7486 Federal Register / Vol. 62, No. 33 / Wednesday, February 19, 1997 / Notices

4TSA is a U.K. self-regulatory organization which

regulates members of the U.K. exchanges and

broker-dealer firms, and has rule making authority

granted to it by the Securities and Investment

Board.

5 15 U.S.C. 78s(b)(3)(A).

6 17 CFR 240.19b–4(e)(6).

7 17 CFR 200.30–3(a)(12).

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

2The Commission has modified the text of the

summaries prepared by DTC.

is for U.K. registrants who have

successfully completed the basic exam

of the U.K. and who are in good

standing with The Securities

Association (‘‘TSA’’).4 Essentially, the

modified Series 7 Examination deletes

those substantive sections of the

Standard Series 7 which overlap with

the TSA examination. The Series 17 is

a ninety (90) question examination

dealing with U.S. securities laws,

regulations, sales practices and special

products drawn from the standard

Series 7 Examination.

The Series 37 version is for Canadian

registrants who have successfully

completed the basic core module of the

Canadian Securities Institute program.

the Series 38 version is for Canadian

registrants who, in addition to having

successfully completed the basic core

module of the Canadian Securities

Institute program, have also successfully

completed the Canadian option and

futures program. Both the Series 37 and

38 share topics and test questions with

the parent Series 7 program but cover

only subject matter that is not covered,

or not covered in sufficient detail, on

the Canadian qualification examination.

The Series 37 has 90 questions and is

150 minutes in duration, while the

Series 38, an abbreviated version of the

series 37, has only 45 questions and is

75 minutes in duration. Forty-five

questions pertaining to options from the

series 37 were omitted from the Series

38.

To become registered with the

Exchange, qualified Japanese registered

representatives in good standing with

the Japanese securities authorities

would be required to obtain a passing

score on the Series 37. As a subset of the

Series 7, this 160 question and 240

minute long module is designed to test

a Japanese registered representative’s

knowledge of U.S. securities law,

markets investment products, and sales

practices.

The statutory basis for these foreign

examination modules lies in Section

6(c)(3)(B) of the Act. Under that section,

it is the Exchange’s responsibility to

prescribe standards of training,

experience, and competence for persons

associated with Exchange members and

member organizations. Pursuant to this

statutory obligation, the Exchange has

adopted examinations that are

administered to establish that persons

associated with Exchange members and

member organizations have attained

specified levels of competence and

knowledge.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The CBOE does not believe that the

proposed rule change will impose any

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 were solicited

or received with respect to the proposed

rule change.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Because the foregoing proposed rule

change: (1) Does not significantly affect

the protection of investors or the public

interest; (2) does not impose any

significant burden on competition; (3)

does not become operative for thirty

days from January 24, 1997, the date on

which it was filed, and the Exchange

provided the Commission with written

notice of its intent to file the proposed

rule change at least five business days

prior to the filing date, it has become

effective pursuant to Section 19(b)(3)(A)

of this Act 5 and Rule 19b–4(e)(6) 6

thereunder. At any time within sixty

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.

V. 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

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the CBOE. All

submissions should refer to the file

number in the caption above and should

be submitted by March 12, 1997.

For the Commission by the Division of

market Regulation pursuant to the delegated

authority.7

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–4048 Filed 2–18–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–38271; File No. SR–DTC–

96–23]

Self-Regulatory Organizations; The

Depository Trust Company; Notice of

Filing and Immediate Effectiveness of

Proposed Rule Relating to Revision of

Fees

February 11, 1997.

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

Securities Exchange Act of 1934

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

December 31, 1996, The Depository

Trust Company (‘‘DTC’’) 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 primarily by DTC. The

Commission is publishing this notice to

solicit comments from interested

persons on the proposed rule change.

I. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

The proposed rule change revises the

fees charged to users who are not DTC

participants for automated reports

listing the positions of DTC participants

in an issue.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory basis for, the Proposed Rule

Change

In its filing with the Commission,

DTC 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. DTC has prepared

summaries, set forth in sections (A), (B),

and (C) below, of the most significant

aspects of such statements.2
Federal Register / Vol. 62, No. 33 / Wednesday, February 19, 1997 / Notices 7487

3 15 U.S.C. 78q–1.

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

5 17 CFR 240.19b–4(e)(2).

6 17 CFR 200.30–3(a)(12).

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

2The Commission has modified the text of the

summaries prepared by DTC.

3 15 U.S.C. 78q–1.

(A) Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

The purpose of the proposed rule

change is to revise the fees charged to

users who are not DTC participants for

automated reports listing the positions

of DTC participants in an issue. The

automated reports include the Weekly

Report Series, which shows the daily

closing balances during the week for

each participant having a security

credited to its DTC account; the

Monthly Report Series, which shows the

closing balance on the last business day

of the month for each participant having

a security credited to its DTC account;

the Dividend Record Date Series, a

quarterly report which shows the

closing balance for each participant

having a security credited to its DTC

account; on a dividend record date; and

the Special Request, which is available

for any business day and shows each

participant’s closing balance in the issue

on that day. DTC offers these reports to

third parties (e.g., trustees, issuers,

attorneys representing issuers, and other

attorneys when required by valid legal

process) who are not participants at

DTC. The revised fees for the automated

reports became effective on January 1,

1997.

DTC believes that the proposed rule

change is consistent with the

requirements of Section 17A(b)(3)(D) of

the Act3 and the

rules and regulations thereunder

because it provides for the equitable

allocation of reasonable dues, fees, and

other charges among users of DTC’s

services.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

DTC does not believe that the

proposed rule change will impose any

burden on competition that is not

necessary or appropriate in the

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

No written comments on the proposed

rule change were solicited or received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The foregoing rule change has become

effective pursuant to Section

19(b)(3)(A)(ii) 4 of the Act and pursuant

to Rule 19b–4(e)(2) 5 promulgated

thereunder in that the proposed rule

change establishes or changes a due, fee,

or other charge imposed by DTC. At any

time within sixty days of the filing of

such 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 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 DTC. All submissions should

refer to File No. SR–DTC–96–23 and

should be submitted by March 12, 1997.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.6

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–4052 Filed 2–18–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–38278; File No. SR–DTC–

96–25]

Self-Regulatory Organizations; The

Depository Trust Company; Notice of

Filing and Immediate Effectiveness of

Proposed Rule Change Relating to an

Amendment to DTC’s By-Laws

February 11, 1997.

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

Securities Exchange Act of 1934

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

December 31, 1996, The Depository

Trust Company (‘‘DTC’’) 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 primarily by DTC. The

Commission is publishing this notice to

solicit comments from interested

persons on the proposed rule change.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The proposed rule change amends

DTC’s by-laws to authorize DTC’s Board

of Directors to modify its internal

management structure.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

DTC 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. DTC 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

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

The purpose of the proposed rule

change is to amend DTC’s by-laws to

authorize DTC’s Board of Directors to

modify its internal management

structure. In particular, DTC proposes to

amend Article III of its by-laws to

authorize DTC’s Board of Directors to

designate any one or more of DTC’s Vice

Presidents as Senior Vice President.

This is in addition to the Board of

Directors’ current authority to designate

any one or more of DTC’s Vice

Presidents as Executive Vice President

or Senior Executive Vice President and

to designate a Senior Executive Vice

President as DTC’s Chief Operating

Officer.

DTC believes that the proposed rule

change is consistent with the

requirements of Section 17A of the Act 3

and the rules and regulations

thereunder because it makes

administrative changes to DTC’s by-laws

so that they coincide with DTC’s new

internal management structure.