Federal Register / Vol. 62, No. 44 / Thursday, March 6, 1997 / Notices 10303

2WMECO states that neither WRC’s nor the

Purchaser’s recourse to WMECO will include any

rights against WMECO should customer defaults on

the Receivables result in collections attributable to

the Undivided Interests sold to the Purchaser being

insufficient to reimburse the Purchaser for the

purchase price paid by it for the Undivided

Interests and its anticipated yield. The Purchaser

will bear the risk for any credit losses on the

Receivables which exceed the reserves for such

losses included in the Undivided Interests.

1 15 U.S.C. § 78s(b)(1).

2 17 CFR 240.19b–4.

and remedies (including its rights and

remedies under the Company

Agreement) to secure such recourse

obligations.2

WMECO and WRC will be obligated

to reimburse the Purchaser and the

Agent for various costs and expenses

associated with the Company

Agreement and the WRC Agreement.

WRC will also be required to pay to the

Agent certain fees for services in

connection with such agreements.

The arrangements under the Company

Agreement and the WRC Agreement are

scheduled to terminate on September 4,

2001. WRC may, upon at least five

business days’ notice to the Agent,

terminate in whole or reduce in part the

unused portion of its purchase limit in

accordance with the terms and

conditions of the WRC Agreement. The

WRC Agreement allows the Purchaser to

assign all of its rights and obligations

under the WRC Agreement (including

its Undivided Interests and the

obligation to fund Undivided Interests)

to other persons, including the

providers of its bank facilities.

WMECO intends that the abovedescribed transactions will permit it, in

effect, through this intermediary device,

to accelerate its receipt of cash

collections from accounts receivable

and thereby meet its short-term cash

needs.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–5525 Filed 3–5–97; 8:45 am]

BILLING CODE 8010–01–M

Sunshine Act Meeting

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 10, 1997.

A closed meeting will be held on

Tuesday, March 11, 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 Wallman, 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 Tuesday, March

11, 1997, at 10:00 a.m., will be:

Institution and settlement of

injunctive actions.

Institution and settlement of

administrative proceedings of an

enforcement nature.

At times, changes in Commission

priorities require alterations 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 4, 1997.

Jonathan G. Katz,

Secretary.

[FR Doc. 97–5669 Filed 3–4–97; 12:08 pm]

BILLING CODE 8010–01–M

[Release No. 34–38351; File No. SR–Amex–

97–06]

Self-Regulatory Organizations; Notice

of Filing and Order Granting

Accelerated Approval of Proposed

Rule Change by the American Stock

Exchange, Inc. Relating to Audit Trail

Identifiers

February 27, 1997.

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 January

30, 1997, the American Stock Exchange,

Inc. (‘‘Amex’’ or ‘‘Exchange’’) filed with

the Securities and Exchange

Commission (‘‘Commission’’) the

proposed rule change as described in

Items I and II below, which Items have

been prepared by the self-regulatory

organization. The Commission is

publishing this notice to solicit

comments on the proposed rule change

from interested persons and to grant

accelerated approval to the proposed

rule change.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The Exchange proposes to implement

audit trail identifiers relating to

competing market-maker and ‘‘short

exempt’’ transactions, substantially

identical to those previously approved

for use at the New York Stock Exchange.

The text of the proposed rule change is

available at the Office of the Secretary,

the Amex and at the Commission.

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

self-regulatory organization 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 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

Amex member firm procedures

currently require that Amex clearing

members provide comparison and

clearing reports with the following trade

details with respect to each transaction

processed by them: security, volume,

price, trade date, clearing member

number and contra clearing member

number. In addition, for each trade

processed by them, clearing members

are responsible for providing the

Exchange with additional audit trail

information, including the following

account types: agency (market with

identifier ‘‘A’’), principal (‘‘P’’),

specialist principal (‘‘S’’), registered

trader (‘‘G’’) and Amex options

specialist or market-maker trading an

Amex Paired Security (‘‘V’’).

The Exchange proposes to require that

the audit trail information provided by

clearing members include the following

additional account types:

Oproprietary transactions for a

competing market-maker that is

affiliated with the clearing member.

T—transactions for the account of an

unaffiliated member’s competing

market-maker (that is, transactions were

an Amex member is acting as agent for

another member’s competing marketmaker account).
10304 Federal Register / Vol. 62, No. 44 / Thursday, March 6, 1997 / Notices

3Section 3(a)(38) of the Act defines market maker

as any specialist permitted to act as a dealer, any

dealer acting in the capacity of block positioner,

and any dealer who, with respect to a security,

holds himself out (by entering quotations in an

inter-dealer communications system or otherwise)

as being willing to buy and sell such security for

his own account on a regular or continuous basis.

4 17 CFR 240.10a–1(e).

5 15 U.S.C. § 78f (b).

6 In approving these rule changes, the

Commission has considered the proposed rules’

impact on efficiency, competition, and capital

formation. 15 U.S.C. § 78c (f).

7This information is not available to specialists

or traders on the floor.

8The use of the new audit trail identifiers will be

made mandatory on the NYSE on March 3, 1997.

See NYSE Information Memo No. 96–36 (Dec. 5,

1996).

9See Securities Exchange Act Release Nos. 33662

(Feb. 23, 1994), 59 FR 10027 (Mar. 2, 1994) (order

approving File No. SR–NYSE–91–46) and 34539

(Aug. 17, 1994), 59 FR 43605 (Aug. 24, 1994) (order

approving File No. SR–NYSE–94–16).

R—transactions for the account of a

non-member competing market-maker.

‘‘Competing market-maker’’ is defined

as any person acting as a market-maker,

as defined in section 3(a)(38) 3 of the

Act, in an Amex-traded security. A

person acting solely in the capacity of

block positioner would not be

considered to be a competing market

maker. The Exchange believes that

implementation of O, T and R

identifiers will permit the Exchange to

better assess the level of member and

non-member competing market-maker

activity on the Amex and to formulate

appropriate rules and procedures

relating to such activity in view of the

needs of public investors and other

market participants.

The Exchange proposes further to

implement account identifiers for

individual investor orders (‘‘I’’) and

orders submitted by an Amex clearing

member for the account of an

unaffiliated Amex member or member

organization (‘‘W’’).

The Exchange is also proposing to

expand use of the audit trail account

type field to require designation of

‘‘short exempt’’ trades Four identifiers

would be added to the audit trail

account type field to identify ‘‘short

exempt’’ trades for:

The proprietary account of a clearing

member organization or an affiliated

member/member organization—to be

designated E

The proprietary account of an

unaffiliated member/member

organization—to be designated F

An individual customer account—to be

designated H

Other agency customer account—to be

designated B.

In addition, member firms would be

required to identify ‘‘short exempt’’

trades of competing market-makers

utilizing the following identifiers:

L—to designate a ‘‘short exempt’’

transaction for the account of a

competing market-maker that is a

member or member organization trading

for its own account.

X—to designate a ‘‘short exempt’’

transaction where one member is acting

as agent for another member’s

competing market-maker account.

Z—to designate a ‘‘short exempt’’

transaction for the account of a nonmember competing market-maker.

‘‘Short exempt’’ transactions are those

that are exempt from the ‘‘tick-test’’

provisions of SEC Rule 10a–1 4 or Amex

Rule 7. The Exchange notes that it

understands that members should mark

as ‘‘short exempt’’ any short selling

order that is exempt from the ‘‘tick-test’’

provisions of Rule 10a–1. Use of

identifiers for ‘‘short exempt’’

transactions will enhance the

Exchange’s ability to identify violations

of Rule 10a–1 and Amex Rule 7.

2. Statutory Basis

The basis under the Act for the

proposed rule change is the requirement

under Section 6(b)(5) that an Exchange

have rules that are designed to promote

just and equitable principles of trade, to

remove impediments to, and perfect the

mechanism of a free and open market

and, in general, to protect investors and

the public interest.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The proposed rule change will impose

no 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. Commission’s Findings and Order

Granting Accelerated Approval of

Proposed Rule Change

The Commission finds that the

proposed rule change is consistent with

the requirements of the Act and the

rules and regulations thereunder

applicable to a national securities

exchange, and, in particular, with the

requirements of Section 6(b) of the Act.5

Specifically, the Commission believes

the proposal is consistent with the

Section 6(b)(5) requirements that the

rules of an exchange be designed to

promote just and equitable principles of

trade, to prevent fraudulent and

manipulative acts, and, in general, to

protect investors and the public.6

The Commission also believes that the

adopted ‘‘short exempt’’ account

identifiers are consistent with SEC Rule

10a–1, which requires that orders be

marked ‘‘long’’ or ‘‘short.’’ In this

regard, the new, more precise identifier

codes should facilitate surveillance

investigations and will allow the

Exchange to ensure compliance with the

exemptive provisions of Rule 10a–1(e)

of the Act.

Finally, the Commission believes that

the proposed identification codes

should prevent fraudulent and

manipulative acts by improving the

accuracy and efficiency of audit trail

information used for surveillance

purposes. In particular, more accurate

audit trail information should increase

the effectiveness of the Exchange’s

automated surveillance procedures and

provide Exchange staff with a more

comprehensive reconstruction of trading

activity. In summary, the Commission

believes that the proposed identifier

codes should permit the Amex to

perform its surveillance responsibilities

under the Act more thoroughly and for

this reason, finds the proposal

consistent with Section 6(b)(5) of the

Act.

The Commission notes that the

approval of this proposal is limited

solely to establishing competing dealer

identifier codes for audit trail and

surveillance purposes.7 The proposal

does not limit or restrict the activity of

competing dealers or their access to the

Amex. Thus, any competitive burden on

competing dealers would be minimal

and outweighed by the surveillance

benefits to be obtained by the Amex.

The Commission finds good cause for

approving the proposed rule change

prior to the thirtieth day after the date

of publication of notice of filing thereof

in the Federal Register. This rule change

will permit the Amex to implement the

new audit trail identifiers on the same

day that their use will be made

mandatory on the New York Stock

Exchange.8 Substantially similar audit

trail identifiers were approved for use

on the New York Stock Exchange in

1994 following a full notice period

during which no comments were

received.9 Since that time, the

Commission has not been made aware

of any concerns regarding the use of the

audit trail identifiers and therefore

believes that it is appropriate to approve

the use of the audit trail identifiers on

an accelerated basis.

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views, and
Federal Register / Vol. 62, No. 44 / Thursday, March 6, 1997 / Notices 10305

10 15 U.S.C. § 78s(b)(2).

11 17 C.F.R. 200.30–3(a)(12).

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 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–Amex–97–06 and should be

submitted by March 27, 1997.

V. Conclusion

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act,10 that the

proposed rule change (SR–Amex–97–

06) is approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.11

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–5526 Filed 3–5–97; 8:45 am]

BILLING CODE 8010–01–M

OFFICE OF THE UNITED STATES

TRADE REPRESENTATIVE

Notice of Meeting of the Industry

Functional Advisory Committee on

Customs Matters (IFAC 1)

AGENCY: Office of the United States

Trade Representative.

ACTION: Notice of meeting.

SUMMARY: The Industry Functional

Advisory Committee on Customs

Matters (IFAC 1) will hold a meeting on

March 24, 1997 from 9:30 a.m. to 12:30

p.m. The meeting will be open to the

public.

DATES: The meeting is scheduled for

March 24, 1997, unless otherwise

notified.

ADDRESSES: The meeting will be held at

the Department of Commerce in Room

1859, located at 14th Street and

Constitution Avenue, N.W.,

Washington, D.C., unless otherwise

notified.

FOR FURTHER INFORMATION CONTACT:

Dan Gardner, Department of Commerce,

14th St. and Constitution Ave., N.W.

Washington, D.C. 20230, (202) 482–3681

or Suzanna Kang, Office of the United

States Trade Representative, 600 17th

St. N.W., Washington, D.C. 20508, (202)

395–6120.

SUPPLEMENTARY INFORMATION: The IFAC

1 will hold a meeting on March 24, 1997

from 9:30 a.m. to 12:30 p.m. The

meeting will be open to the public and

press during this time. Agenda topics to

be addressed will be:

1.Strategies and Priorities of U.S. Trade

Promotion Efforts

2. Rules of Origin Work Program

3. Regional Customs Activities

4. Customs Valuation

5. Other Business

Attendance during this part of the

meeting is for observation only.

Individuals who are not members of the

committee will not be invited to

comment.

Phyllis Shearer Jones,

Assistant United States Trade Representative,

Intergovernmental Affairs and Public Liaison.

[FR Doc. 97–5492 Filed 3–5–97; 8:45 am]

BILLING CODE 3190–01–M

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Aviation Rulemaking Advisory

Committee Meeting on Emergency

Evacuation Issues

AGENCY: Federal Aviation

Administration (FAA), DOT.

ACTION: Notice of public meeting.

SUMMARY: This notice announces a

public meeting of the FAA’s Aviation

Rulemaking Advisory Committee

(ARAC) to discuss emergency

evacuation issues.

DATES: The meeting will be held on

March 20, 1997 at 9:00 a.m. Arrange for

oral presentations by March 14, 1997.

ADDRESSES: The meeting will be held on

the 20th Floor, MIC Room of the Boeing

Company, 1700 North Moore Street,

Arlington, VA 22202 (Rosslyn Metro

stop).

FOR FURTHER INFORMATION CONTACT:

Jackie Smith, Office of Rulemaking,

ARM–209, FAA, 800 Independence

Avenue, SW, Washington, DC 20591,

Telephone (202) 267–9682, FAX (202)

267–5075.

SUPPLEMENTARY INFORMATION: Pursuant

to section 10(a)(2) of the Federal

Advisory Committee Act (Pub. L. 92–

463; 5 U.S.C. app. III), notice is given of

an ARAC meeting to be held on March

20, 1997 at Boeing Company, 20th

Floor, MIC Room, 1700 North Moore

Street, Arlington, VA 22202 (Rosslyn

Metro stop).

The agenda will include:

• Opening Remarks.

• Review of Action Items.

• Report on Performance Standards

Working Group Activities.

The Emergency Evacuation Issues

Group will vote on the Performance

Standards Working Group’s proposal for

revision to Technical Standard Order

(TSO) C69b, emergency slides, ramps,

and slide/raft combinations. Anyone

interested in obtaining a copy of this

document should contact the individual

listed under the heading FOR FURTHER

INFORMATION CONTACT.

Attendance is open to the public, but

will be limited to space available. The

pubic must make arrangements by

March 14, 1997 to present oral

statements at the meeting. Written

statements may be presented to the

committee at any time by providing 25

copies to the Assistant Executive

Director for Emergency Evacuation

Issues or by providing copies at the

meeting. In addition, sign and oral

interpretation, as well as a listening

device, can be made available if

requested 10 calendar days before the

meeting. Arrangements may be made by

contacting the person listed under the

heading FOR FURTHER INFORMATION

CONTACT.

Issued in Washington, DC, on February 28,

1997.

Joseph A. Hawkins,

Executive Director, Aviation Rulemaking

Advisory Committee.

[FR Doc. 97–5548 Filed 3–5–97; 8:45 am]

BILLING CODE 4910–13–M

Federal Highway Administration

Environmental Impact Statement:

Douglas County, KS

AGENCY: Federal Highway

Administration (FHWA), DOT.

ACTION: Notice of withdrawal.

SUMMARY: The Federal Highway

Administration (FHWA) is issuing this

notice to advise the public, that our

October 17, 1994, Notice of Intent to

complete a Supplement to the Final

Environmental Impact Statement is

withdrawn.

FOR FURTHER INFORMATION CONTACT:

David R. Geiger, P.E., Division

Administrator, FHWA 3300 S.W.

Topeka Boulevard, Suite 1, Topeka,

Kansas 66611–2237, Telephone: (913)

267–7281.