17274 Federal Register / Vol. 62, No. 68 / Wednesday, April 9, 1997 / Notices

4 15 U.S.C. § 78o–3.

1The Commission has modified the text of the

summaries submitted by NSCC.

Act 4 in that raising the thresholds for

simplified arbitration and for standard

arbitrations using a single arbitrator will

permit such cases to be resolved more

quickly and at lower cost to the parties

and is consistent with the NASD’s

longstanding goal of providing the

investing public with a fair, efficient

and cost-effective forum for the

resolution of disputes.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The NASD does not believe that the

proposed rule change will impose any

inappropriate 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 either

solicited or 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 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 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, 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. Copies of such filing will also be

available for inspection and copying at

the principal office of the NASD. All

submissions should refer to File No.

SR–NASD–97–22 and should be

submitted by April 30, 1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–9065 Filed 4–8–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–38453; File No. SR–NSCC–

97–3]

Self-Regulatory Organizations;

National Securities Clearing

Corporation; Notice of Filing of

Proposed Rule Change Regarding

Exemption Processing

March 28, 1997.

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

Securities Exchange Act of 1934 (the

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

March 7, 1997, the National Securities

Clearing Corporation (‘‘NSCC’’) 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 NSCC.

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 proposed rule change consists of

modifications to NSCC’s procedures

regarding exemption processing in

NSCC’s Continuous Net Settlement

(‘‘CNS’’) system.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

NSCC 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. NSCC has prepared

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

and (C) below, of the most significant

aspects of such statements.1

(A) Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

(1) The purpose of the proposed rule

change is to modify the methods of

submitting exemptions under NSCC’s

procedures. As a part of the NSCC’s

CNS Accounting Operation, members

may control the delivery of their

securities to NSCC through the use of

exemptions. CNS is an on-going

accounting system that nets a member’s

securities obligations on a daily basis to

produce a new short or long position in

each issue.

A short position in CNS represents

the quantity owed to NSCC by the

member. To satisfy short positions for

purposes of settlement, securities are

delivered from the member’s account at

The Depository Trust Company (‘‘DTC’’)

to NSCC’s account at DTC. These

deliveries are subject to exemption

limitations imposed by the member,

which may elect to deliver to NSCC all,

part, or none of any short position.

Exemptions assist members in

complying with the segregation

provisions of Rule 15c3–3 of the Act

and in meeting other delivery needs.

NSCC presently requires members to

input exemption instructions on a daily

basis. Currently, NSCC also permits but

does not require members to input

standing instructions.

In addition to submitting exemption

instructions to NSCC, members may

also manage their segregation and

delivery needs through the use of DTC’s

‘‘Memo Segregation’’ facility. Since a

member may either use NSCC’s or

DTC’s systems to control delivery

requirements, the proposed rule change

will no longer mandate that exemption

instructions be submitted to NSCC every

day.

If a daily instruction is not submitted,

not received, or is received but cannot

be processed by NSCC, the member’s

standing exemption instructions will be

used. As a result, members will now be

required to submit standing exemption

instructions to NSCC since they will

serve as the member’s default

instructions under the proposed

procedures.

(2) The proposed rule change is

consistent with Section 17A of the Act

and the rules and regulations

thereunder since it will facilitate the

prompt and accurate clearance and

settlement of securities transactions and

in general protect investors and the

public interest.
Federal Register / Vol. 62, No. 68 / Wednesday, April 9, 1997 / Notices 17275

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

NSCC does not believe that the

proposed rule change will have an

impact on or impose a 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 relating to the

proposed rule change have been

solicited or received. NSCC will notify

the Commission of any written

comments received by NSCC.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Within thirty-five 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

ninety 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 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 in Washington, D.C. Copies of

such filing will also be available for

inspection and copying at the principal

office of NSCC. All submissions should

refer to File No. SR–NSCC–97–03 and

should be submitted by April 30, 1997.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–9005 Filed 4–8–97; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster #2940]

State of Illinois

As a result of the President’s major

disaster declaration on March 21, 1997,

I find that Alexander, Gallatin, Hardin,

Massac, and Pope Counties in the State

of Illinois constitute a disaster area due

to damages caused by severe storms and

flooding beginning on March 1 and

continuing. Applications for loans for

physical damages may be filed until the

close of business on May 20, 1997, and

for loans for economic injury until the

close of business on December 22, 1997

at the address listed below or other

locally announced locations: U.S. Small

Business Administration, Disaster Area

1 Office, 360 Rainbow Blvd., South 3rd

Floor, Niagara Falls, NY 14303.

In addition, applications for economic

injury loans from small businesses

located in the following contiguous

counties may be filed until the specified

date at the above location: Hamilton,

Johnson, Pulaski, Saline, Union, White,

and Williamson in Illinois; Cape

Girardeau, Mississippi, and Scott in

Missouri. Any counties contiguous to

the above-named primary counties and

not listed herein have been covered

under a separate declaration for the

same occurrence.

Interest rates are:

Percent

For Physical Damage:

Homeowners With Credit Available Elsewhere ...................... 7.625

Homeowners Without Credit

Available Elsewhere .............. 3.875

Businesses With Credit Available Elsewhere ...................... 8.000

Businesses And Non-Profit Organizations Without Credit

Available Elsewhere .............. 4.000

Others (Including Non-Profit Organizations) With Credti

Available Elsewhere .............. 7.250

For Economic Injury:

Businesses And Small Agricultural Cooperatives Without

Credit Available Elsewhere ... 4.000

The number assigned to this disaster

for physical damage is 294006. For

economic injury the numbers are

944300 for Illinois and 944400 for

Missouri.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008)

Dated: March 26, 1997.

Bernard Kulik,

Associate Administrator for Disaster

Assistance.

[FR Doc. 97–8980 Filed 4–8–97; 8:45 am]

BILLING CODE 8025–01–P

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster #2933, Amdt. 2]

Commonwealth of Kentucky

In accordance with a notice from the

Federal Emergency Management

Agency, dated March 21, 1997, the

above-numbered Declaration is hereby

amended to include the Counties of

Ballard, Carlisle, Estill, Fulton, Grayson,

Hart, Hickman, Marshall, Monroe,

Simpson, Todd, and Warren in the

Commonwealth of Kentucky a disaster

area due to damages caused by severe

storms, tornadoes, and flooding

beginning on March 1, 1997 and

continuing.

In addition, applications for economic

injury loans from small businesses

located in the following contiguous

counties may be filed until the specified

date at the previously designated

location: Allen, Barren, Calloway,

Cumberland, Jackson, and Metcalfe in

the Commonwealth of Kentucky;

Alexander County in the State of

Illinois, and Clay County in the State of

Tennessee. Any counties contiguous to

the above-named primary counties and

not listed herein have been covered

under a separate declaration for the

same occurrence.

The numbers assigned to this disaster

for economic injury are 944500 for

Tennessee, and 943900 for Illinois.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008.)

Dated: March 25, 1997.

Bernard Kulik,

Associate Administrator for Disaster

Assistance.

[FR Doc. 97–8981 Filed 4–8–97; 8:45 am]

BILLING CODE 8025–01–P

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster Loan Area #2941]

Massachusetts; (And Contiguous

Counties in Connecticut, New York and

Vermont)

Berkshire County and the contiguous

counties of Franklin, Hampden, and

Hampshire in Massachusetts; Litchfield

County in Connecticut, Dutchess,

Columbia and Rennselear Counties in