67100 Federal Register / Vol. 62, No. 246 / Tuesday, December 23, 1997 / Notices

Dated: December 18, 1997.

William M. Hill, Jr.,

SECY Tracking Officer, Office of the

Secretary.

[FR Doc. 97–33550 Filed 12–19–97; 11:55

am]

BILLING CODE 7590–01–M

NUCLEAR REGULATORY

COMMISSION

Consolidated Guidance about

Materials Licenses: Program-Specific

Guidance About Fixed Gauge

Licenses; Availability of Draft NUREG

AGENCY: Nuclear Regulatory

Commission.

ACTION: Notice of availability and

request for comments.

SUMMARY: The Nuclear Regulatory

Commission is announcing the

availability of and requesting comment

on draft NUREG–1556, Volume 4,

‘‘Consolidated Guidance about Materials

Licenses: Program-Specific Guidance

about Fixed Gauge Licenses,’’ dated

October 1997.

NRC is using Business Process

Redesign (BPR) techniques to redesign

its materials licensing process, as

described in NUREG–1539,

‘‘Methodology and Findings of the

NRC’s Materials Licensing Process

Redesign.’’ A critical element of the new

process is consolidating and updating

numerous guidance documents into a

NUREG-series of reports. This draft

NUREG report is the fourth programspecific guidance developed to support

an improved materials licensing

process.

It is intended for use by applicants,

licensees, NRC license reviewers, and

other NRC personnel. It combines and

updates the guidance for applicants and

licensees previously found in Draft

Regulatory Guide and Value/Impact

Statement, FC 404–4, ‘‘Guide for the

Preparation of Applications for Licenses

for the Use of Sealed Sources in

Nonportable Gauging Devices,’’ dated

January 1985, and the guidance for

licensing staff previously found in

Policy and Guidance Directive, FC 85–

4, ‘‘Standard Review Plan for

Applications for the Use of Sealed

Sources in Nonportable Gauging

Devices,’’ dated February 6, 1985, and

Policy and Guidance Directive, FC 85–

8, Revision 1, ‘‘Licensing of Fixed

Gauges and Similar Devices,’’ dated

June 29, 1988. In addition, this draft

report also contains pertinent

information found in Technical

Assistance Requests and Information

Notices.

This draft report takes a riskinformed, performance-based approach

to licensing fixed gauges, i.e., it reduces

the amount of information needed from

an applicant seeking to possess and use

a relatively safe device. These fixed

gauges contain sealed sources of

radioactive material and incorporate

features engineered to enhance their

safety. NRC’s considerable experience

with these licensees indicates that

radiation exposures to workers are

generally low, if the gauges are operated

as designed and workers follow basic

safety procedures.

This draft report is strictly for public

comment and is NOT for use in

preparing or reviewing applications for

fixed gauges until it is published in final

form. It is being distributed for comment

to encourage public participation in its

development.

DATES: The comment period ends March

23, 1998. Comments received after that

time will be considered if practicable.

ADDRESSES: Submit written comments

to: Chief, Rules and Directives Branch,

Division of Administrative Services,

Office of Administration, U.S. Nuclear

Regulatory Commission, Washington,

DC 20555–0001. Hand deliver

comments to 11545 Rockville Pike,

Rockville, Maryland, between 7:15 a.m.

and 4:30 p.m. on Federal workdays.

Comments may also be submitted

through the Internet by addressing

electronic mail to DLM1@NRC.GOV.

Those considering public comment

may request a free single copy of draft

NUREG–1556, Volume 4, by writing to

the U.S. Nuclear Regulatory

Commission, Attn: Sally L. Merchant,

Mail Stop TWFN 8F5, Washington, DC

20555–0001. Alternatively, submit

requests through the Internet by

addressing electronic mail to

SLM2@NRC.GOV. A copy of draft

NUREG–1556, Volume 4, is also

available for inspection and/or copying

for a fee in the NRC Public Document

Room, 2120 L Street, NW. (Lower

Level), Washington, DC 20555–0001.

FOR FURTHER INFORMATION CONTACT:

Sally Merchant, Mail Stop TWFN 8–F5,

Division of Industrial and Medical

Nuclear Safety, Office of Nuclear

Materials Safety and Safeguards, U.S.

Nuclear Regulatory Commission,

Washington, DC 20555, telephone (301)

415–7874; electronic mail address:

slm2@NRC.GOV.

Dated at Rockville, Maryland, this 16th day

of December, 1997.

For the Nuclear Regulatory Commission.

Larry W. Camper,

Chief, Medical, Academic, and Commercial

Use Safety Branch, Division of Industrial and

Medical Nuclear Safety, Office of Nuclear

Material Safety and Safeguards.

[FR Doc. 97–33422 Filed 12–22–97; 8:45 am]

BILLING CODE 7590–01–P

NUCLEAR REGULATORY

COMMISSION

Consolidated Guidance About

Materials Licenses: Program-Specific

Guidance About Self-Shielded

Irradiator Licenses; Availability of Draft

NUREG

AGENCY: Nuclear Regulatory

Commission.

ACTION: Notice of availability and

request for comments.

SUMMARY: The Nuclear Regulatory

Commission is announcing the

availability of and requesting comment

on draft NUREG–1556, Volume 5,

‘‘Consolidated Guidance about Materials

Licenses: Program-Specific Guidance

about Self-Shielded Irradiator

Licenses,’’ dated October 1997.

NRC is using Business Process

Redesign (BPR) techniques to redesign

its materials licensing process, as

described in NUREG–1539,

‘‘Methodology and Findings of the

NRC’s Materials Licensing Process

Redesign.’’ A critical element of the new

process is consolidating and updating

numerous guidance documents into a

NUREG-series of reports. This draft

NUREG report is the fifth programspecific guidance developed to support

an improved materials licensing

process.

It is intended for use by applicants,

licensees, NRC license reviewers, and

other NRC personnel. It combines and

updates the guidance for applicants and

licensees previously found in

Regulatory Guide 10.9, ‘‘Guide for the

Preparation of Applications for Licenses

for the Use of Self-Contained Dry

Source-Storage Gamma Irradiators,’’

dated December 1988, and the guidance

for licensing staff previously found in

Policy and Guidance Directive, FC 84–

16, Revision 1, ‘‘Standard Review Plan

for Applications for Use of SelfContained Dry Source-Storage Gamma

Irradiators,’’ dated January 26, 1989. In

addition, this draft report also contains

information found in pertinent

Technical Assistance Requests and

Information Notices.

This draft report takes a riskinformed, performance-based approach

to licensing self-shielded irradiators,

i.e., it reduces the amount of
Federal Register / Vol. 62, No. 246 / Tuesday, December 23, 1997 / Notices 67101

1 15 U.S.C. § 78s(b)(1).

2The DJIA is comprised of 30 of the largest

companies traded on the New York Stock Exchange.

The DJIA currently consists of the following

companies: Allied Signal, Incorporated; Aluminum

Company of America; American Express Company;

AT&T Corporation; Boeing Company; Caterpillar,

Incorporated; Chevron Corporation; Coca Cola

Company; Du Pont E.I. de Nemours; Eastman Kodak

Company, Exxon Corporation; General Electric

Company; General Motors Corporation; Goodyear

Tire and Rubber Company; Hewlett Packard

Company; International Business Machines;

International Paper Company; Johnson and

Johnson; JP Morgan and Company, Incorporated;

McDonalds Corporation; Merck and Company,

Incorporated; Minnesota Mining and

Manufacturing; Philip Morris Companies,

Incorporated; Procter and Gamble Company; Sears

Roebuck and Company; Traveler’s Group

Incorporated; Union Carbide Corporation; United

Technologies Corporation; Wal Mart Stores,

Incorporated; and Walt Disney Company. Earlier

this year, the Commission approved the Exchange’s

proposed rule change to list and trade options on

the DJIA. See Securities Exchange Act Release No.

39011 (Sept. 3, 1997), 62 FR 47840 (Sept. 11, 1997).

3See Securities Exchange Act Release No. 34157

(June 3, 1994), 59 FR 30062 (June 10, 1994).

information needed from an applicant

seeking to possess and use a relatively

safe device. These self-shielded

irradiators contain sealed sources of

radioactive material and incorporate

features engineered to enhance their

safety. NRC’s considerable experience

with these licensees indicates that

radiation exposures to workers are

generally low, if the irradiators operate

as designed and workers follow basic

safety procedures.

This draft report is strictly for public

comment and is NOT for use in

preparing or reviewing applications for

self-shielded irradiators until it is

published in final form. It is being

distributed for comment to encourage

public participation in its development.

DATES: The comment period ends March

23, 1998. Comments received after that

time will be considered if practicable.

ADDRESSES: Submit written comments

to: Chief, Rules and Directives Branch,

Division of Administrative Services,

Office of Administration, U.S. Nuclear

Regulatory Commission, Washington,

DC 20555–0001. Hand deliver

comments to 11545 Rockville Pike,

Rockville, Maryland, between 7:15 a.m.

and 4:30 p.m. on Federal workdays.

Comments may also be submitted

through the Internet by addressing

electronic mail to DLM1@NRC.GOV.

Those considering public comment

may request a free single copy of draft

NUREG–1556, Volume 5, by writing to

the U.S. Nuclear Regulatory

Commission, ATTN: Mrs. Patricia C.

Vacca, Mail Stop TWFN 8F5,

Washington, DC 20555–0001.

Alternatively, submit requests through

the Internet by addressing electronic

mail to PCV@NRC.GOV. A copy of draft

NUREG–1556, Volume 5, is also

available for inspection and/or copying

for a fee in the NRC Public Document

Room, 2120 L Street, NW. (Lower

Level), Washington, DC 20555–0001

FOR FURTHER INFORMATION CONTACT: Mrs.

Patricia C. Vacca, Mail Stop TWFN 8–

F5, Division of Industrial and Medical

Nuclear Safety, Office of Nuclear

Materials Safety and Safeguards, U.S.

Nuclear Regulatory Commission,

Washington, DC 20555, telephone (301)

415–7908; electronic mail address:

PCV@NRC.GOV.

Dated at Rockville, Maryland, this 16th day

of December 1997.

For the Nuclear Regulatory Commission.

Larry W. Camper,

Chief, Medical, Academic, and Commercial

Use Safety Branch, Division of Industrial and

Medical Nuclear Safety, Office of Nuclear

Material Safety and Safeguards.

[FR Doc. 97–33420 Filed 12–22–97; 8:45 am]

BILLING CODE 7590–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–39453; File No. SR–CBOE–

97–63]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Chicago Board Options Exchange,

Incorporated Relating to the Listing

and Trading of Options on the Dow

Jones High Yield Select 10 Index

December 16, 1997.

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

Securities Exchange Act of 1934

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

December 8, 1997, the Chicago Board

Options Exchange, Incorporated

(‘‘CBOE’’ 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 Exchange. 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 proposes to amend

Exchange Rules 24.1, 24.6, and 24.9 to

provide for the listing and trading of

options on the Dow Jones High Yield

Select (10 Index (‘‘Index’’), a narrowbased index comprised of the ten

highest yielding stocks from the Dow

Jones Industrial Average (‘‘DJIA’’).

Options on the Index will be cashsettled and will have European-style

exercise provisions.

The text of the proposed rule change

is available at the Office of the

Secretary, 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

Exchange 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

Exchange 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

The Exchange seeks to list and trade

cash-settled, European-style stock index

options on the Index. The Index is an

equal-dollar weighted index comprised

of the ten highest yielding stocks from

the DJIA.2 The Index was designed to

replicate a popular contrarian strategy

which assumes that the ten highestyielding stocks in the DJIA are oversold

and, therefore, underpriced relative to

the other DJIA stocks. Because a number

of mutual funds and unit investment

trusts employ this strategy, the

Exchange believes that options based on

the same general strategy would provide

a valuable hedging and investment tool.

According to the Exchange, the Index

satisfies the generic criteria for listing

options on narrow-based indexes set

forth in Exchange Rule 24.2,

‘‘Designation of the Index,’’ as well as

the generic criteria appearing in the

Commission’s order that approved

Exchange Rule 24.2 (‘‘Generic Index

Approval Order’’).3 Because the

Exchange submitted this proposed rule

change in accordance with the

expedited approval procedures set forth

in Exchange Rule 24.2 and the Generic

Index Approval Order, the Exchange

may list and trade options on the Index

as soon as 30 days from December 8,

1997, the filing date of the proposed

rule change.

(a) Index Design. The Index will be

constituted at the end of the calendar

year, and will be comprised of the ten

highest-yielding stocks from the DJIA,

determined as of the close of trading on