Federal Register / Vol. 60, No. 100 / Wednesday, May 24, 1995 / Notices 27571

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

2The Commission has modified the language in

these sections.

3Securities Exchange Act Release Nos. 33023

(October 6, 1993), 58 FR 52891 (adoption of Rule

15c6–1) and 34952 (November 9, 1994), 59 FR

59137 (change of effective date of Rule 15c6–1 from

June 1, 1995 to June 7, 1995).

4 15 U.S.C. 78q–1 (1988).

5Pursuant to Amex’s book-entry settlement of

transactions rule, trades by a member in depository

eligible securities generally must be settled by bookentry through a securities depository.

alternative measures for protection

against radiological sabotage meet ‘‘the

same high assurance objective,’’ and

‘‘the general performance requirements’’

of the regulation and that ‘‘the overall

level of system performance provides

protection against radiological sabotage

equivalent’’ to that which would be

provided by the regulation.

IV

Accordingly, the Commission has

determined that, pursuant to 10 CFR

73.5, this exemption is authorized by

law, will not endanger life or property

or the common defense and security,

and is otherwise in the public interest.

Therefore, as long as the license uses the

hand geometry access control system,

the Commission hereby grants Texas

Utilities Electric Company an

exemption from those requirements of

10 CFR 73.55(d)(5) relating to the

returning of picture badges upon exit

from the protected area such that

individuals not employed by the

licensee, i.e., contractors, who are

authorized unescorted access into the

protected area, may take their picture

badges offsite.

Pursuant to 10 CFR 51.32, the

Commission has determined that the

granting of this exemption will have no

significant impact on the environment

(60 FR 21835). This exemption is

effective upon issuance.

Dated at Rockville, Maryland, this 16th day

of May 1995.

For the Nuclear Regulatory Commission.

Elinor G. Adensam,

Acting Director, Division of Reactor Projects

III/IV, Office of Nuclear Reactor Regulation.

[FR Doc. 95–12666 Filed 5–23–95; 8:45 am]

BILLING CODE 7590–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–35734; File No. SR–Amex–

95–17]

Self-Regulatory Organizations;

American Stock Exchange, Inc.; Notice

of Filing of Proposed Rule Change

Regarding Depository Eligibility

Requirements

May 18, 1995.

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

Securities Exchange Act of 1934

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

May 16, 1995, the American Stock

Exchange, Inc. (‘‘Amex’’) 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 Amex. The

Commission is publishing this notice to

solicit comments from interested

persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

Amex proposes to adopt a rule which

will set forth depository eligibility

requirements for issuers that apply to

list their securities on Amex.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

Amex 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 self-regulatory

organization 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

Under the proposed rule change,

Amex will adopt a uniform depository

eligibility rule for issuers that desire to

list their securities on Amex. The

uniform rule has been developed by the

Legal and Regulatory Subgroup of the

U.S. working Committee of the Group of

Thirty in coordination with each of the

national securities exchanges and the

National Association of Securities

Dealers (‘‘NASD’’). It is anticipated that

each national securities exchange and

the NASD will file rule changes

proposing adoption of depository

eligibility standards substantially

similar to Amex’s proposed rule and

will seek to make such changes effective

contemporaneously with the effective

date of the transition from a five-day

(‘‘T+5’’) to a three-day (‘‘T+3’’)

settlement cycle. The transition is set to

occur June 7, 1995.3

The proposed model depository

eligibility rule is intended to encourage

issuers and underwriters to take the

simple steps necessary to make the

issuers’ securities depository eligible

although it is carefully structured so

that it will not preclude from listing

idiosyncratic securities which cannot be

made to meet all depositories’

requirements. The proposed rule will

require that before any issue of

securities of a domestic issuer

(excluding American Depository

Receipts for securities of a foreign

issuer) is listed on Amex, Amex must

have received a representation from the

issuer that a CUSIP number identifying

the securities has been included in the

file of eligible issues maintained by a

securities depository registered as a

clearing agency under Section 17A of

the Act.4 This requirement will not

apply to a security if the terms of such

security cannot be reasonably modified

to meet the criteria for depository

eligibility at all securities depositories.

The need of syndicate managers to

monitor ‘‘flipping’’ also has been

recognized. As a result, the proposed

rule change sets forth additional

requirements that must be met before a

security will be deemed to be

‘‘depository eligible,’’ as such term is

used in Part IV, Section 3, Rule 776 of

the Amex rules (‘‘book-entry settlement

of transactions rule’’).5 The proposed

rule specifies different requirements for

depository eligiblilty depending upon

whether a new issue is distributed by an

underwriting syndicate before or after

the date a securities depository system

is available for monitoring repurchases

of the distributed shares by syndicate

members (‘‘flipping tracing system’’).

Currently, a flipping tracking system

is being developed that will include a

securities depository service that (i) can

be activated upon the request of the

managing underwriter for a period of

time that the managing underwriter

specifies, (ii) in certain circumstances,

will require the delivering participant to

provide to the depository information

sufficient to identify the seller of such

shares as a precondition to the

processing of book-entry delivery

instructions for distributed shares, and

(iii) will report to the managing

underwriter the identity of any other

syndicate member or selling group

member whose customer(s) sold

distributed shares (but will not report to

the managing underwriter the identity

of such customer[s]) and, in certain

circumstances, will report to such

syndicate member or selling group

member the identity of such

customer(s). Prior to the availability of
27572 Federal Register / Vol. 60, No. 100 / Wednesday, May 24, 1995 / Notices

6 15 U.S.C. 78f(b)(5) (1988).

7Supra note 3 and accompanying text.

8 17 CFR 200.30–3(a)(12) (1994).

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

2The Commission has modified the language in

these sections.

3Securities Exchange Act Release Nos. 33023

(October 6, 1993), 58 FR 52891 (adoption of Rule

15c6–1) and 34952 (November 9, 1994), 59 FR

59137 (change of effective date of Rule 15c6–1 from

June 1, 1995 to June 7, 1995).

4 15 U.S.C. 78q–1 (1988).

5Pursuant to BSE’s uniform book-entry

settlement rule, trades by a member in depository

eligible securities generally must be settled by bookentry through a securities depository.

a flipping tracking system, the managing

underwriter may delay the date a

security is deemed ‘‘depository eligible’’

for up to three months after trading has

commenced in the security. After the

availability of a flipping tracing system,

a new issue will be deemed to be

depository eligible upon

commencement of trading on Amex.

The proposed rule change is

consistent with Section 6(b)(5) of the

Act 6 in that it is designed 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. That proposed rule

change is designed to improve clearing

and settlement practices in the industry

while reducing risk to investors.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

The proposed rule change will impose

no 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 were solicited

or received with respect to 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 Federal

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 Amex 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.

Amex has requested accelerated

effectiveness of the proposed rule

change in order that the rule can

become effective on June 7, 1995.7

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views, and

arguments concerning the foregoing.

Persons making written submission

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, NW.,

Washington, DC 20549. Copies of the

submissions, 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 5th Street, NW.,

Washington, DC 20549. Copies of such

filings will also be available for

inspection and copying at the principal

office of Amex. All submissions should

refer to file number SR–Amex–95–17

and should be submitted by June 14,

1995.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.8

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–12691 Filed 5–23–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35735; File No. SR–BSE–

95–09]

Self-Regulatory Organizations; Boston

Stock Exchange, Incorporated; Notice

of Filing of Proposed Rule Change

Regarding Depository Eligibility

Requirements

May 18, 1995.

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

Securities Exchange Act of 1934

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

May 18, 1995, the Boston Stock

Exchange, Incorporated (‘‘BSE’’) 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 BSE.

The Commission is publishing this

notice to solicit comments from

interested persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

BSE proposes to adopt a rule which

will set forth depository eligibility

requirements for issuers that apply to

list their securities on BSE.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission, BSE

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 self-regulatory

organization 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

Under the proposed rule change, BSE

will adopt a uniform depository

eligibility rule for issuers that desire to

list their securities on BSE. The uniform

rule has been developed by the Legal

and Regulatory Subgroup of the U.S.

Working Committee of the Group of

Thirty in coordination with each of the

national securities exchanges and the

National Association of Securities

Dealers (‘‘NASD’’). It is anticipated that

each national securities exchange and

the NASD will file rule changes

proposing adoption of depository

eligibility standards substantially

similar to BSE’s proposed rule and will

seek to make such changes effective

contemporaneously with the effective

date of the transition from a five-day

(‘‘T+5’’) to a three-day (‘‘T+3’’)

settlement cycle. The transition is set to

occur June 7, 1995.3

The proposed rule change will require

issuers to ensure that securities to be

listed on BSE have been included in the

file of eligible issues maintained by a

securities depository registered as a

clearing agency under Section 17A of

the Act.4 This requirement will not

apply to a security if the terms of such

security cannot be reasonably modified

to meet the criteria for depository

eligibility at all securities depositories.

The proposed rule change sets forth

additional requirements that must be

met before a security will be deemed to

be ‘‘depository eligible,’’ as such term is

used in Chapter III, Section 7 of the BSE

rules (‘‘uniform book-entry settlement

rule’’).5 The proposed rule specifies

different requirements for depository

eligibility depending upon whether a

new issue is distributed by an