25260 Federal Register / Vol. 63, No. 88 /Thursday, May 7, 1998 / Notices

13 In approving this rule, the Commission notes

that it has considered the proposed rule’s impact on

efficiency, competition, and capital formation. 15

U.S.C. 78c(f).

14 15 U.S.C. 78f(b)(5).

15See Amendment No. 1, supra note 3.

16 15 U.S.C. 78s(b)(2).

17 Id.

18 17 CFR 200.30–3(a)(12).

IV. Commission’s Findings and Order

Granting Accelerated Approval of the

Proposed Rule Change

The Commission finds the proposed

rule change is consistent with the

requirements of the Act and the rules

and regulations thereunder applicable to

a national securities exchange.13

Specifically, the Commission believes

the proposal is consistent with Section

6(b)(5) of the Act,14 which requires that

the rules of an exchange be designed to

promote just and equitable principles of

trade, to remove impediments to and

perfect the mechanism of a free and

open market and a national market

system, and in general, to protect

investors and the public interest.

The Commission believes that

relisting and trading non-customized

ECU options should benefit investors, as

it will provide investors with greater

opportunity to take advantage of the

planned conversion to the Euro at a time

interest in the ECU may be high. The

Commission believes that trading

options on the ECU should provide

investors with an efficient and effective

means of hedging the risks associated

with the ECU. In addition, in approving

the reintroduction of the noncustomized ECU options, we note that

they will be trading under the same

terms and conditions and the previously

traded ECU options. Thus, the

reintroduction of ECU options has not

raised any new regulatory issues.

The Commission notes, however, that

this approval order does not grant the

Exchange approval to trade options on

the Euro. Instead, the PHLX has agreed

that before trading in options on the

Euro, it will consult with the

Commission to determine whether a

Rule 19b–4 filing under Section 19(b) of

the Act is necessary.15 In addition, the

Commission notes that, assuming the

terms and conditions of the Euro remain

the same as those of the ECU, the

Exchange still would need to address

the manner in which the ECU would be

converted to the Euro.

The Commission finds good cause for

approving the proposed rule change

prior to the 30th day after its

publication in the Federal Register. The

Commission notes that accelerated

approval will enable the Exchange to

trade in non-customized ECU options

prior to the European Summit

scheduled for May 2 and 3, 1998. As

noted above, relisting options on the

ECU under the same terms, conditions,

and subject to the same trading rules as

the previous ECU options contracts

raises no new issues of regulatory

concern. For the foregoing reasons, the

Commission believes that good cause

exists pursuant to Section 19(b)(2) of the

Act 16 to approve the proposed rule

change, as amended, on an accelerated

basis.

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act,17 that the

amended proposed rule change (SR–

PHLX–98–17) is hereby approved on an

accelerated basis.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.18

Jonathan G. Katz,

Secretary.

[FR Doc. 98–12146 Filed 5–6–98; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster #3076, Amdt. 1]

State of Alabama

In accordance with notices from the

Federal Emergency Management Agency

dated April 17, 18, and 20, 1998, the

above-numbered Declaration is hereby

amended to include Covington and

Cullman Counties in the State of

Alabama as a disaster area due to

damages caused by severe storms and

tornadoes, and to establish the incident

period for this disaster as beginning on

April 8, 1998 and continuing through

April 20, 1998.

In addition, applications for economic

injury loans from small businesses

located in the contiguous counties of

Butler, Coffee, Conecuh, Crenshaw,

Ecambia, Geneva, Lawrence, Marshall,

Morgan, and Winston in Alabama, and

Okaloosa and Walton Counties in

Florida may be filed until the specified

date at the previously designated

location. Any counties contiguous to the

above-named primary counties and not

listed herein have been previously

declared.

All other information remains the

same, i.e., the deadline for filing

applications for physical damage is June

8, 1998 and for economic injury the

termination date is January 11, 1999.

The economic injury number for

Florida is 985200.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008)

Dated: April 28, 1998.

Bernard Kulik,

Associate Administrator for Disaster

Assistance.

[FR Doc. 98–12077 Filed 5–6–98; 8:45 am]

BILLING CODE 8025–01–P

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster #3045, Amdt. 8]

State of Florida

In accordance with notices from the

Federal Emergency Management Agency

dated April 17 and April 24, 1998, the

above-numbered Declaration is hereby

amended to include Bay County, Florida

as a disaster area due to damages caused

by severe storms, high winds, tornadoes,

and flooding. This Declaration is further

amended to establish the incident

period for this disaster as beginning on

December 25, 1997 and continuing

through April 24, 1998.

All counties contiguous to the abovename county have been previously

declared.

All other information remains the

same, i.e., the deadline for filing

applications for physical damage is May

6, 1998 and for economic injury the

termination date is October 6, 1998.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008)

Dated: April 29, 1998.

James E. Rivera,

Acting Associate Administrator for Disaster

Assistance.

[FR Doc. 98–12079 Filed 5–6–98; 8:45 am]

BILLING CODE 8025–01–P

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster #3069, Amdt. 6]

State of Georgia

In accordance with notices from the

Federal Emergency Management Agency

dated April 24, 1998, the abovenumbered Declaration is hereby

amended to include the following

counties in the State of Georgia as a

disaster area due to damages caused by

severe storms and flooding beginning on

February 14, 1998 and continuing:

Barrow, Bartow, Cherokee, Dade,

Lumpkin, Murray, Paulding, Pickens,

Walker, and Wayne.

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: Catoosa, Clarke, and Oconee

Counties in Georgia; Jackson and De

Kalb Counties in Alabama; and Bradley,