Federal Register / Vol. 60, No. 104 / Wednesday, May 31, 1995 / Notices 28433

3See Position Limit Approval Order, Supra note

2.

4The Commission notes that any proposal to

revise the Exchange’s position and exercise limits

must be filed with the Commission pursuant to

Section 19(b)(2) under the Act. 5 17 CFR 200.30–3(a)(12) (1994).

exchange’s jurisdiction for position and

exercise limit purposes. The CBOE

notes that while CBOE Rules 4.11 and

4.12 prohibit excessive positions or

exercises in CBOE listed option

contracts, the CBOE’s rules do not

currently prohibit a CBOE member from

exceed applicable limits set by another

exchange for non-CBOE listed option

contracts. If the CBOE member is not a

member of the other exchange which

lists the option contracts, then the other

exchange cannot enforce its position

and exercise requirements against the

CBOE member either.

The proposed amendments will

extend CBOE Rules 4.11 and 4.12 to

apply to option contracts dealt in on any

exchange (rather than only to option

contracts dealt in on the CBOE) by

requiring a CBOE member who is

effecting transactions in non-CBOE

listed option contracts on another

exchange, of which he or she is not a

member, to comply with the position

and exercise limits set by the exchange

on which the transaction is effected.

Thus, a CBOE members’s customer

transactions in non-Exchange listed

options will be brought within the

CBOE’s jurisdiction for position and

exercise limit purposes, if and when the

other exchange on which the excessive

transactions are effected does not have

member jurisdiction over the CBOE

member.

According to the CBOE, other national

securities exchange have noted a similar

jurisdictional shortfall. The CBOE

anticipates that other exchanges will

propose similar options position and

exercise limit rule changes so that

jurisdiction will be expanded uniformly

and coherently among the exchanges.

In addition, the CBOE proposes to

amend CBOE Rule 4.12 exercise limits

to correlate to current CBOE position

limits. Accordingly, the exercise limits

will be increased to 4,500, 7,500, or

10,500 option contracts. Inadvertently,

the CBOE’s exercise limits were not

increased when the equity option

position limits were increased in

December 1993.3

Finally, the CBOE proposes to amend

CBOE Rules 4.11 and 4.12 to reflect that

position and exercise limits are not

fixed by the staff of the Exchange, rather

than by the Board.4

The CBOE believes that the proposed

rule change is consistent with Section

6(b) of the Act, in general, and furthers

the objectives of section 6(b)(5), in

particular, in that it is designed to

remove impediments to a free and open

market and to protect investors and the

public interest.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

The CBOE does not believe that the

proposed rule change will impose any

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 35 days after the 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 reason for so finding or (ii) as to

which the self-regulatory organization

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.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, N.W.,

Washington, D.C. 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 at

the Commission’s Public Reference

Section, 450 Fifth Street, N.W.,

Washington, D.C. Copies of such filing

will also be available for inspection and

copying at the principal office of the

above-mentioned self-regulatory

organization. All submissions should

refer to the file number in the caption

above and should be submitted by June

21, 1995.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.5

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–13219 Filed 5–30–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35757; File No. SR–PSE–

95–15

Self Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Pacific Stock Exchange, Inc. Relating

to Administrative ‘‘Late’’ Charges

May 24, 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 May 16, 1995, the

Pacific Stock Exchange, Inc. (‘‘PSE’’ or

‘‘Exchange’’) filed with the Securities

and Exchange Commission

(‘‘Commission’’ or ‘‘SEC’’) the proposed

rule change as described in Items I, II

and III below, which Items have been

prepared by the self-regulatory

organization. The Commission is

publishing this notice to solicit

comments on the proposed rule change

from interested persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The PSE is proposing to amend its

Schedule of Rates to establish a late

charge, applicable to members and

member organizations, for the failure to

pay Exchange dues, fees, fines or

charges that are past due.

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

self-regulatory organization 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.
28434 Federal Register / Vol. 60, No. 104 / Wednesday, May 31, 1995 / Notices

1Formally section 7005 of the Consolidated

Omnibus Budget Reconciliation Act of 1985 (Pub.L.

99–272). The change in citation is the result of the

enactment, on July 5, 1994, of Pub. L. 103–272,

which codified various transportation laws.

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

1. Purpose

The Exchange is proposing to

establish an administrative charge

applicable to members and member

organizations that are substantially late

in making payments to the Exchange of

dues, fees, fines, or other charges. The

purpose of the rule change is to recover

the Exchange’s costs in seeking to

collect such payments when they are

past due and to encourage members and

member organizations to make such

payments in a timely manner.

Currently, the Exchange provides

invoices and related notices to members

as follows: An initial invoice is sent to

members approximately five days after

a given month in which dues, fees and

other charges are accrued (e.g., on

March 5, a member is billed for fees and

charges accrued in February). If no

payment is made on the invoice within

one month, the Exchange sends the

member a ‘‘late’’ notice on the tenth day

of the month following the month in

which the invoices was issued (e.g., on

April 10). Thereafter, if no payment is

made by the 20th of that same month

(i.e., April 20), the Exchange sends such

member a second ‘‘late’’ notice. Under

the proposal, the Exchange would apply

a late charge concurrently with the

issuance of the second ‘‘late’’ notice.

The amount of the late charge would

be as follows: $250.00 or 1.0 percent of

the invoice amount (whichever is

greater) upon the first occurrence of a

second ‘‘late’’ notice within a 12-month

period; and $500 or 1.5 percent of the

invoice amount (whichever is greater) if

the member receives two or more

second ‘‘late’’ notices within a 12-month

period. For purposes of this provision,

a member is ‘‘late’’ if the Exchange has

sent such member a ‘‘second late

notice’’ on a previous occasion.

Although Article XIV, Section 1(b) of

the PSE Constitution permits the

Exchange to suspend members and

member organizations for such nonpayment, the Exchange believes that the

proposed charge will help to encourage

members to pay their bills promptly,

before a suspension is necessary.

2. Statutory Basis

The Exchange believes that the

proposed rule change is consistent with

Section 6(b)(4) of the Act in that it

provides for the equitable allocation of

reasonable charges among its members.

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

The foregoing rule change establishes

or changes a due, fee, or other charge

imposed by the Exchange and therefore

has become effective pursuant to

Section 19(b)(3)(A) of the Act and

subparagraph (e) of Rule 19b–4

thereunder. At any time within 60 days

of the filing of such 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

Intereste persons are invited to submit

written data, views and arguments

concerning the foregoing. 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 at

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 the principal

office of the PSE. All submissions

should refer to File No. SR–PSE–95–15

and should be submitted by June 21,

1995.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–13218 Filed 5–30–95; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF TRANSPORTATION

Research and Special Programs

Administration

Pipeline Safety User Fees

AGENCY: Research and Special Programs

Administration, (RSPA), DOT.

ACTION: Notice.

SUMMARY: This notice announces that

the fiscal year 1995 user fee assessments

for pipeline facilities were mailed to

pipeline operators the week of April 3,

1995.

FOR FURTHER INFORMATION CONTACT: Lisa

Kokoszka, (202) 366–4554, U.S.

Department of Transportation, RSPA,

Office of Pipeline Safety, 400 Seventh

Street SW., Washington, DC, 20590,

regarding the subject matter of this

notice.

SUPPLEMENTARY INFORMATION: The fee to

be assessed for Natural Gas

Transmission, Hazardous Liquid and

Liquefied Natural Gas (LNG) are as

indicated below:

Natural gas transmission pipelines:

$95.57 per mile (based on 299,077 miles

of pipeline).

Hazardous liquid pipelines: $47.03

per mile (based on 154,233 miles of

pipeline).

LNG is based on the number of plants

and total storage capacity:

Total storage capacity BBLS Assessment/plant

<10,000 ..................................... = $1,250

10,000–100,000 ........................ = 2,500

100,000–250,000 ...................... = 3,750

250,000–500,000 ...................... = 5,000

>500,000 ................................... = 7,500

Section 60301 of Title 49, U.S.C.,1

authorizes the assessment and

collection of pipeline user fees to fund

the pipeline safety activities conducted

under 49 U.S.C. 60101 et seq. The

Research and Special Program

Administration (RSPA) assesses each

operator of regulated interstate and

intrastate natural gas transmission

pipelines (as defined in 49 CFR Part