Federal Register / Vol. 63, No. 75 / Monday, April 20, 1998 / Notices 19555

11See Phlx Rule 772(i)(8).

12As initially proposed, all changes to the addon percentages for individual currencies set forth in

Phlx Rule 722 would have required a proposed rule

change to be filed with the Commission pursuant

to Section 19(b)(3)(A) of the Act. As changes to the

margin levels for individual currencies will not

require changes to Phlx Rule 722 and instead, will

be announced to the Phlx membership via circular,

such changes will not trigger a requirement to

subject a 19(b)(3)(A) filing to the Commission.

Telephone conversation between Nandita Yagnik,

Counsel, Phlx, and Deborah Flynn, Division,

Commission, on April 13, 1998.

13 15 U.S.C. 78f.

14 15 U.S.C. 78f(b)(5). 15 17 CFR 200.30–3(a)(12).

be put back on the quarterly review

cycle. If the currency exceeds 98.5%,

the margin level will be reduced to a

98% confidence level. Finally, in order

to account for large price movements

outside the margin level, if the review

shows that the currency had a price

movement, either positive or negative,

greater than two times the margin level,

the margin requirement would be set at

a level to meet a 99% confidence level

(‘‘extreme outlier test’’).

The quarterly reviews will be

conducted promptly following the 15th

of January, April, July and October of

each year. In addition to the routine

reviews described above, the Exchange

continues to have authority to impose a

higher margin level at any time in

between reviews if market conditions so

warrant.11 At this time, the margin

levels for Tier I, II, and III customized

cross rate options will remain the same.

Finally, the Phlx proposes to revise

Rule 722 so that while the calculation

methodology will be outlined in

Commentary .16, the actual margin level

for each currency will not be stated.

Instead, the Exchange will distribute

circulars to the membership announcing

the margin levels that are derived

pursuant to the methodology in

Commentary .16 to Rule 722. In

addition, any time that a particular

margin level changes based on a review

or otherwise pursuant to Rule 722, the

new margin requirement will be

announced via circular to the

membership.12

2. Statutory Basis

The Exchange believes that the

proposed rule change is consistent with

Section 6 of the Act 13 in general, and

in particular, with Section 6(b)(5),14 in

that it is designed to promote just and

equitable principles of trade, prevent

fraudulent and manipulative acts and

practices, to foster cooperation and

coordination with persons engaged in

regulating, clearing, settling, processing

information with respect to, and

facilitating transactions in securities, to

remove impediments to and perfect the

mechanism of a free and open market

and a national market system, as well as

to protect investors and the public

interest by establishing margin levels for

foreign currency options which reflect

the specific risks associated with each

individual currency.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Phlx 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 date of

publication of this notice in the Federal

Register or within such longer period (i)

as the Commission may designate up to

90 days or such date if it finds such

longer period to be appropriate and

publishes its reasons for so finding or

(ii) as to which the Phlx 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,

including whether the proposed rule

change, as amended, is consistent with

the Act. 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 in

the Commission’s Public Reference

Section, 450 Fifth Street, NW,

Washington, DC 20549. Copies of such

filing will also be available for

inspection and copying at the principal

office of the Phlx. All submissions

should refer to File No. SR–Phlx–97–63

and should be submitted by May 11,

1998.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.15

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–10340 Filed 4–17–98; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF STATE

[Public Notice #2789]

Advisory Committee on International

Communications and Information

Policy; Meeting Notice

The Department of State is holding

the next meeting of its Advisory

Committee on International

Communications and Information

Policy. The Committee provides a

formal channel for regular consultation

and coordination on major economic,

social and legal issues and problems in

international communications and

information policy, especially as these

issues and problems involve users of

information and communication

services, providers of such services,

technology research and development,

foreign industrial and regulatory policy,

the activities of international

organizations with regard to

communications and information, and

developing country interests.

The meeting will be devoted to

discussion of issues of interest to

members, particularly as to the work of

the State Department on

telecommunications policy involving

both bilateral and multilateral fora.

In addition, the purpose of this

meeting will be to hear reports from the

working groups on various issues that

chart the future direction and work plan

of the committee. The members will

look at the substantive issues on which

the committee should focus, as well as

specific countries and regions of interest

to the committee.

This meeting will be held on

Thursday, April 30, 1998, from 9:30

a.m.—12:30 p.m. in Room 1107 of the

Main Building of the U.S. Department of

State, located at 2201 ‘‘C’’ Street, NW.,

Washington, DC 20520. Members of the

public may attend these meetings up to

the seating capacity of the room. While

the meeting is open to the public,

admittance to the State Department

Building is only by means of a prearranged clearance list. In order to be

placed on the pre-clearance list, please

provide your name, title, company,
19556 Federal Register / Vol. 63, No. 75 / Monday, April 20, 1998 / Notices

social security number, date of birth,

and citizenship to Shirlett Brewer at

(202) 647–8345 or by fax at (202) 647–

0158. All attendees must use the ‘‘C’’

Street entrance. One of the following

valid ID’s will be required for

admittance: any U.S. driver’s license

with photo, a passport, or a U.S.

Government agency ID.

For further information, contact

Timothy C. Finton, Executive Secretary

of the Committee, at (202) 647–5385.

Dated: March 30, 1998.

Timothy C. Finton,

Executive Secretary.

[FR Doc. 98–10382 Filed 4–17–98; 8:45 am]

BILLING CODE 4710–45–M

DEPARTMENT OF STATE

[Public Notice No. 2783]

Advisory Committee on Private

International Law (ACPIL) Study Group

on Electronic Commerce; Meeting

Notice

The Study Group on Electronic

Commerce of the Advisory Committee

on Private International Law (ACPIL)

will hold its next meeting from 9:30 to

4:00 on Thursday, April 16 in

Washington, DC. The purpose of the

meeting will be to review international

proposals for rules on electronic

signature systems.

The meeting will consider

authentication, message integrity,

sender and user rights and obligations,

and the evolving roles of third party

system designers and service providers,

as well as differing standards that may

be appropriate for commercial and

governmental applications. Both

international and domestic

developments will be reviewed, given

the close connection between them in

an era of globalization of commerce,

information, and borderless connections

through data networks. The status of

ongoing projects at various international

bodies, both intergovernmental and

private sector, including UNCITRAL,

OECD, the ICC and others will be

reviewed. The meeting will focus on

revised draft rules on electronic

signatures prepared by the Secretariat of

the United Nations Commission on

International Trade Law (UNCITRAL),

which will be discussed at an upcoming

UNCITRAL Working Group meeting at

the U.N. in June 1998. Included in that

discussion will be a U.S. proposal for a

multilateral treaty (convention) that

could include provisions of the 1996

UNCITRAL Model Law on Electronic

Commerce, and possibly other

provisions.

Also on the agenda will be a review,

as appropriate, of the latest

developments in state legislatures

within the U.S.; draft uniform state laws

under preparation, including the

proposed new Uniform Commercial

Code Article 2B and Electronic

Transactions Act; developments in other

national legal systems; and electronic

commerce initiatives of the Department

of Commerce and others.

Proposals on electronic commerce

infrastructure, including access to

markets, message integrity, and privacy

issues that are expected to be discussed

at the OECD in October will also be

reviewed as appropriate. Suggestions on

possible legal standards for determining

applicable law and jurisdiction in a

cross-border setting may be considered.

The meeting of the Advisory

Committee Study Group is open to the

public up to the capacity of the meeting

room. Members of the public who

cannot attend are welcome to comment,

including any recommendations for

possible U.S. positions on these matters.

The meeting will take place at the

International Law Institute (ILI), 1615

New Hampshire Avenue, NW,

Washington, DC. Persons who expect to

attend should advise either the Office of

the Legal Adviser (L/PIL) at Suite 357,

South Building, 2430 E Street, NW,

Washington, DC 20037–2800, fax (202)

776–8482, or Stuart Kerr at ILI, (202)

483–3036, fax 483–3029. The Office of

the Legal Adviser will provide copies of,

or e-mail and other sources for, UN,

NCCUSL and related documents for the

meeting. For further information, please

contact Harold Burman, Advisory

Committee Executive Director, at (202)

776–8421.

The meeting will take place

immediately prior to meeting in

Washington, DC on April 17–19 of the

National Conference of Commissioners

Drafting Group on Uniform State Laws

(NCCUSL) on the proposed Uniform

Electronic Transactions Act (UETA).

Attendees at the Study Group meeting

or others who may be interested in the

UETA meeting should contact Patricia

Fry at the Stetson University College of

Law, (813) 562–7893, fax 813–347–

3738, or D. Benjamin Beard at the

University of Idaho Law School, 208–

885–6423, fax 885–7609.

Harold S. Burman,

Advisory Committee, Executive Director.

[FR Doc. 98–10324 Filed 4–17–98; 8:45 am]

BILLING CODE 4710–08–M

DEPARTMENT OF STATE

[Public Notice #2781]

Shipping Coordinating Committee

Subcommittee on Ship Design and

Equipment; Meeting Notice

The Shipping Coordinating

Committee will conduct an open

meeting at 1:00 pm on Tuesday, May 5,

1998, in Room 2415, at U.S. Coast Guard

Headquarters, 2100 2nd Street, SW,

Washington, DC 20593–0001. The

purpose of the meeting is to present the

results of the forty-first session of the

Subcommittee on Ship Design and

Equipment of the International Maritime

Organization (IMO) held during March

9–13, 1998, at IMO Headquarters in

London, United Kingdom. This public

meeting will commence following the

public meeting scheduled for the

morning which is preparing for the

upcoming session of the IMO Maritime

Safety Committee.

Among other things, items of

particular interest are: role of the human

element in maritime casualties—

guidelines for computer applications;

revision of the High Speed Craft Code;

matters relating to lifesaving; safety of

passenger submersible craft; safe ocean

towing guidelines; emergency towing

arrangements for tankers; and

development of a code on polar

navigation.

IMO works to develop international

agreements, guidelines, and standards

for the marine industry. In most cases,

these form the basis for class society

rules and national standards/

regulations. Such an open meeting

supports the U.S. Representative to the

IMO Subcommittee in developing the

U.S. position on those issues raised at

the IMO Subcommittee meetings. This

open meeting serves as an excellent

forum for the U.S. maritime industry to

express their ideas and participate in

the international rulemaking process.

All members of the maritime industry

are encouraged to send representatives

to participate in the development of

U.S. positions on those issues affecting

your maritime industry and remain

abreast of all activities ongoing within

the IMO.

Members of the public may attend

this meeting up to the seating capacity

of the room. Interested persons may

seek information by writing: Mr. Wayne

Lundy, U.S. Coast Guard Headquarters,

Commandant (G–MSE–3), 2100 2nd

Street, SW, Washington, DC 20593–0001

or by calling: (202) 267–2206.