21796 Federal Register / Vol. 66, No. 84 / Tuesday, May 1, 2001 / Notices

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

2Securities Exchange Act Release No. 43680

(December 6, 2000), 65 FR 77947.

3SFA is the United Kingdom financial services

regulator.

4EMCC’s Rules define an IDB as ‘‘a broker-dealer

that conducts securities trading which matches

buyers and sellers who are banks or dealers, and

who is designated as such by the Corporation.’’

EMCC’s membership criteria for broker-dealers

acting as IDBs require an applicant to demonstrate

to the EMCC Board or Membership and Risk

Committee that: (1) The applicant has the

operational capacity to perform its membership

functions in a satisfactory manner; (2) the applicant

has an established business history of at least three

years or personnel with sufficient operational

background and experience to ensure the ability of

the applicant to conduct its business; (3) the

applicant has the financial ability to make all

anticipated payments required by EMCC; (4) the

applicant is in compliance with the capital

requirements imposed by its appropriate regulatory

authority; and (5) no adverse conditions exist which

might prohibit applicant’s membership in EMCC.

5 15 U.S.C. 78q–1(b)(3)(F).

6 17 CFR 200.30–3(a)(12).

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

2Securities Exchange Act Release No. 43029 (July

12, 2000), 65 FR 44844.

making decommissioning activities

licensed by NRC more effective and

efficient while reducing unnecessary

regulatory burden on stakeholders.

Further ease of use will be realized by

making this a web-based document.

Note also that the BPR model

establishes a 3-year review cycle for

updating the guidance.

The updated, consolidated guidance

will be provided to all users, both NRC

and licensee, in hardcopy and/or

electronic media. Since each group will

have access to the same guidance, the

expected results are more complete

license documents that will expedite the

approval process for both applicants

and reviewers. As a result, the resource

expenditure for this project will serve to

improve the overall decommissioning

process. Successful completion of this

project is an integral component of the

effort to meet NMSS’ performance goals

in the NRC’s Strategic Plan. This will be

done by developing decommissioning

guidance that ensures that NRC’s

decommissioning activities and

decisions are more effective, efficient,

and realistic; and that they reduce

unnecessary regulatory burden on

stakeholders through, for example, the

application of risk insights and

performance-based methods, and the

use of a consistent decommissioning

regulatory basis.

Public Meeting: NRC will conduct a

public meeting in the auditorium of the

NRC’s headquarters office, Two White

Flint North, 11545 Rockville Pike,

Rockville, MD, on June 1, 2001, to

discuss this plan for updating and

consolidating the decommissioning

policy and guidance of the NRC’s Office

Nuclear Material Safety and Safeguards

with interested members of the public.

The meeting is scheduled for 9 a.m. to

2 p.m. There will be an opportunity for

members of the public to ask questions

of NRC staff and make comments related

to the plan. The meeting will be

transcribed. For more information on

the public meeting, please contact Jack

D. Parrott, Project Scientist, Office of

Nuclear Material Safety and Safeguards,

Mail Stop T–7F27, U.S. Nuclear

Regulatory Commission, Washington,

DC 20555–0001; 301–415–6700;

Internet: JDP1@NRC.GOV.

Dated at Rockville, MD, this 20th day of

April, 2001.

For the Nuclear Regulatory Commission.

Larry W. Camper,

Chief, Decommissioning Branch Division of

Waste Management, Office of Nuclear

Material Safety and Safeguards.

[FR Doc. 01–10823 Filed 4–30–01; 8:45 am]

BILLING CODE 7590–01–P

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–44217; File No. SR–EMCC–

00–04]

Self-Regulatory Organizations;

Emerging Markets Clearing

Corporation; Order Approving a

Proposed Rule Change Relating to

Membership Criteria for Inter-Dealer

Brokers Regulated by the Securities

and Futures Authority Limited

April 24, 2001.

On July 3, 2000, the Emerging Markets

Clearing Corporation (‘‘EMCC’’) filed

with the Securities and Exchange

Commission (‘‘Commission’’) a

proposed rule change (File No. SR–

EMCC–00–04) pursuant to Section

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

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

was published in the Federal Register

on December 13, 2000.2 No comment

letters were received. For the reasons

discussed below, the Commission is

approving the proposed rule change.

I. Description

The rule change establishes admission

criteria for brokers or dealers who are

regulated by the Securities and Futures

Authority Limited (‘‘SFA’’) 3 and act as

inter-dealer brokers (‘‘IDBs’’). EMCC’s

membership criteria for IDBs that are

registered by the SFA will mirror the

requirements of U.S. registered brokerdealers acting as IDBs 4 except SFA

regulated IDBs will be required to

maintain ‘‘excess financial resources’’ of

$10,000,000 US as opposed to excess

net capital of $10,000,000.

II. Discussion

Section 17A(b)(3)(F) of the Act

requires that the rules of a clearing

agency be designed to promote the

prompt and accurate clearance and

settlement of securities transactions.5

Since the Commission’s approval of

EMCC Rule 2, EMCC has been informed

that brokers or dealers who are

regulated by the SFA also act as IDBs

and, in fact, that there are broker-dealers

who are regulated by the SFA who

would like to be IDB members of EMCC.

The Commission believes it is prudent

for EMCC to establish criteria for brokerdealers that act as IDBs and that are

regulated by the SFA because it will

encourage IDBs regulated by the SFA to

become participants in EMCC and

therefore should facilitate the prompt

and accurate clearance and settlement of

emerging market securities transactions.

III. Conclusion

On the basis of the foregoing, the

Commission finds that the proposal is

consistent with the requirements of the

Act and in particular with the

requirements of Section 17A of the Act

and the rules and regulations

thereunder.

It is therefore ordered, pursuant to

section 19(b)(2) of the Act, that the

proposed rule change (File No. SR–

EMCC–00–04) be and hereby is

approved.

For the Commission by the Division

of Market Regulation, pursuant to

delegated authority.6

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–10748 Filed 4–30–01; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–44219; File No. SR–OCC–

00–02]

Self-Regulatory Organizations; The

Options Clearing Corporation; Order

Approving a Proposed Rule Change

Relating to OCC Clearing Members

Pledging Long Options Positions

April 25, 2001.

On March 6, 2000, The Options

Clearing Corporation (‘‘OCC’’) filed with

the Securities and Exchange

Commission (‘‘Commission’’) a

proposed rule change (File No. SR–

OCC–00–02) pursuant to Section

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

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

was published in the Federal Register

on July 19, 2000.2 No comment letters