23962 Federal Register / Vol. 66, No. 91 / Thursday, May 10, 2001 / Notices

13For purposes only of accelerating the operative

date of this proposal, the Commission has

considered the proposed rule’s impact on

efficiency, competition, and capital formation. 15

U.S.C. 78c(f).

14 15 U.S.C. 78s(b)(3)(A).

15 17 CFR 240.19b–4(f)(6).

16 17 CFR 140.19b–4(f)(6).

17 17 CFR 200.30–3(a)(12).

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

2 17 CFR 240.19b–4.

3The Phlx originally submitted the proposed rule

change on April 2, 2001. On April 18, 2001, the

Phlx submitted a new Form 19b–4, which replaces

and supersedes the original filing in its entirety. See

letter from Diana Tenenbaum, Counsel, Phlx, to

Nancy Sanow, Assistant Director, Division of

Market Regulation (‘‘Division’’), Commission, dated

April 17, 2001.

4PACE is the Philadelphia Stock Exchange’s

Automated Communication and Execution System.

It is the Exchange’s order routing, delivery,

execution, and reporting system for its equity

trading floor. See Phlx Rule 229.

current governance structure of the

Exchange, and by continuing to provide

a regular procedure for the Exchange to

take necessary and appropriate action to

respond to extraordinary market

conditions or other emergencies.13

B. Self-Regulatory Organization’s

Statement of Burden on Competition

The Exchange does not believe that

the proposed rule change will result in

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

The Exchange has neither solicited

nor received written comments on the

proposed rule change.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The foregoing rule change has become

effective upon filing pursuant to Section

19(b)(3)(A)(iii) of the Act 14 and Rule

19b–4(f)(4) 15 thereunder because the

proposed rule change does not (i)

significantly affect the protection of

investors or the public interest; (ii)

impose any significant burden on

competition; and (iii) become operative

for 30 days from the date on which the

proposed rule change was filed, or such

shorter time as the Commission may

designate. At any time within 60 days

of the filing of a rule change pursuant

to Section 19(b)(3)(A) of the Act, the

Commission may summarily abrogate

the 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.

The Commission finds that it is

appropriate to accelerate the effective

date of the proposed rule change and to

permit the proposed rule change to

become immediately effective because

the proposal simply extends a

previously approved pilot program until

July 31, 2001. No changes to Rule 98 are

being proposed at this time and the

Commission has not received any

comments on the pilot program. In

addition, the Exchange appropriately

filed a pre-filing notice as required by

Rule 19b–4(f)(6).16

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

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the Phlx. All

submissions should refer to the File No.

SR–Phlx–2001–44 and should be

submitted by May 31, 2001.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.17

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–11800 Filed 5–9–01; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–44259; File No. SR–Phlx–

2001–41]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of a Proposed Rule Change by the

Philadelphia Stock Exchange, Inc.

Eliminating Equity Trading Floor

Specialist Fees for the Execution of

PACE Orders on the Opening

May 4, 2001.

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

Securities Exchange Act of 1934

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that on April 18,

2001, the Philadelphia Stock Exchange,

Inc. (‘‘Phlx’’ or ‘‘Exchange’’) 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 by the Phlx.3 The

Commission is publishing this notice to

solicit comments on proposed rule

change from interested persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The Phlx proposes to eliminate equity

trading floor specialist fees for each

PACE transaction for orders entered

before the opening of trading.4

Specifically, the PACE specialist charge

of $.20 per Phlx specialist trade for

PACE executions would be eliminated.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and the

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission, the

Phlx 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 Phlx has prepared

summaries, set forth in sections A, B

and C below, of the most significant

aspects of such statements.

A. Self-Regulatory Organization’s

Statement of the Purpose of, and the

Statutory Basis for, the Proposed Rule

Change

1. Purpose

The purpose of the proposed rule

change is to alleviate fee burdens on

specialists by eliminating specialist fees

for PACE trades executed by the

specialist on the opening. Presently,

PACE orders, including those executed

on the opening, are charged a PACE

specialist fee of $.20 per trade, in

addition to other costs, such as Stock

Clearing Corporation of Philadelphia

trade processing/clearing fees and

Section 31 fees.

Exchange specialists have many

responsibilities, including the

maintenance of fair and orderly markets.

Phlx specialists provide PACE orders

specific guarantees enumerated in Phlx

Federal Register / Vol. 66, No. 91 / Thursday, May 10, 2001 / Notices 23963

5Telephone call between Edith Hallahan, Deputy

General Counsel, Phlx, and Sonia Patton, Staff

Attorney, Division, Commission (May 1, 2001).

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

7 15 U.S.C. 78f(b)(4).

8See Securities Exchange Act Release No. 43343

(Sep. 26, 2000), 65 FR 59243 (Oct. 4, 2000) (SR–

Phlx–00–80), regarding a waiver of all comparison

and transaction charges for customers trading

equity options.

9 15 U.S.C. 78s(b)(3)(A)(ii).

10 17 CFR 240.19b–4(f)(2).

11 17 CFR 200.30–3(a)(12).

Rule 229. The Phlx believes that the

specialist’s role is particularly important

on the opening, where the specialist

must determine the opening price while

being mindful of single price openings

in unlisted trading privileges securities,

monitor Intermarket Trading System

indications and commitments, and

assess and address order imbalances.

The Phlx believes that these

responsibilities impose unique risks and

costs on specialists. For instance, the

automatic execution feature of PACE is

not engaged until after the opening,5

which allows the specialist to better

control the aforementioned duties, but

also imposes unique manual burdens,

such as matching against orders on the

opening.

Thus, the proposal would eliminate

the Phlx transaction fees imposed on

orders on the opening that are received

through PACE and executed manually.

The proposed amendment would enable

the specialist to continue to provide

prompt execution and participate in

opening orders, without the additional

burden of a transaction fee. The

Exchange believes that this fee

reduction should encourage specialists’

efforts in attracting more order flow,

which in turn should promote a more

liquid market.

2. Statutory Basis

The Exchange believes that the

proposed rule change is consistent with

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

with Section 6(b)(4),7 in particular, in

that they provide for the equitable

allocation of reasonable dues, fees and

other charges, by alleviating a financial

burden on specialists. The Exchange

notes that other equity fees apply only

to certain market participants, and the

Exchange has previously waived fees

with respect to certain market

participants.8

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Phlx does not believe that the

proposed rule change, as amended, will

impose any inappropriate 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 either

solicited or received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The Exchange has designated the

proposed rule change as a fee change

pursuant to Section 19(b)(3)(A)(ii) of the

Act9 and Rule 19b–4(f)(2) thereunder.10

Accordingly, the proposal will take

effect upon the filing of the proposed

rule change with the Commission on

April 18, 2001. At any time within 60

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, as amended, 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, D.C. 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

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the Phlx. All

submissions should refer to File No.

SR–Phlx–2001–41 and should be

submitted by May 31, 2001.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.11

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–11802 Filed 5–9–01; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

Reporting and Recordkeeping

Requirements Under OMB Review

AGENCY: Small Business Administration.

ACTION: Notice of reporting requirements

submitted for OMB review.

SUMMARY: Under the provisions of the

Paperwork Reduction Act (44 U.S.C.

Chapter 35), agencies are required to

submit proposed reporting and

recordkeeping requirements to OMB for

review and approval, and to publish a

notice in the Federal Register notifying

the public that the agency has made

such a submission.

DATES: Submit comments on or before

June 11, 2001. If you intend to comment

but cannot prepare comments promptly,

please advise the OMB Reviewer and

the Agency Clearance Officer before the

deadline.

Copies: Request for clearance (OMB

83–1), supporting statement, and other

documents submitted to OMB for

review may be obtained from the

Agency Clearance Officer.

ADDRESSES: Address all comments

concerning this notice to: Agency

Clearance Officer, Jacqueline White,

Small Business Administration, 409 3rd

Street, SW., 5th Floor, Washington, DC

20416; and OMB Reviewer, Office of

Information and Regulatory Affairs,

Office of Management and Budget, New

Executive Office Building, Washington,

DC 20503.

FOR FURTHER INFORMATION CONTACT:

Jacqueline White, Agency Clearance

Officer, (202) 205–7044.

SUPPLEMENTARY INFORMATION: Title:

Notice of Award/GrantCooperative

Agreement Cost Sharing Proposal.

No’s: 1222 and 1224.

Frequency: On Occasion.

Description of Respondents:

Participating Colleges and Grants

Management Office.

Annual Responses: 477.

Annual Burden: 34,191.

Jacqueline White,

Chief, Administrative Information Branch.

[FR Doc. 01–11797 Filed 5–9–01; 8:45 am]

BILLING CODE 8025–01–P

SOCIAL SECURITY ADMINISTRATION

Agency Information Collection

Activities: Proposed Request and

Comment Request

The Social Security Administration

(SSA) publishes a list of information

collection packages that will require

clearance by the Office of Management