Federal Register / Vol. 66, No. 85 / Wednesday, May 2, 2001 / Notices 22057

5All of the issued and outstanding common stock

of MichCon is held by MichCon Holdings, a wholly

owned direct subsidiary of MCN. MichCon

Holdings claims exception from registration under

section 3(a)(1) of the Act by rule 2.

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

2The Commission has modified parts of these

statements.

MCN and its other subsidiaries had 239

employees.

MichCon, a Michigan corporation, is

a natural gas distribution and

transmission company that owns

distribution, transmission, production

and storage properties and facilities and

serves approximately 1.2 million

customers in more than 500

communities throughout Michigan.5 As

of December 31, 2000, its distribution

system included 17,313 miles of

distribution mains, 1,109,528 service

lines and 1,222,287 active meters.

MichCon owns 2,604 miles of

transmission and production lines that

deliver natural gas to the distribution

districts and interconnect its storage

fields with the sources of supply and

the market areas, as well as properties

relating to four underground natural gas

storage fields with an aggregate working

gas storage capacity of approximately

124 Bcf. For the year that ended

December 31, 2000, MichCon’s

operating revenues and net income were

approximately $1.1 billion and $109.5

million, respectively. As of December

31, 2000, MichCon had $2.3 billion in

assets. MichCon’s rates are regulated by

the MPSC.

Citizens, a wholly owned publicutility company subsidiary of MCN, is

engaged in the distribution of natural

gas in Michigan. Citizens serves

approximately 16,000 residential,

commercial and industrial customers in

and around Adrian, Michigan. For the

year that ended December 31, 2000,

Citizen’s operating revenues and net

income were approximately $18.4

million and $1.3 million, respectively,

and its assets were valued at $26.4

million. Applicants state that the Adrian

Gas Rate Commission establishes

Citizens’ rates, and that the MPSC has

jurisdiction over Citizens with respect

to gas safety, service in other areas

served by other gas utilities, intrastate

lines and accounting matters.

MCN also owns a 46.5% limited

partnership interest, and a 1% general

partnership interest in Southern

Missouri Gas Company, L.P. (‘‘SMGC’’),

a public-utility company engaged in the

distribution of natural gas. SMGC serves

approximately 7,000 residential,

commercial, and industrial customers in

southern Missouri. For the year that

ended on December 31, 2000, MCN’s

share of SMGC’s operating revenues

were approximately $3.7 million,

MCN’s share of SMGC’s net loss was

approximately $1.1 million, and MCN’s

share of SMGC’s assets were valued at

$25 million. Applicants state that the

Missouri Public Service Commission

has jurisdiction over SMGC’s rates,

safety practices, long-term financing,

and mergers and acquisitions directly

involving SMGC.

Additionally, Applicants request that

the Commission issued an order under

section 3(a)(1) of the Act exempting DTE

and Merger Sub, after the Merger, from

all of the requirements of the Act,

except for section 9(a)(2) of the Act.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 01–10980 Filed 5–1–01; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

Sunshine Act Meeting

Notice is hereby given, pursuant to

the provisions of the Government in the

Sunshine Act, Pub. L. 94–409, that the

Securities and Exchange Commission

will hold the following meeting during

the week of April 30, 2001.

A closed meeting will be held on

Tuesday, May 1, 2001, at 11 a.m.

Commissioner Hunt, as duty officer,

determined that no earlier notice thereof

was possible.

Commissioners, Counsel to the

Commissioners, the Secretary to the

Commission, and recording secretaries

will attend the closed meeting. Certain

staff members who have an interest in

the matters may also be present.

The General Counsel of the

Commission, or his designee, has

certified that, in his opinion, one or

more of the exemptions set forth in 5

U.S.C. 552b(c)(3), (4), (5), (7), (8), (9)(A),

9(B), and (10) and 17 CFR 200.402(a)(3),

(4), (5), (7), (8) (9)(i), 9(ii) and (10),

permit consideration of the scheduled

matters at the closed meeting.

The subject matters of the closed

meeting scheduled for Tuesday, May 1,

2001 will be:

• Institution and settlement of

injunctive actions; and

• Institution and settlement of

administrative proceedings of an

enforcement nature.

At times, changes in Commission

priorities require alterations in the

scheduling of meeting items. For further

information and to ascertain what, if

any, matters have been added, deleted

or postponed, please contact: The Office

of the Secretary at (202) 942–7070.

Dated: April 26, 2001.

Jonathan G. Katz,

Secretary.

[FR Doc. 01–11037 Filed 4–27–01; 4:16 pm]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–44222; File No. SR–DTC–

00–16]

Self-Regulatory Organizations; The

Depository Trust Company; Notice of

Filing and Immediate Effectiveness of

Proposed Rule Change Revising The

Depository Trust Company’s Fee

Schedule and Amending the Electronic

Dividend System Procedures

April 25, 2001.

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

Securities Exchange Act of 1934

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

November 14, 2000, The Depository

Trust Company (‘‘DTC’’) 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 DTC. The

Commission is publishing this notice to

solicit comments on the proposed rule

change from interested parties.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The proposed rule change revises

DTC’s fee schedule and amends the

elective dividend system (EDS)

procedures.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

In its filing with the Commission,

DTC included statements concerning

the purpose of and statutory basis for

the proposed rule change. The text of

these statements may be examined at

the places specified in Item IV below.

DTC 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

The purpose of the proposed rule

change is to revise the EDS procedures

so that they adequately describe the

functioning of the EDS system. The

22058 Federal Register / Vol. 66, No. 85 / Wednesday, May 2, 2001 / Notices

3 15 U.S.C. 78q–1.

4 15 U.S.C. 78s(b)(3)(A)(ii).

5 17 CFR 240.19b–4(f)(2)

6 17 CFR 200.30–3(a)(12).

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

2 17 CFR 240.19b–4.

3See Securities Exchange Act Release No. 44088

(March 20, 2001), 66 FR 16966.

4 In approving the proposed rule change, the

Commission has considered the proposed rule’s

impact on efficiency, competition, and capital

formation. See 15 U.S.C. 78c(f).

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

6See, e.g., Securities Exchange Act Release No.

38766 (June 24, 1997), 62 FR 35244, 35245 (June 30,

1997) (approving proposal by the Pacific Exchange

to change the closing time of its equity floor from

1:50 to 1:30 Pacific Time).

proposed rule change also revises DTC’s fee schedule so that the fees align with

the services referenced.

Service Present fee

Proposed

fee

For each reclaim instruction processed over the EDS after payable date in respect of withholding tax relief on Netherlands securities as part of the DTC Tax Relief service.None ................. $25.00

For each EDS instruction relating to cash-in-lieu of fractional shares, or round-up for additional shares ...................... None ................. 25.00

For each dividend, interest or principal payment arranged to be paid at a participant’s request directly from agent to

participant, where such payment is made by a foreign issuer to such participant.

None ................. 16.26

DTC believes that the proposed rule

change is consistent with section 17A of

the Act 3 and the rules thereunder

because fees will be more equitably

allocated among users of DTC’s services

and EDS procedures will better describe

current EDS functionality.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

DTC perceives on impact on

competition by reason of the proposed

rule change.

(C) Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants, or Others

Written comments from DTC

participants or others have not been

solicited or received on the proposed

rule change.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Act

Because the foregoing rule change

establishes or changes a due, fee, or

other charge imposed by DTC, it has

become effective pursuant to section

19(b)(3)(A)(ii) of the Act 4 and Rule 19b–

4(f)(2) thereunder.5 At any time within

sixty days of the filing of the 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

Interested persons are invited to

submit written data, views, and

arguments concerning the foregoing,

including whether the proposed rule

change is consistent with the Act.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, NW.,

Washington, DC 20549–0609. 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 in

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 DTC. All

submissions should refer to the File No.

SR–DTC–00–16 and should be

submitted by May 23, 2001.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.6

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–10981 Filed 5–1–01; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–44213; File No. SR–Phlx–

01–21]

Self-Regulatory Organizations; Order

Approving Proposed Rule Change by

the Philadelphia Stock Exchange, Inc.

Relating to Primary Trading Session

Hours for Equities Whose Primary

Market Is Not the Exchange

April 23, 2001.

On March 16, 2001, the Philadelphia

Stock Exchange, Inc. (Phlx) filed with

the Securities and Exchange

Commission (‘‘Commission’’), pursuant

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

Exchange Act of 1934 (‘‘Act’’) 1 and Rule

19b–4 2 thereunder, a proposal to amend

Phlx Rule 101 to establish the Primary

Trading Session hours of securities

whose primary market is not Phlx. On

March 28, 2001, the Commission

published the proposed rule change in

the Federal Register.3 The Commission

received no comments on the proposal.

This order approves the proposed rule

change.

The Commission finds that the

proposed rule change is consistent with

the Act and the rules and regulations

thereunder applicable to a national

securities exchange.4 In particular, the

Commission finds that the proposal is

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

Act which requires, among other things,

that the rules of an exchange be

designed to promote just and equitable

principles of trade; to facilitate

transactions in securities; to remove

impediments to and perfect the

mechanisms of a free and open market

and a national market system; and, in

general, to protect investors and the

public interest.5

Many securities are traded on Phlx

pursuant to unlisted trading privileges

(‘‘UTP’’). The proposed rule change

would make the hours of the Phlx

Primary Trading Session for these

securities the same hours that they are

traded on their primary markets (except

if the primary market is PCX Equities,

Inc.). The Commission has previously

stated that, absent any regulatory

concerns, the decision to change an

exchange’s trading hours is a matter that

falls within the business discretion of

the exchange.6 The Commission does

not believe that the proposal raises any

regulatory concerns and notes that no

comments on the proposal were

submitted. In addition, although the

proposed rule change will not affect the

current equity trading hours on Phlx,