Federal Register / Vol. 65, No. 217 / Wednesday, November 8, 2000 / Notices 67031

3 15 U.S.C. 78f(b).

4 15 U.S.C. 78f(b)(5).

5 15 U.S.C. 78f(b)(6).

6 17 CFR 200.30–3(a)(12).

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

2 17 CFR 240.19b–4.

Exchange believes that the proposed

fine schedule of $100.00, $250.00 and

$500.00 for the first, second, and third

violations, respectively, is reasonable

and will serve as an effective deterrent

of future violations.

2. Statutory Basis

The Exchange believes that the

proposed rule change is consistent with

Section 6(b) of the Act 3 in general, and

furthers the objectives of Section

6(b)(5) 4 in particular, in that it is

designed to promote just and equitable

principles of trade. The Exchange

believes that the proposed rule also

furthers the objectives of Section

6(b)(6),5 in that it is designed to

appropriately discipline members who

violate the rules of the Exchange.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange does not believe that

the proposed rule change will impose

any burden on competition that is not

necessary or appropriate in 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

The Exchange did not solicit or

receive written comments on the

proposed rule change.

III. Date of Effectiveness of the 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 Exchange 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,

including whether the proposed rule

change is consistent with the Act.

Persons making written submissions

should file six copies thereof 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 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 the filing will also be

available for inspection and copying at

the principal office of the PCX. All

submissions should refer to the File No.

SR–PCX–00–27 and should be

submitted by November 29, 2000.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.6

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–28651 Filed 11–7–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43489; File No. SR–Phlx–

00–64]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the Philadelphia Stock Exchange, Inc.

Relating to Late Charges and Penalties

for Non-Payment

October 27, 2000.

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

Securities Exchange Act of 1934

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on

September 18, 2000, the Philadelphia

Stock Exchange, Inc. (‘‘Phlx’’ or

‘‘Exchange’’) filed with the Securities

and Exchange Commission (‘‘SEC’’ or

‘‘Commission’’) the proposed rule

change as described in Items I and II

below, which Items have been prepared

by the Exchange. 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 Exchange proposes to amend its

By-Law Article XIV, Section 14–5,

‘‘Penalty for Non-Payment,’’ and Phlx

Rule 50, ‘‘Late Charge,’’ to clarify and

provide consistent time periods for

reporting delinquent accounts to the

Phlx’s Finance Committee and the

Phlx’s Board of Governors (‘‘Board’’).

Specifically, the Phlx proposes to

amend Phlx Rule 50 to (1) Impose a late

charge on accounts unpaid 30 days after

the date of the original invoice, rather

than accounts unpaid 40 days after the

date of the original invoice; (2) reduce

the amount of the late charge from 2%

simple interest to 1% simple interest for

each 30-day period or fraction thereof,

calculated on a daily basis, during

which the accounts payable to the Phlx

remain outstanding; and (3) provide that

the Phlx’s Finance Committee may

waive the amount of the late charge, or

a portion thereof, if the amount falls

within guidelines established by the

Board. The Phlx also proposes to

eliminate from Phlx Rule 50 the

requirements that the Phlx’s Controller

notify the Board when an amount due

to the Exchange remains outstanding for

90 days. Instead, Phlx Rule 50, as

amended, requires the Phlx’s controller

to notify the Finance Committee when

an amount due to the Phlx remains

unpaid 50 days after the date of the

original invoice. The Finance

Committee will refer the matter to the

Board if the amount due exceeds

$10,000.

For amounts in excess of $10,000,

Phlx By-Law Article XIV, Section 14–5,

as amended, requires the Phlx’s

Controller, rather than the Secretary, to

report to the Board: (1) a fine and/or

other monetary sanction unpaid 20 days

after the amount becomes payable; and

(2) a due, FCO user’s fee, fee, other

charge or other amount due to the Phlx

that is unpaid 50 days from the date of

the original invoice. The proposed

amendments to Phlx By-Law Section

14–5 replace current provisions

requiring the Secretary of the Phlx to

report to the Board a due or fee not paid

within three months and a fine not paid

within 20 days.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission, the

Exchange 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. The

Exchange has prepared summaries, set

forth in sections A, B, and C below, of

the most significant aspects of such

statements.

67032 Federal Register / Vol. 65, No. 217 / Wednesday, November 8, 2000 / Notices

3 15 U.S.C. 78f.

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

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

1. Purpose

The proposed amendments provide

consistent time periods for reporting

delinquent accounts to the Finance

Committee and the Board. The proposed

amendments specify that the Controller,

rather than the Secretary, will report

delinquent unpaid accounts in excess of

$10,000 to the Board and establish a

$10,000 threshold for reporting

delinquent accounts to the Board. The

Controller will report delinquent

accounts under $10,000 to the Finance

Committee for appropriate action.

No new remedies to achieve payment

more rapidly are proposed; only the

administrative business process has

been amended. The proposed

amendments to Phlx Rule 50 provide

that late charges will be imposed on

unpaid accounts outstanding after 30

days, rather than 40 days, and that the

Controller will report all outstanding

accounts unpaid after 50 days, rather

than 90 days, to the Finance Committee

for outstanding accounts with

outstanding balances of less than

$10,000. The proposed amendments

also allow the Finance Committee or its

designee to waive the imposition of late

fees or a portion thereof if the amount

falls within guidelines to be established

by the Board.

The purpose of the proposed

amendment to By-Law XIV, Section 14–

5 is to change the reporting of unpaid

outstanding delinquent accounts less

than $10,000 to the Finance Committee

50 days after original invoice to relieve

the Board from having to deal with such

matters. The Finance Committee may

take appropriate action under amended

Phlx Rule 50, such as contacting the

member organization to pursue payment

or referring the matter to the Business

Conduct Committee pursuant to Phlx

Rule 708 Commentary .01(c), which

prohibits members, member

organizations, and associated persons

from engaging in acts detrimental to the

interest or welfare of the Phlx, including

the failure to make a good faith effort to

pay fees, dues and fines or other monies

due and owing the Exchange. The Phlx

believes that the proposed accelerated

imposition of the late charge for

accounts unpaid after 30 days and the

reporting provisions to the Finance

Committee and the Board provide an

appropriate business process for

collection of unpaid charges and fees

and are administrative in nature. The

specification of the late charge rate and

its calculations are delineated in the

amended Phlx Rule 50 and the current

supplementary material to Phlx 50 is

being deleted.

2. Statutory Basis

The Exchange believes that the

proposed rule change is consistent with

Section 6 of the Act, 3 in general, and

with Section 6(b)(5) 4 in particular, in

that the proposed rule change is

designed to promote just and equitable

principles of trade and to protect

investors and the public interest by

providing the Exchange with the ability

to provide a more responsive

administrative process to pursue

collection of monies due and owing the

Exchange.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange does not believe that

the proposed rule change will impose

any inappropriate burden on

competition.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Member, 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 the 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,

including whether the proposed rule

change 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 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 at

the Commission’s Public Reference

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the Exchange. All

submissions should refer to file No. SR–

Phlx–00–64 and should be submitted by

November 29, 2000.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.5

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–28593 Filed 11–7–00; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF STATE

[Public Notice No. 3449]

Renewal of the Overseas Schools

Advisory Council

The Department of State is renewing

the Overseas Schools Advisory Council

to provide a formal channel for regular

consultation and advice from U.S.

corporations and foundations regarding

American-sponsored overseas schools.

The Under Secretary for Management

has determined that the committee is

necessary and in the public interest.

The Assistant Secretary for

Administration will appoint members of

the committee. The committee will

follow the procedures prescribed by the

Federal Advisory Committee Act

(FACA). Meetings will be open to the

public unless a determination is made

in accordance with the FACA Section

10(d) and 5 U.S.C. 552b(c) (1) and (4)

that a meeting or a portion of the

meeting should be closed to the public.

Notice of each meeting will be provided

in the Federal Register at least 15 days

prior to the meeting date.

FOR FURTHER INFORMATION CONTACT: Dr.

Keith D. Miller, Executive Secretary of

the committee at 202–261–8200.

Dated: November 2, 2000.

Keith D. Miller,

Executive Secretary, Overseas Schools

Advisory Council.

[FR Doc. 00–28672 Filed 11–7–00; 8:45 am]

BILLING CODE 4710–24–P