28020 Federal Register / Vol. 63, No. 98 /Thursday, May 21, 1998 / Notices

4 17 CFR 200.30–3(a)(12).

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

2 17 CFR 240.19b–4. 3 15 U.S.C. 78f(b)(40.

advance notice of each class of options

to which these revised procedures

apply.

By enhancing the ability of eligible

retail orders in multiply-traded options

to receive best execution, the Exchange

believes the proposed rule change will

promote just and equitable principles of

trade and protect investors and the

public interest, in furtherance of the

objectives of Section 6(b)(5) of the Act.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The CBOE 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

No written comments were solicited

or received with respect to the proposed

rule change.

III. Date of Effectiveness of 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 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,

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, 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 Commissions, Public Reference

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the CBOE. All

Submissions should refer to File No.

SR–CBOE–98–13 and should be

submitted by June 11, 1998.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.4

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–13501 Filed 5–20–98; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–39991; File No. SR–CHX–

98–10]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Chicago Stock Exchange, Inc.,

Relating to Membership Dues and Fees

May 13, 1998.

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

Securities Exchange Act of 1934

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on April 27,

1998, the Chicago Stock Exchange, Inc.

(‘‘CHX’’ or ‘‘Exchange’’), filed with the

Securities and Exchange Commission

(‘’SEC’’ or ‘‘Commission’’) the proposed

rule change as described in Items I, II,

and III below, which Items have been

prepared by the CHX. 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 Exchange proposes to amend its

membership dues and fees schedule.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission, the

Exchange 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. The

Exchange has prepared summaries, set

forth in sections A, B, and C below, of

the most significant aspects of such

statements.

A. Self-Regulatory Organization’s

Statement of the Proposed of, and

Statutory Basis for, the Proposed Rule

Change

1. Purpose

The purpose of the proposed rule

change is twofold. First, the proposed

rule change would reduce the total fixed

fee paid by specialist from $345,000 to

$220,000 per month. This reduction

reflects a continuing effort by the

Exchange to enhance the effectiveness

and efficiency of its specialists’

operations by reducing costs and

thereby encouraging improved

competition.

Second, the proposed rule change will

expand the type of charges which are

eligible to be offset by transaction

credits to include the cost of rebills—

certain fees and charges that are paid by

the Exchange and then ‘‘rebilled’’ to the

specialists. The Exchange has

concluded that the economic rationale

for providing transaction credits as an

offset to specialist fees is equally

applicable to rebills and to other

monthly fees owed by specialists, as

both charges represent actual expenses

to the specialist. Because there is no

relevant distinction between rebills and

other monthly fees, the application of

transaction credits to both types of fees

eliminates an artificial barrier and

results in the appropriate recognition of

the contribution of the specialists to

overall CHX revenue. This proposed

rule change is particularly important in

light of the fact that numerous CHX

specialist units have entirely offset their

fixed fees and are again in a position

where their future contribution to

overall CHX revenue will not be

recognized.

The Exchange’s Finance Committee

has determined that after the proposed

changes in fee structure, the Exchange

will have ample capital and resources to

continue to fulfill its proscribed duties

in its capacity as a self-regulatory

organization and as a registered national

securities exchange.

2. Statutory Basis

The Exchange believes that the

proposed rule change is consistent with

section 6(b)(4) of the Act 3 in that it

provides for the equitable allocation of

reasonable dues, fees and other charges

among its members.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange does not believe that he

proposed rule change will impose any

inappropriate burden on competition.
Federal Register / Vol. 63, No. 98 /Thursday, May 21, 1998 / Notices 28021

4 15 U.S.C. 78s(b)(3)(A).

5 17 CFR 240.19b–4(e).

6 17 CFR 200.30–3(a)(12).

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received from

Members, Participants, or Others

No written comments were solicited

or received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The foregoing rule change establishes

or changes a due, fee, or other charge

imposed by the Exchange and, therefore,

has become effective pursuant to section

19(b)(3)(A) of the Act 4 and

subparagraph (e) of Rule 19b–4

thereunder.5 At any time within 60 days

of the filing of the proposed rule change,

the Commission may summarily

abrogate such rule change if it appears

to the Commission that such action is

necessary or appropriate in the public

interest, for the protection of investors,

or otherwise in furtherance of the

purposes of the Act.

IV. Solicitation of Comments

Interested person 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, 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

Room, 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 Exchange. All submissions

should refer to File No. SR–CHX–98–10

and should be submitted by June 11,

1998.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.6

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–13502 Filed 5–20–98; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF STATE

[Public Notice 2820]

Bureau of Finance and Management

Policy

AGENCY: Department of State.

ACTION: 30-Day notice of information

collection; client satisfaction survey.

SUMMARY: The Department of State has

submitted the following information

collection request to the Office of

Management and Budget (OMB) for

approval in accordance with the

Paperwork Reduction Act of 1995.

Comments should be submitted to OMB

within 30 days of the publication of this

notice.

The following summarizes the

information collection proposal

submitted to OMB:

Type of Request: New Collection.

Originating Office: Bureau of Finance

and Management Policy.

Title of Information Collection: Client

Satisfaction Survey.

Frequency: Annually.

Form Number: None.

Respondents: Foreign Service

annuitants.

Estimated Number of Respondents:

3,000.

Average Hours Per Response: 30

minutes.

Total Estimated Burden: 1,500.

• Evaluate whether the proposed

information collection is necessary for

the proper performance of the agency

functions.

• Evaluate the accuracy of the

agency’s estimate of the burden of the

proposed collection.

• Enhance the quality, utility, and

clarity of the information to be

collected.

• Minimize the reporting burden on

those who are to respond, including

through the use of automated collection

techniques or other forms of technology.

FOR FURTHER ADDITIONAL INFORMATION:

Copies of the proposed information

collection and supporting documents

may be obtained from Charles S.

Cunningham, Directives Management

Branch, Department of State,

Washington, DC 20520, (202) 647–0596.

Interested persons are invited to submit

comments regarding this proposal.

Comments should refer to the proposed

survey by name and/or OMB Control

Number and should be sent to: OMB,

Ms. Victoria Wassmer, (202) 395–5871.

Dated: March 16, 1998.

Glen H. Johnson,

Acting Chief Information Officer.

[FR Doc. 98–13586 Filed 5–20–98; 8:45 am]

BILLING CODE 4710–01–M

DEPARTMENT OF TRANSPORTATION

Office of the Secretary

[Docket No. OST–98–3713]

Enforcement Policy Regarding Unfair

Exclusionary Conduct in the Air

Transportation Industry

AGENCY: Office of the Secretary, DOT.

ACTION: Notice extending comment

period.

SUMMARY: The Department (or DOT) has

issued a proposed Statement of the

Department of Transportation’s

Enforcement Policy Regarding Unfair

Exclusionary Conduct in the Air

Transportation Industry. On April 10,

1998, the Department published the

proposed statement and requested

public comment. By this notice, the

Department is now extending the due

date for comments to July 24, 1998 from

June 9, 1998 and the due date for reply

comments to September 8, 1998 from

July 9, 1998.

DATES: Comments must be submitted on

or before July 24, 1998. Reply comments

must be submitted on or before

September 8, 1998.

ADDRESSES: To facilitate the

consideration of comments, each

commenter should file eight copies of

each set of comments. Comments must

be filed in Room PL–401, Docket OST–

98–3713, U.S. Department of

Transportation, 400 Seventh Street,

SW., Washington, DC 20590. Late-filed

comments will be considered to the

extent possible.

FOR FURTHER INFORMATION CONTACT: Jim

Craun, Director (202–366–1032) or

Randy Bennett, Deputy Director (202–

366–1053), Office of Aviation and

International Economics, Office of the

Assistant Secretary for Aviation and

International Affairs, or Betsy Wolf

(202–366–9349), Senior Trial Attorney,

Office of the Assistant General Counsel

for Aviation Enforcement and

Proceedings, U.S. Department of

Transportation, 400 Seventh St. SW.,

Washington, DC 20590.

SUPPLEMENTARY INFORMATION: DOT

published a proposed Statement of the

Department of Transportation’s

Enforcement Policy Regarding Unfair

Exclusionary Conduct in the Air

Transportation Industry and requested

comments on the proposed statement