Federal Register / Vol. 60, No. 11 / Wednesday, January 18, 1995 / Notices 3685

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

2Securities Exchange Act Release No. 34679

(September 15, 1994), 59 FR 48652.

3MT provides settlement and depository services

for securities listed on Italian stock exchanges.

4Under the service agreement, ISCC upon

instructions received from MT will: (1) Accept

receives of securities by book-entry through DTC;

(2) initiate book-entry delivery of securities on

deposit at DTC; (3) initiate reclamations of

securities received at DTC; (4) make delivery of due

bill checks or payments received by ISCC with

respect to securities; (5) initiate messages to other

DTC participants through the broadcast function of

DTC; (6) process securities on deposit at DTC and

securities subject to a reorganization, takeover, or

similar action provided that requisite funds, if

applicable, have been received in advance; (7)

withdraw rights exited from DTC and deliver such

rights to the agent designated by MT along with

instructions received with respect to such rights; (8)

at the discretion of ISCC, facilitate withdrawals-bytransfer of securities on deposit at DTC; and (9)

order proxy materials for securities on deposit at

DTC and complete such proxy materials as

instructed.

5The related money settlements for the securities

movements will take place between the parties

outside of ISCC.

6As reflected on the DTC, records securities

deposits will form the basis for the bookkeeping

entries at MT on behalf of MT’s participants.

7The amount of the deposit shall be the average

of the three highest one-month fees over the prior

twelve months plus the amount ISCC is required to

deposit with DTC with respect to the sponsored

account. However, the amount of MT’s cash deposit

with ISCC cannot be less than $50,000.

Brief description of amendments: The

amendments revise the surveillance

frequencies of the hydrogen analyzer

channel functional test and channel

calibration.

Date of issuance: December 23, 1994.

Effective date: December 23, 1994.

Amendment Nos. 195 and 195.

Facility Operating License Nos. DPR–

32 and DPR–37: Amendments revised

the Technical Specifications.

Date of initial notice in Federal

Register: November 9, 1994 (59 FR

55893).

The Commission’s related evaluation

of the amendment is contained in a

Safety Evaluation dated December 23,

1994.

No significant hazards consideration

comments received: No.

Local Public Document Room

location: Swem Library, College of

William and Mary, Williamsburg,

Virginia 23185.

Wolf Creek Nuclear Operating

Corporation, Docket No. 50–482, Wolf

Creek Generating Station, Coffey

County, Kansas

Date of amendment request: July 22,

1994.

Brief description of amendment: This

amendment revises Section 6 of the

Technical Specifications to reflect title

changes in the Wolf Creek Nuclear

Operating Corporation organization.

Date of issuance: December 29, 1994.

Effective date: December 29, 1994.

Amendment No.: 81.

Facility Operating License No. NPF–

42. The amendment revised the

Technical Specifications.

Date of initial notice in Federal

Register: October 26, 1994 (59 FR

53845).

The Commission’s related evaluation

of the amendment is contained in a

Safety Evaluation dated December 29,

1994.

No significant hazards consideration

comments received: No.

Local Public Document Room

locations: Emporia State University,

William Allen White Library, 1200

Commercial Street, Emporia, Kansas

66801 and Washburn University School

of Law Library, Topeka, Kansas 66621.

Wolf Creek Nuclear Operating

Corporation, Docket No. 50–482, Wolf

Creek Generating Station, Coffey

County, Kansas

Date of amendment request: February

23, 1994.

Brief description of amendment: This

amendment revised Technical

Specifications 3.8.1.1, ‘‘AC Sources

Operating,’’ and 3.8.1.2, ‘‘AC Sources

Shutdown,’’ to increase the minimum

volume of fuel oil required for the

emergency diesel generator fuel oil day

tanks. Several other revisions are

included that make editorial corrections

and incorporate requirements that were

inadvertently omitted from previous

amendment requests that have been

approved.

Date of issuance: December 29, 1994.

Effective date: December 29, 1994.

Amendment No.: 82.

Facility Operating License No. NPF–

42. The amendment revised the

Technical Specifications.

Date of initial notice in Federal

Register: April 13, 1994 (59 FR 17609).

The Commission’s related evaluation

of the amendment is contained in a

Safety Evaluation dated December 29,

1994.

No significant hazards consideration

comments received: No.

Local Public Document Room

locations: Emporia State University,

William Allen White Library, 1200

Commercial Street, Emporia, Kansas

66801 and Washburn University School

of Law Library, Topeka, Kansas 66621.

Dated at Rockville, Maryland, this 10th day

of January 1995.

For the Nuclear Regulatory Commission.

Jack W. Roe,

Director, Division of Reactor Projects—III/IV,

Office of Nuclear Reactor Regulation

[FR Doc. 95–1026 Filed 1–17–95; 8:45 am]

BILLING CODE 7590–01–P

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–35219; International Series

Release No. 770; File No. SR–ISCC–94–4]

Self-Regulatory Organizations;

International Securities Clearing

Corporation; Order Approving

Proposed Rule Change Relating to a

Data Transmission Link With Monte

Titoli, S.P.A.

January 11, 1995.

On August 9, 1994, the International

Securities Clearing Corporation

(‘‘ISCC’’) submitted a proposed rule

change (File No. SR–ISCC–94–4) to the

Securities and Exchange Commission

(‘‘Commission’’) pursuant to Section

19(b) of the Securities Exchange Act of

1934 (‘‘Act’’).1 Notice of the proposal

appeared in the Federal Register on

September 22, 1994.2 The Commission

received no comments. This order

approves the proposal.

I. Description of the Proposal

ISCC has entered into a contract to

establish a data transmission link with

Monte Titoli (‘‘MT’’).3 The link will

permit MT to hold U.S. securities listed

on Italian stock exchanges in The

Depository Trust Company (‘‘DTC’’)

through ISCC. The service agreement,

dated June 1, 1992, between ISCC and

MT provides that ISCC will sponsor an

account for MT at DTC which will

provide MT access to certain DTC

services.4

ISCC on behalf of MT will initiate

book-entry deliveries for no value and

will accept receives of securities by

book-entry for no value.5 Both the

receive and deliver functions will be

pursuant to instructions received from

MT, and such instructions will identify

the MT member for whom the receipt or

delivery is being effected.6 In special

circumstances and at ISCC’s discretion,

DTC’s withdrawal-by-transfer service

also may be utilized. In such case, the

securities will be delivered as directed

by MT. MT will deposit with ISCC

collateral to cover MT’s obligations to

ISCC.7 To the extent that any money

settlement is required, ISCC will receive

payment in the form of an official bank

check or a wire transfer through the MT

designated correspondent bank.

On each business day at about 4:00

p.m., ISCC will transmit a preliminary

settlement statement which will detail

the net amount due to ISCC from MT or

from ISCC to MT. Under the service

agreement, MT agrees to pay to ISCC all
3686 Federal Register / Vol. 60, No. 11 / Wednesday, January 18, 1995 / Notices

8Because the account is limited to free

movements of securities, monetary obligations to

DTC should be limited to the payments of fees for

DTC services. Under the sponsored account

relationship, DTC will look to ISCC for any liability

related to activity in that account.

9Securities Exchange Act Release No. 26812 (May

12, 1989), 54 FR 21691.

10 15 U.S.C. 78g–1 (1988).

11 15 U.S.C. 78s(b)(2) (1988).

12 17 CFR 200.30–3(a)(12) (1994).

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

2Securities Exchange Act Release No. 34678

(September 15, 1994), 59 FR 48651.

3CVSA is an Argentine corporation organized to

provide settlement and depository services for

securities.

4Under the service agreement, ISCC upon

instructions received from CVSA will: (1) Accept

receives of securities by book-entry through DTC;

(2) initiate book-entry delivery of securities on

deposit at DTC; (3) initiate reclamations of

securities received at DTC; (4) make delivery of due

bill checks or payments received by ISCC with

respect to securities; (5) initiate messages to other

DTC participants through the broadcast function of

DTC; (6) process securities on deposit at DTC and

securities subject to a reorganization, takeover, or

similar action provided that requisite funds, if

applicable, have been received in advance; (7)

withdraw rights exited from DTC and deliver such

rights to the agent designated by CVSA along with

instructions received with respect to such rights; (8)

at the discretion of ISCC, facilitate withdrawal-bytransfer of securities on deposit at DTC; and (9)

order proxy materials for securities on deposit at

DTC and complete such proxy material as

instructed.

5The related money settlements for the securities

movements will take place between the parties

outside of ISCC.

6As reflected on the DTC records, securities

deposits will form the basis for the bookkeeping

entries at CVSA on behalf of CVSA’s participants.

7The amount of the deposit shall be the average

of the three highest one-month fees over the prior

twelve months plus the amount ISCC is required to

deposit with DTC with respect to the sponsored

account. However, the amount of CVSA’s cash

deposit with ISCC cannot be less than $50,000.

fees and charges in connection with

ISCC’s provision of services and any

assessment that ISCC must pay to DTC.8

The preliminary settlement statement

also will indicate dividend and possibly

interest payments received by ISCC

from DTC with respect to shares on

deposit.

ISCC will transmit a final settlement

statement by 10:00 a.m. of the business

day following the day the related

preliminary settlement statement were

sent. The final settlement statement will

indicate sums paid by MT. Dividend

and interest credited to the ISSC/MT

account at DTC will be reflected in the

final settlement statement. The final

settlement statement also will reflect a

debit for the total dividend and interest

ISSC pays to MT’s withholding bank.

MT has agreed to consult with ISCC’s

auditors with regard to MT’s financial

condition, and MT will furnish its

financial statements to ISCC. Further,

MT has agreed to appoint a registered

agent in the U.S. for service of process

and will provide ISCC of proof of such

appointment. MT will be subject to

jurisdiction in New York for the

resolution of disputes arising from the

link. MT will be assigned one ISCC

account number for use on behalf of MT

members.

II. Discussion

The Commission believes that the

proposed rule change is consistent with

Section 17A of the Act and therefore is

approving the proposal. Specifically, the

Commission believes the proposal is

consistent with Section 17A(b)(3)(F) of

the Act in that it promotes the prompt

and accurate clearance and settlement of

securities transactions. Without the

linkage, purchasers of U.S. securities on

the Italian stock exchange would be

required to make individual

arrangements for the custody of their

stock.

ISSC’s provision of this service to MT

enables MT to settle transactions in U.S.

securities more efficiently. Further, the

link between ISCC and MT should

standardize the processing of U.S.

securities traded on a foreign exchange

in accordance with U.S. practices and

procedures. The uniform standards

should reduce record keeping errors and

thereby enhance the accuracy of the

settlement of securities transactions. In

addition, this standardization should

promote foreign investment in U.S.

securities which trade on foreign

exchanges.

In the initial order granting ISCC

temporary registration as a clearing

agency, the Commission stated that the

development of efficient and

comparable automated national and

international clearance, settlement, and

payment systems is one of the more

important international goals.9 In that

order, the Commission stressed the

importance of developing linkages

between existing clearance and

settlement systems in light of the

increase in foreign activity in U.S.

stocks. This linkage agreement will

increase the accessibility of the U.S.

securities market to foreign investors by

giving Italian investors a more efficient

method of settling U.S. securities.

III. Conclusion

For the reasons stated above, the

Commission finds that ISCC’s proposal

is consistent with Section 17A of the

Act.10

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act,11 that the

proposed rule change (File No. SR–

ISCC–94–4) be and hereby is, approved.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.12

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–1196 Filed 1–17–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35218; International Series

Release No. 769; File No. SR–ISCC–94–03]

Self-Regulatory Organization;

International Securities Clearing

Corporation; Order Approving a Data

Transmission Link With Caja de

Valores, S.A.

January 11, 1995.

On August 9, 1994, the International

Securities Clearing Corporation

(‘‘ISCC’’) submitted a proposed rule

change (File No. SR–ISCC–94–03) to the

Securities and Exchange Commission

(‘‘Commission’’) pursuant to Section

19(b) of the Securities Exchange Act of

1934 (‘‘Act’’).1 Notice of the proposal

appeared in the Federal Register on

September 22, 1994.2 No comments

were received. This order approves the

proposal.

I. Description of the Proposal

ISCC has entered into a contract to

establish a data transmission link with

Caja de Valores (‘‘CVSA’’).3 The link

will permit CVSA to hold U.S. securities

in The Depository Trust Company

(‘‘DTC’’) through ISCC. The service

agreement, dated December 2, 1993,

between ISCC and CVSA provides that

ISCC will sponsor an account for CVSA

at DTC which will provide CVSA access

to certain DTC services.4

ISCC on behalf of CVSA will initiate

book-entry deliveries for no value and

will accept receives of securities by

book-entry for no value.5 Both the

receive and deliver functions will be

pursuant to instructions received from

CVSA, and such instructions will

identify the CVSA member for whom

the receipt or delivery is being effected.6

In special circumstances and at ISCC’s

discretion, DTC’s withdrawal-bytransfer services also may be utilized. In

such case, the securities will be

delivered as directed by CVSA. CVSA

will deposit with ISCC collateral to

cover CVSA’s obligations to ISCC.7 To

the extent that any money settlement is

required, ISCC will receive payment in

the form of an official bank check or a

wire transfer through the CVSA

designated correspondent bank.

On each business day at about 4:00

p.m., ISCC will transmit a preliminary