15560 Federal Register / Vol. 62, No. 62 / Tuesday, April 1, 1997 / Notices

3Securities Exchange Act Release No. 31329

(October 16, 1992), 57 FR 48414.

4 15 U.S.C. 78q–1. 5 15 U.S.C. 78q–1(b)(3)(C). 6 17 CFR 200.30–3(a)(12).

extending each public director’s term on

the Board from a maximum of four

consecutive years to a maximum of six

consecutive years. Under the proposed

rule change, public directors elected

prior to 1999 shall serve a maximum of

three consecutive two-year terms, and

public directors elected in 1999 or

thereafter shall serve a maximum of two

consecutive three-year terms. On

October 16, 1992, the Commission

approved a proposed rule change

extending a public director’s term from

one two-year term to two consecutive

two-year terms.3 OCC believes that the

reasons supporting Commission

approval of that proposed rule change

are very similar to the reasons for the

present proposed rule change. In

particular, OCC‘s business has been and

continues to be increasingly complex. A

public director may find that two twoyear terms are still insufficient time to

prepare for meaningful administration

and interpretation of OCC’s rules,

operations, and policies and for input of

meaningful guidance once the public

director has gained the necessary

knowledge and expertise. Because each

public director’s term would be limited

to a total of six consecutive years,

diversity in that position will still be

preserved.

OCC believes the proposed rule

change is consistent with the

requirements of Section 17A of the Act 4

and the rules and regulations

thereunder because the proposed rule

change enhances the ability of public

directors to have meaningful input on

the Board and contributes to the fair

representation of OCC’s members in the

selection of its directors and

administration of its affairs.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

OCC does not believe that the

proposed rule change will 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 comment 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

Section 17A(b)(3)(C) of the Act states

that the rules of a clearing agency must

assure a fair representation of its

shareholders and participants in the

selection of its directors and

administration of its affairs.5 The

Commission believes that the proposed

modification to OCC’s Restated

Certificate of Incorporation and By-Laws

to extend each public director’s term on

the Board from a maximum of four

consecutive years to a maximum of six

consecutive years is consistent with

OCC’s obligations under Section 17A of

the Act. The proposed rule change

should result in OCC’s Board having

greater continuity of leadership and

more meaningful representation. Due to

the increasing complexity of OCC’s

business, continuity of leadership has

become more important to the proper

functioning of OCC. Allowing a public

director’s maximum tenure to extend to

six consecutive years will enhance the

continuity of leadership on OCC’s Board

and still preserve the requirement of fair

representation under the Act.

OCC has requested that the

Commission find good cause for

approving the proposed rule change

prior to the thirtieth day after the date

of publication of notice of the filing. The

Commission finds good cause for

approving the proposed rule change

prior to the thirtieth day after the date

of publication of notice of the filing

because accelerated approval will allow

OCC to implement the new term

structure without disrupting the current

composition of the OCC Board.

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

Section, 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 OCC. All submissions should

refer to File No. SR–OCC–97–03 and

should be submitted by June 22, 1997.

It is therefore ordered, pursuant to

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

proposed rule change (File No. SR–

OCC–97–03) be and hereby is approved

on an accelerated basis.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.6

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–8223 Filed 3–31–97; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF TRANSPORTATION

Office of the Secretary

Statement of Policy on the Rights of

Small Entities in OST Enforcement

Cases

AGENCY: Office of the Secretary (OST),

DOT.

ACTION: Statement of policy on the rights

of small entities in OST enforcement

cases.

SUMMARY: This is the Office of the

Secretary’s statement of policy with

respect to the reduction and waiver of

civil penalties for small entities in OST

enforcement cases.

DATES: This policy is effective on March

29, 1997.

FOR FURTHER INFORMATION CONTACT:

Mark Holmstrup, Office of the General

Counsel, Department of Transportation,

(202) 366–9342, 400 7th Street SW.,

Washington, DC 20590.

SUPPLEMENTARY INFORMATION: Section

223 of the Small Business Regulatory

Enforcement Fairness Act of 1996

(SBREFA) requires agencies to establish

a policy with respect to the reduction

and waiver of civil penalties for small

entities in OST enforcement cases. This

policy statement closely tracks the

requirements of Section 223, and will

apply to the Office of the Secretary’s

(OST) enforcement of (a) the

Department’s aviation economic

requirements contained in 49 U.S.C.

Subtitle VII and 14 CFR Parts 200–399,

as well as the orders, certificates, and

permits issued thereunder; and (b) the

Program Fraud Civil Remedies Act (31

U.S.C. 3801–3812) and the Department’s

implementing regulations (49 CFR Part

31).

The Policy

The following shall apply in assessing

the need for and the amount of any civil
Federal Register / Vol. 62, No. 62 / Tuesday, April 1, 1997 / Notices 15561

1 Due to the Board’s relocation on March 16,

1997, any filings made after that date must be filed

with the Surface Transportation Board, Office of the

Secretary, Case Control Unit, 1925 K Street, N.W.,

Washington, DC 20423.

1 W&LE’s lease and operation of CSXT’s line

between Aultman and Canton, OH, including the

line segment involved herein, was exempted by the

Interstate Commerce Commission in Wheeling &

Lake Erie Railway Company—Lease, Purchase, and

Operation Exemption—CSX Transportation, Inc.,

Finance Docket No. 32083 (ICC served Oct. 15,

1992). At the same time, W&LE purchased an

adjoining CSXT line extending south from Canton

to Sandyville, OH. Service on the CantonSandyville line is not affected by this transaction.

penalties imposed on small entities in

OST enforcement cases:

1. In determining penalty

assessments, the ability of the small

entity to pay shall be considered.

2. The amount of each civil penalty

assessed against a small entity shall be

reduced, and under appropriate

circumstances shall be waived,

provided that the following conditions

are met:

a. The small entity corrects the

violation within a reasonable period of

time;

b. The violation was discovered

through participation by the small entity

in a compliance assistance or audit

program operated or supported by the

Office of the Secretary (OST) or a State;

c. The small entity has not been

subject to multiple enforcement actions

by OST;

d. The violation did not involve

willful or criminal conduct;

e. The violation posed no serious

health, safety or environmental threats;

and

f. The small entity shows a continuing

good faith effort to comply with the law.

3. The Assistant General Counsel for

Aviation Enforcement and Proceedings

shall keep records of the number of

enforcement actions against small

entities that qualified or failed to qualify

for civil penalty reductions or waivers

under this policy and the total amount

of penalty reductions and waivers. To

the extent that civil penalty reductions

or waivers are effectuated by an

Administrative Law Judge within the

Office of Hearings or by the Office of an

Assistant Secretary, that office shall

report the relevant information to the

Assistant General Counsel for Aviation

Enforcement and Proceedings promptly

after the action is taken.

4. The term ‘‘small entity’’ is defined

in 5 U.S.C. 601.

5. Any questions regarding this policy

shall be addressed to the Assistant

General Counsel for Regulations and

Enforcement.

Issued in Washington, DC, on March 25,

1997.

Rodney E. Slater,

Secretary of Transportation.

[FR Doc. 97–8172 Filed 3–31–97; 8:45 am]

BILLING CODE 4910–62–P

Surface Transportation Board

Release of Waybill Data

The Surface Transportation Board has

received a request from Oppenheimer

Wolff & Donnelly on behalf of Gateway

Western Railway Company (WB520–3/

14/97), for permission to use certain

data from the Board’s Carload Waybill

Samples. A copy of the request may be

obtained from the Office of Economics,

Environmental Analysis, and

Administration.

The waybill sample contains

confidential railroad and shipper data;

therefore, if any parties object to these

requests, they should file their

objections with the Director of the

Board’s Office of Economics,

Environmental Analysis, and

Administration within 14 calendar days

of the date of this notice. The rules for

release of waybill data are codified at 49

CFR 1244.8.

Contact: James A. Nash, (202) 565–

1542.

Vernon A. Williams,

Secretary.

[FR Doc. 97–8241 Filed 3–31–97; 8:45 am]

BILLING CODE 4915–00–P

[STB Finance Docket No. 33371]

Oil Creek and Titusville Lines—

Meadville Division—Operation

Exemption

Oil Creek and Titusville Lines—

Meadville Division (applicant), a Class

III rail carrier, has filed a notice of

exemption under 49 CFR 1150.31 to

operate a 41.8-mile line of railroad

extending between milepost 102.3 at

Meadville and milepost 60.5 at Corry, in

Erie and Crawford Counties, PA. The

rail line had been abandoned by

Consolidated Rail Corporation and will

be acquired by the Northwest

Pennsylvania Rail Authority (Authority)

through condemnation proceedings

under state law. Applicant will operate

the line under an operating agreement

with the Authority. See Consolidated

Rail Corporation—Abandonment—

Between Corry and Meadville in Erie

and Crawford Counties, PA, Docket No.

AB–167 (Sub-No. 1139) (STB served

Feb. 10, 1997). The exemption became

effective on March 11, 1997.

Any comments must be filed with the

Board 1 and served on applicant’s

representatives: Richard R. Wilson, Esq.,

1126 Eighth Avenue, Suite 403,

Altoona, PA 16602 and Dearald W.

Shuffstall, II, Esq., 201 Arch Street,

Suite 200, Meadville, PA 16335–3432.

This notice is filed under 49 CFR

1150.31. If the notice contains false or

misleading information, the exemption

is void ab initio. Petitions to revoke the

exemption under 49 U.S.C. 10502(d)

may be filed at any time. The filing of

a petition to revoke will not

automatically stay the transaction.

Decided: March 19, 1997.

By the Board, Joseph H. Dettmar, Acting

Director, Office of Proceedings.

Vernon A. Williams,

Secretary.

[FR Doc. 97–8240 Filed 3–31–97; 8:45 am]

BILLING CODE 4915–00–P

[STB Docket No. AB–55 (Sub–No. 535X) and

STB Docket No. AB–227 (Sub-No. 6X)]

CSX Transportation, Inc.—

Abandonment Exemption—in Stark

County, OH and Wheeling & Lake Erie

Railway Company—Discontinuance of

Service Exemption—in Stark County,

OH

CSX Transportation, Inc. (CSXT) and

Wheeling & Lake Erie Railway Company

(W&LE) have filed a notice of exemption

under 49 CFR 1152 Subpart F—Exempt

Abandonments and Discontinuances for

CSXT to abandon and W&LE to

discontinue service over approximately

0.7 miles of railroad owned by CSXT

and leased to and operated by W&LE

between milepost 16.0 and milepost

15.3 in Canton, Stark County, OH. 1

CSXT and W&LE has certified that: (1)

no local traffic has moved over the line

for at least 2 years; (2) any overhead

traffic can be rerouted over other lines;

(3) no formal complaint filed by a user

of rail service on the line (or by a state

or local government entity acting on

behalf of such user) regarding cessation

of service over the line either is pending

with the Surface Transportation Board

(Board) or with any U.S. District Court

or has been decided in favor of

complainant within the 2-year period;

and (4) the requirements at 49 CFR

1105.7 (environmental reports), 49 CFR

1105.8 (historic reports), 49 CFR

1105.11 (transmittal letter), 49 CFR

1105.12 (newspaper publication), and

49 CFR 1152.50(d)(1) (notice to

governmental agencies) have been met.

As a condition to this exemption, any

employee adversely affected by the

abandonment shall be protected under

Oregon Short Line R. Co.—

Abandonment—Goshen, 360 I.C.C. 91

(1979). To address whether this