Federal Register / Vol. 62, No. 54 / Thursday, March 20, 1997 / Notices 13425

3 17 CFR 240.19b–4(e)(3).

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

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

6 15 U.S.C. 78s(b)(3).

7 17 CFR 240.19b–4(e).

8 17 CFR 200.30–3(a)(12).

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

2The Commission has modified the text of the

summaries prepared by SCCP.

Pacific Exchange to Pacific Exchange,

Inc. This proposed modification to the

corporate name will correct the

Exchange’s Constitution and Certificate

of Incorporation so that they properly

reflect the legal name of the Exchange.

The Exchange recently filed an

amendment to these provisions

reflecting the name change,

inadvertently omitting the corporate

indicator. Therefore, the only difference,

as a result of this filing, is the addition

of a corporate indicator ‘‘Inc.’’ to

comply with state corporate law

requirements.

Basis

Pursuant to Rule 19b–4(e)(3), 3 this

proposed rule change is concerned

solely with the administration of the

Exchange. The proposed rule change is

consistent with Section 6(b) of the Act, 4

in general, and Section 6(b)(5), 5 in

particular, in that it is designed to

promote just and equitable principles of

trade.

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

The foregoing rule change has become

effective pursuant to Section 19(b)(3)(A)

of the Act 6 and subparagraph (e) of Rule

19b–4 thereunder,7 because it is

concerned solely with the

administration of the Exchange. At any

time within 60 days of the filing of such

proposed 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 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, 450 Fifth Street, N.W.,

Washington, D.C. 20549. 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–PSE–97–08

and should be submitted by April 10,

1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.8

Jonathan G. Katz,

Secretary.

[FR Doc. 97–7046 Filed 3–19–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–38405; File No. SR–SCCP–

97–01]

Self-Regulatory Organizations; Stock

Clearing Corporation of Philadelphia;

Notice of Filing and Immediate

Effectiveness of Proposed Rule

Change Relating to Over-the-Counter

Trade Corrections

March 14, 1997.

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

Securities Exchange Act of 1934

(‘‘Act’’), notice is hereby given that on

February 26, 1997, the Stock Clearing

Corporation of Philadelphia (‘‘SCCP’’)

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 primarily by SCCP.

The Commission is publishing this

notice to solicit comments from

interested persons on the proposed rule

change.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The proposed rule change provides

SCCP participants an additional method

of forwarding over-the-counter (‘‘OTC’’)

trade corrections to SCCP.

II. Self-Regulatory Organization’s

Statement of the Purpose of and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

SCCP 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. SCCP has prepared

summaries, set forth in sections (A), (B),

and (C) below, of the most significant

aspects of such statements.2

(A) Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

The purpose of the proposed rule

change is to provide to SCCP’s

participants that have access to

Philadep’s Philanet system an

additional method of forwarding OTC

corrections to SCCP. OTC trade

submissions for trades that are not

looked in are submitted separately by

the buyer and seller. The submissions

are matched by National Stock Clearing

Corporation (‘‘NSCC’’) as the central

processor for OTC transactions. The

primary matching criteria used by NSCC

are buyer, seller, number of shares,

cusip number, settlement date, and the

dollar amount of the trade. When the

buy and sell submissions match based

on the matching criteria the trade is

considered ‘‘compared.’’ When the buy

and sell submissions do not match or

either the buyer or seller does not

submit any data, an ‘‘uncompared’’

trade results. Both buyer and seller are

notified of the uncompared trade and

are then able to use a series of trade

correcting entries to make necessary

changes to the original buy and sell

entries or to enter a buy or sell

transaction that was inadvertently not

entered.

Currently, OTC corrections are

forwarded to SCCP by one of two

methods. First, the submitting

participant may forward its OTC

corrections via facsmilie. The

corrections are then entered into the

system by data entry personnel at SCCP.

The corrections are then appended to
13426 Federal Register / Vol. 62, No. 54 / Thursday, March 20, 1997 / Notices

3 15 U.S.C. 78q–1.

4 15 U.S.C. 78s(b)(3)(A)(iii).

5 17 CFR 240.19b–4(e)(4). 6 17 CFR 200.30–3(a)(12).

the participants OTC trade file and

transmitted to NSCC. Second, the

submitting participant may forward

OTC corrections to SCCP via electronic

transmission. The corrections are then

appended to the participants OTC trade

file and transmitted electronically to

NSCC. SCCP now proposes to afford its

participants the ability to forward OTC

corrections to SCCP through the

participant’s Philanet terminal. Philanet

access provides participants with the

ability to enter and modify OTC

corrections through an on-line

application.

SCCP believes that the proposed rule

change is consistent with the

requirements of Section 17A of the Act 3

and the rules and regulations

thereunder because it promotes the

prompt and accurate clearance and

settlement of securities transactions.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

This modification will not impose a

burden on competition not

contemplated under the Act.

(C) Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants or Others

Written comments were neither

solicited nor 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 has become

effective pursuant to Section

19(b)(3)(A)(iii) 4 of the Act and pursuant

to Rule 19b–4(e)(4) 5 promulgated

thereunder because the proposal effects

a change in an existing service that (1)

does not adversely affect the

safeguarding of securities or funds in

the custody or control of the clearing

agency or for which it is responsible and

(2) does not significantly affect the

respective rights or obligations of the

clearing agency or persons using the

service. At any time within sixty 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 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, 450 Fifth Street, N.W.,

Washington, D.C. 20549. Copies of such

filing also will be available for

inspection and copying at the principal

office of SCCP. All submissions should

refer to File No. SR–SCCP–97–01 and

should be submitted by April 10, 1997.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.6

Jonathan G. Katz,

Secretary.

[FR Doc. 97–7047 Filed 3–19–97; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF STATE

Office of the Secretary

[Public Notice 2523]

Extension of the Restriction on the Use

of United States Passports for Travel

To, In, or Through Iraq

On February 1, 1991, pursuant to the

authority of 22 U.S.C. 211a and

Executive Order 11295 (31 FR 10603),

and in accordance with 22 CFR 51.73

(a)(2) and (a)(3), all United States

passports, with certain exceptions, were

declared invalid for travel to, in, or

through Iraq unless specifically

validated for such travel. The restriction

was originally imposed because armed

hostilities then were taking place in Iraq

and Kuwait, and because there was an

imminent danger to the safety of United

States travelers to Iraq. American

citizens then residing in Iraq and

American professional reporters and

journalists on assignment there were

exempted from the restrictions on the

ground that such exemptions were in

the national interest. The restriction has

been extended for additional one-year

periods since then, and was last

extended on March 15, 1996.

Although armed hostilities have

ended, conditions in Iraq remain

unsettled and hazardous. Regional

conflicts continue in northern Iraq

between Kurdish ethnic groups and

Iraqi security forces. In southern Iraq,

military repression of the Shia

communities is severe, rendering

conditions unsafe. Iraq’s economy was

severely damaged during the Gulf War

and continues to be affected by the U.N.

economic sanctions. Basic modern

medical care and medicines may not be

available to our citizens in case of

emergency. U.S. citizens and other

foreigners working inside Kuwait near

the Iraqi borders have been detained by

Iraqi authorities in the past and

sentenced to lengthy jail terms for

illegal entry into the country. Although

our interests are represented by the

Embassy of Poland in Baghdad, its

ability to obtain consular access to

detained U.S. citizens and to perform

emergency services is constrained by

Iraqi unwillingness to cooperate. In light

of these circumstances, I have

determined that Iraq continues to be a

country ‘‘where there is imminent

danger to the public health or physical

safety of United States travelers’’.

Accordingly, United States passports

shall continue to be invalid for use in

travel to, in, or through Iraq unless

specifically validated for such travel

under the authority of the Secretary of

State. The restriction shall not apply to

American citizens residing in Iraq on

February 1, 1991 who continue to reside

there, or the American professional

reporters or journalists on assignment

there.

The Public Notice shall be effective

upon publication in the Federal

Register and shall expire at the end of

one year unless sooner extended or

revoked by Public Notice.

Dated: March 17, 1997.

Madeleine K. Albright,

Secretary of State.

[FR Doc. 97–7276 Filed 3–18–97; 3:46 pm]

BILLING CODE 4710–10–M

DEPARTMENT OF TRANSPORTATION

Federal Highway Administration

Environmental Impact Statement:

Yamhill County, OR

AGENCY: Federal Highway

Administration (FHWA), DOT.

ACTION: Notice of intent.