118 Federal Register / Vol. 63, No. 1 / Friday, January 2, 1998 / Notices

4See Letter from T. Grant Callery, Senior Vice

President and General Counsel, NASD to Katherine

A. England, Assistant Director, Division of Market

Regulation, Securities and Exchange Commission,

dated November 12, 1997 (‘‘November 12 Letter’’).

The November 12 Letter requested various effective

dates for the corporate governance amendments

contained in Release No. 34–39326.

5See Release No. 34–39326

6 15 U.S.C. 78o–3.

7 17 CFR 200.30–3(a)(12).

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

Association 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 of Rule Change

The Association is filing this rulefiling pursuant to Section 19(b)(3)(A) of

the Act and Rule 19b–4(e) (1) and (3)

thereunder, to provide that those

amendments to the corporate

governance documents currently

scheduled to become effective on ‘‘the

date of the first meeting of the NASD

Board of Governors in 1998’’ 4 be

changed to become effective ‘‘at the

conclusion of the annual meeting of the

NASD, which is currently scheduled for

January 1998.’’ The annual meeting is

currently expected to be held earlier in

January 1998 than the meeting of the

Board of Governors. This change will

allow the corporate governance

documents to become effective shortly

before the NASD Board meeting, rather

than the day of the such meeting. The

proposed amendments are necessary to

allow for the expedited and smooth

transition from the Association’s current

corporate structure to the new corporate

structure recently approved by the

Commission.5

(2) Statutory Basis of Rule Change

The Association believes that the

proposed rule change is consistent with

Section 15A(b)(4) of the Act 6 in that it

assures a fair representation of its

members in the selection of its directors

and administration of its affairs and

provides that one or more directors shall

be representative of issuers and

investors and not be associated with a

member of the Association, a broker, or

a dealer.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Association does not believe that

the proposed rule change will result in

any burden on competition that is not

necessary or appropriate in furtherance

of the purposes of the Act, as amended.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants, or Others

Written comments were neither

solicited nor received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The foregoing rule change to amend

the effective date of the Association’s

corporate governance documents was

effective upon filing pursuant to section

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

subparagraph (e)(1) and (e)(3) of Rule

19b–4 thereunder in that it constitutes

a stated policy, practice, or

interpretation with respect to the

meaning of an existing rule and is

concerned solely with the

administration of the self-regulatory

organization.

At any time within 60 days of the

final amendment to a rule change

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

Act, the Commission may summarily

abrogate the 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. For the purposes of

this rule filing, the abrogation period

commenced as of December 22, 1997,

the date of filing of Amendment No. 2

hereto.

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. Copies of such filing will also be

available for inspection and copying at

the principal office of the NASD. All

submissions should refer to file number

SR–NASD–97–90 and should be

submitted by January 23, 1998.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.7

Jonathan G. Katz,

Secretary.

[FR Doc. 97–34193 Filed 12–31–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–39484; File No. SR–NYSE–

97–35]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the New

York Stock Exchange, Inc., To Extend

the Current $400,000 Limit on

Transaction Charges Through 1998

December 23, 1997.

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

Securities Exchange Act of 1934

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

December 22, 1997, the New York Stock

Exchange, Inc. (‘‘NYSE’’ or ‘‘Exchange’’)

filed with the Securities and Exchange

Commission (‘‘SEC’’ or ‘‘Commission’’)

the proposed rule change as described

in Items I, II, and III below, which Items

have been prepared by the selfregulatory 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 current fee structure provides for

a $400,000 cap on an individual

member firm’s monthly transaction

charges. The structure also provides for

an annual increase in the cap based on

trading volume. The proposed revision

for the 1998 transaction charge extends

the cap at the current level of $400,000

rather than raising it as provided.

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 Section

A, B, and C below, of the most

significant aspects of such statements.
Federal Register / Vol. 63, No. 1 / Friday, January 2, 1998 / Notices 119

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

3 15 U.S.C. 78f(b)(4).

4 15 U.S.C. 78s(b)(3)(A).

5 17 CFR 240.19b–4(e)(2). 6 17 CFR 200.30–3(a)(12).

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

1. Purpose

The purpose of the proposed rule

change is to respond to the needs of our

constituents with respect to overall

competitive market conditions and

customer satisfaction.

2. Statutory Basis

The Exchange represents that

proposed rule change is consistent with

Section 6(b) of the Act,2 in general, and

furthers the objectives of Section

6(b)(4) 3 in particular, in that it provides

for the equitable allocation of reasonable

dues, fees, and other charges among the

Exchange’s members and other persons

using its facilities.

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

The Exchange has neither solicited

nor received written comments on the

proposed rule change.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The foregoing rule change constitutes

or changes a due, fee, or other charge

imposed by the Exchange and, therefore,

has become effective pursuant to

Section 19(b)(3)(A) of the Act 4 and

subparagraph (3)(2) of Rule 19b–4

thereunder.5

At any time within 60 days of the

filing of the 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, 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 also will be

available for inspection and copying at

the principal office of the New York

Stock Exchange. All submissions should

refer to File No. SR–NYSE–97–35 and

should be submitted by January 23,

1998.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.6

Jonathan G. Katz,

Secretary.

[FR Doc. 97–34194 Filed 12–31–97; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF STATE

[Public Notice #2672]

Determination on International

Development Association’s

Reconstruction Assistance Project

(RAP) Credit to Bosnia

Pursuant to the authority vested in me

by section 573(e) of the Foreign

Operations, Export Financing, and

Related Programs Appropriations Act,

1998 (‘‘FOAA,’’ Pub. L. 105–188), I

hereby waive the application of section

573(b) of the FOAA with regard to the

International Development

Association’s (IDA) Reconstruction

Assistance Project Credit.

I hereby determine the IDA

Reconstruction Assistance Project

directly supports the implementation of

the Dayton Agreement and its Annexes.

This Determination shall be published

in the Federal Register.

Dated: December 15, 1997.

Strobe Talbott,

Acting Secretary of State.

[FR Doc. 97–34184 Filed 12–31–97; 8:45 am]

BILLING CODE 4710–10–M

DEPARTMENT OF STATE

[Public Notice #2673]

Determination on USAID Bilateral

Assistance to the Republika Srpska

Pursuant to the authority vested in me

by section 573(e) of the Foreign

Operations, Export Financing, and

Related Programs Appropriations Act,

1998 (‘‘FOAA,’’ Pub. L. 105–118), I

hereby waive the application of section

573(a) of the FOAA with regard to

USAID-funded programs in the

Republika Srpska.

I hereby determine that USAID’s

Municipal Infrastructure and Services

Program, Bosnia Business Development

Program, Economic Reform Program and

Democratic Reform Program directly

support the implementation of the

Dayton Agreement and its Annexes.

This Determination shall be published

in the Federal Register.

Dated: December 15, 1997.

Strobe Talbott,

Acting, Secretary of State.

[FR Doc. 97–34183 Filed 12–31–97; 8:45 am]

BILLING CODE 4710–10–M

DEPARTMENT OF STATE

[Public Notice No. 2668]

Advisory Committee on International

Communications and Information

Policy; Meeting Notice

The Department of State is holding

the next meeting of its Advisory

Committee on International

Communications and Information

Policy. The Committee provides a

formal channel for regular consultation

and coordination on major economic,

social and legal issues and problems in

international communications and

information policy, especially as these

issues and problems involve users of

information and communication

services, providers of such services,

technology research and development,

foreign industrial and regulatory policy,

the activities of international

organizations with regard to

communications and information, and

developing country interests.

The guest speakers at the meeting will

include Assistant Secretary of State for

International Organization Affairs

Princeton Lyman who will talk about

the United Nation organizations,

including the International

Telecommunication Union. Also, Mr.

Bruce Lehman, Assistant Secretary of

Commerce and Commissioner of Patents

and Trademarks will speak on current