65728 Federal Register / Vol. 62, No. 240 / Monday, December 15, 1997 / Notices

1 15 U.S.C. 78f(b).

2 15 U.S.C. 78f(b)(5).

1 15 U.S.C. 78s(b)(1).

2The Commission has modified parts of these

statements.

rules and policies and federal securities

laws as in effect from time to time. The

elimination of the record keeping

capabilities of the Gateway will not

cause any diminution of the Exchange’s

surveillance capabilities as the

Exchange will retain the same access to

member books and records that it

currently possesses.

With respect to ‘‘throttling,’’ the

Revised Wireless Communications

Policy states that the Exchange’s staff

may request members to reduce radio

traffic if and when required because a

particular user is using more than its

fair share of radio frequency capacity or

overall usage in reaching its maximum.

Members will be obligated to comply

immediately with any such request and

their ability to send wireless

communications may be immediately

terminated if they fail to comply with

such a directive. The Exchange also

proposes some further changes to the

Wireless Communications Policy to

enhance it in light of the Exchange’s

experience with wireless technology

since the Policy was first adopted.

These proposed changes include a

requirement that members using

wireless technology maintain a record of

orders and quotes initiated on the Floor

and transmitted to other markets, a

statement that members do not acquire

a property interest in their assigned

band width, a requirement that affiliates

be treated as a single entity for purposes

of band width assignment and a

reduction in the number of hand held

terminals that the system is able to

support in view of anticipated demand

for this capacity.

2. Statutory Basis

The Exchange believes that the

proposed rule change is consistent with

Section 6(b) of the Act 1 in general and

furthers the objectives of Section

6(b)(5) 2 in particular in that it is

designed to prevent fraudulent acts and

practices, promote just and equitable

principles of trade, remove

impediments to and perfect the

mechanisms of a free and open market,

and, in general, protect investors and

the public interest.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange does not believe that

the proposed rule change will impose

any inappropriate 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 either

solicited or received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Within 35 days of the publication of

this notice in the Federal Register or

within such longer period: (i) As the

Commission may designate up to 90

days of such date if it finds such longer

period to be appropriate and publishes

its reasons for so finding; or (ii) as to

which the self-regulatory organization

consents, the Commission will:

(A) By order approve the proposed

rule change, or

(B) Institute proceedings to determine

whether the proposed rule change

should be disapproved.

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 at

the Commission’s Public Reference

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the Exchange. All

submissions should refer to File No.

SR–Amex–97–40 and should be

submitted by January 5, 1998.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–32650 Filed 12–12–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–39416; File No. SR–NSCC–

97–10]

Self-Regulatory Organizations;

National Securities Clearing

Corporation; Notice of Filing of a

Proposed Rule Change Establishing a

New Category of Fund Member for

Investment Advisers in Mutual Fund

Services

December 9, 1997.

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

Securities Exchange Act of 1934

(‘‘Act’’),1 notice is hereby given that on

August 25, 1997, the National Securities

Clearing Corporation (‘‘NSCC’’) filed

with the Securities and Exchange

Commission (‘‘Commission’’) the

proposed rule change as described in

Items I, II, and III below, which items

have been prepared primarily by NSCC.

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 proposed rule will establish a

new category of fund member in NSCC’s

mutual fund services (‘‘MFS’’) for

registered investment advisers.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

NSCC 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 text of these statements

may be examined at the places specified

in Item IV below. NSCC has prepared

summaries, set forth in sections (A), (B),

and (C) below, of the most significant

aspects of such statements.2

(A) Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

NSCC’s MFS is designed to enable

NSCC members to process and to settle

on an automated basis mutual fund

purchase and redemption orders and to

transmit registration instructions.

Currently, NSCC’s rules and procedures

permit two categories of fund member

in MFS: (1) principal underwriters
Federal Register / Vol. 62, No. 240 / Monday, December 15, 1997 / Notices 65729

3See NSCC Rule 51, Section 1 (‘‘Fund Member’’)

and Procedure Addendum I(B)(2) (‘‘Standards of

Financial Responsibility and Operational Capability

for Fund Members’’).

4 Investment companies were permitted to join

MFS as fund member pursuant to a rule change

filing approved by the Commission. Securities

Exchange Act Release No. 33525 (January 26, 1994),

59 FR 4759.

5 15 U.S.C. 78q–1. 6 17 CFR 200.30–3(a)(12).

which are registered broker-dealers

under the Act and (2) investment

companies which are registered under

the Investment Company Act of 1940.3

Although mutual funds which have

no broker-dealer distributor may join

MFS as individual fund members, it can

be a cumbersome and inefficient

process. For example, families of these

self-distributed no load funds currently

may only join MFS through each of their

separate investment companies. To take

full advantage of the benefits of a single

membership, such as net settlement,

reduced costs, operational efficiencies,

and oversight by a single board of

directors, these funds prefer to join MFS

through an investment adviser.

The proposed rule change will

expand the fund member category to

include registered investment advisers

as defined in Section 202(a)(11) of the

Investment Advisers Act of 1940. To be

eligible for membership in MFS, a

nonguaranteed service of NSCC,

investment advisers will need to be

registered with the Commission and to

have a minimum of $25 million in

assets under management and $100,000

in total net worth.

In addition, the proposed rule change

will make a technical amendment to

conform NSCC’s procedures with its

rules. Specifically, Procedure

Addendum I(B)(2) sets forth the

standards of financial responsibility and

operational capability for the

investment company fund member

applicant. Because the list of eligible

fund members contained in Rule 51

inadvertently omits investment

companies, Rule 51 Section 1 will be

amended to include this existing

category of fund member.4

NSCC believes that the proposed rule

change is consistent with Section 17A of

the Act and the rules and regulations

promulgated thereunder because it will

facilitate the prompt and accurate

clearance and settlement of securities

transactions and will protect investors

and the public interest.5

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

NSCC does not believe that the

proposed rule change will have an

impact on or impose a 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 relating to the

proposed rule change have been

solicited or received. NSCC will notify

the Commission of any written

comments received by NSCC.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Within thirty-five days of the date of

publication of this notice in the Federal

Register or within such longer period (i)

as the Commission may designate up to

ninety days of such date if it finds such

longer period to be appropriate and

publishes its reason for so finding or (ii)

as to which NSCC consents, the

Commission will:

(A) by order approve such rule filing

(B) institute proceedings to determine

whether the rule filing should be

disapproved.

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 rule filing that are

filed with the Commission, and all

written communications relating to the

rule filing between the Commission and

any person, other than those that may be

withheld from the public in accordance

with provisions of 5 U.S.C. 552, will be

available for inspection and copying in

the Commission’s Public Reference

Room in Washington, D.C. Copies of

such filing will also be available for

inspection and copying at the principal

office of NSCC. All submissions should

refer to the File No. SR–NSCC–97–10

and should be submitted by January 5,

1998.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.6

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–32654 Filed 12–12–97; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Advisory Circular (AC) 25.1581–1,

Airplane Flight Manual

AGENCY: Federal Aviation

Administration, DOT.

ACTION: Notice of issuance of advisory

circular.

SUMMARY: This notice announces the

issuance of Advisory Circular (AC)

25.1581–1, Airplane Flight Manual. The

primary purpose of the FAA-approved

AFM is to provide an authoritative

source of information considered

necessary for safely operating the

airplane. The AC identifies the

information that must be provided in

the AFM under the airworthiness

regulations and provides guidance as to

the form and content of the approved

portion of an AFM.

DATES: Advisory Circular 25.1581–1 was

issued on July 14, 1997, by the Acting

Manager of the Transport Airplane

Directorate, Aircraft Certification

Service, in Renton, Washington.

How To Obtain Copies: A copy of AC

25.1581–1 may be obtained by writing

to the U.S. Department of

Transportation, Subsequent Distribution

Office, Ardmore East Business Center,

3341 Q 75th Avenue, Landover, MD

20785.

Issued in Renton, Washington, on

November 19, 1997.

Stewart R. Miller,

Manager, Transport Standards Staff,

Transport Airplane Directorate, Aircraft

Certification Service, ANM–100.

[FR Doc. 97–32668 Filed 12–12–97; 8:45 am]

BILLING CODE 4910–13–M

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Notice of Intent To Rule on Application

To Impose and Use the Revenue From

a Passenger Facility Charge (PFC) at

Easterwood Airport, College Station,

TX

AGENCY: Federal Aviation

Administration (FAA), DOT.

ACTION: Notice of intent to rule on

application.

SUMMARY: The FAA proposes to rule and

invites public comment on the

application to impose and use the

revenue from a PFC at Easterwood

Airport under the provisions of the

Aviation Safety and Capacity Expansion

Act of 1990 (Title IX of the Omnibus

Budget Reconciliation Act of 1990)