1140 Federal Register / Vol. 62, No. 5 / Wednesday, January 8, 1997 / Notices

4For a complete discussion of SCCP’s and

Philadep’s inactive account rules and procedures,

refer to Securities and Exchange Act Release No.

37554, supra note 2.

5 15 U.S.C. 78q–1(b)(3)(F).

6The staff of the Board of Governors of the

Federal Reserve System has concurred with the

Commission’s granting of accelerated approval of

Philadep’s proposed rule change. Telephone

conversation between John Rudolph, Board of

Governors of the Federal Reserve System, and Chris

Concannon, Staff Attorney, Division of Market

Regulation, Commission (December 30, 1996).

7 17 CFR 200.30–3(a)(12).

becomes active. The Commission

previously approved these participants

fund formulas, the procedures

monitoring levels of account activity,

and the procedures for collecting

additional participants fund

contributions on a temporary basis

through December 31, 1996.4

Throughout the temporary approval

period, SCCP and Philadep have

provided monthly reports to the

Commission detailing inactive account

activity. At this time, SCCP and

Philadep are requesting that the

Commission grant permanent approval

to the inactive account participants fund

contribution and the inactive account

monitoring procedures.

SCCP and Philadep believe the

proposed rule change is consistent with

the requirements of Section 17A of the

Act and the rules and regulations

thereunder because the rule proposal

will promote the prompt and accurate

clearance and settlement of securities

transactions and will assure the

safeguarding of securities and funds in

the custody or control of SCCP and

Philadep or for which SCCP and

Philadep are responsible.

(B) Self-Regulatory Organizations’

Statement on Burden on Competition

SCCP and Philadep do not believe

that the proposed rule changes will

impact or impose a burden on

competition.

(C) Self-Regulatory Organizations’

Statement on Comments on the

Proposed Rule Changes Received From

Members, Participants, or Others

No written comments have been

solicited or received. SCCP and

Philadep will notify the Commission of

any written comments received by SCCP

and Philadep.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Section 17A(b)(3)(F) of the Act

requires that the rules of a clearing

agency be designed to assure the

safeguarding of securities and funds

which are in the custody or control of

the clearing agency or for which it is

responsible.5 The Commission believes

the proposed rule changes are consistent

with SCCP’s and Philadep’s obligations

under Section 17A(b)(3)(F) because in

connection with establishing separate

participant categories designed for

participants that conduct limited

activity, the proposals establish

procedures to monitor the level of

activity in those participants accounts

and procedures to collect additional

participants fund deposits if the activity

in the accounts increase above certain

thresholds.

SCCP and Philadep have established

new surveillance procedures to monitor

inactive participants’ accounts to ensure

that inactive participants are not able to

conduct levels of activity above the

inactive account thresholds without

depositing additional funds. Pursuant to

the temporary approval order, SCCP and

Philadep have submitted on a monthly

basis reports detailing the number of

inactive participants, the value of their

participants fund deposits, and the total

activity in each inactive account for the

prior month. After review of the

monthly reports, the Commission

believes that it is appropriate to grant

permanent approval of the proposals.

The inactive accounts reflect a small

volume of activity that the Commission

currently believes is adequately covered

by the inactive account minimum

participants funds deposit.

Additionally, SCCP’s and Philadep’s

procedures provide for the monitoring

of activity in those participant accounts

and the prompt collection of additional

funds as the level of activity nears the

maximum level of activity allowed in an

inactive participants account.

However, SCCP and Philadep are to

continue to submit on a monthly basis

reports detailing the number of inactive

participants, the value of their

participants fund deposits, the total

activity in each inactive account for the

prior month, and the steps taken in the

event that an inactive participant

exceeded the inactive thresholds or

became active. SCCP and Philadep must

continue to submit such reports to the

Commission so that the Commission can

continue to monitor SCCP’s and

Philadep’s administration of these new

surveillance procedures established

under these proposed rule changes.

SCCP and Philadep have requested

that the Commission find good cause for

approving the proposed rule changes

prior to the thirtieth day after the date

of publication of notice of the filing.

Because accelerated approval will

enable SCCP and Philadep to keep in

place without interruption their inactive

participant procedures, the Commission

finds good cause for approving the

proposed rule changes prior to the

thirtieth day after the date of

publication of notice of filing.6

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 SCCP and Philadep. All

submissions should refer to the file

number SR–SCCP–96–11 and SR–

Philadep–96–21 and should be

submitted by January 29, 1997.

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act, that the

proposed rule change (File No. SR–

SCCP–96–11 and SR–Philadep–96–21)

be, and hereby are, approved.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.7

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–385 Filed 1–7–97; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster Loan Area #2921]

Pennsylvania; and Contiguous

Counties in New Jersey; Declaration of

Disaster Loan Area

Philadelphia County and the

contiguous counties of Bucks, Delaware,

and Montgomery in the Commonwealth

of Pennsylvania, and Burlington,

Camden, and Gloucester Counties in the

State of New Jersey constitute a disaster

area as a result of damages caused by a

fire which occurred on December 19

and 20, 1996 in the City of Philadelphia.

Applications for loans for physical
Federal Register / Vol. 62, No. 5 / Wednesday, January 8, 1997 / Notices 1141

damage may be filed until the close of

business on February 28, 1997 and for

economic injury until the close of

business on September 30, 1997 at the

address listed below:

U.S. Small Business Administration,

Disaster Area 1 Office, 360 Rainbow

Boulevard South, 3rd Floor, Niagara

Falls, New York 14303 or other

locally announced locations.

The interest rates are:

Percent

For Physical Damage:

HOMEOWNERS WITH CREDIT

AVAILABLE ELSEWHERE .... 8.000

HOMEOWNERS WITHOUT

CREDIT AVAILABLE ELSEWHERE ................................. 4.000

BUSINESSES WITH CREDIT

AVAILABLE ELSEWHERE .... 8.000

BUSINESSES AND NONPROFIT ORGANIZATIONS

WITHOUT CREDIT AVAILABLE ELSEWHERE .............. 4.000

OTHERS (INCLUDING NONPROFIT ORGANIZATIONS)

WITH CREDIT AVAILABLE

ELSEWHERE ........................ 7.250

For Economic Injury:

BUSINESSES AND SMALL

AGRICULTURAL COOPERATIVES WITHOUT CREDIT

AVAILABLE ELSEWHERE .... 4.000

The numbers assigned to this disaster

for physical damage are 292105 for

Pennsylvania and 292205 for New

Jersey. For economic injury the numbers

are 932800 for Pennsylvania and 932900

for New Jersey.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008)

Dated: December 30, 1996.

Katherine D. Kincaid,

Acting Administrator.

[FR Doc. 97–370 Filed 1–7–97; 8:45 am]

BILLING CODE 8025–01–P

DEPARTMENT OF STATE

[Public Notice No. 2501]

Significant Projects Which Have Been

Tendered in the Oil and Gas Sector in

Iran

Pursuant to section 5(e) of the Iran

and Libya Sanctions Act of 1996 (Public

Law 104–172), the Department of State

is presenting the following list of

significant projects which have been

publicly tendered in the oil and gas

sector in Iran. We have made no

determinations with respect to the

imposition of sanctions in connection

with the projects on the list. A project’s

inclusion on or absence from the list

should not be seen as relevant to a

determination on the imposition of

sanctions.

—South Pars Gasfield Development

Project

—AMAK Gas Processing Facility

—Doroud Oilfield Expansion Project

—Salman Field Khuff Gas Reservoir

(Dalan Formation) Development

—Bandar Abbas Condensate Refinery

(Number 9 Refinery)

—Shiraz Refinery Expansion

—NGL–1200 Facility

—NGL–1300 Facility

—Lavan Island LPG Facility

—Balal Oilfield Development Project

—Soroush Oilfield Development

Project.

Dated; January 2, 1997.

William Weingarten,

Deputy Assistant Secretary, Acting, Energy,

Sanctions, and Commodities.

[FR Doc. 97–409 Filed 1–7–97; 8:45 am]

BILLING CODE 4710–07–M

[Public Notice Number 2502]

International Joint Commission;

Boundary Waters Treaty of 1909

Notice of Public Hearing on the Safety

of Dams and Other Structures Operated

under International Joint Commission

Orders.

Certain dams and other structures

along the United States-Canada border

are operated under Orders of the

International Joint Commission

pursuant to the Boundary Waters Treaty

of 1909 and the Rainy Lake Convention.

Currently, oversight of safety

considerations varies.

The International Joint Commission

will hold a public hearing in Ottawa,

Ontario on February 19, 1997 to

evaluate these individual procedures

and authorities, to hear the views of all

interested persons on how best to

ensure the safety of structures subject to

Commission Orders, and to consider

how long such Orders should remain in

force.

The hearing will begin at 10 a.m. on

February 19, 1997 at the location below:

Canadian International Trade Tribunal,

Hearing Room #2, 333 Laurier Avenue

West, 18th floor, Ottawa, Ontario.

Everyone is invited to offer relevant

information and views to the

Commission, whether on their own

behalf or in a representative capacity.

Persons intending to participate in the

hearing are encouraged to provide either

Commission Secretary with copies of

their remarks prior to the hearing.

Written submissions are encouraged

from both those who attend and from

those unable to attend the hearing. They

may be sent to either Commission

Secretary on or before March 21, 1997

at the addresses below:

Secretary, U.S. Section, 1250 23rd

Street, NW., Suite 100 Washington,

DC 20440 Telephone: (202) 736–9000

Fax: (202) 736–9015 Email:

Bevacquaf@ijc.achilles.net

Secretary, Canadian Section 100

Metcalfe Street, 18th Floor Ottawa,

ON K1P 5M1 Telephone: (613) 995–

2984 Fax: (613) 993–5583 Email:

Trippg@ijc.achilles.net

The International Joint Commission

has approved construction and

operation of certain structures along the

border. Structures operating under

Commission Orders include:

St. Croix River

Grand Falls Dam

Milltown Dam

Forest City Dam

Vanceboro Dam

Saint John River

Grand Falls Dam

Richelieu River

Fryers Island Dam

St. Lawrence River

Moses-Saunders Dam

Long Sault Dam

Iroquois Dam

Niagara River

Niagara Falls Control Structure

Lake Erie Ice Boom

Peace Bridge

St. Marys River

Compensating Works

Great Lakes Power Dam

Rainy and Namakan Lakes

Prairie Portage Dam

Kettle Falls Dam

Fort Frances-International Falls Dam

Kootenay River

Kootenay River Dyking

Corra Linn Dam

Columbia River

Grand Coulee Dam

Pend’Oreille River

Waneta Dam

Okanagan River

Zosel Dam

Dated: January 2, 1997.

Kathy Prosser,

Secretary, United States Section,

International Joint Commission.

[FR Doc. 97–407 Filed 1–7–97; 8:45 am]

BILLING CODE 4710–14–P