Federal Register / Vol. 62, No. 30 / Thursday, February 13, 1997 / Notices 6825

8 17 CFR 200.30–3(a)(12).

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

changes in the event that SIPC again

changes its form. The Exchange also is

adding a reference to SIPC

‘‘assessments’’ in order to clarify the

subject rules, consistent with the PSE’s

long-standing interpretation that a SIPC

filing with the Exchange is complete

only if it includes an assessment.

(b) Basis

The PSE believes that the proposal is

consistent with Section 6(b) of the Act,

in general, and with Sections 6(b)(5) and

6(b)(6), in particular, in that it is

designed to promote just and equitable

principles of trade and to ensure that

members will be appropriately

disciplined for violations of Exchange

rules.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

The PSE 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 or

received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Because the foregoing rule change and

Amendment No. 1 to the rule change

constitute a stated policy, practice or

interpretation with respect to the

meaning, administration, or

enforcement of an existing PSE rule, the

proposal and Amendment No. 1 to the

proposal have become effective

pursuant to Section 19(b)(3)(A) of the

Act and subparagraph (e) of Rule 19b–

4 thereunder. At any time within 60

days of the filing of such 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, NW.,

Washington, DC 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

Section, 450 Fifth Street, NW.,

Washington, DC 20549. 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–PSE–97–04

and should be submitted by March 6,

1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.8

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–3623 Filed 2–12–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–38253; File No. SR–PSE–

97–01]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the Pacific Stock Exchange

Incorporated Relating to the Limitation

of Liability in Connection With Indexes

on Which Options Are Listed or Traded

on the Exchange

February 6, 1997.

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

Securities Exchange Act of 1934

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

January 13, 1997, the Pacific Stock

Exchange Incorporated (‘‘PSE’’ or

‘‘Exchange’’) 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 by the self-regulatory

organization. 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 Exchange is proposing to modify

PSE Rule 7.13, which relates to the

limitation of liability of the PSE in

connection with indexes on which

options are listed or traded on the

Exchange. The text of the proposed rule

change is available at the Exchange 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 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.

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

Statutory Basis for, the Proposed Rule

Change

1. Purpose

PSE Rule 7.13 currently provides that

the Exchange shall have no liability for

damages, claims, losses or expenses

caused by any errors, omissions or

delays in calculating or disseminating

the index value. The Exchange now

proposes to expand this provision in

several respects. First, the Exchange

proposes to adopt new subsection (a),

which will provide that neither the

Exchange, any affiliate, nor any Index

Licensor or Administrator shall have

any liability for any loss, damages,

claim, or expense arising from or

occasioned by any inaccuracy, error, or

delay in, or omission of or from, (i) any

index and basket information or (ii) the

collection, calculation, compilation,

maintenance, reporting or dissemination

of any index or any index and basket

information, resulting either from any

negligent act or omission by the

Exchange, any affiliate or any Index

Licensor or Administrator or from any

act, condition or cause beyond the

reasonable control of the Exchange, any

affiliate or any Index Licensor or

Administrator, including, but not

limited to, flood, extraordinary weather

conditions; earthquake or other act of

God, fire, war, insurrection, riot, labor

dispute, accident, action of government,

communications or power failure, or

equipment or software malfunction.

The Exchange also proposes to adopt

new subsection (b), which states that

neither the Exchange, any affiliate, nor

any Index Licensor or Administrator

makes any express or implied warranty

as to results that any person or party

may obtain from using (i) any basket, (ii)

the index that is the basis for

determining a basket’s component
6826 Federal Register / Vol. 62, No. 30 / Thursday, February 13, 1997 / Notices

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

3 15 U.S.C. 78f(b)(5). 4 17 CFR 200.30–3(a)(12).

stocks, or (iii) any index and basket

information, for trading or any other

purpose. It further states that the

Exchange, its affiliates, Index Licensors,

and Administrators make no express or

implied warranties and disclaim all

warranties of merchantability or fitness

for a particular purpose or use, with

respect to any such basket, index, or

information.

The Exchange also proposes to adopt

new Commentary .01 to PSE Rule 7.13.

This Commentary would provide that,

for the purposes of PSE Rule 7.13,

‘‘Index Licensor or (and) Administrator’’

includes any person who: (a) licenses to

the Exchange the right to use (i) an

index that is the basis for determining

the inclusion and relative representation

of a basket’s component stocks or (ii)

any trademark or service mark

associated with such an index; (b)

collects, calculates, compiles, reports

and/or maintains such an index, or

index and basket information relating to

such an index; (c) provides facilities for

the dissemination of index and basket

information; and/or (d) is responsible

for any of the activities described above.

In addition, the Exchange proposes to

adopt new Commentary .02 to PSE Rule

7.13, which would provide that, for the

purposes of PSE Rule 7.13, ‘‘index and

basket information’’ includes (a)

information relating to the inclusion

and relative representation of stocks in

an index from which a basket is derived,

such an index’s values, a basket’s

component stocks, the weighted

summation of the bids or offers of a

basket’s component stocks, and basket

and component stock last sale and

quotation information and (b) other

information relating to a basket or its

index.

The purpose of the rule change

proposal is to clarify existing PSE Rule

7.13 and to expand it with regard to

potential Exchange liability and with

regard to Index Licensors and

Administrators. The Exchange notes

that the text of proposed PSE Rule 7.13

and Commentaries .01 and .02 is

substantially similar to New York Stock

Exchange Rule 813.

2. Statutory Basis

The Exchange believes the proposed

rule change is consistent with Section

6(b) 2 of the Act in general and furthers

the objectives of Section 6(b)(5) 3 in

particular in that it is designed to

facilitate transactions in securities and

to promote just and equitable principles

of trade.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange believes the proposed

rule change will impose no 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

The Exchange has neither solicited

nor received written comments.

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

Section, 450 Fifth Street, N.W.,

Washington, D.C. 10549. Also, copies of

such filing will be available for

inspection and copying at the principal

office of the PSE. All submissions

should refer to File No. SR–PSE–97–01

and should be submitted by March 6,

1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.4

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–3624 Filed 2–12–97; 8:45 am]

BILLING CODE 8010–01–M

OFFICE OF THE UNITED STATES

TRADE REPRESENTATIVE

[Docket No. WTO/D–11]

WTO Dispute Settlement Proceeding

Regarding Patent Protection in India

for Pharmaceuticals and Agricultural

Chemicals

AGENCY: Office of the United States

Trade Representative.

ACTION: Notice; request for comments.

SUMMARY: Pursuant to section 127(b)(1)

of the Uruguay Round Agreements Act

(URAA) (19 U.S.C. 3537(b)(1)), the

Office of the United States Trade

Representative (USTR) is providing

notice that the United States has

requested the establishment of a dispute

settlement panel under the Agreement

Establishing the World Trade

Organization (WTO), to examine India’s

failure to make patent protection

available for inventions as specified in

Article 27 of the Agreement on TradeRelated Aspects of Intellectual Property

Rights (TRIPS), or provide systems that

conform to obligations of the TRIPS

Agreement regarding the acceptance of

applications and the grant of exclusive

marketing rights. More specifically, the

United States has requested the

establishment of a panel to determine

whether India’s legal regime is

inconsistent with the obligations of the

TRIPS Agreement, including but not

necessarily limited to Articles 27, 65

and 70. USTR also invites written

comments from the public concerning

the issues raised in the dispute.

DATES: Although USTR will accept any

comments received during the course of

the dispute settlement proceedings,

comments should be submitted on or

before March 3, 1997, to be assured of

timely consideration by USTR in

preparing its first written submission to

the panel.

ADDRESSES: Comments may be

submitted to Ileana Falticeni, Office of

Monitoring and Enforcement, Room

501, Attn: India Mailbox Dispute, Office

of the U.S. Trade Representative, 600

17th Street, N.W., Washington, DC

20508.

FOR FURTHER INFORMATION CONTACT:

Thomas Robertson, Associate General

Counsel, Office of the General Counsel,

Office of the U.S Trade Representative,

600 17th Street, N.W. Washington, DC

20508 (202) 395–6800.