2210 Federal Register / Vol. 62, No. 10 / Wednesday, January 15, 1997 / Notices

75Of course, members must correct inaccurate

trade reports. For example, a member must correct

a trade reported at $680 if, in fact, the trade price

was $860.

76The Commission assumes that the parties are

bargaining in good faith when they reach an

agreement that is subsequently reported through

ACT. Cf. NASD Rule 3310 (prohibiting members

from publishing the notice of a purchase or sale of

any security without having reasonable cause to

believe that such transaction was a bona fide

purchase or sale).

77Amendment No. 1, supra note 6.

78This list will automatically be incorporated

into the Nasdaq Workstation’s on-line symbols

directory when the proposed rule change becomes

effective. If members would like a copy of this list

prior to the proposal’s implementation, however,

they simply have to contact the Nasdaq Market

Operations staff in Trumbull, Connecticut, and an

electronic or paper copy will be provided.

79The Commission believes the current six digit

format is sufficient to service the DPP market.

Contra NAPEX Letter, supra note 4. After polling

the major market participants, the NASD

represented that it anticipates approximately 2,000

DPP securities to be quoted on the OTCBB.

Telephone conversation between Andrew S.

Margolin, Senior Attorney, The Nasdaq Stock

Market, Inc., and Anthony P. Pecora, Attorney,

Division of Market Regulation, SEC (Jan. 3, 1996).

Notwithstanding that the NASD intends to utilize

the prefixes of ‘‘xx,’’ ‘‘yy,’’ and ‘‘zz’’ to indicate DPP

securities, the remaining four digits still provide

ample capacity because a surplus of approximately

86,000 symbols will exist to accommodate

unanticipated or new DPP securities. In addition,

the Commission does not believe the expense

associated with mandating an entirely new,

expanded symbol format to ensure the symbols

assigned clearly indicate the issuer of a particular

DPP outweighs the potential benefits such a

convenience would confer upon NASD members.

80 15 U.S.C. 70o–3, 78s(b)(2).

81 15 U.S.C. 78s(b)(2).

82 17 CFR 200.30–3(a)(12).

is minimal when compared to

information reported by T+1. Moreover,

reporting a trade when the agreement

occurs, rather than waiting until the

transfer actually takes place, is

consistent with current industry

practice for other securities.

The Commission also does not believe

it is necessary for members to submit a

notice at a later date if a trade fails due

to the unique post-trade contingencies

that exist in the DPP market.75

Ultimately, the price of a security is

determined by two factors: the amount

of money a buyer is willing to spend to

acquire a certain amount of a particular

security and the amount of money a

seller is willing to accept to sell the

same amount of that security. It is this

information that investors value the

most. The fact that a transaction fails at

a later date because a general partner

refuses to acknowledge the trade does

not disparage the quality of the

previously reported information

concerning current market interest.76

2. Implementation

The Commission believes the NASD’s

implementation plan adequately

addresses the commenters’ concerns.

The NASD intends to announce the

effective date of the proposed rule

change in a Notice to Members within

forty-five days following the date of this

order. This effective date will be no later

than 90 days following the publication

of that Notice to Members but, in no

event, will the effective date be sooner

than forty-five days after the date of this

order.77 This implementation schedule

should provide the NASD’s members

with ample time to procure any

necessary equipment and enter any

essential data into their computer

systems.

To facilitate transaction reporting, the

NASD has compiled a comprehensive

list of symbols that will be utilized by

members when reporting a transaction

through ACT.78 If a symbol does not

exist for a particular DPP, a member

simply calls the ACT Service Desk

before reporting the transaction, and a

symbol will be assigned.79

D. Amendment No. 1

The Commission finds good cause for

approving Amendment No. 1 prior to

the thirtieth day after the date of

publication of notice thereof in the

Federal Register. Amendment No. 1

simply updates the proposal’s internal

citations to conform with the new rule

numbering system that was

implemented by the NASD after it filed

SR–NASD–96–08 with the Commission.

Therefore, the Commission believes that

granting accelerated approval to

Amendment No. 1 is appropriate and

consistent with Section 15A and Section

19(b)(2) of the Act.80

Interested persons are invited to

submit written data, views and

arguments concerning Amendment No.

1 to the proposed rule change. 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

rules change that are filed with the

Commission, and all written

communications relating to Amendment

No. 1 between the Commission and any

persons, 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 at the principal

office of the NASD. All submissions

should refer to File No. SR–NASD–96–

08 and should be submitted by February

5, 1997.

VI. Conclusion

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act,81 that the

proposed rule change (SR–NASD–96–

08) is approved, including Amendment

No. 1 on an accelerated basis.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.82

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–896 Filed 1–14–97; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF STATE

[Public Notice No. 2499]

Shipping Coordinating Committee

Subcommittee on Safety of Life at Sea

Working Group on Dangerous Goods,

Solid Cargoes and Containers; Notice

of Meeting

The Working Group on Dangerous

Goods, Solid Cargoes and Containers

(DSC) of the Subcommittee on Safety of

Life at Sea (SOLAS) will conduct an

open meeting at 9:30 AM on January 31,

1997, in Room 2415, at U.S. Coast Guard

Headquarters, 2100 2nd Street, S.W.,

Washington, DC 20593–0001. The

purpose of the meeting is to finalize

preparations for the Second Session of

the DSC Subcommittee of the

International Maritime Organization

(IMO) which is scheduled for February

24–28, 1997, at the IMO Headquarters in

London.

The agenda items of particular

interest are:

a. Amendment 29 to the International

Maritime Dangerous Goods (IMDG)

Code, its Annexes and Supplements

including harmonization of the IMDG

Code with the UN Recommendations on

the Transport of Dangerous Goods.

b. Implementation of Annex III of the

Marine Pollution Convention (MARPOL

73/78), as amended.

c. Development of measures

complementary to the Irradiated

Nuclear Fuel (INF) Code.

d. Amendments to SOLAS chapters VI

and VII.

e. Bulk carrier safety: need for fitting

water level alarms in cargo holds.

f. Revision of the format of the IMDG

Code.

g. Loading and unloading of bulk

cargoes.

h. Cargo securing manual.

i. Reports on incidents involving

dangerous goods or marine pollutants in

packaged form on board ships or in port

areas.
Federal Register / Vol. 62, No. 10 / Wednesday, January 15, 1997 / Notices 2211

j. Evaluation of properties of solid

bulk cargoes.

Members of the public may attend

this meeting up to the seating capacity

of the room. Interested persons may

seek information by writing: Mr. E.P.

Pfersich, U.S. Coast Guard (G–MSO–3),

2100 Second Street, S.W., Washington,

DC 20593–0001 or by calling (202) 267–

1577.

Dated: December 26, 1996.

Russell A. LaMantia,

Chairman, Shipping Coordinating Committee.

[FR Doc. 97–885 Filed 1–14–97; 8:45 am]

BILLING CODE 4610–07–M

OFFICE OF THE UNITED STATES

TRADE REPRESENTATIVE

Request for Public Comments on the

Negotiation of a Bilateral Trade

Agreement Between the United States

and Laos

AGENCY: Office of the United States

Trade Representative.

ACTION: Notice; request for comments.

SUMMARY: The Office of the United

States Trade Representative (USTR) is

providing notice that the United States

is in the process of negotiating a

bilateral trade agreement with the Lao

People’s Democratic Republic (Laos).

USTR invites comments from the public

on concerns or goals of U.S. persons and

businesses with respect to trade with

Laos, and the extent to which the

bilateral trade agreement can address

those concerns or help promote those

goals. Comments in particular might

address current Lao practices that affect

(a) market access for U.S. exports, such

as tariffs and non-tariff measures, (b)

trade and investment in services; and (c)

any other measure that impedes trade in

goods and services with the United

States. Comments received will be

considered in developing U.S. positions

and objectives in the process of

negotiating the bilateral trade

agreement.

DATES: Comments should be submitted

on or before noon on Monday, February

17, 1997.

ADDRESSES: Comments may be

submitted to Joseph Damond, Director

for South-East Asian Affairs, Office of

the U.S. Trade Representative, 600 17th

Street, NW., Washington, DC 20508.

FOR FURTHER INFORMATION CONTACT:

Joseph Damond, Director for Southeast

Asia, at (202)395–6813, or Thomas

Robertson, Associate General Counsel,

at (202)395–6800.

SUPPLEMENTARY INFORMATION: The

United States is currently in the process

of negotiating a bilateral trade

agreement with Laos. One of the central

elements of that agreement would be a

bilateral commitment to extend nondiscriminatory, most-favored-nation

treatment to the products of the other

country. We expect legislative action to

fulfill this obligation on the part of the

United States. The agreement may also

address a wide range of other issues,

including: (1) Suspension or

termination for national security

reasons; (2) safeguard arrangements; (3)

the protection of intellectual property

rights; (4) the settlement of commercial

differences and disputes; (5) the

promotion of trade; (6) consultations; (7)

the grant of national treatment to the

products of the other country; (8) the

grant of trading rights; (9) the

elimination of market access barriers

(e.g., tariffs, import and export

restrictions, quotas, licensing

requirements, customs valuation, and

fees and charges); (10) the transparency

of legal and regulatory regimes; (11)

state trading and industrial subsidies;

(12) government procurement; (13)

trade-related investment measures; (14)

trade in services; and (15) investment

restrictions.

USTR invites written comments from

the public on market access and any

other issues to be addressed in the

course of the negotiations with Laos on

the bilateral trade agreement. All

comments will be considered in

developing U.S. positions and objectives

during these negotiations on each of the

issues noted above or otherwise raised

by the public. Issues of interest might

include, but are not necessarily limited

to: (a) Comments on possible tariff

reductions and the removal of border

measures such as quotas or import

licensing requirements; (b) uniform

application of the trading system; (c) the

provision of national treatment and

nondiscriminatory treatment for

imports, especially in the area of

domestic taxation; (d) transparency in

application of trade laws and

regulations; (e) right of appeal in cases

involving application of trade laws and

other laws concerning trade-related

issues, such as protection and

enforcement of intellectual property

rights (IPR) and services; (f) customs

processing issues, such as document

certification prior to export, fees,

customs valuation, and certification

requirements; (g) subsidies and

domestic supports and incentives; (h)

safeguard and unfair trade practice

procedures applied to imports; (i) plant,

animal, and human health and safety

requirements; (j) food standards and

other technical barriers to trade; (k)

activities of state trading enterprises,

including restrictions and other tradedistorting practices; (l) price controls

and policies; (m) government

procurement practices; and (n) the

trade-related aspects of investment

policies and the protection and

enforcement of IPRs. Market access

issues for services include, but are not

limited to, the right of establishment for

U.S. services providers, the ability to

provide services on a cross-border basis,

and the ability of persons to enter

temporarily to provide services.

Information on products or practices

subject to these negotiations should

include, whenever appropriate, the

relevant import or export tariff

classification number used.

Public Comment: Requirements for

Submissions

Comments must be in English and

provided with fifteen copies. A person

requesting that information contained in

a comment submitted by that person be

treated as privileged or confidential

business information must certify that

such information is privileged or

business confidential and would not

customarily be released to the public by

the commenting party. Privileged or

confidential business information must

be clearly marked ‘‘BUSINESS

CONFIDENTIAL’’ in a contrasting color

ink at the top of each page of each copy.

Persons are encouraged to provide a

non-confidential summary of the

information designated as privileged or

business confidential.

A person requesting that information

or advice contained in a comment

submitted by that person, other than

privileged or business confidential

information, be treated as confidential

in accordance with section 135(g)(2) of

the Trade Act of 1974 (19 U.S.C. 2155)

(1) Must so designate that information

or advice;

(2) Must clearly mark the material as

‘‘CONFIDENTIAL’’ in a contrasting

color ink at the top of each page of

each copy; and

(3) Is encouraged to provide a nonconfidential summary of the

information or advice.

USTR will maintain a file containing

the public versions of comments,

accessible to the public, in the USTR

Reading Room: Room 101, Office of the

United States Trade Representative, 600

17th Street, N.W., Washington DC

20508. The public file will include a

listing of any comments made to USTR

from the public with respect to the

proceeding. An appointment to review

the public file may be made by calling

Brenda Webb, (202) 395–6186. The