36008 Federal Register / Vol. 63, No. 126 /Wednesday, July 1, 1998 / Notices

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

2The Commission has modified the text of the

summaries prepared by DTC.

At times, changes in Commission

priorities require alterations in the

scheduling of meeting items. For further

information and to ascertain what, if

any, matters have been added, deleted

or postponed, please contact:

The Office of the Secretary (202) 942–

7070.

Dated: June 29, 1998.

Jonathan G. Katz,

Secretary.

[FR Doc. 98–17711 Filed 6–29–98; 3:56 pm]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–40119; File No. SR–DTC–

98–7]

June 24, 1998.

Self-Regulatory Organizations; The

Depository Trust Company; Notice of

Filing of Proposed Rule Change

Adding a New Service Providing PreIssuance Messaging of Money Market

Instruments Trade Details to Issuing

and Paying Agents and Dealers

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

Securities Exchange Act of 1934

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

April 22, 1998. The Depository Trust

Company (‘‘DTC’’) filed with the

Securities and Exchange Commission

(‘‘Commission’’) the proposed rule

change (File No. SR–DTC–98–7) as

described in Items I, II, and III below,

which items have been prepared

primarily by DTC. The Commission is

publishing this notice to solicit

comments from interested persons on

the proposed rule change.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The proposed rule change will

approve DTC’s providing Pre-Issuance

Messaging (‘‘PIM’’) of money market

instruments (‘‘MMIs’’) trade details to

issuing and paying agents (‘‘IPAs’’) and

dealers.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

DTC 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. DTC 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

DTC’s proposed rule change seeks to

provide a less expensive and more

efficient mechanism for IPAs and

dealers to communicate securities

information, specifically PIM

instructions, related to the issuance of

MMI. Although the PIM service is being

designed to accommodate all types of

MMIs, it is anticipated that initially the

PIM service will be utilized only for

commercial paper (‘‘CP’’).

According to DTC, the service will

enable dealers and IPAs to communicate

issuance instructions to one another

prior to the IPAs’ issuing CP by bookentry through DTC or through physical

certificates outside DTC.

Background

DTC begin operation of its CP

program in October 1990 and handles

almost all CP issuances done in the

United States today. The CP program is

designed to allow for the electronic

issuance done in the United States

today. The CP program is designed for

the electronic issuance of CP in bookentry-only form. The transmission of

issuance instructions for IPAs to DTC

for dealer-placed CP is central to the CP

program. Typically, between four and

five messages are transmitted among

IPAs and dealers prior to each issuance

of CP. Currently, these messages are

transmitted via dedicated links between

a dealer and individual IPA. Thus,

dealers interacting with more than one

IPA must create and maintain multiple

communications links. Typically,

dealers maintain seven or more separate

links with IPAs.

As a result of the recommendation by

dealer participant that DTC investigate

offering a pre-issuance messaging

service, a working group of dealers and

IPA was formed in June of 1996 under

the auspices of the The Bond Market

Association’s Money Market Task Force.

DTC has worked closely with the Task

Force on the development of the CP

program and again drew on its expertise

for the PIM project.

Proposed Rule Change

Under the proposed rule change, IPAs

and dealers could send PIM instructions

to each other by using DTC as a conduit

or central switch for the messages. PIM

instructions would be sent

electronically to DTC. DTC would not

perform any processing on the

instructions but would instead

automatically route them to the

recipient indicated in the sender’s

instructions.

PIM employs several levels of system

security in addition to allowing IPAs

and dealers to utilize their own

password security per message if they

wish. As each message sent requires an

acknowledgment from the receiving

party, it is unlikely that messages will

be lost. Should a message be

undeliverable for some reason, DTC will

issue a notice to the message originator

indicating the message could not be

delivered. The originator will then have

to reissue a new message. DTC will

charge the sending party $.04 per

message. There will be no charge to the

message receiver. Each user of the PIM

Service will enter into a PIM agreement

with DTC.

DTC believes that the proposed rule

change is consistent with the

requirements of Sections 17A(b)(3)(A) of

the Act and the rules and regulations

thereunder because it encourages an

efficient means of communicating

among dealers and IPAs in connection

with the issuance of MMIs.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

DTC does not believe that the

proposed rule change will impose any

burden on competition that is not

necessary or appropriate in furtherance

of the purposes of the Act, in the public

interest, and for the protection of

investors.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants or Others

Written comments on the proposed

rule change have not been solicited or

received on the proposed rule change.

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 Fedeal

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 DTC consents, the

Commission will:

(A) By order approved such proposed

rule change or

(B) Institute proceedings to determine

whether the proposed rule change

should be disapproved.
Federal Register / Vol. 63, No. 126 /Wednesday, July 1, 1998 / Notices 36009

3 17 CFR 200.30–3(a)(12).

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 Commission’s Public Reference

Section, 450 Fifth Street, NW.,

Washington, DC 20549. Copies of such

filing also will be available for

inspection and copying at the principal

office of DTC. All submissions should

refer to File No. SR–DTC–98–7 and

should be submitted by July 22, 1998.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.3

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–17435 Filed 6–30–98; 8:45 am]

BILLING CODE 8010–01–M

OFFICE OF THE UNITED STATES

TRADE REPRESENTATIVE

Notice of Meeting of the Industry

Sector Advisory Committee on Small

and Minority Business (ISAC–14)

AGENCY: Office of the United States

Trade Representative.

ACTION: Notice of meeting.

SUMMARY: The Industry Sector Advisory

Committee (ISAC–14) will hold a

meeting on July 20, 1998 from 9:15 a.m.

to 3:00 p.m. The meeting will be open

to the public from 9:15 a.m. to 11:15

a.m. and closed to the public from 11:15

a.m. to 3:00 p.m.

DATES: The meeting is scheduled for

July 20, 1998, unless otherwise notified.

ADDRESSES: The meeting will be held at

the Department of Commerce Room

4830, located at 14th Street and

Constitution Avenue, N.W.,

Washington, D.C., unless otherwise

notified.

FOR FURTHER INFORMATION CONTACT:

Kathy Rice or Susan Toohey,

Department of Commerce, 14th St. and

Constitution Ave., N.W., Washington,

D.C. 20230, (202) 482–4792 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

ISAC–14 will hold a meeting on July 20,

1998 from 9:15 a.m. to 3:00 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

Untied 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

Untied Stated 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 11:15 a.m. to

3:00 p.m. The meeting will be open to

the public and press form 9:15 a.m. to

11:15 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.

Pate Felts,

Acting Assistant United States Trade

Representative, Intergovernmental Affairs

and Public Liaison.

[FR Doc. 98–17481 Filed 6–30–98; 8:45 am]

BILLING CODE 3190–01–M

DEPARTMENT OF TRANSPORTATION

Office of the Secretary

[Notice of Order to Show Cause (Order 98–

6–33), Dockets OST–97–2940 and OST–97–

2941]

Applications of Planet Airways, Inc. for

New Certificate Authority

AGENCY: Office of the Secretary,

Department of Transportation.

SUMMARY: The Department of

Transportation is directing all interested

persons to show cause why it should

not issue orders (1) finding Planet

Airways, Inc., fit, willing, and able, and

(2) awarding it certificates of public

convenience and necessity to engage in

interstate and foreign charter air

transportation of persons, property, and

mail.

DATES: Persons wishing to file

objections should do so no later than

July 10, 1998.

ADDRESSES: Objections and answers to

objections should be filed in Dockets

OST–97–2940 and OST–97–2941 and

addressed to the Department of

Transportation Dockets (SVC–124.1,

Room PL–401), U.S. Department of

Transportation, 400 Seventh Street,

SW., Washington, DC 20590 and should

be served upon the parties listed in

Attachment A to the order.

FOR FURTHER INFORMATION CONTACT: Mrs.

Kathy Lusby Cooperstein, Air Carrier

Fitness Division (X–56, Room 6401),

U.S. Department of Transportation, 400

Seventh Street, SW, Washington, D.C.

20590, (202) 366–2337.

Dated: June 26, 1998.

Charles A. Hunnicutt,

Assistant Secretary for Aviation and

International Affairs.

[FR Doc. 98–17536 Filed 6–30–98; 8:45 am]

BILLING CODE 4910–62–U

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Aviation Rulemaking Advisory

Committee Meeting on Emergency

Evacuation Issues

AGENCY: Federal Aviation

Administration (FAA), DOT.

ACTION: Notice of public meeting.

SUMMARY: This notice announces a

public meeting of the FAA’s Aviation

Rulemaking Advisory Committee

(ARAC) to discuss emergency

evacuation issues.

DATES: The meeting will be on July 23,

1998, at 10 a.m. Arrange for oral

presentations by July 17, 1998.

ADDRESSES: The meeting will be held at

the Boeing Facility, 1200 Wilson

Boulevard (across the street from the

Rosslyn Metro stop), Rosslyn, VA.

FOR FURTHER INFORMATION CONTACT:

Effie M. Upshaw, Office of Rulemaking,

ARM–209, FAA, 800 Independence

Avenue, SW, Washington, DC 20591,

Telephone (202) 267–7626, FAX (202)

267–5075.

SUPPLEMENTARY INFORMATION: Pursuant

to section 10(a)(2) of the Federal

Advisory Committee Act (Pub. L. 92–

463; 5 U.S.C. app. III), notice is given of

an ARAC meeting to be held on July 23,

1998, at the Boeing facility at 1200

Wilson Boulevard, Rosslyn, VA (across

the street from the Rosslyn Metro stop).