Federal Register / Vol. 63, No. 141 /Thursday, July 23, 1998 / Notices 39623

3See Letter from Linda S. Christie, Counsel, Phlx,

to Yvonne Fraticelli, Attorney, Division of Market

Regulation (‘‘Division’’), Commission (May 22,

1998) (‘‘Amendment No. 1’’). In Amendment No. 1,

Phlx replaces the phrase ‘‘principal exchange’’ in

Rule 1047 with the phrase ‘‘primary market’’ to

provide consistency with the language in the

proposed amendments to Phlx Rule 1047A and

Options Floor Procedure Advice G–2.

Corresponding with Amendment No. 1, the word

‘‘exchange’’ should be replaced by the word

‘‘market’’ in the amended portion of Phlx Rule

1047. Telephone conversation between Linda S.

Christie, Counsel, Phlx, and Marc McKayle,

Attorney, Division, Commission (May 26, 1998).

4See Securities Exchange Act Release No. 40082

(June 10, 1998), 63 FR 33430 (June 18, 1998).

5Phlx Rule 1047 applies to equity options and to

foreign currency options.

6Phlx Rule 1047A applies to index options.

7See Amendment No. 1, supra note 3.

8 15 U.S.C. 78f.

9 15 U.S.C. 78f(b)(5).

10See American Stock Exchange Rule 918(a)(1);

Chicago Board Options Exchange Rule 6.2,

Interpretation and Policy .01; and Pacific Exchange

Rule 6.64, Commentary .01.

11See Securities Exchange Act Release Nos.

33494 (January 19, 1994), 59 FR 3889 (January 27,

1994) (order approving proposed rule change SR–

CBOE–93–41 amending CBOE Rule 6.62,

Interpretation and Policy .01 relating to opening

transactions in Exchange-traded options); and

29652 (September 4, 1991), 56 FR 46454 (September

12, 1991) (order approving proposed rule change

SR–CBOE–91–29 adding interpretation to CBOE

Rule 6.1 relating to the posting of pre-opening

market quote indications in designated options

classes).

12 15 U.S.C. 78s(b)(2).

13 17 CFR 200.30–3(a)(12).

proposal.3 The proposed rule change

and Amendment No. 1 were published

for comment in the Federal Register on

June 18, 1998.4 No comments were

received regarding the proposal.

II. Description of the Proposal

The Phlx proposes to amend Phlx

Rules 1047 (Trading Rotations, Halts

and Suspensions),5 1047A (Trading

Rotations, Halts or Reopenings),6 and

Options Floor Procedure Advice G–2

(‘‘Advice G–2’’) (Trading Rotations,

Halts or Reopenings) to clarify when a

security is open for trading. Currently,

Commentary .01(a) of Rule 1047 states

the opening rotation in each class of

options shall be held promptly

following the opening of the underlying

security on the principal market where

it is traded. However, neither

Commentary .01 of Phlx Rule 1047, Phlx

Rule 1047A, or Advice G–2 specifies

when a security is considered open for

trading. To clarify its rules, the Phlx

proposes to amend Phlx Rule 1047,

Commentary .01(a), Phlx Rule 1047A,7

and Advice G–2 to indicate that an

underlying security shall be deemed to

have opened on the primary market

where it is traded if such market has

either (1) reported a transaction in the

underlying security, or (2) disseminated

an opening quotation for the underlying

security and given no indication of a

delayed opening. Thus, the proposal is

intended to correct an ambiguity and

expressly provide in Exchange rules that

an opening quote may signal the

opening of a security.

III. Discussion

After careful review, the Commission

finds that the proposed rule change is

consistent with the requirements of the

Act, and the rules and regulations

thereunder applicable to a national

securities exchange. The Commission

believes that the proposed rule change

is consistent with Section 6 of the Act,

in general,8 and Section 6(b)(5),9 in

particular, in that it is designed to

promote just and equitable principles of

trade, to prevent fraudulent and

manipulative acts and practices, to

foster cooperation and coordination

with persons engaged in regulating and

facilitating transactions in securities, 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 the proposed rule change

is consistent with the Act in that it

conforms the Phlx’s rules to the rules of

the other options exchanges,10 thereby

contributing to a fair and orderly

market. Specifically, the Phlx’s proposal

will permit options opening rotations to

commence upon the earlier of either a

reported transaction in the underlying

security or a reported market quote for

the security, provided that the primary

market has not indicated a delayed

opening. Accordingly, the proposal will

allow the Phlx to commence opening

rotations after the primary market

disseminates opening quotations for the

underlying security, rather than waiting

for an opening transaction in the

underlying security.

The Commission believes that the

proposed rule change should help to

alleviate the risk of pricing disparities

among the options exchanges and

should allow the Phlx to compete

effectively with the other options

exchanges for order flow. In addition, by

allowing the Phlx to commence opening

rotations after the opening of the

underlying security on the primary

market where it is traded, the

Commission believes that the proposal

should decrease the time required to

obtain opening market quotations and

should allow free trading to commence

as quickly as possible after the opening.

As the Commission has noted

previously, expedited free trading

allows market makers to engage in

hedging strategies as soon as possible

after the opening and should promote

the prompt execution of customer

orders.11

IV. Conclusion

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act,12 that the

proposed rule change (SR–Phlx–98–19)

is approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.13

Jonathan G. Katz,

Secretary.

[FR Doc. 98–19569 Filed 7–22–98; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF TRANSPORTATION

Office of the Secretary

Reports, Forms and Recordkeeping

Requirements; Agency Information

Collection Activity Under OMB Review

AGENCY: Office of the Secretary, DOT.

ACTION: Notice.

SUMMARY: In compliance with the

Paperwork Reduction Act (44 U.S.C.

3501 et seq.), this notice announces that

the Information Collection Requests

(ICRs) abstracted below have been

forwarded to the Office of Management

and Budget (OMB) for review and

comment. The ICRs describes the nature

of the information collection and their

expected burden. The Federal Register

Notice with a 60-day comment period

soliciting comments on (1) Title: 49 CFR

Part 580, Odometer Disclosure

Statement, OMB No.: 2127–0047, was

published on April 28, 1998 (63 FR

23336) and (2). Title: Upper Interior

Component Head Impact Protection

Phase-in Reporting Requirements, OMB

Control Number: 2127–0581 was

published on April 6, 1998 (63 FR

16856).

DATES: Comments must be submitted on

or before August 24, 1998.

FOR FURTHER INFORMATION CONTACT:

Michael Robinson, NHTSA Information

Collection Clearance Officer at (202)

366–9456.

SUPPLEMENTARY INFORMATION:

National Highway Traffic Safety

Administration

(1) Title: 49 CFR Part 580, Odometer

Disclosure Statement.

OMB No.: 2127–0047.

Type of Request: Extension of a

currently approved collection.

Affected Public: Individuals,

Households, Business, other for-profit,
39624 Federal Register / Vol. 63, No. 141 /Thursday, July 23, 1998 / Notices

and Not-for-profit institutions, Federal

Government, and State, Local or Tribal

Government.

Abstract: The Federal odometer law,

49 U.S.C. Chapter 327, and implementing regulations, 49 CFR Part 580,

require each transferor of a motor

vehicle to provide the transferee with a

written disclosure of the vehicle’s

mileage. This disclosure is to be made

on the vehicle’s title, or in the case of

a vehicle that has never been titled, on

a separate form. If the title is lost or is

held by a lienholder, and where

permitted by state law, the disclosure

can be made on a state-issued, secure

power of attorney.

Estimated Annual Burden: 2,586,160

hours.

(2) Title: Upper Interior Component

Head Impact Protection Phase-in

Reporting Requirements.

OMB Control Number: 2127–0581.

Type of Request: Extension of a

currently approved collection.

Affected Public: Business or other forprofit.

Abstract: 15 U.S.C. 1392 of the

National Traffic and Motor Vehicle

Safety Act of 1966, authorizes the

issuance of Federal Motor Vehicle

Safety Standards (FMVSS). The agency,

in prescribing a FMVSS, is to consider

available relevant motor vehicle safety

data, and to consult with the Vehicle

Equipment Safety Commission and

other agencies as it deems appropriate.

Further, the Act mandates that in

issuing any FMVSS, the agency

considers whether the standard is

‘‘reasonable, practicable and appropriate

for the particular type of motor vehicle

or item of motor vehicle equipment for

which it is prescribed,’’ and whether

such standards will contribute to

carrying out the purpose of the Act. The

Secretary is authorized to revoke such

rules and regulations as she/he deems

necessary to carry out this subchapter.

Annual Estimate Burden: 1,260 hours.

ADDRESSES: Send comments to the

Office of Information and Regulatory

Affairs, Office of Management and

Budget, 725 17th Street, NW.,

Washington, DC 20503, Attention DOT

Desk Officer.

Comments Are Invited On

Whether the proposed collection of

information is necessary for the proper

performance of the functions of the

Department, including whether the

information will have practical utility;

the accuracy of the Department’s

estimate of the burden of the proposed

information collection; ways to enhance

the quality, utility and clarity of the

information to be collected; and ways to

minimize the burden of the collection of

information on respondents, including

the use of automated collection

techniques or other forms of information

technology.

A comment to OMB is best assured of

having its full effect if OMB receives it

within 30 days of publication.

Issued in Washington, DC, on July 16,

1998.

Phillip A. Leach,

Clearance Officer, United States Department

of Transportation.

[FR Doc. 98–19564 Filed 7–22–98; 8:45 am]

BILLING CODE 4910–62–P

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Environmental Impact Statement:

Cincinnati/Northern Kentucky

International Airport; Covington, KY

AGENCY: Federal Aviation

Administration (FAA), DOT.

ACTION: Notice of intent.

SUMMARY: The Federal Aviation

Administration announces that it will

prepare an Environmental Impact

Statement (EIS) for implementation of

projects proposed in the Master Plan for

Cincinnati/Northern Kentucky

International Airport.

FOR FURTHER INFORMATION CONTACT:

Peggy S. Kelley, Federal Aviation

Administration, Airports District Office,

3385 Airways Blvd., Suite 302,

Memphis, Tennessee 38116–3841;

Telephone 901–544–3495, Ext. 19.

SUPPLEMENTARY INFORMATION: The

Federal Aviation Administration will

prepare and consider an EIS for

implementation of proposed projects in

the Master Plan Update for Cincinnati/

Northern Kentucky International

Airport.

The Kenton County Airport Board

completed its Master Plan Update in

1996. The Master Plan was accepted by

FAA June 7, 1996. The Airport Layout

Plan was conditionally approved June 7,

1996, subject to environmental analysis.

Major airfield improvements proposed

in the Master Plan and to be assessed in

the EIS are a third parallel north/south

runway, 8000 feet long, located

approximately 4300 feet west of the

existing Runway 18R–36L; an extension

of Runway 9–27, 2000 feet to the west;

and construction of additional taxiways

or taxiway extensions. Other

improvements include proposed

terminal expansion; proposed aviation

related development; associated road

relocation and construction; and

parking improvements.

The Kenton County Airport Board

conducted numerous workshops and a

public hearing during the development

of the Master Plan Study. To ensure that

the full range of issues related to the

proposed projects are addressed and

that all significant issues are identified,

FAA intends to consult and coordinate

with Federal, State and local agencies

which have jurisdiction by law or have

specific expertise with respect to any

environmental impacts associated with

the proposed projects. The meeting for

public agencies will be held at

Cincinnati/Northern Kentucky

International Airport Board Room,

located on the second level of Terminal

One at the Airport, at 1:00 p.m.,

Tuesday, August 18, 1998. FAA will

also solicit input from the public with

two meetings. The first public scoping

meeting will be Tuesday, August 18,

1998, from 5:00 to 8:00 p.m. at Oak Hills

High School, 3200 Ebenezer Road,

Cincinnati, Ohio, and the second public

scoping meeting will be Wednesday,

August 19, 1998, from 5:00 to 8:00 p.m.

at Conner Middle School, 3300 Cougar

Path, Hebron, Kentucky. In addition to

providing input at the public scoping

meetings, the public may submit written

comments on the scope of the

environmental study to the address

identified in FOR FURTHER INFORMATION

CONTACT. Comments should be

submitted within 30 days of the

publication of this Notice.

Issued on July 9, 1998, in Memphis,

Tennessee.

Charles L. Harris,

Assistant Manager, Memphis Airports District

Office.

[FR Doc. 98–19584 Filed 7–22–98; 8:45 am]

BILLING CODE 4910–13–M

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

RTCA Special Committee 135;

Environmental Conditions and Test

Procedures for Airborne Equipment

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

Federal Advisory Committee Act (Pub.

L. 92–463, 5 U.S.C. Appendix 2), notice

is hereby given for Special Committee

(SC)–135 meeting to be held August 6–

7, 1998, starting at 9:00 a.m. The

meeting will be held at RTCA, 1140

Connecticut Avenue, NW., Suite 1020,

Washington, DC 20036.

The agenda will include: (1)

Chairman’s Opening Remarks; (2)

Introductions; (3) Acknowledgement/

Identification of Change Coordinators

for Each Section of DO–160; (4) Review

and Approval of Minutes of the