Federal Register / Vol. 63, No. 81 /Tuesday, April 28, 1998 / Notices 23333

20 15 U.S.C. 78s(b)(2).

21 17 CFR 200.30–3(a)(12).

1 15 U.S.C. 78s(b)(1).

2The Commission has modified the text of the

summaries prepared by SCCP.

3Telephone conversation between Edith

Hallahan, Counsel, SCCP, and Greg Dumark,

Attorney, Division of Market Regulation,

Commission (April 20, 1998).

4 15 U.S.C. 78q–1(b)(3)(C). 5 15 U.S.C. 78s(b)(2).

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act,20 that the

proposed rule change (SR–Phlx–97–51)

is approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.21

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–11166 Filed 4–27–98; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–39399; File No. SR–SCCP–

98–01]

Self-Regulatory Organizations; Stock

Clearing Corporation of Philadelphia;

Notice of Filing and Order Granting

Accelerated Approval of Proposed

Rule Change Relating to an Increase in

the Number of Directors

April 21, 1998.

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

Securities Exchange Act of 1934

(‘‘Act’’),1 notice is hereby given that on

March 31, 1998, the Stock Clearing

Corporation of Philadelphia (‘‘SCCP’’)

filed with the Securities and Exchange

Commission (‘‘Commission’’), as

amended on April 16, 1998 and April

21, 1998, the proposed rule change as

described in Items I and II below, which

items have been prepared primarily by

SCCP. The Commission is publishing

this notice and order to solicit

comments from interested persons and

to grant accelerated approval of the

proposed rule change.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The proposed rule change involves an

amendment to SCCP’s by-laws and to

Section 6 of its articles of incorporation

to increase the number of directors on

its board from between 5 and 9 to

between 5 and 23.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

SCCP 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. SCCP has prepared

summaries, set forth in sections A, B,

and C below, of the most significant

aspects of such statements.2

(A) Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

The proposed rule change will amend

SCCP’s by-laws and articles of

incorporation to increase the permitted

size of the board from between 5 and 9

directors to between 5 and 23 directors.

According to SCCP, all other provisions

of the by-laws prescribing the

composition of the board will remain

unchanged. SCCP believes that this rule

change is desirable due to the interest of

the Board of Governors of the

Philadelphia Stock Exchange (‘‘Phlx’’)

to more fully participate in the

operation and control of SCCP.

SCCP also believes that a larger board

will provide greater diversity and add

policy making expertise to the process.

In addition, SCCP believes that an SCCP

board comprised of members from Phlx

will allow greater coordination in

scheduling meetings involving members

from both the boards.3

SCCP believes that the proposed rule

change provides for the fair

representation of shareholders and

participants in the selection of SCCP’s

directors and in the administration of

SCCP’s affairs and therefore that it is

consistent with Section 17A(b)(3)(C) of

the Act and the rules and regulations

thereunder applicable to SCCP.4

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

SCCP 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

SCCP has not solicited and does not

intend to solicit comments on this

proposed rule change SCCP has not

received any unsolicited written

comments from participants or other

interested parties.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Section 17A(b)(3)(C) provides that the

rules of a clearing agency must provide

for the fair representation of its

shareholders or members and

participants in the selection of directors.

The Commission believes that the

increase in the size of SCCP’s board is

consistent with the Act’s fair

representation requirements because the

resized board should allow the board to

more accurately reflect the controlling

interest of the Phlx and its Board of

Governors while still providing for fair

representation of SCCP’s participants.

SCCP 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 in

order that this increase be implemented

at the meeting of the Phlx’s board of

directors scheduled for April 22, 1998.

The Commission finds good cause for

approving the proposed rule change

prior to the thirtieth day after

publication of notice because such

approval will allow the Phlx to increase

SCCP’s board size at its April 22, 1998,

meeting.

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views, and

arguments concerning the foregoing,

including whether the proposed rule

change is consistent with the Act.

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 SCCP. All submissions should

refer to File No. SR–SCCP–98–01 and

should be submitted by May 19, 1998.

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act,5 that the

proposed rule change (File No. SR–

SCCP–98–01) be and hereby is

approved.
23334 Federal Register / Vol. 63, No. 81 /Tuesday, April 28, 1998 / Notices

6 17 CFR 200.30–3(a)(12).

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.6

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–11212 Filed 4–27–98; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

Surety Bond Guarantee Program Fees

AGENCY: Small Business Administration

(SBA).

ACTION: Notice.

SUMMARY: This Notice establishes the

fees payable by Principals and Sureties

participating in SBA’s Surety Bond

Guarantee Program (13 CFR Part 115).

EFFECTIVE DATE: Effective July 1, 1998.

FOR FURTHER INFORMATION CONTACT:

Barbara Brannan, Office of Surety

Guarantees, (202) 205–6545.

SUPPLEMENTARY INFORMATION: In a

Federal Register Notice published on

February 29, 1996, SBA increased the

Principal’s and Surety’s fees charged

under the Surety Bond Guarantee (SBG)

Program. The increases took effect on

May 1, 1996. The Notice also indicated

that SBA would continue to evaluate the

performance of the SBG Program to

determine whether the increases would

remain necessary. See 61 FR 7848

(February 29, 1996). SBA has completed

its review of the program and is setting

the Principal’s and Surety’s fees in this

Federal Register Notice. Capitalized

terms used in this Notice have the

meanings assigned such terms in 13

CFR 115.10.

Currently, the guarantee fees are: (1)

The guarantee fee payable by Principals

under 13 CFR 115.32(b) and 115.66 is

$7.45 per thousand dollars of the

Contract amount. (2) The guarantee fee

payable by Prior Approval Sureties

under 13 CFR 115.32(c) and by PSB

Sureties under 13 CFR 115.66 is 23% of

the bond Premium.

Beginning on July 1, 1998, the

following guarantee fees will become

effective: (1) The guarantee fee payable

by Principals under 13 CFR 115.32(b)

and 115.66 will be $6.00 per thousand

dollars of the Contract amount. (2) The

guarantee fee payable by Prior Approval

Sureties under 13 CFR 115.32(c) and by

PSB Sureties under 13 CFR 115.66 will

be 20% of the bond Premium.

After a careful review of Program

performance, SBA has determined that

the guarantee fees can be returned to the

amounts that were in effect prior to the

increase of May 1, 1996. An analysis of

the Program’s revolving fund indicates

that there are sufficient reserves to cover

potential liabilities. Over the past

several years, claims payments have

decreased and claims recoveries have

increased, resulting in sufficient

reserves to cover unfunded Program

liabilities. The fee decreases are not

scheduled to go into effect until July 1,

1998, in order to allow sufficient time

for Program participants to make any

necessary adjustments to their

accounting systems.

Any future changes in the fee

amounts will be published by SBA in

the form of a Notice in the Federal

Register.

Information on other requirements

concerning the fees may be found at 13

CFR 115.32 and 115.66.

Dated: April 21, 1998.

Robert J. Moffitt,

Associate Administrator, Office of Surety

Guarantees.

[FR Doc. 98–11206 Filed 4–27–98; 8:45 am]

BILLING CODE 8025–01–P

OFFICE OF THE UNITED STATES

TRADE REPRESENTATIVE

Notice of Meeting of the Plenary

Session of the Industry Sector &

Industry Functional Advisory

Committee (ISACs/IFACs)

AGENCY: Office of the United States

Trade Representative.

ACTION: Notice of meeting.

SUMMARY: The Plenary Session of the

Industry Sector & Industry Functional

Advisory Committees (ISACs/IFACs)

will hold a meeting on May 6, 1998

from 9:00 a.m. to 12:30 p.m. The

meeting will be open to the public from

9:00 a.m. to 10:00 a.m. and closed to the

public from 10:00 a.m. to 12:30 p.m.

DATES: The meeting is scheduled for

May 6, 1998, unless otherwise notified.

ADDRESSES: The meeting will be held at

the Department of Commerce Main

Auditorium, located at 14th Street and

Constitution Avenue, N.W.,

Washington, D.C., unless otherwise

notified.

FOR FURTHER INFORMATION CONTACT:

Brian Yates or Tamara Underwood,

Department of Commerce, 14th St. and

Constitution Ave., N.W., Washington,

D.C. 20230, (202) 482–3268 or Bill

Daley, Office of the United States Trade

Representative, 600 17th St. N.W.,

Washington, D.C. 20508, (202) 395–

6120.

SUPPLEMENTARY INFORMATION: The

Plenary Session of the ISACs/IFACs will

hold a meeting on May 6, 1998 from

9:00 a.m. to 12:30 p.m. The meeting will

include a review and discussion of

current issues which influence U.S.

trade policy. Pursuant to Section

2155(f)(2) of Title 19 of the United

States Code and Executive Order 11846

of March 27, 1975, the Office of the U.S.

Trade Representative has determined

that part of this meeting will be

concerned with matters the disclosure

of which would seriously compromise

the development by the United States

Government of trade policy, priorities,

negotiating objectives or bargaining

positions with respect to the operation

of any trade agreement and other

matters arising in connection with the

development, implementation and

administration of the trade policy of the

United States. During the discussion of

such matters, the meeting will be closed

to the public from 10:00 a.m. to 12:30

p.m. The meeting will be open to the

public and press from 9:00 a.m. to 10:00

a.m. when other trade policy issues will

be discussed. Attendance during this

part of the meeting is for observation

only. Individuals who are not members

of the committees will not be invited to

comment.

ADDITIONAL INFORMATION: Press wishing

to attend should call the DOC Public

Affairs office at (202) 482–3809 to

register. You must register to be granted

access to the building, or have a DOC

press pass. Public wishing to attend

should call the Trade Advisory Center

of the U.S. Department of Commerce at

(202) 482–3268 no later than May 4,

1998, in order to ensure access to the

building. Access will be denied without

an RSVP to the Trade Advisory Center.

Pate Felts,

Acting Assistant United States Trade

Representative, Intergovernmental Affairs

and Public Liaison.

[FR Doc. 98–11257 Filed 4–27–98; 8:45 am]

BILLING CODE 3190–01–M

DEPARTMENT OF TRANSPORTATION

Aviation Proceedings, Agreements

Filed During the Week Ending April 17,

1998

The following Agreements were filed

with the Department of Transportation

under the provisions of 49 U.S.C. 412

and 414. Answers may be filed within

21 days of date of filing.

Docket Number: OST–98–3737.

Date Filed: April 14, 1998.

Parties: Members of the International

Air Transport Association.

Subject: PTC12 MATL–EUR 0020

dated March 24, 1998 Mid AtlanticEurope Resolutions r1–32. PTC12