other markets. The revised

equity fee schedule was implemented

by the Exchange on October 29, 1997.

The Exchange will notify member firms

as to the date of effectiveness and as to

any necessary modifications to provide

for proper identification of orders

entitled to the fee exemption.

2. Statutory Basis

The fee change is consistent with

Section 6(b) of the Act in general and

furthers the objectives of Section

6(b)(4) 2 in particular in that it is

intended to assure the equitable

allocation of reasonable dues, fees, and

other charges among members, issuers,

and other persons using the Exchange’s

facilities.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The fee change will impose no burden

on competition.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants or Others

No written comments were solicited

or received with respect to the fee

change.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The foregoing rule change establishes

or changes a due, fee or other imposed

by the Exchange and, therefore, has

become effective pursuant to Section

19(b)(3)(A) of the Act 3 and

subparagraph (e)(2) of the Rule 19b–4

thereunder.4 At any time within 60 days

of the filing of such fee change, the

Commission may summarily abrogate

such fee 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, DC 20549. Copies of the

submission, all subsequent

amendments, all written statements

with respect to the fee change that are

filed with the Commission, and all

written communications relating to the

fee 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 in Washington, DC. 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–

36 and should be submitted by

December 16, 1997.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.5

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–30864 Filed 11–24–97; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF STATE

[Public Notice No. 2654]

Shipping Coordinating Committee

International Maritime Organization

(IMO) Legal Committee; Notice of

Meeting

The U.S. Shipping Coordinating

Committee (SHC) will conduct an open

meeting at 10:00 a.m., on Thursday,

December 4, 1997, in Room 2415 at U.S.

Coast Guard Headquarters, 2100 Second

Street, S.W., Washington, D.C. The

purpose of this meeting is to report on
Federal Register / Vol. 62, No. 227 / Tuesday, November 25, 1997 / Notices 62797

the 76th session of the IMO Legal

Committee, which was held October 13–

17, 1997, in London, regarding the

provision of financial security for

seagoing vessels (focussing on security

for passenger claims), compensation for

pollution from ships’ bunkers, a draft

convention on wreak removal, the

carriage by sea of radioactive materials,

and other matters. This meeting will

also be a further opportunity for

interested members of the public to

express their views on whether the

United States should ratify the 1996

Hazardous and Noxious Substances

Convention, or the 1996 protocol to the

Limitation of Liability for Maritime

Claims convention of 1976, both

adopted in London in May, 1996.

Members of the public are invited to

attend the SHC meeting, up to the

seating capacity of the room. For further

information, or to submit views

concerning the subjects of discussion,

write to either Captain Malcolm J.

Williams, Jr., or Lieutenant Commander

Bruce P. Dalcher, U.S. Coast Guard (G–

LMI), 2100 Second Street, S.W.,

Washington, D.C. 20593, or by

telephone (202) 267–1527, telefax (202)

267–4496.

Dated: November 20, 1997.

Russell A. La Mantia,

Chairman, Shipping Coordinating Committee.

[FR Doc. 97–30920 Filed 11–24–97; 8:45 am]

BILLING CODE 4710–07–M

OFFICE OF THE UNITED STATES

TRADE REPRESENTATIVE

Request of the Government of Anguilla

To Be Designated a Beneficiary of the

Caribbean Basin Economic Recovery

Act; Request for Public Comment

AGENCY: Office of the United States

Trade Representative.

ACTION: Notice; request for public

comment.

SUMMARY: Anguilla has requested

designation as a beneficiary country

under the Caribbean Basin Economic

Recovery Act. Interested parties are

invited to submit comments relevant to

the criteria to be examined in

determining Anguilla’s eligibility for

such designation.

DATES: Comments are due at USTR by

January 2, 1998.

ADDRESSES: Comments should be

addressed to: Susan Cronin, Director for

Caribbean and Central American Affairs,

Office of the U.S. Trade Representative,

600 17th Street, N.W., Room 523,

Washington, DC 20506.

FOR FURTHER INFORMATION CONTACT:

Susan Cronin, Director for Caribbean

and Central American Affairs, Office of

the United States Trade Representative,

600 17th Street, N.W., Room 523,

Washington, DC 20506; (202) 395–5190.

SUPPLEMENTARY INFORMATION: The

Caribbean Basin Economic Recovery Act

(the ‘‘CBERA’’) (Title II, Pub. L. 98–67,

as amended (19 U.S.C. 2701 et seq.))

authorizes the President to proclaim

duty-free treatment for eligible articles

from designated beneficiary countries in

the Caribbean Basin. Anguilla has

requested designation as a beneficiary

country under the CBERA.

Section 212(b) of the CBERA provides

that the President shall not designate

any country a CEBRA beneficiary

country—

(1) If such country is a Communist

country;

(2) If such country—

(A) has nationalized, expropriated or

otherwise seized ownership or control

of property owned by a United States

citizen or by a corporation, partnership,

or association which is 50 per centum

or more beneficially owned by United

States citizens,

(B) has taken steps to repudiate or

nullify—

(i) any existing contract or agreement

with, or

(ii) any patent, trademark, or other

intellectual property of,

a United States Citizen or a corporation,

partnership, or association which is 50

per centum or more beneficially owned

by United States citizens, the effect of

which is to nationalize, expropriate, or

otherwise seize ownership or control of

property so owned, or

(C) has imposed or enforced taxes or

other exactions, restrictive maintenance

or operational conditions, or other

measures with respect to property so

owned, the effect of which is to

nationalize, expropriate, or otherwise

seize ownership or control of such

property, unless the President

determines that—

(i) prompt, adequate, and effective

compensation has been or is being made

to such citizen, corporation,

partnership, or association,

(ii) good-faith negotiations to provide

prompt, adequate, and effective

compensation under the applicable

provisions of international law are in

progress, or such country is otherwise

taking steps to discharge its obligations

under international law with respect to

such citizen, corporation, partnership,

or association, or

(iii) a dispute involving such citizen,

corporation, partnership, or association,

over compensation for such a seizure

has been submitted to arbitration under

the provisions of the Convention for the

Settlement of Investment Disputes, or in

another mutually agreed upon forum,

and promptly furnishes a copy of such

determination to the Senate and House

of Representatives;

(3) if such country fails to act in good

faith in recognizing as binding or in

enforcing arbitral awards in favor of

United States citizens or a corporation,

partnership or association which is 50

per centum or more beneficially owned

by United States citizens, which have

been made by arbitrators appointed for

each case or by permanent arbitral

bodies to which the parties involved

have submitted their disputes;

(4) if such country affords preferential

treatment to the products of a developed

country, other than the United States,

which has, or is likely to have, a

significant adverse effect on United

States commerce, unless the President

has received assurances satisfactory to

him that such preferential treatment

will be eliminated or that action will be

taken to assure that there will be no

such significant adverse effect, and he

reports those assurances to the

Congress;

(5) if a government-owned entity in

such country engages in the broadcast of

copyrighted material, including films or

television material, belonging to United

States copyright owners without their

express consent;

(6) unless such country is a signatory

to a treaty, convention, protocol, or

other agreement regarding the

extradition of United States citizens;

and

(7) if such country has not or is not

taking steps to afford internationally

recognized worker rights (as defined in

section 502(a)(4) of the Trade Act of

1974) to workers in the country

(including any designated zone in that

country).

Paragraphs (1), (2), (3), (5), and (7)

shall not prevent the designation of any

country as a beneficiary country under

this Act if the President determines that

such designation will be in the national

economic or security interest of the

United States and reports such

determination to the Congress with his

reasons therefor.

Section 212(c) of the CBERA provides

that the President, in determining

whether to designate any country a

CBERA beneficiary country, shall take

into account—

(1) an expression by such country of

its desire to be so designated;

(2) the economic conditions in such

country, the living standards of its

inhabitants, and any other economic

factors which he deems appropriate;