Federal Register / Vol. 62, No. 35 / Friday, February 21, 1997 / Notices 8075

2The Commission has modified the text of the

summaries submitted by SCCP.

3Securities Exchange Act Release Nos. 36875

(February 22, 1996), 61 FR 7846 File No. SR–SCCP–

95–06] and 36876 (February 22, 1996), 61 FR 7841

[SR–Philadep–95–08] (orders granting partial

temporary approval and partial permanent approval

of proposed rule changes to convert to same-day

funds settlement systems) (‘‘SDFS Approval

Orders’’).

4Philadep’s collateral monitor and net debit cap

analysis were structured to incorporate this netting

of SCCP and Philadep settlements. 5 15 U.S.C. 78q–1(b)(3)(F). 6 17 CFR 200.30–3(a)(12).

sections (A), (B), and (C) below, of the

most significant aspects of such

statements.2

(A) Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

On February 22, 1996, the

Commission granted partial permanent

approval and partial temporary approval

of proposed rule changes filed by SCCP

and the Philadelphia Depository Trust

Company (‘‘Philadep’’) to establish an

SDFS system.3 The purpose of the

proposed rule change is to amend and

clarify certain SDFS procedures relating

to the risk management controls (i.e.,

collateral monitor and net debit cap).

Pursuant to SCCP’s SDFS Approval

Order, SCCP provides each participant

with a settlement amount which is an

aggregate of the participant’s end-of-theday net debits and net credits in its

SCCP and Philadep accounts.4 Because

of this common net settlement feature,

Philadep’s SDFS Approval Order sets

forth that Philadep’s SDFS system risk

management controls would be applied

in a limited manner to SCCP’s

Continuous Net Settlement (‘‘CNS’’)

activity. Specifically, SCCP will not

suspend the processing of a

participant’s CNS activity when the

participant’s collateral monitor is

negative on its net debit cap is

exceeded.

Pursuant to Philadep’s SDFS

Approval Order, a participant’s

activities at SCCP, such as CNS

securities delivered to a SCCP

participant, are included in the

participant’s Philadep collateral

monitor. Additionally, a participant’s

net debit cap is determined by a

participant’s combined net debit history

at Philadep and SCCP, and for purpose

of calculating a participant’s net debit

settlement, Philadep includes net CNS

settlements.

The purpose of the proposed rule

change is to formally restate and clarify

in SCCP’s procedures the limited

applicability of Philadep SDFS risk

management controls on SCCP

participants’ activity. The proposed rule

change also provides that all collateral

derived from any SCCP CNS participant

contained in Philadep’s collateral

monitor may be used by Philadep to

address any settlement default by such

joint participant. Collateral derived from

a SCCP CNS participant generally

includes the participant’s SCCP

participants fund contribution and CNS

securities received.

Furthermore, SCCP authorizes

Philadep to utilize any collateral

derived from a defaulting SCCP/

Philadep participant to address a default

in accordance with Philadep Rule 4(a)

and any subsequent amendments

thereto.

SCCP believes the proposed rule

change is consistent with Section 17A of

the Act and the rules and regulations

thereunder because the proposal should

promote the prompt and accurate

clearance and settlement of securities

transactions.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

SCCP believes that the proposed rule

change will not impose any burden on

competition not permitted by the Act.

(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 with respect to

the proposed rule change.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Section 17A(b)(3)(F) of the Act 5

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. The Commission believes

hat SCCP’s proposed rule change

clarifying certain SDFS procedures are

consistent with such obligations

because the proposal should provide

participants with some certainty with

respect to SCCP’s application of SDFS

risk management controls to CNS

activity.

SCCP has requested that the

Commission find good cause for

approving the proposed rule change

prior to the thirtieth day after the date

of publication of notice of filing. The

Commission finds good cause for

approving the proposed rule change

prior to the thirtieth day after the date

of publication of notice of filing because

the proposal, which should clarify

certain SDFS procedures that are

currently being applied to participants,

should become effective as soon as

possible.

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. All submissions should

refer to the file number SR–SCCP–96–06

and should be submitted by March 14,

1997.

It is therefore ordered, pursuant to

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

proposed rule change (File No. SR–

SCPP–96–06) be, and hereby is,

approved.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.6

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–4238 Filed 2–20–97; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

Advisory Committee on Veterans

Business Affairs; Reestablishment

The U.S. Small Business

Administration, The Office of Veterans

Affairs, Washington D.C., Central Office,

wishes to submit a statement in the

Federal Register regarding

reestablishment of the Advisory

Committee on Veterans Business Affairs

at the Small Business Administration,

409 3rd St. SW, Washington, DC 20416.

For further information, write or call Joan

McNair, Office of Veterans Affairs, at SBA,

409 3rd St. SW., Washington, DC 20416,

telephone 205–6775.
8076 Federal Register / Vol. 62, No. 35 / Friday, February 21, 1997 / Notices

Dated: February 3, 1997.

Michael P. Novelli,

Director, Office of Advisory Councils.

[FR Doc. 97–4267 Filed 2–20–97; 8:45 am]

BILLING CODE 8025–01–P

National Small Business Development

Center Advisory Board; Public Meeting

The U.S. Small Business

Administration, National Small

Business Development Center Advisory

Board located in the geographical area

of Washington, DC, will hold a public

meeting on Monday and Tuesday,

March 3–4, 1997, from 8:15 AM to 5

PM, at the U.S. Small Business

Administration, 409 3rd St. SW,

Washington, DC, 4th Floor Conference

Room, to discuss such matters as may be

presented by members, staff of the U.S.

Small Business Administration, or

others present.

For further information, write or call Mary

Ann Holl, SBA, 409 3rd St. SW, 4th Floor,

Washington, D.C. 20416, telephone 202/205–

7302.

Dated: February 3, 1997.

Michael P. Novelli,

Director, Office of Advisory Councils.

[FR Doc. 97–4270 Filed 2–20–97; 8:45 am]

BILLING CODE 8025–01–P

Region I Advisory Council; Public

Meeting

The U.S. Small Business

Administration Region I Advisory

Council located in the geographical area

of Providence, Rhode Island, will hold

a public meeting on Friday, March 7,

1997 at 8:00 a.m., at the Providence

Marriott, Charles at Orms Street,

Providence, Rhode Island to discuss

such matters as may be presented by

members, staff of the U.S. Small

Business Administration, or others

present.

For further information, write or call the

office of the District Director, Providence

District Office, U.S. Small Business

Administration, 380 Westminster Street,

Providence, Rhode Island 02903. (401) 528–

4561.

Dated: February 3, 1997.

Michael P. Novelli,

Director, Office of Advisory Councils.

[FR Doc. 97–4269 Filed 2–20–97; 8:45 am]

BILLING CODE 8025–01–P

Washington, D.C. District Advisory

Council; Public Meeting

The U.S. Small Business

Administration Region III District

Advisory Council located in the

geographical area of Washington, D.C.,

will hold a public meeting from 9:00

a.m.–11:00 a.m., on Wednesday,

February 19, 1997, at 733 15th Street,

N.W., Suite 300, Washington, D.C., to

discuss such matters as may be

presented by members, staff of the U.S.

Small Business Administration, or

others present.

For further information, write or call

Anita L. Irving, Public Information

Officer, U.S. Small Business

Administration, 1110 Vermont Avenue,

N.W., Suite 900, (P.O. Box 34500),

Washington, D.C. 20045; telephone 202/

606–4000, ext. 275.

Dated: February 3, 1997.

Michael P. Novelli,

Director, Office of Advisory Councils.

[FR Doc. 97–4266 Filed 2–18–97; 11:37 am]

BILLING CODE 8025–01–P

Region V Advisory Council Public

Meeting

The U.S. Small Business

Administration Region V Advisory

Council located in the geographical area

of Milwaukee, Wisconsin, will hold a

public meeting from 12:00 p.m. to 1:30

p.m., on Tuesday, February 18, 1997, at

the Milwaukee Area Chamber (MMAC)

Association of Commerce Building

(Milwaukee & Mason) Fourth Floor—

The Milwaukee Room, 756 North

Milwaukee Street, Milwaukee,

Wisconsin, to discuss such matters as

may be presented by members, staff of

the U.S. Small Business Administration,

or others present.

For further information, write or call

Gloria Holter at (414) 287–4100.

Dated: February 3, 1997.

Michael P. Novelli,

Director, Office of Advisory Councils.

[FR Doc. 97–4268 Filed 2–18–97; 11:37 am]

BILLING CODE 8025–01–P

DEPARTMENT OF TRANSPORTATION

Federal Highway Administration

Environmental Impact Statement:

Pierce County, Washington

AGENCY: Federal Highway

Administration (FHWA), DOT.

ACTION: Revised Notice of intent.

SUMMARY: The FHWA is issuing this

notice to advise the public that the

scope of a project in Pierce County,

Washington for which a notice of intent

had previously been issued has been

changed and that additional scoping

and public involvement meetings will

be conducted.

FOR FURTHER INFORMATION CONTACT:

Gene Fong, Division Administrator,

Federal Highway Administration, 711

South Capitol Way, Suite 501, Olympia

WA 98501, telephone (360) 753-9413; or

Gary Demich, Region Administrator,

Olympic Region, Washington State

Department of Transportation, P.O. Box

7440, Olympia WA 98504, telephone

(360) 357-2659.

SUPPLEMENTARY INFORMATION: The

FHWA in cooperation with the

Washington State Department of

Transportation issued a Notice of Intent

December 9, 1993, to prepare an

environmental impact statement on a

proposal to improve State Route 16 (SR

16) in Pierce County, Washington.

Scoping comments to date have been in

favor of operational improvements and/

or capacity improvements with a strong

preference for HOV treatments. A Major

Investment Study currently being

conducted in the SR 16 corridor has

indicated the need to expand the scope

of this EIS. The scope of the proposed

action is being expanded to address

congestion and improve safety and

operational reliability in the SR 16

corridor from the Cedar Street

overcrossing in Tacoma to the SR 302

interchange south of Purdy in Pierce

County, a distance of 20.4 kilometers

(12.7 miles). Reduced congestion in the

SR 16 corridor would be provided by

either added highway capacity,

Transportation Demand Management,

Transportation System Management, or

other general approaches derived from

the Major Investment Study.

The SR 16 corridor between Cedar

Street in Tacoma and SR 302 near Purdy

has experienced substantial increases in

traffic volumes, congestion and

accidents as a result of regional growth.

Regional growth patterns have

established this corridor as a major

commute route. There are no alternate

routes between Tacoma and Gig Harbor

and those points north of Gig Harbor in

Pierce and Kitsap Counties. Substantial

delays in traffic caused by the high

volumes are exacerbated by even minor

accidents in the corridor. The proposed

additional HOV lanes are consistent

with, and a part of, WSDOT’s overall

Transportation System Plan for the SR

16 corridor.

Alternatives under consideration

include (1) no action; (2) added capacity

alternatives with either a parallel span

or a retrofitted Tacoma Narrows Bridge;

(3) Transportation Demand

Management; and (4) Transportation

System Management. Other alternatives

will be considered, as appropriate, as a

result of public scoping or the Major

Investment Study. Incorporated into and