Federal Register / Vol. 62, No. 9 / Tuesday, January 14, 1997 / Notices 1945

5 17 CFR 200.30–3(a)(12) (1989).

1 15 U.S.C. 78s(b)(1) (1982).

2 17 CFR 240.19b–4 (1991).

minutes, depending on the time period

that the sending market establishes.

Nasdaq notes that once the Order

Execution Rules become effective,

experience may determine that the ten

second time period is too brief to

effectively address the market quality

concerns that present problems to

market markers and investors alike that

are seeking to trade at published prices

that are withdrawn before they can be

accessed. Nasdaq will continue to

review SelectNet cancellation patterns

to determine whether a longer minimum

period is necessary. If it determines that

market quality is being harmed by

cancellations that indicate such orders

are ephemeral, not executable or

perhaps fictitious or manipulative

Nasdaq will propose additional means

to eliminate the harm. Accordingly,

Nasdaq may revisit its initial

determination to establish 10 seconds as

the minimum life of a SelectNet order.

The NASD believes that the proposed

rule change is consistent with Section

15A(b)(6) of the Act and Rule 11Ac–1.

Section 15A(b)(6) requires that the rules

of a national securities association be

designed to prevent fraudulent and

manipulative acts and practices, to

promote just and equitable principles of

trade, to foster cooperation and

coordination with persons engaged in

regulating, clearing, settling, processing

information with respect to, and

facilitating transactions in securities, to

remove impediments to and perfect the

mechanism of a free and open market

and a national market system and, in

general, to protect investors and the

public interest. Specifically, by

imposing limits on SelectNet orders as

proposed herein, Nasdaq believes the

proposal will promote fair and orderly

markets and the protection of investors.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The NASD believes that the proposed

rule change will not 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

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 publication of

this notice in the Federal Register or

within such other 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 doing so or (ii) 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.

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 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 NASD. All

submissions should refer to the file

number in the caption above and should

be submitted by [insert date 21 days

from the date of this publication].

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.5

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–986 Filed 1–10–97; 12:29 pm]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–38127; File No. SR–PSE–

96–48]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the Pacific Stock Exchange

Incorporated Relating to A.M.-

Settlement

January 6, 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 December

18, 1996, the Pacific Stock Exchange

Incorporated (‘‘PSE’’ 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 selfregulatory organization. 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 PSE is proposing to amend its

rules to codify certain existing

procedures relating to a.m.-settled index

options. The text of the proposed rule

change is available at the Office of the

Secretary, PSE 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

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

The Exchange is proposing to adopt

new Rule 7.8(e), entitled ‘‘A.M.-Settled

Index Options.’’ This rule provides that

the last day of trading for A.M.-settled

index option shall be the business day

preceding that last day of trading in the

underlying securities prior to

expiration. It states that the current

index value at the expiration of an A.M.-

settled option shall be determined on

the last day of trading in the underlying

securities prior to expiration. It states

that the current index value at the

expiration of an A.M.-settled option

shall be determined on the last day of

trading in the underlying securities

prior to expiration. It further provides

that the current index value shall be

determined by reference to the reported

level of such index as derived from first

reported sale (opening) prices of the

underlying securities on such day. In

addition, in any case where the security
1946 Federal Register / Vol. 62, No. 9 / Tuesday, January 14, 1997 / Notices

3 17 CFR 200.30–3(a)(12).

does not open for trading on that day,

the last reported sale price of such

security shall be used unless the

exercise settlement amount is fixed in

accordance with the Rules and By-Laws

of The Options Clearing Corporation.

Subsection (1)(B) of the proposed rule

states that in any case where an exercise

settlement amount is fixed for any series

of index options pursuant to the Rules

and By-Laws of The Options Clearing

Corporation, the amount so fixed shall

be the amount required to be paid upon

exercise of options of that series

notwithstanding any difference between

the current index value used by The

Options Clearing Corporation in fixing

that amount and the index value

determined pursuant to Exchange Rules

or practices.

The rule change further states that the

following A.M.-settled index options are

approved for trading on the Exchange:

the PSE Technology Index; the Wilshire

Small Cap Index; and the Dow Jones &

Co. Taiwan Index.

2. Statutory Basis

The Exchange believes that the

proposed rule change is consistent with

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

Section 6(b)(5), in particular, in that it

is designed to promote just and

equitable principles of trade and to

foster cooperation and coordination

with persons engaged in regulating,

clearing, settling and processing

information with respect to transactions

in securities.

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

Written comments on the proposed

rule change 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 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.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, NW.,

Washington, DC 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, 450 Fifth Street, NW.,

Washington, DC 20549. Copies of such

filing will also be available for

inspection and copying at the principal

office of the PSE. All submissions

should refer to File No. SR–PSE–96–48

and should be submitted by January 27,

1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.3

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–806 Filed 1–13–97; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

Philadelphia Ventures Liberty Fund,

L.P. (License No. 03/73–0208); Notice

of Issuance of a Small Business

Investment Company License

On July 29, 1994, a ‘‘Track 2’’

application was filed by Philadelphia

Ventures Liberty Fund, L.P. located at

200 Broad Street, the Bellevue,

Philadelphia, Pennsylvania 19102, with

the Small Business Administration

(SBA) pursuant to Section 107.102 of

the then prevailing Regulations

governing small business investment

companies (13 CFR 107.102 (1994)) for

a license to operate as a small business

investment company. On June 6, 1996,

the application was moved to a ‘‘Track

1’’ status upon notification of the

applicant’s first closing.

Notice is hereby given that, pursuant

to Section 301(c) of the Small Business

Investment Act of 1958, as amended,

after considering the revised application

and all other pertinent information, SBA

issued License No. 03/73–0208 on

December 22, 1996, to Philadelphia

Ventures Liberty Fund, L.P. to operate

as a small business investment

company.

(Catalog of Federal Domestic Assistance

Program No. 59.011, Small Business

Investment Companies)

Don A. Christensen,

Associate Administrator for Investment.

[FR Doc. 97–817 Filed 1–13–97; 8:45 am]

BILLING CODE 8025–01–P

[Declaration of Disaster Loan Area #2912]

California; Declaration of Disaster

Loan Area

San Diego County and the contiguous

counties of Imperial, Orange, and

Riverside in the State of California

constitute a disaster area as a result of

damages caused by firestorms which

occurred October 21 through October

23, 1996. Applications for loans for

physical damage as a result of this

disaster may be filed until the close of

business on March 3, 1997 and for

economic injury until the close of

business on October 2, 1997 at the

address listed below: U.S. Small

Business Administration, Disaster Area

4 Office, 1825 Bell Street, Suite 208,

Sacramento, CA 95825, or other locally

announced locations.

The interest rates are:

Percent

For Physical Damage:

Homeowners with credit available elsewhere ........................ 8.000

Homeowners without credit available elsewhere ........................ 4.000

Businesses with credit available

elsewhere ................................ 8.000

Businesses and non-profit organizations without credit available elsewhere ........................ 4.000

Others (including non-profit organizations) with credit available

elsewhere ................................ 7.125

For Economic Injury:

Businesses and small agricultural

cooperatives without credit

available elsewhere ................. 4.000

The number assigned to this disaster

for physical damage is 291205 and for

economic injury the number is 924900.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008)