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)