Federal Register / Vol. 60, No. 88 / Monday, May 8, 1995 / Notices 22591

Gelman Building, 2120 L Street, NW.,

Washington, DC.

The filing of requests of hearing and

petitions for leave to intervene is

discussed below.

By June 7, 1995, the licensee may file

a request for a hearing with respect to

issuance of the amendments to the

subject facility operating licenses and

any person whose interest may be

affected by this proceeding and who

wishes to participate as a party in the

proceeding must file a written request

for a hearing and a petition for leave to

intervene. Requests for a hearing and a

petition for leave to intervene shall be

filed in accordance with the

Commission’s ‘‘Rules of Practices for

Domestic Licensing Proceedings’’ in 10

CFR part 2. Interested persons should

consult a current copy of 10 CFR 2.714

which is available at the Commission’s

Public Document Room, the Gelman

Building, 2120 L Street, NW.,

Washington, DC, and at the local public

document room located at the Atkins

Library, University of North Carolina,

Charlotte (UNCC Station), North

Carolina. If a request for a hearing or

petition for leave to intervene is filed by

the above date, the Commission or an

Atomic Safety and Licensing Board,

designated by the Commission or by the

Chairman of the Atomic Safety and

Licensing Board Panel, will rule on the

request and/or petition; and the

Secretary or the designated Atomic

Safety and Licensing Board will issue a

notice of hearing or an appropriate

order.

As required by 10 CFR 2.714, a

petition for leave to intervene shall set

forth with particularity the interest of

the petitioner in the proceeding, and

how that interest may be affected by the

results of the proceeding. The petition

should specifically explain the reasons

why intervention should be permitted

with particular reference to the

following factors: (1) The nature of the

petitioner’s right under the Act to be

made party to the proceeding; (2) the

nature and extent of the petitioner’s

property, financial, or other interest in

the proceeding; and (3) the possible

effect of any order which may be

entered in the proceeding on the

petitioner’s interest. The petition should

also identify the specific aspect(s) of the

subject matter of the proceeding as to

which petitioner wishes to intervene.

Any person who has filed a petition for

leave to intervene or who has been

admitted as a party may amend the

petition without requesting leave of the

Board up to 15 days prior to the first

prehearing conference scheduled in the

proceeding, but such an amended

petition must satisfy the specific

requirements described above.

Not later than 15 days prior to the first

prehearing conference scheduled in the

proceeding, a petitioner shall file a

supplement to the petition to intervene

which must include a list of the

contentions which are sought to be

litigated in the matter. Each contention

must consist of a specific statement of

the issue of law or fact to be raised or

controverted. In addition, the petitioner

shall provide a brief explanation of the

bases of the contention and a concise

statement of the alleged facts or expert

opinion which support the contention

and on which the petitioner intends to

rely in proving the contention at the

hearing. The petitioner must also

provide references to those specific

sources and documents of which the

petitioner is aware and on which the

petitioner intends to rely to establish

those facts or expert opinion. Petitioner

must provide sufficient information to

show that a genuine dispute exists with

the applicant on a material issue of law

or fact. Contentions shall be limited to

matters within the scope of the

amendments under consideration. The

contention must be one which, if

proven, would entitle the petitioner to

relief. A petitioner who fails to file such

a supplement which satisfies these

requirements with respect to at least one

contention will not be permitted to

participate as a party.

Those permitted to intervene become

parties to the proceeding, subject to any

limitations in the order granting leave to

intervene, and have the opportunity to

participate fully in the conduct of the

hearing, including the opportunity to

present evidence and cross-examine

witnesses.

If a hearing is requested, the

Commission will make a final

determination on the issue of no

significant hazards consideration. The

final determination will serve to decide

when the hearing is held.

If the final determination is that the

request involves no significant hazards

consideration, the Commission may

issue the amendments and make them

immediately effective, notwithstanding

the request for a hearing. Any hearing

held would take place after issuance of

the amendments.

If the final determination is that the

request involves a significant hazards

consideration, any hearing held would

take place before the issuance of any

amendments.

A request for a hearing or a petition

for leave to intervene must be filed with

the Secretary of the Commission, U.S.

Nuclear Regulatory Commission,

Washington, DC 20555, Attention:

Docketing and Services Branch, or may

be delivered to the Commission’s Public

Document Room, the Gelman Building,

2120 L Street, NW., Washington, DC, by

the above date. Where petitions are filed

during the last 10 days of the notice

period, it is requested that the petitioner

promptly so inform the Commission by

a toll-free telephone call to Western

Union at 1–(800) 248–5100 (in Missouri

1–(800) 342–6700). The Western Union

operator should be given Datagram

Identification Number N1023 and the

following message addressed to Herbert

N. Berkow: petitioner’s name and

telephone number, date petition was

mailed, plant name, and publication

date and page number of this Federal

Register notice. A copy of the petition

should also be sent to the Office of the

General Counsel, U.S. Nuclear

Regulatory Commission, Washington,

DC 20555, and to Mr. Albert Carr, Duke

Power Company, 422 South Church

Street, Charlotte, North Carolina 28242,

attorney for the licensee.

Nontimely filings of petitions for

leave to intervene, amended petitions,

supplemental petitions and/or requests

for hearing will not be entertained

absent a determination by the

Commission, the presiding officer or the

presiding Atomic Safety and Licensing

Board that the petition and/or request

should be granted based upon a

balancing of the factors specified in 10

CFR 2.714(a)(1)(i)–(v) and 2.714(d).

For further details with respect to this

action, see the application for

amendments dated June 13, 1994, as

supplemented by letters dated August

15, 1994, March 23 and April 18, 1995,

which are available for public

inspection at the Commission’s Public

Document Room, the Gelman Building,

2120 L Street, NW., Washington, DC,

and at the local public document room

located at the Atkins Library, University

of North Carolina, Charlotte (UNCC

Station), North Carolina.

Dated at Rockville, Maryland, this 3rd day

of May 1995.

For the Nuclear Regulatory Commission.

Victor Nerses,

Project Manager, Project Directorate II–2,

Division of Reactor Projects—I/II, Office of

Nuclear Reactor Regulation.

[FR Doc. 95–11220 Filed 5–5–95; 8:45 am]

BILLING CODE 7590–01–M
22592 Federal Register / Vol. 60, No. 88 / Monday, May 8, 1995 / Notices

1 15 U.S.C. 78s(b)(1) (1988).

2 17 CFR 240.19b–4 (1994).

3Although there is no specific Amex rule

describing the types of orders that AMOS may

accept, it has been the practice of the Exchange to

allow AMOS to accept MOC options orders.

Telephone conservation with Stuart Diamond,

Director, Rulings Department, Amex, and Linda

Tarr, Special Counsel, Amex, and Jennifer Choi,

Attorney, SEC, on May 1, 1995.

4A market-at-the-close order is a market order

that is to be executed at or as near to the close as

practicable. See American Stock Exchange Guide,

Rule 131(e), (CCH) ¶ 9281.

5 15 U.S.C. 78f(b) (1988 & Supp. v. 1993).

6See Securities Exchange Act Release No. 31610

(Dec. 16, 1992), 57 FR 61131 (Dec. 23, 1992) (File

No. SR–Amex–92–34) (permanently approving

procedures to execute MOC orders on every trading

day).

7The closing price is the price at which the MOC

orders were executed. telephone conversation with

Stuart Diamond, Director, Rulings Department,

Amex, and Linda Tarr, Special Counsel, Amex, and

Glen Barrentine and Jennifer Choi, SEC, on March

7, 1995.

8Telephone conversation with Stuart Diamond,

Director, Rulings Department, Amex, and Jennifer

S. Choi, SEC, on April 19, 1995.

9Under the proposed rule change, members may

continue to enter, cancel, or modify MOC orders

manually until 4:00 p.m. MOC orders that are

manually brought to the specialist post by a floor

broker are less likely to delay the specialist’s

processing of the MOC orders because a floor broker

has the discretion not to place a MOC order when

an imbalance of buy and sell MOC orders has

affected the price of a stock. Under the proposed

rule change, a specialist would be able to process

MOC orders entered through the Exchange’s

automated routing system soon after the 3:50

deadline and negotiate with a floor broker when

there is an imbalance between the MOC buy and

sell orders.

10 15 U.S.C. 78s(b)(2) (1988).

11 17 CFR 200.30–3(a)(12) (1994).

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–35660; File No. SR–Amex–

95–09]

Self-Regulatory Organizations;

American Stock Exchange, Inc.; Order

Granting Approval to Proposed Rule

Change Relating to the Entry of

Market-at-the Close Orders

May 2, 1995.

On February 22, 1995, the American

Stock Exchange, Inc. (‘‘Amex’’ or

‘‘Exchange’’) submitted to the Securities

and Exchange Commission (‘‘SEC’’ or

‘‘Commission’’), pursuant to Section

19(b)(1) of the Securities Exchange Act

of 1934 (‘‘Act’’) 1 and Rule 19b–4

thereunder,2 a proposed rule change to

adopt new Commentary .02 to Exchange

Rule 109 to require members entering

market-at-the-close (‘‘MOC’’) orders

through the Exchange’s order routing

systems, Post Execution Reporting

(‘‘PER’’) or Amex Options Switching

(‘‘AMOS’’),3 to do so by no later than

3:50 p.m.

The proposed rule change was

published for comment in Securities

Exchange Act Release No. 35492 (Mar.

15, 1995), 60 FR 14985 (Mar. 21, 1995).

No comments were received on the

proposal.

The Amex Rule 109(d) sets forth the

procedures for executing MOC orders.4

Under Rule 109, a member must execute

MOC orders in a stock where the

member is holding simultaneously both

buy and sell MOC orders in accordance

with certain procedures. Where there is

an imbalance between the buy and sell

MOC orders, a member at the close of

trading must execute the imbalance of

buy orders against the offer and

imbalance of sell orders against the bid.

The member must then stop the

remaining buy and sell orders against

each other and pair them off at the price

of the immediately preceding sale. The

member must report the paired off

transactions to the consolidated last sale

reporting system as ‘‘stopped stock.’’

In situations where there is no

imbalance between the buy and sell

MOC orders, the buy and sell orders are

stopped against each other and paired

off at the price of the last sale on the

Exchange just before the close of trading

in that stock on that day. The

transaction must be reported to the

consolidated reporting system as

stopped stock.

At the present time, members may

enter MOC orders until 4:00 p.m. when

trading closes. Members may enter MOC

orders through the Exchange’s order

routing systems, PER and AMOS, or

manually through a floor broker to the

specialists.

The Exchange proposes to amend

Amex Rule 109 by adopting new

Commentary .02, which would impose

a 3:50 p.m. deadline for the entry,

cancellation, or reduction of all MOC

orders through the PER or AMOS

systems. Thereafter, a member may only

enter, modify, and cancel MOC orders

through other means than the

Exchange’s order routing systems.

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, and, in particular, with the

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

The Commission believes that the

proposal is consistent with the Section

6(b)(5) requirements that the rules of an

exchange be designed to promote just

and equitable principles of trade, to

prevent fraudulent and manipulative

acts, and, in general, to protect investors

and the public interest.

The Commission has been aware for

several years that the use of compositeasset trading techniques and strategies

has increased substantially, which has

prompted the need to establish greater

price certainty at the close.6 The

Commission believes that the

Exchange’s proposed rule change will

assist specialists in ascertaining the

closing price 7 of a security in a timely

manner by providing specialists with a

reasonable period to assess whether

there is an imbalance of MOC orders,

and to pair off MOC buy and sell orders,

entered through the Exchange’s

automated routing systems. Unlike other

orders, MOC orders do not appear on

the specialist’s electronic book and

specialists must process the orders

manually.8 Therefore, on days where

there is heavy volume of MOC orders,

the execution of MOC orders and, in

turn, the determination of the closing

price, may be delayed under the current

practice. The Commission believes that

the extra time allotted under the

proposal should allow specialists to

effectuate an orderly closing in stocks

by alleviating the problem of MOC

orders being entered through the Amex

automated systems so close to the 4:00

p.m. deadline that the specialists cannot

execute the MOC transactions and

determine the closing price until after

the close.9

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act,10 that the

proposed rule change (SR–Amex–95–

09) is approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.11

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–11229 Filed 5–5–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35657; File No. SR–NASD–

95–13]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

National Association of Securities

Dealers, Inc., Relating to Cold Calling

Requirements

May 1, 1995.

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

Securities Exchange Act of 1934

(‘‘Act’’), 15 U.S.C. 78s(b)(1), notice is

hereby given that on April 10, 1995, the

National Association of Securities

Dealers, Inc. (‘‘NASD’’ or ‘‘Association’’)

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 NASD. The

Commission is publishing this notice to