9010 Federal Register / Vol. 62, No. 39 / Thursday, February 27, 1997 / Notices

3This language is drawn from Article XV, Section

1 of the NASD By-Laws which authorizes the

Association to adopt the Uniform Practice Code

which states that the adoption of such a Code is for

the purpose that ‘‘the transaction of day-to-day

business by members may be simplified and

facilitated * * * .’’ 4 15 U.S.C. § 78o–3. 5 17 CFR 200.30–3(a)(12).

the Code or the rules of the relevant

market apply to the transaction. Finally,

since the SEC’s adoption of Rule 144A

in 1991, members have inquired as to

whether the Code is applicable to

transactions in restricted securities.

In order to provide clarity on the

applicability of the Code, NASD

Regulation is proposing to amend the

Code to expand the introductory

language of paragraph (a) of Rule 11100

to state that:

(i) the application of the Code to

secondary market transactions in

securities includes the regulation of the

‘‘rights and liabilities of the members

participating in the transaction’’;

(ii) the Code also applies to ‘‘those

operational procedures that affect the

day-to-day business of members’’;3 and

(iii) the securities transactions

covered by the Code include

transactions in ‘‘restricted securities, as

defined in Rule 144(a)(3) under the

Securities Act of 1933.’’

As a result of this change, secondary

market transactions in restricted

securities that are not in a depository

will be required to comply with the

Code’s operational procedures. In this

connection, NASD Regulation is also

clarifying the securities sold offshore

pursuant to the exemption from

registration provided by Regulation S

are considered to be subject to the

requirements of the Code when those

securities are traded in the U.S. after the

expiration of the restricted period. It is

not believed any change to the Code is

necessary with respect to this

clarification, as the Code clearly applies

to all registered and unregistered

secondary securities market transactions

between members, which would

include securities formerly sold in a

Regulation S transaction.

In addition, NASD Regulation is

proposing to amend subparagraph (a)(1)

of Rule 11100 to clarify that the

exception for transactions in securities

between members that are compared,

cleared or settled through the facilities

of a registered clearing agency does not

apply where the rules of the clearing

agency provide that the rules of other

organizations shall apply.

NASD Regulation believes that these

changes will make clear the broad scope

and applicability of the Code and permit

members to look to the Code for

guidance regarding transactions settled

through a clearing agency, where the

clearing agency has adopted a rule

directing that the rules of the governing

market apply to the transaction.

(b) NASD Regulation believes that the

proposed rule change is consistent with

the provisions of Section 15A(b)(6) of

the Act 4 in that the proposed rule

change clarifies the application of the

Uniform Practice Code to establishing

the liabilities of parties to a transaction,

to restricted securities, to the

operational procedures that affect the

day-to-day business of members, and to

transactions settled through a clearing

agency where the rules of the clearing

agency direct that the rules of the

governing market apply to the

transaction. NASD Regulation believes

the proposed rule change is consistent

with the Association’s obligations to

foster cooperation and coordination

with persons engaged in regulating,

clearing, settling, processing

information with respect to, and

facilitating transactions in securities

and, in general, in the public interest.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

NASD Regulation does not believe

that the proposed rule change will result

in any burden on competition that is not

necessary or appropriate in furtherance

of the purposes of the Act, as amended.

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.

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

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the NASD. All

submissions should refer to File No.

SR–NASD–97–06 and should be

submitted by March 20, 1997.

For the Commission, by the Division of

Market Regulations, pursuant to delegated

authority.5

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–4862 Filed 2–26–97; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster Loan Area #2925;

Amendment #2]

California; Declaration of Disaster

Loan Area

In accordance with a notice from the

Federal Emergency Management

Agency, dated February 14, 1997, the

above-numbered Declaration is hereby

amended to include Kings and San Luis

Obispo Counties in the State of

California as a disaster area due to

damages caused by severe storms,

flooding, and mud and landslides

beginning on December 28, 1996 and

continuing.

In addition, applications for economic

injury loans from small businesses

located in the contiguous county of

Santa Barbara in the State of California

may be filed until the specified date at

the previously designated location. Any

counties contiguous to the above-named

counties and not listed herein have been

previously declared.

All other information remains the

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

applications for physical damage is

March 5, 1997, and for loans for

economic injury the deadline is October

6, 1997.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008)
Federal Register / Vol. 62, No. 39 / Thursday, February 27, 1997 / Notices 9011

Dated: February 19, 1997.

Herbert L. Mitchell

Acting Associate Administrator for Disaster

Assistance.

[FR Doc. 97–4925 Filed 2–26–97; 8:45 am]

BILLING CODE 8025–01–P

[Declaration of Disaster Loan Area 2928;

Amendment 1]

Oregon; Declaration of Disaster Loan

Area

In accordance with a notice from the

Federal Emergency Management

Agency, dated February 14, 1997, the

above-numbered Declaration is hereby

amended to include the Counties of

Coos, Douglas, Lake, and Lane in the

State of Oregon as a disaster area due to

damages caused by winter storms, land

and mudslides, and flooding beginning

on December 25, 1996 and continuing

through January 6, 1997.

In addition, applications for economic

injury loans from small businesses

located in the contiguous counties of

Benton, Harney, Lincoln, and Linn in

the State of Oregon may be filed until

the specified date at the previously

designated location. Any counties

contiguous to the above-named counties

and not listed herein have been

previously declared.

All other information remains the

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

applications for physical damage is

March 24, 1997, and for loans for

economic injury the deadline is October

23, 1997.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008)

Dated: February 19, 1997.

Herbert L. Mitchell,

Acting Associate Administrator for Disaster

Assistance.

[FR Doc. 97–4924 Filed 2–26–97; 8:45 am]

BILLING CODE 8025–01–P

[Declaration of Disaster Loan Area 2927;

Amendment 2]

Washington; Declaration of Disaster

Loan Area

In accordance with notices from the

Federal Emergency Management

Agency, dated February 6 and 11, 1997,

the above-numbered Declaration is

hereby amended to include the Counties

of Asotin, Clark, Jefferson, Pend Oreille,

and Whatcom in the State of

Washington as a disaster area due to

damages caused by winter storms, land

and mudslides, and flooding. This

Declaration is further amended to

establish the incident period for this

disaster as beginning on December 26,

1996 and continuing through February

10, 1997.

In addition, applications for economic

injury loans from small businesses

located in the contiguous counties of

Garfield in the State of Washington and

Columbia in the State of Oregon may be

filed until the specified date at the

previously designated location. Any

counties contiguous to the above-named

counties and not listed herein have been

previously declared.

All other information remains the

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

applications for physical damage is

March 18, 1997, and for loans for

economic injury the deadline is October

17, 1997. The economic injury number

for the State of Oregon is 935600.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008)

Dated: February 19, 1997.

Herbert L. Mitchell,

Acting Associate Administrator for Disaster

Assistance.

[FR Doc. 97–4923 Filed 2–26–97; 8:45 am]

BILLING CODE 8025–01–P

SUSQUEHANNA RIVER BASIN

COMMISSION

Proposed Out-of-Basin Diversion

Policy and Protocol; Public Hearing

AGENCY: Susquehanna River Basin

Commission.

ACTION: Public hearing on addition to

comprehensive plan.

SUMMARY: The Susquehanna River Basin

Commission will hold a public hearing

in conjunction with its regular meeting

on March 20, 1997. This hearing will be

for the purpose of receiving public

comments on the inclusion of the

proposed Out-of-Basin Diversion Policy

and Protocol in the Commission’s

Comprehensive Plan for Management

and Development of the Water

Resources of the Susquehanna River

Basin.

Under Section 3.10 of the

Susquehanna River Basin Compact,

Public Law 91–575, 84 Stat. 1509 et

seq., the Commission must review and

approve all diversions of water from the

Susquehanna River Basin. Up to this

time, the Commission has adopted no

formal policy position or statement on

how it will evaluate proposed

diversions, but has relied on positions

articulated in past docket decisions.

This policy establishes the principles

that the Commission will consider in

the approval of diversions and adds a

protocol describing how those

principles will be applied. Written

comments will also be accepted and

made a part of the hearing record.

DATES: The public hearing will be held

on March 20, 1997, beginning at

approximately 9:00 a.m. Written

comments on the proposed policy

should be submitted by March 20, 1995.

ADDRESSES: The public hearing will be

held at the Best Western Country

Cupboard Inn, Rt. 15 North, Lewisburg,

Pa.. Copies of the entire policy

statement and protocol may be obtained

upon request to the Commission at 1721

N. Front Street, Harrisburg, Pa. 17102–

2391, (717)238–0423.

FOR FURTHER INFORMATION CONTACT:

Richard A. Cairo, General Counsel/

Secretary, SRBC, 717–238–0423.

Dated: February 21, 1997.

Richard A. Cairo,

General Counsel/Secretary.

[FR Doc. 97–4938 Filed 2–26–97; 8:45 am]

BILLING CODE 7040–01–P

OFFICE OF THE UNITED STATES

TRADE REPRESENTATIVE

Free Trade Area of the Americas;

Notice and Request for Views

AGENCY: Office of the United States

Trade Representative.

ACTION: Notice of opportunity to provide

views on U.S. objectives for the free

trade area of the Americas.

SUMMARY: The Trade Policy Staff

Committee is issuing this notice to

request advice and information useful in

the preparation for the meeting of

Western Hemisphere trade ministers, to

be held on May 16, 1997 in Belo

Horizonte, Brazil. At the Summit of the

Americas, leaders of the Western

Hemisphere agreed that countries

should conclude negotiation of a ‘‘Free

Trade Area of the Americas’’ by 2005.

The trade ministers were asked to

oversee the negotiation.

DATES: In order to receive full

consideration, comments must be

received no later than: March 24, 1997.

This will make them timely for

consideration as U.S. positions for the

Ministerial meeting are developed. Any

comments, however brief, would be

welcome. The U.S. Government will

continue to welcome advice as work on

the FTAA proceeds.

ADDRESSES: Gloria Blue, Executive

Secretary, Trade Policy Staff Committee,

Office of the United States Trade

Representative, 600 17th Street, NW,

Room 501, Washington, D.C. 20508.

FOR FURTHER INFORMATION CONTACT:

Karen James Chopra (202) 395–5190.