40578 Federal Register / Vol. 63, No. 145 /Wednesday, July 29, 1998 / Notices

4The original listing fee and annual maintenance

fee for SCM securities would remain unchanged.

The listing maintenance review for SCM securities

will also remain unchanged, and continue to be

conducted quarterly. Telephone call between

Robert P. Pacileo, Attorney, PCX and Kelly

McCormick, Attorney, Division of Market

Regulation, SEC, July 6, 1998.

5 15 U.S.C. 78f.

6 15 U.S.C. 78f(b)(4).

7 17 CFR 200.30–3(a)(12).

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

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

PCX 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 PCX 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 Purpose of, and

Statutory Basis for, the Proposed Rule

Change

1. Purpose

Currently, under the exchange’s

listing fee schedule, common stock that

is dually listed on both the PCX and

either the New York Stock Exchange

(‘‘NYSE’’) or the American Stock

Exchange (‘‘Amex’’) is subject to an

original listing fee of $10,000.00.

Common stock not dually listed on both

the PCX and either the NYSE or the

Amex is subject to an original listing fee

of $20,000.00. The Exchange recognizes

that Nasdaq is a primary listing

association and that Nasdaq bears the

primary obligation to ensure that its

issuers meet the appropriate listing

standards. Therefore, the PCX will be

conducting listing maintenance reviews

for Nasdaq issues on an annual basis

along with other dually listed issues

(i.e., those listed on the NYSE and

Amex) and not on a quarterly basis. The

Exchange believes that the proposal will

encourage issuers listed on Nasdaq to

list on the PCX.

Proposed Fee Change

To reflect the cost of dual listings and

annual maintenance listing reviews, the

PCX is proposing to change the

following fees. Currently, the listing fee

for an original listing of any Nasdaq

common stock issue (Nasdaq National

Market (‘‘NNM’’) and Nasdaq SmallCap

Market (‘‘SCM’’)) is $20,000.00. Under

the proposal, the fee would be reduced

to $10,000.00 for NNM issues.

Currently, the annual maintenance

listing fee for any one Nasdaq listed

issue is $2,000.00. Under the proposal,

the fee would be reduced to $1,000.00

for any one NNM issue.4

2. Basis

The Exchange believes that this

proposal is consistent with Section 6(b)

of the Act,5 in general, and Section

6(b)(4),6 in that it is designed to provide

for the equitable allocation of reasonable

dues, fees and other charges among its

members, issuers and other persons

using its facilities.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange 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.

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 were neither solicited nor

received.

III. Date of Effectiveness of the

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 PCX 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 Commission’s Public Reference

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the PCX. All

submissions should refer to File No.

SR–PCX–98–32 and should be

submitted by August 19, 1998.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.7

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–20191 Filed 7–28–98; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–40247; File No. SR–SCCP–

98–03]

Self-Regulatory Organizations; Stock

Clearing Corporation of Philadelphia;

Notice of Filing and Immediate

Effectiveness of a Proposed Rule

Change Reducing Certain Trade

Recording Fees

July 22, 1998.

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

Securities Exchange Act of 1934

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

June 30, 1998, the Stock Clearing

Corporation of Philadelphia (‘‘SCCP’’)

filed with the Securities and Exchange

Commission (‘‘Commission’’) the

proposed rule change as described in

Items I, II, and III below, which items

have been prepared primarily by SCCP.

The Commission is publishing this

notice to solicit comments on the

proposed rule change from interested

parties.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The purpose of the proposed rule

change is to extend on a pilot basis for

three months through September 30,

1998, a reduction in SCCP’s fee

schedule for trade recording fees for

certain specialists.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

In its filing with the Commission,

SCCP included statements concerning

the purpose of and statutory basis for

the proposed rule change. The text of

these statements may be examined at
Federal Register / Vol. 63, No. 145 /Wednesday, July 29, 1998 / Notices 40579

2The Commission has modified parts of these

statements.

3Securities Exchange Act Release No. 39630

(February 9, 1998), 63 FR 7848.

4Securities Exchange Act Release No. 39948 (May

4, 1998), 63 FR 25538.

5PACE, an acronym for the Philadelphia Stock

Exchange Automated Communication and

Execution System, is a real time order routing and

execution system.

6 15 U.S.C. 78q–1(b)(3)(D).

7 15 U.S.C. 78s(b)(3)(A)(ii).

8 17 CFR 240.19b–4(e)(2).

9 17 CFR 200.30–3(a)(12).

1Antigua and Barbuda, Argentina, Bahamas,

Barbados, Belize, Bolivia, Brazil, Canada, Chile,

Colombia, Costa Rica, Dominica, Dominican

Republic, Ecuador, El Salvador, Grenada,

Guatemala, Guyana, Haiti, Honduras, Jamaica,

Mexico, Nicaragua, Panama, Paraguay, Peru, St.

Kitts and Nevis, St. Lucia, St. Vincent and the

Grenadines, Suriname, Trinidad and Tobago,

Uruguay, United States, and Venezuela.

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

SCCP proposes to extend, for a three

month period, its pilot program

reducing SCCP’s trade recording fees for

certain specialists. On February 9, 1998,

the Commission temporarily approved

the trade recording fee reduction

effective for trades settling January 2,

1998, through April 30, 1998.3

Subsequently, on May 4, 1998, the

Commission approved an extension of

the pilot program through June 30,

1998.4

Prior to the approval and

implementation of the pilot program,

SCCP charged a trade recording fee of

$.47 per side for regular trades. The

pilot program bifurcates the category of

trade recording fees for regular trades

into trades not matching with PACE

orders and trades matching with PACE

orders.5 The trade recording fees for

trades not matching with PACE orders

remains $.47 per side. The pilot

program reduces SCCP’s trade recording

fees for trades matching with PACE

orders. For these trades, the trade

recording fee is reduced to: (i) $.27 per

side for the first 2,500 trades per month

and (ii) $.10 per side for trades in excess

of 2,500 per month.

SCCP has been working closely with

the Philadelphia Stock Exchange, Inc. to

reevaluate its fees. In connection with

this effort, SCCP is proposing to extend

the pilot program reducing these trade

recording fees on a temporary basis

through September 30, 1998.

SCCP believes that the proposed rule

change is consistent with Section

17A(b)(3)(D) of the Act,6 which requires

that the rules of a registered clearing

agency provide for equitable allocation

of reasonable dues, fees, and other

charges for services which it provides to

its participants.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

SCCP does not believe that the

proposed rule change will impose any

inappropriate 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 have been

solicited or received.

. III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Because the foregoing rule change

establishes or changes a due, fee, or

other charge imposed by SCCP, it has

become effective pursuant to Section

19(b)(3)(A)(ii) of the Act 7 and Rule 19b–

4(e)(2) thereunder.8 At any time within

sixty 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 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 will also be available for

inspection and copying at SCCP. All

submissions should refer to the File No.

SR–SCCP–98–03 and should be

submitted by August 19, 1998.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.9

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–20189 Filed 7–28–98; 8:45 am]

BILLING CODE 8010–01–M

OFFICE OF THE UNITED STATES

TRADE REPRESENTATIVE

Free Trade Area of the Americas

AGENCY: Office of the United States

Trade Representative.

ACTION: Notice and request for public

comment on the operation of the

Committee of Government

Representatives on the Participation of

Civil Society established in connection

with the Free Trade Area of the

Americas (FTAA) negotiations.

SUMMARY: The Committee of

Government Representatives on the

Participation of Civil Society

(‘‘Government Committee on Civil

Society’’ or ‘‘Committee’’) has been

established by the 34 Western

Hemisphere 1 countries participating in

the FTAA negotiations. The Trade

Policy Staff Committee (TPSC) requests

public comments on how the Committee

should carry out its mandate to receive,

analyze, and report on the full range of

comments received from civil society

from throughout the hemisphere on

trade matters related to the FTAA

process. Civil Society refers to

interested non-governmental parties,

including from environmental, business,

consumer, academic and labor sectors.

The TPSC also invites public comments

on the U.S. positions described below.

FOR FURTHER INFORMATION: For

procedural questions concerning public

comments contact Gloria Blue,

Executive Secretary, Trade Policy Staff

Committee, Office of the United States

Trade Representative, (202) 395–3475.

All questions concerning the

Government Committee on Civil Society

should be directed to Bryan Samuel,

U.S. lead to the Committee and Deputy

Assistant Secretary of State, (202) 647–

2532.

SUPPLEMENTARY INFORMATION: On April

18–19, 1998, at the second Summit of

the Americas in Santiago, President

Clinton and the 33 other democraticallyelected leaders in the Western

Hemisphere initiated the FTAA