75332 Federal Register / Vol. 65, No. 232 / Friday, December 1, 2000 / Notices

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

2 17 CFR 240.19b–4.

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

4 17 CFR 240.19b–4(f)(6).

5Securities Exchange Act Release No. 42272

(December 23, 1999), 65 FR 153 (January 3, 2000)

(SR–Phlx–99–42). In the approval order, the

Commission requested that the Exchange examine

the operation of the Committee to ensure that the

Committee is not dominated by any one Exchange

interest (e.g., On-Floor or Off-Floor interests). The

options exchanges scan a variety of

newswires and employ different news

alert services to monitor for adjustment

events. When the exchanges learn of an

adjustment event, they alert OCC and

contact the primary market for the

underlying security to obtain more

information about the event and to

monitor the event.

Through these procedures, the

likelihood that a potential adjustment

event will escape notice is minimized.

However, the possibility of such an

occurrence can never be completely

eliminated. Accordingly, OCC wishes to

make clear that neither it nor its

securities committee will have liability

for any failure to act or delay in acting

on events not known to the securities

committee. The proposed rule change

would also clarify that adjustment

determinations are made in light of

circumstances known at the time the

determination is made. For example, if

the securities committee does not learn

of an event for which an adjustment

would normally be made until after the

ex-date, the fact that options trading

and/or exercise activity has taken place

in circumstances suggesting that there

would be no adjustment could tip the

balance of fairness against making an

adjustment.

The proposed rule change is

consistent with the requirements of

Section 17A of the Act and the rules and

regulations thereunder applicable to

OCC because it fosters cooperation and

coordination with persons engaged in

the clearance and settlement of

securities transactions, removes

impediments to and perfects the

mechanism of a national system for the

prompt and accurate clearance and

settlement of securities transactions,

and, in general, protects investors and

the public interest.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

OCC does not believe that the

proposed rule change would impose any

burden on competition.

(C) Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants or Others

Written comments were not and are

not intended to be solicited with respect

to the proposed rule change, and none

have been received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Within thirty-five 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

ninety 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,

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 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 the principal

office of OCC. All submissions should

refer to File No. SR–OCC–00–10 and

should be submitted by December 22,

2000.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–30665 Filed 11–30–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43614; File No. SR–Phlx–

00–101]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Philadelphia Stock Exchange, Inc.

Extending the Pilot Program for

Exchange Rule 98, Emergency

Committee Until April 30, 2001

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 November

17, 2000, the Philadelphia Stock

Exchange, Inc. (‘‘Phlx’’ or ‘‘Exchange’’)

filed a proposed rule change with the

Securities and Exchange Commission

(‘‘SEC’’ or ‘‘Commission’’). The

proposed rule change is described in

Items I, II, and III below, which Items

have been prepared by the Exchange.

The Exchange filed the proposed rule

change pursuant to section 19(b)(3)(A)

of the Act,3 and Rule 19b–4(f)(6)

thereunder,4 which renders the

proposed rule change effective upon

filing with the Commission. 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 is proposing to extend

the pilot program period for Rule 98,

Emergency Committee until April 30,

2001. No changes to the existing rule

language are being proposed.

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.

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

1. Purpose

On December 23, 1999, the

Commission approved amendments to

Rule 98, Emergency Committee (the

‘‘Committee’’), which updated the

composition of the Committee to reflect

the current governance structure of the

Exchange, on a 120-day pilot basis.5 The

Federal Register / Vol. 65, No. 232 / Friday, December 1, 2000 / Notices 75333

Commission requested that the Exchange report

back to the Commission on its views as to whether

the Committee structure ensures that all Exchange

interests are fairly represented by the Committee.

6Securities Exchange Act Release No. 42898

(June 5, 2000), 65 FR 36879 (June 12, 2000) (SR–

Phlx–00–42), extending the pilot program until

August 21, 2000; Securities Exchange Act Release

No. 43169 (August 17, 2000), 65 FR 51888 (August

25, 2000) (SR–Phlx–00–76), extending the pilot

program until November 17, 2000. On July 14, 2000,

the Exchange filed a proposed rule change to effect

the amendments on a permanent basis. SR–Phlx–

00–63 (filed July 14, 2000). In SR–Phlx–00–63 the

Exchange also enclosed the Exchange’s views as to

whether the Committee structure ensures that all

Exchange interests are fairly represented by the

Committee. Because the Exchange is considering

changes to the Committee, we would expect SR–

Phlx–00–63 to be withdrawn.

7See Securities Exchange Act Release No. 38960

(August 22, 1997), 62 FR 45904 (August 29, 1997)

(SR–Phlx–97–31).

8See Securities Exchange Act Release No. 26858

(May 22, 1989), 54 FR 23007 (May 30, 1989) (SR–

Phlx–88–36).

9See also Exchange By-Law, Article IV, Section

4–2.

10Previously, the Exchange has described

‘‘extraordinary market or emergency conditions’’ as,

among other things, a declaration of war, a

presidential assassination, an electrical blackout, or

events such as the 1987 market break or other

highly volatile trading conditions that require

intervention for the market’s continued efficient

operation. Letter dated March 15, 1989, from

William W. Uchimoto, General Counsel, Exchange,

to Sharon L. Itkin, Esquire, Commission, Division

of Market Regulation.

11 15 U.S.C. 78f.

12 15 U.S.C. 78f(b)(5).

13For purposes only of accelerating the operative

date of this proposal, the Commission has

considered the proposed rule’s impact on

efficiency, competition, and capital formation. 15

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

14 15 U.S.C. 78s(b)(3)(A).

15 17 CFR 240.19b–4(f)(6).

16 17 CFR 240.19b–4(f)(6).

17 17 CFR 200.30–3(a)(12).

pilot has been extended twice, most

recently to November 17, 2000.6 The

Commission has requested that the

Exchange file the instant proposed rule

change to extend the current pilot

through April 30, 2001 as the Exchange

considers other changes to the

composition of the Committee.

The Exchange originally proposed to

amend Rule 98, Emergency Committee,

by updating the composition of the

Committee to correspond with previous

revisions to the Exchange’s governance

structure,7 and by deleting a provision

authorizing the Committee to take

action regarding CENTRAMART, an

equity order reporting system which is

no longer used on the Exchange Equity

Floor.

The Committee was formed in 1989 8

prior to the aforementioned changes to

the Exchange’s governance structure.

The original proposed rule change,

approved by the Commission, deleted

the word ‘‘President’’ from the rule, as

the Exchange no longer has a

‘‘President,’’ and included the

Exchange’s On-Floor Vice Chairman 9 as

a member of the Committee.

Thus, Rule 98 specifies the

composition of the Emergency

Committee to include the following

individuals: the Chairman of the Board

of Governors; the On-Floor Vice

Chairman of the Board of Governors;

and the Chairmen of the Options

Committee, the Floor Procedure

Committee, and the Foreign Currency

Options Committee.

The staff of the Commission has

requested that the Exchange file the

instant proposed rule change to extend

the pilot program through April 30,

2001 so that the Committee will reflect

the current governance structure of the

Exchange and will be in place to take

necessary and appropriate action to

respond to extraordinary market

conditions or other emergencies.10 The

extension of the pilot program will also

allow the Exchange the necessary time

to propose changes to the Committee’s

structure to meet the Commission’s

concerns about whether the Committee

ensures that all interests of the

Exchange (e.g., On-Floor or Off-Floor)

are adequately represented by the

Committee.

2. Statutory Basis

The Exchange believes that the

proposed rule change is consistent with

section 6 11 of the Act in general, and

with section 6(b)(5) 12 of the Act in

specific, in that it is designed to perfect

the mechanisms of a free and open

market and a national market system,

and to protect investors and the public

interest, by updating the composition of

the Emergency Committee to reflect the

current governance structure of the

Exchange, and by continuing to provide

a regular procedure for the Exchange to

take necessary and appropriate action to

respond to extraordinary market

conditions or other emergencies.13

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange 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.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants, or Others

The Exchange has neither solicited

nor received written comments on the

proposed rule change, as amended.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The foregoing rule change has become

effective upon filing pursuant to section

19(b)(3)(A)(iii) of the Act 14 and Rule

19b–4(f)(6) 15 thereunder because the

proposed rule change does not (i)

significantly affect the protection of

investors or the public interest; (ii)

impose any significant burden on

competition; and (iii) become operative

for 30 days from the date on which the

proposed rule change was filed, or such

shorter time as the Commission may

designate. At any time within 60 days

of the filing of a rule change pursuant

to section 19(b)(3)(A) of the Act, the

Commission may summarily abrogate

the 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.

The Commission finds that it is

appropriate to accelerate the effective

date of the proposed rule change and to

permit the proposed rule change to

become immediately effective because

the proposal simply extends a

previously approved pilot program until

April 30, 2001. No changes to Rule 98

are being proposed at this time. In

addition, the commission waives the 5-

day prefiling notice as required by Rule

19b–4(f)(6).16

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 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 Phlx. All

submissions should refer to the File No.

SR–Phlx–00–101 and should be

submitted by December 22, 2000.

75334 Federal Register / Vol. 65, No. 232 / Friday, December 1, 2000 / Notices

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority. 17

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–30667 Filed 11–30–00; 8:45 am]

BILLING CODE 8010–01–M

OFFICE OF THE UNITED STATES

TRADE REPRESENTATIVE

Notice of Request for Public

Comments on the Review and

Renegotiation of the United StatesIsrael Agreement on Trade in

Agricultural Products

AGENCY: Office of the United States

Trade Representative.

ACTION: Notice.

SUMMARY: The Trade Policy Staff

Committee (TPSC) is soliciting written

comments on U.S. objectives for

upcoming negotiations on the renewal

of the United States-Israel Agreement on

Trade in Agricultural Products (ATAP).

Specifically, the TPSC is seeking

comments on general negotiating

objectives and product-specific requests.

DATES: Public comments are due by

noon December 29, 2000.

FOR FURTHER INFORMATION CONTACT: For

procedural questions concerning public

comments, contact Gloria Blue,

Executive Secretary, TPSC, Office of the

USTR, 600 17th Street, NW.,

Washington, DC 20508 (202) 395–3475.

All other questions regarding the

negotiations should be addressed to Ned

Saums, Director for Middle Eastern

Affairs, Office of the USTR, (202) 395–

3320.

SUPPLEMENTARY INFORMATION: The 1985

Agreement on the Establishment of a

Free Trade Area between the

Government of Israel and the

Government of the United States of

America (FTAA) was intended to apply,

in full, to trade in all products between

the two countries. However, the United

States and Israel held differing

interpretations as to the meaning of

certain rights and obligations related to

agricultural products under the FTAA.

In the interest of achieving practical

improvements in agricultural trade

between the two countries, the United

States and Israel in November 1996

signed the Agreement on Trade in

Agricultural Products (ATAP). The

ATAP, an adjunct to the FTAA, is a fiveyear agreement, expiring on December

31, 2001.

According to the ATAP, U.S.

agricultural products exported to Israel

are divided into three categories: (1)

Products which are exempt from tariffs,

(2) products which are exempt from

tariffs within certain quantities, (3)

products which are imported at a

preferential tariff rate. Israeli

agricultural products are treated

differently under the ATAP. Following

the implementation of the 1985 FTAA,

most Israeli agricultural products

exported to the U.S. had duty-free

access to the U.S. market. Therefore,

duty-free quota allocations, in excess of

U.S. WTO commitments, are the

principle concessions granted to Israeli

products as a result of the ATAP. Not

later than January 31, 2001, The United

States and Israel have committed to

initiate a review of the operation of the

ATAP and to seek further

improvements. In preparation, USTR is

soliciting detailed written comments,

including data and arguments,

addressing:

(a) General and product-specific

negotiating objectives for the ATAP;

(b) Economic costs and benefits to

U.S. producers and exporters related to

the reduction or removal of current

restrictions to the Israeli agricultural

market;

(c) Product-specific export interests or

barriers (described by Harmonized

Tariff System numbers);

(d) Detailed accounts of particular

trade-restrictive measures that should be

addressed in the negotiations; and,

(e) Other relevant issues, including

potential environmental implications of

the proposed agreement.

Written Comments

Persons submitting written comments

should provide twenty (20) copies no

later than noon, December 29, 2000, to

Gloria Blue at the address listed above.

Where possible, please supplement

written comments with a computer disk

of the submission containing as much of

the technical details as possible either

in spreadsheet or word processing table

format, with each tariff line/services

sector in a separate cell. The disk

should have a label identifying the

software used and the submitter.

Written comments submitted in

connection with this request, except for

information granted ‘‘business

confidential’’ status pursuant to 15 CFR

2003.6, will be available for public

inspection in the USTR Reading Room

(Room 101) at the address noted above.

An appointment to review the file may

be made by calling Brenda Webb at

(202) 395–6186. The Reading Room is

open to the public from 10 a.m. to 12

noon, and from 1 p.m. to 4 p.m. Monday

through Friday.

Business confidential information,

including any information submitted on

disks, will be subject to the

requirements of 15 CFR 2003.6. Any

business confidential material must be

clearly marked as such on the cover

letter or page and each succeeding page,

and must be accompanied by a nonconfidential summary thereof. If the

submission contains business

confidential information, twenty copies

of a public version that does not contain

confidential information, must be

submitted. A justification as to why the

information contained in the

submission should be treated

confidentially must be included in the

submission. In addition, any

submissions containing business

confidential information must be clearly

marked ‘‘Confidential’’ at the top and

bottom of the cover page (or letter) and

each succeeding page of the submission.

The version that does not contain

confidential information should also be

clearly marked, at the top and bottom of

each page, ‘‘public version’’ or ‘‘nonconfidential.’’

Carmen Suro-Bredie,

Assistant U.S. Trade Representative for Policy

Coordination.

[FR Doc. 00–30648 Filed 11–30–00; 8:45 am]

BILLING CODE 3190–01–P

DEPARTMENT OF TRANSPORTATION

Surface Transportation Board

[STB Docket No. AB–402 (Sub-No. 8X)]

Fox Valley & Western Ltd.—

Abandonment Exemption—in Brown

and Outagamie Counties, WI

On November 13, 2000, Fox Valley

and Western Ltd. (FVW) filed with the

Surface Transportation Board (Board) a

petition under 49 U.S.C. 10502 for

exemption from the provisions of 49

U.S.C. 10903 to abandon a line of

railroad known as the Green Bay-New

London line, extending between

milepost 4.78 west of Green Bay and

milepost 38.98 in New London, in

Brown and Outagamie Counties, WI, a

distance of 34.2 miles. The line

traverses U.S. Postal Service Zip Codes

54311, 54155, 54165, 54106, 54170, and

54961, and includes stations at Oneida

(milepost 10.5), Seymour (milepost

17.0), Black Creek (milepost 23.5), and

Shiocton (milepost 30.6).

The line does contain federally

granted rights-of-way. Any

documentation in FVW’s possession

will be made available promptly to

those requesting it.

The interest of railroad employees

will be protected by the conditions set

forth in Oregon Short Line R. Co.—