14172 Federal Register / Vol. 62, No. 57 / Tuesday, March 25, 1997 / Notices

1 15 U.S.C. § 78s(b)(1).

2 17 CFR 240.19b–4.

3 In Amendment No. 1, the Exchange clarified

that Rule 31.5.F currently requires a minimum of

100 public holders if the security that is the subject

of the listing is traded in thousand dollar

denominations. The CBOE’s original filing had

misstated the current provision as requiring a

minimum of 400 public holders if the security is

traded in thousand dollar denominations. See Letter

from Timothy Thompson, Senior Attorney, CBOE,

to Debbie Flynn, Division of Market Regulation,

Commission, dated March 14, 1997 (‘‘Amendment

No. 1’’).

4 15 U.S.C. § 78f(b).

5 15 U.S.C. § 78f(b)(5).

information regarding the annuitant’s

competency for OPM’s use in evaluating

the annuitant’s condition.

Approximately 12,480 RI 20–7 forms

will be completed annually. Each form

requires approximately 30 minutes to

complete. The annual burden is 6,240

hours. Approximately 250 RI 30–3

forms will be completed annually. Each

form requires approximately 1 hour to

complete. The total annual burden is

6,490 hours.

For copies of this proposal, contact

Jim Farron on (202) 418–3208, or E-mail

to jmfarron@mail.opm.gov.

DATES: Comments on this proposal

should be received within 30 calendar

days from the date of this publication.

ADDRESSES: Send or deliver comments

to—

Lorraine E. Dettman, Chief, Operations

Support Division, Retirement and

Insurance Service, U.S. Office of

Personnel Management, 1900 E Street,

NW, Room 3349, Washington, DC

20415, and

Joseph Lackey, OPM Desk Officer,

Office of Information & Regulatory

Affairs, Office of Management &

Budget, New Executive Office

Building, NW, Room 10235,

Washington, DC 20503.

FOR INFORMATION REGARDING

ADMINISTRATIVE COORDINATION—CONTACT:

Mary Beth Smith-Toomey, Management

Services Division, (202) 606–0623.

U.S. Office of Personnel Management.

James B. King,

Director.

[FR Doc. 97–7498 Filed 3–24–97; 8:45 am]

BILLING CODE 6325–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–38414; File No. SR–CBOE–

97–01]

Self-Regulatory Organizations; Notice

of Filing and Order Granting

Accelerated Approval of a Proposed

Rule Change and Amendment No. 1 to

the Proposed Rule Change by the

Chicago Board Options Exchange, Inc.

Relating to Listing Criteria for Other

Securities

March 18, 1997.

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

Securities Exchange Act of 1934

(‘‘Act’’), and Rule 19b–4 thereunder,2

notice is hereby given that on January

21, 1997, the Chicago Board Options

Exchange, Incorporated (‘‘CBOE’’ or

‘‘Exchange’’) filed with the Securities

and Exchange Commission (‘‘SEC’’ or

‘‘Commission’’) the proposed rule

change as described in Items I, II, and

III below, which Items have been

prepared by the CBOE. On March 14,

1997, the CBOE submitted Amendment

No. 1 to the proposed rule change.3 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, as amended.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The CBOE proposes to amend its Rule

31.5.F to conform the Exchange’s listing

criteria for ‘‘Other Securities’’ to those

of other exchanges. The text of the

proposed rule change is available at the

Office of the Secretary, CBOE and at the

Commission.

II. Self-Regulatory Organization’s

Statement of the Purpose of and

Statutory Basis for, Proposed Rule

Change

In its filing with the Commission, the

CBOE included statements concerning

the purpose of and basis for the

proposed rule change and discussed any

comments if received on the proposed

rule change. The text of these statements

may be examined at the places specified

in Item III below. The CBOE 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 the

Statutory Basis for, the Proposed Rule

Change

1. Purpose

The purpose of the proposed rule

change is to amend Exchange Rule

31.5.F which sets forth the listing

criteria for ‘‘Other Securities.’’

Securities that might be listed by the

Exchange under this category are

securities that do not fit within the

traditional definitions of equity or debt

securities or that do not otherwise

qualify for listing under Exchange Rule

31.5. These ‘‘Other Securities’’ may

have certain characteristics of any of

these other types of securities.

CBOE believes Rule 31.5 is more

restrictive than comparable rules of the

New York Stock Exchange (‘‘NYSE’’)

and the American Stock Exchange

(‘‘Amex’’). Rule 31.5.F specifies

minimum issuer qualifications with

respect to assets and stockholders’

equity, the minimum public

distribution, the minimum aggregate

market value and other criteria to assist

the Exchange in considering the

suitability of these securities for listing

on the Exchange. To make its rule

consistent with rules of the other

exchanges, the Exchange is proposing to

eliminate current provisions that

prohibit the listing of (1) any cash

settled product that is settled in any

currency other than U.S. dollars, or (2)

any product that has a mandatory

redemption price of less than three

dollars. Additionally, the Exchange

proposes to delete the provision

requiring 100 public holders if the

security is traded in thousand dollar

denominations.

2. Statutory Basis

The proposed rule change is designed

to enable the CBOE to compete

effectively for listings in these types of

securities. As such, the proposed rule

change is consistent with Section 6(b) 4

of the Act, in general, and furthers the

objectives of Section 6(b)(5) 5 in

particular in that it is designed to

promote just and equitable principles of

trade and to protect investors and the

public interest.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

CBOE 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

No written comments were solicited

or received with respect to the proposed

rule change.

III. 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

20549. Copies of the submission, all

subsequent amendments, all written

statements with respect to the proposed

rule change that are filed with the
Federal Register / Vol. 62, No. 57 / Tuesday, March 25, 1997 / Notices 14173

6 15 U.S.C. § 78f(b)(5).

7See, e.g., Section 107A of the Amex Company

Guide; Section 703.19 of the NYSE Listed Company

Manual.

8The affected provisions currently prevent the

listing of (1) any cash settled product settled in any

currency other than U.S. dollars or (2) any product

that has a mandatory redemption price of less than

three dollars. In addition, CBOE proposes to

eliminate the provision requiring a minimum of 100

public holders if the security is traded in thousand

dollar denominations.

9See e.g., Securities Exchange Act Release No.

27753 (March 1, 1990), 55 FR 8626 (March 8, 1990)

(order approving File No. SR–Amex–89–29). For

example, a stock index-linked note that was payable

in foreign currency would raise important

regulatory issues among which might include the

need to address appropriate product term and risk

disclosure, customer suitability, and settlement

procedures. Accordingly, the Commission expects

the CBOE to consult with it on the need to file a

Section 19(b) rule change to list a product with

such terms under the Rule 31.5 listing standards.

10See Securities Exchange Act Release No. 37472

(July 23, 1996), 61 FR 40058 (July 31, 1996)

(approving File No. SR–Phlx–96–28); Securities

Exchange Act Release No. 37165 (May 3, 1996), 61

FR 21215 (May 9, 1996) (approving File No. SR–

Amex–96–15).

11 15 U.S.C. § 78f(b)(5).

12 15 U.S.C. § 78s(b)(2).

13 15 U.S.C. § 78s(b)(2).

14 17 CFR 200.30–3(a)(12).

1 15 U.S.C. § 78s(b)(1).

2 17 CFR 240.19b–4.

3On March 14, 1997, the CSE filed Amendment

No. 1 to its proposal with the Commission. The

amendment redesignates the proposal as a

‘‘noncontroversial’’ rule filing under Rule 19b–

4(e)(6) under the Act rather than a filing under Rule

19b–4(e). See Letter from Adam Gurwitz, Vice

President Legal and Secretary, CSE, to Elaine

Darroch, Attorney-Adviser, Division of Market

Regulation, dated March 14, 1997.

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 will also be available for

inspection and copying at the principal

office of CBOE. All submissions should

refer to File No. SR–CBOE–97–01 and

should be submitted by April 15, 1997.

IV. Commission’s Findings and Order

Granting Approval of Proposed Rule

Change

The Commission has reviewed

carefully the CBOE’s proposed rule

change and proposed Amendment No. 1

and believes, for the reasons set forth

below, this proposal is consistent with

the requirements of the Act and the

rules and regulations thereunder

applicable to a national securities

exchange. Specifically, the Commission

believes the proposal is consistent with

Section 6(b)(5) 6 of the Act which

requires national securities exchanges to

have rules designed to remove

impediments to and perfect the

mechanism of a free and open market

and in general, to protect investors and

the public interest.

The Commission notes that the CBOE

proposal conforms the CBOE’s listing

standards for ‘‘Other Securities’’ to

those of other exchanges.7 As such, the

Commission believes the proposal

should allow the Exchange to compete

more effectively with other exchanges

for the listing of these types of

securities. The Commission notes that

although it is reasonable for the

Exchange to delete from CBOE’s rules

certain mandatory listing standards for

‘‘Other Securities,’’ 8 proposals that

deviate from these standards might raise

novel or significant regulatory issues

that would require a proposed rule

change to list the product.9 Further, in

approving the elimination of the 100

holder requirement where the security

is traded in thousand dollar

denominations, the Commission notes

that the rule will still require that the

security have a minimum market value

at issuance of $4 million. This should

help to ensure that issuances in $1,000

denominations are large enough to

support a liquid market.

The Commission finds good cause for

approving the foregoing rule change

proposal and proposed Amendment No.

1 on an accelerated basis prior to the

thirtieth day after the date of

publication thereof in the Federal

Register. As discussed above, the

proposal received no comments.10

Based on the above, the Commission

finds that consistent with Sections

6(b)(5) 11 and 19(b)(2) 12 of the Act, good

cause exists to accelerate approval of the

proposal, as amended.

It is therefore ordered, pursuant to

section 19(b)(2) 13 of the Act, that the

proposed rule change (SR–CBOE–97–

01), including Amendment No. 1, is

hereby approved on an accelerated

basis.

For the Commission, by the Division of

Market Regulation, pursuant to the delegated

authority.14

Jonathan G. Katz,

Secretary.

[FR Doc. 97–7395 Filed 3–24–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–38413; File No. SR–CSE–

97–05]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Cincinnati Stock Exchange, Inc.

Relating to Regulatory Data

Submissions

March 18, 1997.

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

Securities Exchange Act of 1934

(‘‘Act’’),1 and Rule 19b–4 2 thereunder,

notice is hereby given that on March 6,

1997, as amended on March 14, 1997,3

The Cincinnati Stock Exchange,

Incorporated (‘‘CSE’’ or ‘‘Exchange’’)

filed with the Securities and Exchange

Commission the proposed rule change

as described in Items I, II, and III below,

which Items have been prepared by the

CSE. The Commission is publishing this

notice to solicit comments on the

proposed rule change form interested

persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The CSE hereby proposes to amend

Rule 4.2 to add Interpretation .02 to

clarify CSE members’ obligation to

provide regulatory information

routinely to the Exchange. The text of

the proposed rule change is available at

the office of the Secretary, CSE 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

CSE 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 CSE 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 the

Statutory Basis for, the Proposed Rule

Change

(1) Purpose

In December, 1995, in an attempt to

improve the quality and quantity of

available regulatory data, the Exchange

requested that members submit certain

regulatory data to CSE on a daily basis.

Members were informed of this

requirement by Regulatory Circular #95–

04, dated December 22, 1995. As part of

its ongoing attempt to enhance its

examination and surveillance programs,

the Exchange now proposes to codify

this data submission requirement by

adding Interpretation .02 to Rule 4.2,

Furnishing of Records.