Federal Register / Vol. 65, No. 4 / Thursday, January 6, 2000 / Notices 799

1Section 12(f) of the Securities Exchange Act of

1934 (‘‘Act’’) describes the circumstances under

which an exchange may trade a security that is not

listed on the exchange, i.e., by extending unlisted

trading privileges (‘‘UTP’’) to the security. See 15

U.S.C. 781(f). Section 12(f) required exchanges to

apply to the Commission before extending UTP to

any security. In order to approve an exchange UTP

application for a registered security not listed on

any exchange (‘‘OTC/UTP’’), Section 12(f) required

the Commission to determine that various criteria

had been met concerning fair and orderly markets,

the protection of investors, and certain national

market initiatives. Section 12(f) was amended on

October 22, 1994; the amendment removed the

application requirement. OTC/UTP is now allowed

only pursuant to a Commission order or rule, which

is to be issued or promulgated under essentially the

same standards that previously applied to

Commission review of UTP applications. The

present order fulfills these Section 12(f)

requirements.

2The signatories to the Plan, i.e., the NASD, the

CHX (previously, the Midwest Stock Exchange,

Inc.), the PHLX, and the BSE, are the

‘‘Participants.’’ The BSE, however, joined the Plan

as a ‘‘Limited Participant,’’ and reports quotation

information and transaction reports only in Nasdaq/

NM securities listed on the BSE. Originally, the

American Stock Exchange, Inc., was a Participant

to the Plan, but did not trade securities pursuant to

the Plan, and withdrew from participation in the

Plan in August 1994.

3See Securities Exchange Act Release No. 28146

(June 26, 1990), 55 FR 27917 (July 6, 1990) (‘‘1990

Approval Order’’).

4See Section 12(f)(2) of the Act. See also

December 1998 Extension Order, infra note 6, for

a more in depth description of the Plan.

5See letter from David T. Rusoff, Foley & Lardner,

to Betsy Prout, Division of Market Regulation, SEC,

dated May 9, 1994.

6See Securities Exchange Act Release No. 34371

(July 13, 1994), 59 FR 37103 (July 20, 1994);

Securities Exchange Act Release No. 35221 (January

11, 1995), 60 FR 3886 (January 19, 1995); Securities

Exchange Act Release No. 36102 (August 14, 1995),

60 FR 43626 (August 22, 1995); Securities Exchange

Act Release No. 36226 (September 13, 1995), 60 FR

49029 (September 21, 1995); Securities Exchange

Act Release No. 36368 (October 13, 1995), 60 FR

54091 (October 19, 1995); Securities Exchange Act

Release No. 36481 (November 13, 1995), 60 FR

58119 (November 24, 1995); Securities Exchange

Act Release No. 36589 (December 13, 1995), 60 FR

65696 (December 20, 1995); Securities Exchange

Act Release No. 36650 (December 28, 1995), 61 FR

358 (January 4, 1996); Securities Exchange Act

Release No. 36934 (March 6, 1996), 61 FR 10408

(March 13, 1996); Securities Exchange Act Release

No. 36985 (March 18, 1996), 61 FR 12122 (March

25, 1996); Securities Exchange Act Release No.

37689 (September 16, 1996), 61 FR 50058

(September 24, 1996); Securities Exchange Act

Release No. 37772 (October 1, 1996), 61 FR 52980

(October 9, 1996); Securities Exchange Act Release

No. 38457 (March 31, 1997), 62 FR 16880 (April 8,

1997); Securities Exchange Act Release No. 38794

(June 30, 1997) 62 FR 36586 (July 8, 1997);

Securities Exchange Act Release No. 39505

(December 31, 1997) 63 FR 1515 (January 9, 1998);

Securities Exchange Act Release No. 40151 (July 1,

1998) 63 FR 36979 (July 8, 1998); Securities

Exchange Act Release No. 40869 (December 31,

1998), 64 FR 1834 (January 12, 1999) (‘‘December

1998 Extension Order’’); and Securities Exchange

Act Release No. 41392 (May 12, 1999), 64 FR 27839

(May 21, 1999) (‘‘May 1999 Approval Order’’);

Securities Exchange Act Release No. 42268

(December 23, 1999).

7The Plan defines ‘‘eligible security’’ as any

Nasdaq/NM security as to which unlisted trading

privileges have been granted to a national securities

exchange pursuant to Section 12(f) of the Act or that

is listed on a national securities exchange. On May

12, 1999, the Commission expanded the number of

eligible Nasdaq/NM securities that may be traded

by the CHX pursuant to the Plan from 500 to 1000.

(See May 1999 Approval Order, supra) note 6.

8The full text of the Plan, as well as a ‘‘Concept

Paper’’ describing the requirements of the Plan, are

contained in the original filing which is available

for inspection and copying in the Commission’s

public reference room.

9 15 U.S.C. 78k–1. In approving this amendment,

the Commission has considered the amendment’s

impact on efficiency, competition, and capital

formations. 15 U.S.C. 78(c)(f).

information will include any changes

caused by the addition of a new

Manager. To meet this condition, the

Adviser will provide shareholders (or, if

the Portfolio serves as a funding

medium for any sub-account of a

registered separate account, then by

providing unitholders of the subaccount) with an information statement

meeting the requirements of Regulation

14C, Schedule 14C, and Item 22 of

Schedule 14A under the Securities

Exchange Act of 1934.

For the Commission, by the Division of

Investment Management, under delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–232 Filed 1–5–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–42269; File No. S7–24–89]

Joint Industry Plan; Solicitation of

Comments and Order Approving

Amendment No. 10 to Reporting Plan

for Nasdaq/National Market Securities

Traded on an Exchange on an Unlisted

or Listed Basis, Submitted by the

National Association of Securities

Dealers, Inc., and the Boston, Chicago,

Philadelphia and Cincinnati Stock

Exchanges

December 23, 1999.

I. Introduction

On December 6, 1999, the National

Association of Securities Dealers, Inc.

(‘‘NASD’’), on behalf of itself and the

Boston Stock Exchange, Inc. (‘‘BSE’’),

the Chicago Stock Exchange, Inc.

(‘‘CHX’’), the Philadelphia Stock

Exchange, Inc. (‘‘PHLX’’), and the

Cincinnati Stock Exchange

(‘‘Cincinnati’’) submitted to the

Securities and Exchange Commission

(‘‘Commission’’ or ‘‘SEC’’) Amendment

No. 10 to a joint transaction reporting

plan (‘‘Plan’’)1 for Nasdaq/National

Market (‘‘Nasdaq/NM’’) (previously

referred to as Nasdaq/NMS) securities

traded on an exchange on an unlisted or

listed basis.2 This notice and order

approves the amendment, which would

add Cincinnati as a Participant to the

Plan and make technical changes to the

Plan to reflect that the Midwest Stock

Exchange now is called the Chicago

Stock Exchange.

II. Background

The Commission originally approved

the Plan on June 26, 1990.3 The Plan

governs the collection, consolidation

and dissemination of quotation and

transaction information for Nasdaq/NM

securities listed on an exchange or

traded on an exchange pursuant to a

grant of UTP.4 The Commission

originally approved trading pursuant to

the Plan on a one-year pilot basis, with

the pilot period to commence when

transaction reporting pursuant to the

Plan commenced. Accordingly, the pilot

period commenced on July 12, 1993.5

The Plan has since been in operation on

an extended pilot basis.6

III. Description of the Plan

The Plan provides for the collection

from Plan Participants and the

consolidation and dissemination to

vendors, subscribers and others of

quotation and transaction information

in ‘‘eligible securities.’’ 7 The Plan

contains various provisions concerning

its operation, including: Implementation

of the Plan; Manner of Collecting,

Processing, Sequencing, Making

Available and Disseminating Last Sale

Information; Reporting Requirements

(including hours of operation);

Standards and Methods of Ensuring

Promptness, Accuracy and

Completeness of Transaction Reports;

Terms and Conditions of Access;

Description of Operation of Facility

Contemplated by the Plan; Method and

Frequency of Processor Evaluation;

Written Understandings of Agreements

Relating to Interpretation of, or

Participation in, the Plan; Calculation of

the Best Bid and Offer; Dispute

Resolution; and Method of

Determination and Imposition, and

Amount of Fees and Charges.8

IV. Discussion

The Commission finds that it is

consistent with Section 11A 9 of the Act

to add Cincinnati as a Participant to the

Plan and to make technical changes to

the Plan to reflect that the Midwest

Stock Exchange is now called the

Chicago Stock Exchange. Section 11A

directs the Commission to facilitate the

development of a national market

system for securities, ‘‘having due

regard for the public interest, the

protection of investors, and the

800 Federal Register / Vol. 65, No. 4 / Thursday, January 6, 2000 / Notices

10 15 U.S.C. 78k–1(a)(1)(C)(ii).

11See supra note 3. 12 17 CFR 200.30–3(a)(29).

maintenance of fair and orderly

markets,’’ and cites as an objective of

that system the ‘‘fair competition * * *

between exchange markets and markets

other than exchange markets.’’ 10 When

the Commission first approved the Plan

on a pilot basis, it found that the Plan

‘‘should enhance market efficiency and

fair competition, avoid investor

confusion, and facilitate regulatory

surveillance of concurrent exchange and

OTC trading.’’ 11 The Commission now

finds that adding a Participant to the

Plan furthers these same goals.

Section 1C of the Plan provides that

a national securities exchange in whose

market eligible securities become

traded, may become a Participant,

provided that the exchange executes a

copy of the Plan and pays its share of

development costs as specified in

Section XIV of the Plan. Cincinnati has

filed an executed copy of the Plan with

the Commission, and the Participants

have represented to the Commission

that Cincinnati has paid its share of the

development costs specified in Section

XIV of the Plan. Accordingly, the

Commission finds that Cincinnati has

satisfied the requirements listed in the

Plan to become a participant.

The Commission also finds that the

technical amendments to the Plan are

consistent with the Act. The

Commission believes that the Plan

should accurately reflect the

Participants. Thus, it is appropriate that

all references to the Midwest Stock

Exchange are changed to the Chicago

Stock Exchange, and that the Plan itself

be modified to provide for a symbol for

CHX.

V. Solicitation of Comment

Interested persons are invited to

submit written data, views and

arguments concerning the foregoing,

including whether the proposed

amendment is consistent with the Act.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street NW,

Washington, DC 20549–0609. Copies of

the submission, all subsequent

amendments, all written statements

with respect to the proposed

amendment that are filed with the

Commission, and all written

communications relating to the

proposed amendment 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 at

the Commission’s Public Reference

Room. All submissions should refer to

File No. S7–24–89 and should be

submitted by February 10, 2000.

VI. Conclusion

It is therefore ordered, pursuant to

Sections 12(f) and 11A of the Act and

paragraph (c)(2) of Rule 11Aa3–2

thereunder, that Amendment No. 10 to

the Plan, is approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.12

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–279 Filed 1–5–00; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF TRANSPORTATION

Coast Guard

[CGD17–99–013]

Application for Recertification of

Prince William Sound Regional

Citizens’ Advisory Council

AGENCY: Coast Guard, DOT.

ACTION: Notice of availability; request

for comments.

SUMMARY: The Coast Guard announces

the availability of the application for

recertification submitted by the Prince

William Sound Regional Citizens’

Advisory Council (PWSRCAC). A

recertification would be valid for a year.

Under the Oil Terminal and Oil Tanker

Environmental Oversight and

Monitoring Act of 1990, the Coast Guard

also may certify, on an annual basis, an

alternative voluntary advisory group

instead of the Regional Citizens’

Advisory Council for Prince William

Sound.

DATES: Comments must reach the

Seventeenth Coast Guard District on or

before February 7, 2000.

ADDRESSES: You may mail your

comments to the Seventeenth Coast

Guard District (mor), P.O. Box 25517,

Juneau, AK 99802. You may also deliver

them to the Juneau Federal Building,

room 753, 709 W 9th Juneau, AK

between 8 a.m. and 4 p.m., Monday

through Friday, except Federal holidays.

The Seventeenth Coast Guard District

maintains the public docket for this

recertification process. Comments

regarding recertification will become

part of this docket and will be available

for inspection or copying at the Juneau

Federal Building, room 753, 709 W 9th

Juneau, AK, between 8 a.m. and 4 p.m.,

Monday through Friday, except Federal

holidays. You may also access this

docket via the ARRT web site:

www.akrrt.org.

A copy of the application is also

available for inspection at the Prince

William Sound Regional Citizens’

Advisory Council’s Offices, at 3709

Spenard Rd., Anchorage, Alaska, 99503

or 154 Fairbanks Dr., P.O. Box 3089,

Valdez, Alaska, 99686, between the

hours of 8 a.m. and 5 p.m. Monday

through Friday. The telephone number

is (907) 277–7222 in Anchorage, Alaska

and (907) 835–5957 in Valdez, Alaska.

FOR FURTHER INFORMATION CONTACT: For

general information regarding the

PWSRCAC, see their web site:

www.pwsrcac.org. For questions on

viewing, or submitting material to the

docket contact LCDR Larry Musarra,

Seventeenth Coast Guard District (mor),

(907) 463–2211.

SUPPLEMENTARY INFORMATION:

Request for Comments

The Coast Guard encourages

interested persons to submit written

data, views, or arguments. It solicits

comments from interested groups

including oil terminal facility owners

and operators, owners and operators of

crude oil tankers calling at terminal

facilities, and fishing, aquacultural,

recreational and environmental citizens

groups, concerning the recertification

application of PWSRCAC. Persons

submitting comments should include

their names and addresses, identify this

rulemaking (CGD17–99–013) and the

specific section of this document to

which each comment applies, and give

the reason for each comment. Please

submit two copies of all comments and

attachments in an unbound format, no

larger than 81⁄2 by 11 inches, suitable for

copying and electronic filing. Persons

wanting acknowledgment of receipt of

comments should enclose stamped, selfaddressed postcards or envelopes.

The Coast Guard plans no public

hearing. Persons may request a public

hearing by writing to Commander (m),

17th Coast Guard District, P.O. Box

25517, Juneau, AK 99802. The request

should include the reasons why a

hearing would be beneficial. If there is

sufficient evidence to determine that

oral presentations will aid this

recertification process, the Coast Guard

will hold a public hearing at a time and

place announced by a later notice in the

Federal Register.

Background and Purpose

The Coast Guard published guidelines

on December 31, 1992 (57 FR 626000),

to assist groups seeking recertification