Federal Register / Vol. 62, No. 50 / Friday, March 14, 1997 / Notices 12261

3. Applicants represent that the

Substitution will be effected at net asset

value in conformity with Section 22(c)

and 22(g) of the 1940 Act and Rule 22c–

1 thereunder. The Substitution may be

effected primarily for cash, but also may

involve partial redemptions in-kind of

securities (‘‘Related Transactions’’). The

use of in-kind redemptions in

conformity with Section 22(g) of the

1940 Act would alleviate the impact of

the brokerage fees and expenses upon

GWL&A or the investment adviser or

sub-adviser of the Substituted Portfolio,

as these entities will bear all expenses

related to the Substitution. The Related

Transactions will be effected to the

extent consistent with the investment

objectives and any applicable

diversification requirements.

4. GWL&A or the investment adviser

of the Substituted Portfolio will assume

the transfer and custodial expenses and

legal and accounting fees incurred with

respect to the Substitution. Participants

will not incur any fees or charges as a

result of the transfer of account values

from any portfolio. Applicants represent

that there will be no increase in the

Contract or Separate Account fees and

charges after the Substitution.

Applicants further represent that the

Substitution is designed to avoid any

adverse federal tax impact to the

Contract owners or participants.

5. Section 6(c) of the 1940 Act

authorizes the Commission to exempt

any person, security, or transaction for

any class or classes of persons,

securities, or transactions from the

provisions of the 1940 Act, if and to the

extent that such exemption is necessary

or appropriate in the public interest and

consistent with the protection of

investors and purposes fairly intended

by the policy and provisions of the 1940

Act.

6. Section 17(a)(1) of the 1940 Act

prohibits any affiliated person, or an

affiliate of an affiliated person, of a

registered investment company, from

selling any security or other property to

such registered investment company.

Section 17(a)(2) of the 1940 Act

prohibits any affiliated person from

purchasing any security or other

property from such registered

investment company.

7. Section 17(b) of the 1940 Act

authorizes the Commission to issue an

order exempting a proposed transaction

from Section 17(a) if: (a) The terms of

the proposed transaction are fair and

reasonable and do not involve

overreaching on the part of any person

concerned; (b) the proposed transaction

is consistent with the policy of each

registered investment company

concerned; and (c) the proposed

transaction is consistent with the

general purposes of the 1940 Act.

8. Applicants request an order

pursuant to Sections 6(c) and 17(b) of

the 1940 Act exempting the Related

Transactions from the provisions of

Sections 17(a) of the 1940 Act.

9. Applicants represent that the terms

of the Substitution are reasonable and

fair and do not involve overreaching on

the part of any person concerned. The

Substitution will be effected at the net

asset value of the securities involved

and the interests of Contract owners will

not be diluted. In-kind redemptions will

alleviate some of the expenses involved

with the Substitution and only will be

used to the extent they are consistent

with the investment objectives and

applicable diversification requirements

of the affected portfolios.

10. The Applicants represent that the

Substitution and the Related

Transactions are consistent with the

policies of each investment company

involved and the general purposes of

the 1940 Act, and comply with the

requirements of both Section 6(c) and

17(b).

Conclusion

Applicants assert that, for the reasons

summarized above, the requested order

approving the Substitution and Related

Transactions should be granted.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–6473 Filed 3–13–97; 8:45 am]

BILLING CODE 8010–01–M

Sunshine Act Meeting

Time Change/Agency Meeting

The time for the closed meeting,

scheduled for Tuesday, March 11, 1997,

at 10:00 a.m., has been changed to 4:00

p.m. (previously announced in 62 FR

10303, March 6, 1997).

Notice is hereby given, pursuant to

the provisions of the Government in the

Sunshine Act, Pub. L. 94–409, that the

Securities and Exchange Commission

will hold the following closed meeting

during the week of March 17, 1997.

A closed meeting will be held on

Wednesday, March 19, 1997, at 10:00

a.m.

Commissioners, Counsel to the

Commissioners, the Secretary to the

Commission, and recording secretaries

will attend the closed meeting. Certain

staff members who have an interest in

the matters may also be present.

The General Counsel of the

Commission, or his designee, has

certified that, in his opinion, one or

more of the exemptions set forth in 5

U.S.C. 552b(c) (4), (8), (9)(A) and (10)

and 17 CFR 200.402(a) (4), (8), (9)(i) and

(10), permit consideration of the

scheduled matters at the closed meeting.

Commissioner Hunt, as duty officer,

voted to consider the items listed for the

closed meeting in a closed session.

The subject matter of the closed

meeting scheduled for Wednesday,

March 19, 1997, at 10:00 a.m., will be:

Institution and settlement of

injunctive actions.

Institution and settlement of

administrative proceedings of an

enforcement nature.

Opinions.

At times, changes in Commission

priorities require alternations in the

scheduling of meeting items. For further

information and to ascertain what, if

any, matters have been added, deleted

or postponed, please contact:

The Office of the Secretary at (202)

942–7070.

Dated: March 11, 1997.

Jonathan G. Katz,

Secretary.

[FR Doc. 97–6650 Filed 3–12–97; 1:07 pm]

BILLING CODE 8010–01–M

[Release No. 34–38371; File No. SR–CHX–

97–04]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Chicago Stock Exchange, Incorporated

Relating to SEC Transaction Fees

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

Securities Exchange Act of 1934 (the

‘‘Act’’), 15 U.S.C. 78s(b)(1), notice is

hereby given that on February 18, 1997,

the Chicago Stock Exchange,

Incorporated (‘‘CHX’’ or ‘‘Exchange’’)

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 by the Exchange.

The CHX has designated this proposal

as one constituting a change to a due,

fee, or other charge under Section

19(b)(3)(A) of the Act, which renders the

rule effective upon receipt of this filing.

The Commission is publishing this

notice to solicit comments on the

proposed rule change from interested

persons.

I. Self-Regulatory Organizations

Statement of the Terms of Substance of

the Proposed Rule Change

The Exchange proposes to codify in

its fee schedule the CHX’s collection of

SEC transaction fees assessed pursuant
12262 Federal Register / Vol. 62, No. 50 / Friday, March 14, 1997 / Notices

1 15 U.S.C. 78ee.

2 17 CFR 240.31–1.

3See Securities Exchange Act Release No. 38073

(December 23, 1996), 61 FR 68590 (December 30,

1996). 4 15 U.S.C. 78f(b)(4). 5 17 CFR 200.30–3(a)(12).

to Section 31 of the Act,1 as authorized

by CHX Article XV, Rule 4.

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

CHX 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 statement

may be examined at the places specified

in Item IV below. The self-regulatory

organization 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

Congress recently enacted the

National Securities Markets

Improvement Act of 1996

(‘‘Improvement Act’’) and the Omnibus

Consolidated Appropriations Act for

Fiscal Year 1997 (‘‘Appropriations

Act’’), which together require national

securities associations to pay SEC

transaction fees for transactions in

certain OTC securities.

As a result of the Improvement Act

and Appropriations Act, the SEC has

amended Rule 31–1 2 to eliminate the

current exemption from SEC transaction

fees for transactions in OTC securities

occurring on the CHX (as a national

securities exchange) that are either

listed on the CHX or are traded on the

CHX pursuant to unlisted trading

privileges (‘‘OTC/UTP Securities’’).

Thus, effective January 1, 1997, the CHX

is required to pay to the Commission a

transaction fee for sales of OTC/UTP

Securities transacted on the CHX.3

Additionally, pursuant to the

Improvement Act, effective October 1,

1997, these fees, as well as the

traditional SEC transaction fees on

exchange-registered securities that are

not OTC/UTP Securities, will become

payable to the SEC twice a year, as

opposed to once a year as required by

existing Section 31 of the Act.

The purpose of the proposed rule

change is to codify the imposition of

SEC transaction fees in the Exchange’s

fee schedule.

2. Statutory Basis

The CHX believes that the proposed

rule change is consistent with Section

6(b)(4) of the Act 4 in that it provides for

the equitable allocation of reasonable

dues, fees and other charges among its

members and issuers and persons using

its facilities.

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

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

The foregoing rule change establishes

or changes a due, fee, or other charge

imposed by the Exchange and therefore

has become effective pursuant to

Section 19(b)(3)(A) of the Act and

subparagraph (e) of Rule 19b–4

thereunder. At any time within 60 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 submission

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, 450 Fifth Street, N.W.,

Washington D.C. Copies of such filing

also will be available for inspection and

copying at the Exchange. All

submissions should refer to file number

SR–CHX–97–04 and should be

submitted by April 4, 1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.5

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–6419 Filed 3–13–97; 8:45 am]

BILLING CODE 8010–01–M

SOCIAL SECURITY ADMINISTRATION

Agency Information Collection

Activities; Proposed Collection

Requests and Submissions for OMB

Review

This notice lists information

collection packages that will require

submission to the Office of Management

and Budget as well as information

collection packages submitted to the

Office of Management and Budget for

clearance.

I. The Social Security Administration

publishes a list of information collection

packages that will require submission to

the Office of Management and Budget

(OMB) for clearance in compliance with

Public Law 104–13 effective October 1,

1995, The Paperwork Reduction Act of

1995. The information collection(s)

listed below requires extension of the

current OMB approval(s):

1. 0960–0462—You Can Make Your

Payments by Credit Cards. The

information on Forms SSA–4588 &

SSA–4589 will be used to update the

individual’s social security record to

reflect that a payment has been made on

their overpayment and to effectuate

payment through the appropriate credit

card company.

Number of Respondents: 12,000.

Frequency of Response: 1.

Average Burden Per Response: 5

minutes.

Estimated Annual Burden: 1,000

hours.

2. 0960–0323—Third Party Liability

Information Statement. Form SSA–8019

is used by the Social Security

Administration to gather information or

to make changes in existing information

about third party insurance (other than

Medicare or Medicaid), which could be

responsible for payment for a

beneficiary’s medical care.

Number of Respondents: 65,400.

Frequency of Response: 1.

Average Burden Per Response: 5

minutes.