Federal Register / Vol. 66, No. 103 / Tuesday, May 29, 2001 / Notices 29199

4 17 CFR 200.30–3(a)(12).

1A copy of the text of SCCP’s proposed rule

change and the attached exhibits are available at the

Commission’s Public Reference Section or through

SCCP.

2The term ‘‘margin member’’ means participants

who are Philadelphia Stock Exchange specialists,

alternate specialists, and other Phlx floor members

specifically approved by the National Securities

Clearing Corporation to effect trading in a margin

account in accordance with SCCP Rule 9.

3The term ‘‘participants’’ means persons or

organizations which have qualified for membership

in SCCP pursuant to SCCP Rules 2 and 3.

Participants are also referred to in SCCP Rules as

‘‘members.’’

4See SCCP Rule 23 section 1(c).

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.4

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–13327 Filed 5–25–01; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–44334; File No. SR–SCCP–

2001–04]

Self-Regulatory Organizations; The

Stock Clearing Corporation of

Philadelphia; Notice of Filing of

Proposed Rule Change Relating to the

Establishment of Fines for Late Margin

Call Payments and an Appeal Process

for Such Fines

May 22, 2001.

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

Securities Exchange Act of 1934

(‘‘Act’’), as amended, notice is hereby

given that on, February 27, 2001, The

Stock Clearing Corporation of

Philadelphia (‘‘SCCP’’) 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 SCCP. The

Commission is publishing this notice to

solicit comments on the proposed rule

change from interested parties.1

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The purpose of the proposed rule

change is to amend SCCP Rule 9,

Margin Accounts, to include a fine

schedule for late payments of margin

calls. The proposed rule change will

also allow SCCP to amend Rule 23,

Right of Appeal, to provide for a right

of appeal for margin members 2 who

wish to appeal imposition of the fine for

late payments of margin calls.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

SCCP 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. SCCP has prepared

summaries, set forth in sections (A), (B),

and (C) below, of the most significant

aspects of these statements.

(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 implement late fines on

SCCP margin members who are late

meeting a margin call payment. The

proposed rule change is intended to

encourage the timely payments of

margin calls. Rule 9 provides, in part,

that SCCP will provide margin accounts

for margin members that clear and settle

their transactions through SCCP’s

omnibus clearance and settlement

account. SCCP provides margin for such

accounts based on its procedures and

Regulation T of the Board of Governors

of the Federal Reserve System. Margin

members who are designated as

specialists or alternate specialists in a

security receive margin credit of 15%

with respect to positions in that security

held in their specialist accounts.

Members holding positions for which

they are not designated as a specialist or

alternate specialist receive nonspecialist margin credit of 50%. SCCP

may issue margin calls to any margin

member when the margin requirement

exceeds the account equity. Pursuant to

SCCP procedures, margin call payments

are due by 12:00 p.m. EST the business

day of the call. Late margin payments

are not currently subject to a specific

late fine although members may be

subject to possible disciplinary action

pursuant to SCCP Rule 22.

SCCP believes that implementation of

the proposed fine schedule will reduce

the number of incidents of late margin

call payments by members.

Notwithstanding the late margin call

payment fine, members would continue

to be subject to possible disciplinary

action pursuant to SCCP Rule 22.

Currently, Rule 23 provides, in

relevant part, a SCCP participant 3 with

the right to appeal from any decision or

decisions of SCCP resulting in sanctions

or penalties imposed under Rule 20 or

22.4 SCCP proposes to include fines

imposed under Rule 9 to the list of

applicable actions specified in Rule 23.

The proposed inclusion in Rule 23 of a

margin member’s right to appeal a fine

for late margin call payments will

provide members a process by which to

dispute implementation of such fines.

SCCP believes that the proposed rule

change will facilitate ensuring

compliance with SCCP’s rules regarding

margin and Regulation T and is

therefore consistent with section

17A(b)(3)(A) of the Act and specifically

with section 17A(b)(3)(F) of the Act in

that it is designated to promote the

prompt and accurate settlement of

securities transactions and to remove

impediments to and perfect the

mechanism of a national system in that

the proposed fine for late margin calls

will encourage margin members to

submit margin payments in a timely

manner therefore reducing the

frequency of late margin call payments.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

SCCP does not believe that the

proposed rule change 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

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 SCCP 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,

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

29200 Federal Register / Vol. 66, No. 103 / Tuesday, May 29, 2001 / Notices

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 also will be available for

inspection and copying at the principal

office of SCCP. All submissions should

refer to File No. SR–SCCP–2001–04 and

should be submitted by June 19, 2001.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–13384 Filed 5–25–01; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster #3342]

Commonwealth of Pennsylvania

Montgomery County and the

contiguous counties of Bucks, Berks,

Chester, Delaware, Lehigh and

Philadelphia in the Commonwealth of

Pennsylvania constitute a disaster area

due to damages caused by a multiple

alarm fire that occurred on May 15 and

16, 2001. Applications for loans for

physical damage as a result of this

disaster may be filed until the close of

business on July 23, 2001 and for

economic injury until the close of

business on February 25, 2002 at the

address listed below or other locally

announced locations: U.S. Small

Business Administration, Disaster Area

1 Office, 360 Rainbow Blvd., South 3rd

Floor, Niagara Falls, NY 14303.

The interest rates are:

Percent

For Physical Damage:

Homeowners with credit available elsewhere ...................... 6.625

Homeowners without credit

available elsewhere ............... 3.312

Businesses with credit available

elsewhere .............................. 8.000

Businesses and non-profit organizations without credit available elsewhere ...................... 4.000

Others (including non-profit organizations) with credit available elsewhere ...................... 7.125

For Economic Injury:

Percent

Businesses and small agricultural cooperatives without

credit available elsewhere ..... 4.000

The number assigned to this disaster

for physical damage is 334205 and for

economic injury is 9L7600.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008.)

Dated: May 22, 2001.

John Whitmore,

Acting Administrator.

[FR Doc. 01–13425 Filed 5–25–01; 8:45 am]

BILLING CODE 8025–01–P

SMALL BUSINESS ADMINISTRATION

Program for Investment in

Microentrepreneurs (PRIME); Notice of

Funds Availability (NOFA) Inviting

Applications for the PRIME Program

AGENCY: U.S. Small Business

Administration.

ACTION: Notice of funds availability

(NOFA) inviting applications.

SUMMARY: The Program for Investment

in Microentrepreneurs Act of 1999

(Pub.L. 106–102), enacted November 12,

1999, (‘‘the Act’’) authorizes the U.S.

Small Business Administration (‘‘SBA’’)

to award grants under the Program for

Investment in Microentrepreneurs

(PRIME) Program. The Acting

Administrator of the SBA invites

applications for selection as a

participating grantee under the PRIME

Program. The Final Rule (13 CFR part

119) published in today’s Federal

Register provides guidance on the

contents of the necessary application

materials, evaluation criteria and other

program requirements. Applicants for

selection as a participating grantee can

find more detailed application content

requirements in the PRIME program

announcements, that are available on

SBA’s website at: http://www.sba.gov/

financing/frprime.html

SBA expects to award grants of up to

$250,000 to a minimum of 60 PRIME

Program participants. A total of $15

million is available for this purpose.

SBA reserves the right to select and

fund some, all, or none of the applicants

for participation in the PRIME program.

DATES: Applications may be submitted

to SBA immediately. The deadline for

receipt of an application is 4:00 p.m.

EST on June 28, 2001. Applications

received in SBA’s offices after that date

and time, with the exception of mailed

applications as indicated in the Program

Announcements, will be rejected and

returned to the sender.

ADDRESSES: Applications must be sent

to U.S. Small Business Administration,

Office of Procurement and Grants

Management, 409 3rd Street, SW,

Washington, DC 20416, Attn: Mina

Bookhard, Agreement Officer.

Applications sent electronically or by

facsimile will not be accepted.

FOR FURTHER INFORMATION CONTACT: If

you have any questions about the

requirements for this program or

application procedures, or if you are

unable to access the application via the

internet, contact Warren Boyd, Jaunice

Cromer, or Felicia Smith at the SBA

Microenterprise Development Branch,

202–205–6485. Applications may be

downloaded from SBA’s web site at:

http://www.sba.gov/financing/

frprime.html

Program Authority: Program for

Investment in Microentrepreneurs Act, Pub.

L. No. 106–102, and 13 CFR part 119.

Dated: May 21, 2001.

Jeanne Sclater,

Acting Associate Deputy Administrator,

Office of Capital Access.

[FR Doc. 01–13231 Filed 5–25–01; 8:45 am]

BILLING CODE 8025–01–P

SOCIAL SECURITY ADMINISTRATION

President’s Commission To

Strengthen Social Security

AGENCY: Social Security Administration

(SSA).

ACTION: Announcement of meeting.

DATES: June 11, 2001, 10 a.m.—6 p.m.

ADDRESSES: Washington, DC—Exact

location to be determined. Due to

unforeseen circumstances the room

location has not been identified to date,

but notice of the exact location will be

provided in the Federal Register as soon

as it is available.

SUPPLEMENTARY INFORMATION:

Type of meeting: The meeting will be

open to the public between 11 a.m. and

6 p.m. In accordance with the

Government in the Sunshine Act, 5

U.S.C. 552b(c), the meeting will be

closed to the public from 10 a.m. to 11

a.m. to conduct housekeeping business

relating solely to Federal personnel

rules and practices and other

administrative matters.

Due to extenuating circumstances in

obtaining meeting space the

Commission was unable to publish this

meeting notice 15 days prior to the

actual meeting.

Executive order 13210 established the

Commission, which is intended to

provide bipartisan recommendations to

the President for modernizing and