Federal Register / Vol. 62, No. 33 / Wednesday, February 19, 1997 / Notices 7489

4 15 U.S.C. 78f(b)(5).

5 17 C.F.R. 200.30–3(a) (12).

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

2 17 CFR 240.19b–4.

3The PSE filed an amendment (‘‘Amendment No.

1’’) clarifying the maximum number of Lead Market

Makers and options symbols that would participate

in the expanded Lead Market Maker Book Pilot

Program. See Letter from Michael D. Pierson, Senior

Attorney, Regulatory Policy, PSE, to Janet RussellHunter, Special Counsel, Office of Market

Supervision, Division of Market Regulation,

Commission, dated February 3, 1997.

4See Securities Exchange Act Release No. 37810

(October 11, 1996), 61 FR 54481 (‘‘Pilot Approval

Order’’).

5More specifically, under the rule changes

approved by the Commission, LMMs may perform

all functions of the Order Book Official (‘‘OBO’’) in

designated issues pursuant to rules 6.51 through

6.59. In that regard, the Exchange will allow the

LMM to utilize Exchange personnel to assist the

LMM in performing the OBO function, and the

Exchange will charge the LMM a reasonable fee for

such use of Exchange personnel, If the program is

made permanent, LMMs would be responsible for

hiring and maintaining their own employees, but

the Exchange would provide employees to assist

LMMs when necessary due to market conditions. In

all cases, however, employees working in the Book

operation will be subject to all rules, policies, and

procedures established by the Exchange. With

regard to their duties as market makers, LMMs

would be required to perform all obligations

provided in Rules 6.35 through 6.40 and 6.82.

6Each option issue typically has only one symbol

associated with it, unless LEAPs are traded on that

issue, in which case there usually would be two

additional symbols related to the issue, or unless a

contract adjustment is necessary due, for example,

Continued

believes implementation of the

proposed pricing procedures is

consistent with the provisions of

Section 6(b) (5) of the Act which, among

other things, requires that an exchange

have rules that are designed to remove

impediments to and perfect the

mechanism of a free and open market,

and, in general, to protect investors and

the public interest.4

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. 20549. Also, copies of

such filing will be available for

inspection and copying at the principal

office of the NYSE. All submissions

should refer to File No. SR–NYSE–96–

33 and should be submitted by March

12, 1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.5

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–4050 Filed 2–18–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–38273; File No. SR–PSE–

96–45]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change and

Amendment Thereto by the Pacific

Stock Exchange Incorporated Relating

to the Exchange’s Lead Market Maker

Options Book Pilot Program

February 12, 1997.

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

Securities Exchange Act of 1934

(‘‘Act’’),1 and Rule 19b–4 thereunder 2

notice is hereby given that on December

10, 1996, 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 selfregulatory organization. The Exchange

filed an amendment to the proposed

rule change on February 4, 1997.3 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 PSE is proposing to modify its

Lead Market Maker (‘‘LMM’’) Book Pilot

Program under which PSE LMMs may

assume operational responsibility for

the options public limit order book

(‘‘Book’’) in certain option issues. The

Exchange is proposing to expand the

scope of the program to allow for more

LMMs to participate, and to allow a

greater number of option issues to be

eligible under the Program.

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 examine 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

On October 11, 1996, the Commission

approved and Exchange proposal to

adopt a one-year pilot program under

which some LMMs are permitted to

manage the Book function in certain

designated issues.4 Under the pilot, the

approved LMMs manage the Book

function, take responsibility for trading

disputes and errors, set rates for Book

execution, and pay the Exchange a fee

for systems and services.5 The program

allows LMMs to have greater control

over their operations on the Exchange

floor by allowing them, among other

things, to set their own rates for

execution services provided to

customers.

Under the pilot as approved by the

Commission, the program is limited to

no more than three LMMs and no more

than forty option symbols in total,6
7490 Federal Register / Vol. 62, No. 33 / Wednesday, February 19, 1997 / Notices

to a merger or stock split, in which case one

additional symbol usually would be added.

7Amendment No. 1, supra note 3.

8See Pilot Approval Order, supra note 4.

9 17 CFR 240.15c3–1. 10 17 CFR 200.30–3(a)(12)

during a one-year pilot phase. However,

the Exchange is now proposing a

modest expansion of the pilot program

to allow for up to nine LMMs and up

to 150 options symbols.7

The LMMs who participate during the

pilot phase are selected by the Options

Floor Trading Committee based on

certain designated factors.8 Approved

LMMs must maintain ‘‘minimum net

capital,’’ as provided in Rule 15c3–1

under the Act,9 and also must maintain

a cash or liquid asset position of at least

$500,000, plus $25,000 for each issue

over five issues for which they perform

the function of an OBO. Only multiplytraded option issues are eligible during

the pilot phase.

The Exchange believes that the

proposal is consistent with Section 6(b)

of the Act, in general, and Section

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

designed to facilitate transactions in

securities, to promote just and equitable

principles of trade, and to 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 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 nor

received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Within 35 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

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 such 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 in

the Commission’s Public Reference

Section, 450 Fifth Street, N.W.,

Washington, D.C. Copies of such filing

will also be available for inspection and

copying at the principal office of the

above-mentioned self-regulatory

organization. All submissions should

refer to File No. SR–PSE–96–45 and

should be submitted by March 12, 1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.10

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–4049 Filed 2–18–97; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

Data Collection Available for Public

Comments and Recommendations

ACTION: Notice and request for

comments.

SUMMARY: In accordance with the

Paperwork Reduction Act of 1995, this

notice announces the Small Business

Administration’s intentions to request

approval on a new, and/or currently

approved information collection.

DATES: Comments should be submitted

on or before April 21, 1997.

FOR FURTHER INFORMATION CONTACT:

Curtis B. Rich, Management Analyst,

Small Business Administration, 409 3rd

Street, S.W., Suite 5000, Washington,

D.C. 20416. Phone Number: 202–205–

6629.

SUPPLEMENTARY INFORMATION:

Title: ‘‘Supplemental Guaranty

Agreement, Preferred Lenders Program’’.

Type of Request: Extension of a

Currently Approved Collections.

Form No.: SBA Form 1347.

Description of Respondents: SBA

Preferred Lenders.

Annual Responses: 200.

Annual Burden: 300.

Comments: Send all comments

regarding this information collection to

Michael J. Dowd, Director, Office of

Loan Programs, Small Business

Administration, 409 3rd Street, S.W.,

Suite 8300 Washington, D.C. 20416.

Phone No.: 202–205–6570.

Send comments regarding whether

this information collection is necessary

for the proper performance of the

function of the agency, accuracy of

burden estimate, in addition to ways to

minimize this estimate, and ways to

enhance the quality.

Title: ‘‘Semiannual Report on

Representatives and Compensation Paid

for Services in Connection with

Obtaining Federal Contracts’’.

Type of Request: Extension of

Currently Approved Collections.

Form No.: SBA Form 1790.

Description of Respondents: 8(a)

Program Participants.

Annual Responses: 9,000.

Annual Burden: 9,000.

Comments: Send all comments

regarding this information collection to

William Fisher, Deputy Associate

Administrator, Minority Enterprise

Development, Small Business

Administration, 409 3rd Street, S.W.,

Suite 7150 Washington, D.C. 20416.

Phone No. 202–205–6412.

Send comments regarding whether

this information collection is necessary

for the proper performance of the

function of the agency, accuracy of

burden estimate, in addition to ways to

minimize this estimate, and ways to

enhance the quality.

Dated: February 12, 1997.

Jacqueline White,

Chief, Administrative Information Branch.

[FR Doc. 97–4023 Filed 2–18–97; 8:45 am]

BILLING CODE 8025–01–M

[Declaration of Disaster Loan Area #2924;

Amendment #2]

Idaho; Declaration of Disaster Loan

Area

In accordance with a notice from the

Federal Emergency Management

Agency, dated January 31, 1997, the

above-numbered Declaration is hereby

amended to establish the incident

period for this disaster as beginning on

November 16, 1996 and continuing

through January 3, 1997.

All other information remains the

same, i.e., the termination date for filing

applications for physical damage is