Federal Register / Vol. 62, No. 38 / Wednesday, February 26, 1997 / Notices 8811

3Securities Exchange Act Release No. 35809

(June 5, 1995), 60 FR 30912 [File No. SR–NSCC–

95–06] (order approving proposed rule change

establishing the CMS).

4 15 U.S.C. 78q–1(b)(3)(F). 5 17 CFR 200.30–3(a)(12).

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

2The Commission has modified parts of these

statements.

3Pub. L. 104–920, 110 Stat. 3416 (1996).

Commodity Futures Trading

Commission, and (3) to other entities as

may be authorized by a participant. The

proposed rule change will allow PTC to

participate in the National Securities

Clearing Corporation’s (‘‘NSCC’’)

Collateral Management Service

(‘‘CMS’’) 3 and to provide information to

the CMS database regarding PTC’s

participants’ net debit and credit

balances, participants’ fund deposits,

including excess (deficit) amounts, and

comprehensive data on underlying

collateral.

PTC believes the proposed rule

change is consistent with the

requirements of Section 17A of the Act

and the rules and regulations

thereunder because it sets forth PTC’s

responsibilities and obligations with

regard to releasing participant’s clearing

data and facilitates PTC’s participation

in the CMS database by permitting PTC

to provide participant information to the

CMS database.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

PTC does not believe that the

proposed rule change will impact or

impose a burden on competition.

(C) Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants or Others

No written comments have been

solicited or received. PTC will notify the

Commission of any written comments

received by PTC.

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.4 The Commission believes

the proposed rule change is consistent

with PTC’s obligation under Section

17A(b)(3)(F) because the proposal sets

forth PTC’s responsibilities and

obligations with regard to releasing

participants’ clearing data and should

facilitate PTC’s participation in NSCC’s

CMS by allowing PTC to provide

participant information to NSCC for use

in its CMS. PTC’s and its participants’

participation in NSCC’s CMS should

help PTC and other clearing agencies to

better monitor their clearing members’

clearing fund, margin, and other similar

required deposits that protect the

clearing agencies against loss should a

member default on its obligations.

The Commission finds good cause for

approving the proposed rule change

prior to the thirtieth day after the date

of publication of notice of the filing

because accelerated approval will allow

PTC to immediately participate in

NSCC’s CMS thus allowing both PTC

and other clearing agency participants

in the CMS to benefit from the data

contained in CMS regarding common

participants.

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. 20549. Copies of such

filing also will be available for

inspection and copying at the principal

office of PTC. All submissions should

refer to File No. SR–PTC–96–06 and

should be submitted by March 19, 1997.

It is therefore ordered, pursuant to

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

proposed rule change (File No. SR–

PTC–96–06) be, and hereby is,

approved.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.5

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–4751 Filed 2–25–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–38318; File No. SR–SCCP–

96–14]

Self-Regulatory Organizations; Stock

Clearing Corporation of Philadelphia;

Notice of Filing and Order Granting

Accelerated Approval of a Proposed

Rule Change Implementing a

Collection Service for Regulatory Fees

February 20, 1997.

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

Securities Exchange Act of 1934

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

January 6, 1997, the Stock Clearing

Corporation of Philadelphia (‘‘SCCP’’)

filed with the Securities and Exchange

Commission (‘‘Commission’’) the

proposed rule change as described in

Items I and II below, which items have

been prepared primarily by SCCP. 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 proposed rule change will permit

SCCP to act as a collection agent for the

National Association of Securities

Dealers (‘‘NASD’’) for Section 31 fees.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

SCCP included statements concerning

the purpose of and statutory basis for

the proposed rule change. The text of

these statements may be examined at

the places specified in Item IV below.

SCCP has prepared summaries, set forth

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

most significant aspects of such

statements.2

(A) Self-Regulatory Organization’s

Statements of the Purpose of, and

Statutory Basis for the Proposed Rule

Change

SCCP proposes to serve as a collection

agent for the NASD for Section 31 fees

as required in the National Securities

Markets Improvement Act of 1996.3

Section 31 fees will apply to all

domestic and foreign securities listed on

the NASDAQ Stock Market with the

exception of convertible debt. Upon its

implementation, the fee will be 1/300th

of one percent based upon the aggregate

dollar amount of sales transacted by or

through any member other than those
8812 Federal Register / Vol. 62, No. 38 / Wednesday, February 26, 1997 / Notices

4 15 U.S.C. 78q–1(b)(3)(A). 5 17 CFR 200.30–3(a)(12).

sales consummated on a securities

exchange subject to last-sale reporting.

On a monthly basis, the NASD will

calculate the Section 31 fees for each

NASD member clearing firm based upon

the transaction data submitted to the

NASD’s Automated Confirmation

Transaction Service (‘‘ACT’’). The

NASD will generate customer invoices

and an invoice summary register that it

will deliver to SCCP immediately

following the end of each month. Upon

receipt, SCCP will distribute the NASD

generated invoices to NASD clearing

firms that have a primary clearing

relationship with SCCP. SCCP will

collect each member’s Section 31 fee as

a part of SCCP’s normal settlement

process. The day following collection of

the Section 31 fees, SCCP will remit a

check to the NASD for the total amount

collected minus a $100 service charge.

SCCP states that proposed collection

procedures comply with Section 17A of

the Act because it will foster

cooperation and coordination with

persons engaged in the clearance and

settlement of securities transactions.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

SCCP does not perceive any burdens

on competition as a result of the

proposed rule change.

(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)(A) of the Act 4

requires that a clearing agency is

organized and has the capacity to

comply with the provisions of this title

and the rule and regulations thereunder.

The Commission believes that SCCP’s

proposed rule change is consistent with

this section because the proposed rule

change should facilitate the NASD in

fulfilling its obligation to collect Section

31 fees under the National Securities

Markets Improvement Act of 1996.

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 will permit SCCP to

immediately begin collecting these

Section 31 fees for the NASD.

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, NW.,

Washington, DC 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, NW.,

Washington, DC 20549. Copies of such

filing also will be available for

inspection and copying at SCCP. All

submissions should refer to File No.

SR–SCCP–96–14 and should be

submitted by March 19, 1997.

It is therefore ordered, pursuant to

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

proposed rule change (File No. SR–

SCCP–96–14) be, and hereby is,

approved.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.5

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–4749 Filed 2–25–97; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF STATE

[Public Notice No. 2510]

Fine Arts Committee; Notice of

Meeting

The Fine Arts Committee of the

Department of State will meet on

Saturday, March 22, 1997 at 10:00 a.m.

in the John Quincy Adams State

Drawing Room. The meeting will last

until approximately 11:30 a.m. and is

open to the public.

The agenda for the committee meeting

will include a summary of the work of

the Fine Arts Office since its last

meeting in October 1996 and the

announcement of gifts and loans of

furnishings as well as financial

contributions for calendar year 1996.

Public access to the Department of State

is strictly controlled. Members of the

public wishing to take part in the

meeting should telephone the Fine Arts

Office by Monday, March 17, 1997,

telephone (202) 647–1990 to make

arrangements to enter the building. The

public may take part in the discussion

as long as time permits and at the

discretion of the chairman.

Dated: February 7, 1997.

Gail F. Serfaty,

Vice Chairman, Fine Arts Committee.

[FR Doc. 97–4746 Filed 2–25–97; 8:45 am]

BILLING CODE 4710–38–M

[Public Notice No. 2511]

Shipping Coordinating Committee

Subcommittee on Safety of Life at Sea;

Working Group on Bulk Liquids and

Gases; Notice of Meeting

The Working Group on Bulk Liquids

and Gases (BLG) of the Subcommittee

on Safety of Life at Sea (SOLAS) will

conduct an open meeting at 9:30 am on

Monday, March 24, 1997 in Room 6319,

U.S. Coast Guard Headquarters, 2100

Second Street, S.W., Washington, DC

20593–0001. The purpose of the

meeting is to finalize preparations for

the Second Session of the Subcommittee

on Bulk Liquids and Gases of the

International Maritime Organization

(IMO) which is scheduled for April 7–

11, 1997, at the IMO Headquarters in

London.

The agenda items of particular

interest:

a. Tanker pump-room safety.

b. Revision of the International

Convention for the Prevention of

Pollution from Ships, 1973 as modified

by the Protocol of 1978 (MARPOL 73/

78) regulations I/22 to 24 in the light of

the probabilistic methodology for oil

outflow analysis.

c. Review of Annexes I and II of

MARPOL 73/78.

d. Revision of carriage requirements

for carbon disulfide in the International

Code for the Construction and

Equipment of Ships Carrying Dangerous

Chemicals in Bulk (IBC Code).

e. Requirements for personal

protection involved in transportation of

cargoes containing toxic substances in

oil tankers.

f. Amendments to the International

Code for the Construction and

Equipment of Ships Carrying Liquefied

Gases in Bulk and the Code for the

Construction and Equipment of Ships

Carrying Liquefied Gases in Bulk.