67386 Federal Register / Vol. 60, No. 250 / Friday, December 29, 1995 / Notices

8The Canadian Securities Institute, in

conjunction with the Investment Dealers

Association of Canada, developed the New Entrants

Exam. The New Entrants Exam is a shortened

examination module for U.S. qualified registered

representatives seeking to conduct business with

Canadian citizens.

9 15 U.S.C. 78f(c)(3)(B).

10 15 U.S.C. 78s(b)(2).

11 17 CFR 200.30–3(a)(12).

1See Letter from Claudia Crowley, Special

Counsel, Amex, to Glen Barrentine, Team Leader,

Division of Market Regulation, SEC, dated

December 14, 1995. Amendment No. 1 clarifies that

the Exchange is filing its proposed rule change

pursuant to Rule 19b–4(e)(6) as a ‘‘noncontroversial’’ rule change and makes appropriate

changes to the Form 19b–4. See infra note 3 for

further description of Amendment No. 1.

treatment from the Canadian securities

authorities, thus easing their access to

the Canadian market.8

The Commission also believes the

proposal is consistent with Section

6(c)(3)(B)9 because it establishes

standards of training, experience, and

competence for persons associated with

Exchange members and member

organizations. The Canadian module

should provide comprehensive coverage

of the topics contained in the Series 7

that are not covered, or are not covered

in sufficient detail, in the Canadian

qualification examinations.

Accordingly, the Canadian module,

along with the Canadian qualification

examinations, should adequately

measure the Canadian representatives’

knowledge of U.S. securities laws,

markets, investment products, and sales

practices.

The Commission finds good cause for

approving proposed Amendments No. 1

and 2 prior to the thirtieth day after the

date of publication of notice of filing

thereof in the Federal Register.

Amendment No. 1 confirmed that the

Exchange has procedures in place that

ensure the module remains current in

view of industry changes in the United

States as well as Canada, and it assigned

separate series numbers to the two

examinations contained in the module.

Amendment No. 2 broadened the scope

of the Canadian module slightly to

ensure that it is sufficient to measure

Canadian registered representatives’

knowledge of U.S. securities laws,

markets, investment products, and sales

practices. Although Amendment No. 2

added a few subtopics, the general

scope of the module did not change. For

these reasons, the Commission finds

good cause for accelerating approval of

Amendments No. 1 and 2.

Interested persons are invited to

submit written data, views, and

arguments concerning Amendments No.

1 and 2 to the proposed rule change.

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

Amendments No. 1 and 2 between the

Commission and any persons, 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, N.W.,

Washington, D.C. 20549. Copies of such

filing also will be available at the

principal office of the NYSE. All

submissions should refer to File No.

SR–NYSE–95–29 and should be

submitted by January 19, 1996.

IV. Conclusion

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act,10 that the

proposed rule change (SR–NYSE–95–

29), including Amendments No. 1 and

2 on an accelerated basis, is approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.11

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–31508 Filed 12–28–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–36633; File No. SR–Amex–

95–51]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

American Stock Exchange, Inc.

Relating to the Use of Automated

Telephone Voting Systems by Member

Organizations or Their Proxy Agents

December 22, 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 December 13, 1995,

the American Stock Exchange, Inc.

(‘‘Amex’’ 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 self-regulatory

organization. On December 15, 1995, the

Exchange submitted Amendment No. 1

to the proposed rule change.1 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 Exchange is proposing to amend

Rule 577 and Section 723 of the

Company Guide to permit the use of

automated telephone voting systems by

member organizations or their proxy

agents.

The proposed rule change would

amend Amex Rule 577 and Section 723

of the Amex Company Guide by adding

the following text:

Instructions from beneficial owners may

also be accepted by member organizations or

their agents through the use of an automated

telephone voting system which has been

approved by the Exchange. Such a system

shall utilize an identification code for

beneficial owners and provide an

opportunity for beneficial owners to validate

votes to ensure that they were received

correctly. The automated system must

provide beneficial owners with the same

power and authority to issue, revoke, or

otherwise change voting instructions as

currently exists for instructions

communicated in written form. Records of

voting including the date of receipt of

instructions and the name of the recipient

must be retained by the member

organizations or their agents.

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 an

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.

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

1. Purpose

Exchange Rules 575 through 585

specify the manner in which an

Exchange member organization must

transmit proxy materials to customers

who are the beneficial owners of

securities held of record by the member

organization. The voting process which

is currently used by member

organizations (or their proxy agents)

provides for the transmission of a proxy

statement and voting authorization form

to beneficial owners. The appropriate

voting selections are indicated on the

form by the beneficial owner and mailed
Federal Register / Vol. 60, No. 250 / Friday, December 29, 1995 / Notices 67387

2See Securities Exchange Act Release No. 36040

(July 31, 1995), 60 FR 40215 (Aug. 7, 1995) (File

No. SR–NYSE–95–15).

3The following language, which is also in use by

the NYSE, will be used: ‘‘As an alternative to

completing this form, you may enter your vote

instructions by telephone. Call toll free 1–800–454–

8683 and follow the simple instructions.’’ In

Amendment No. 1, the Exchange clarifies that if the

specific language in the voting form to inform

beneficial owners of the new telephone voting

option is changed in any manner, the Exchange will

contact the Commission and receive approval

before using the new language. 4 17 CFR 240.19b-4(e)(6).

back to the members organization or its

agent. Beneficial owners presently also

have the option of providing oral voting

instructions to the member organization.

The New York Stock Exchange

(‘‘NYSE’’) recently amended its rules to

permit member organizations or their

proxy agents to use automated

telephone voting systems to receive

voting instructions from beneficial

owners.2 Such systems permit beneficial

owners to give voting instructions on

appropriate corporate proposals through

a touch tone telephone, which utilizes

identification codes and provides a

validation opportunity to confirm that

the voting instructions were received

correctly. This type of system is deemed

to be less prone to tabulation error than

the current system.

To provide member organizations and

beneficial owners of securities with

consistent industry procedures (which

in turn are more efficient and cost

effective) the Exchange is proposing to

conform its rules to those of the NYSE

by amending Rule 577 and Section 723

of the Company Guide to permit the use

of automated telephone voting systems

by member organizations and their

proxy agents. Beneficial owners will be

informed of the new voting option by

specific language at the top of the voting

form.3 However, the use of such systems

will not be mandatory, and beneficial

owners will still have the option to vote

in writing using the voting authorization

form.

The proposed rule change provides

that only those automated telephone

systems which have received Exchange

approval may be used by member

organizations or their proxy agents, and

specifies that the Exchange may only

approve an automated system if it

provides an identification code for

beneficial owners as well as an

opportunity for beneficial owners to

validate instructions to ensure that they

were received correctly. In addition, the

automated system must provide

beneficial owners with the same power

and authority to issue, revoke, or

otherwise change voting instructions as

currently exists for instructions

communicated in written form. Further,

member organizations or their agents

utilizing this method must maintain

records of voting, including the date of

receipt of the instructions and the name

of the recipient.

Initially, the Exchange anticipates

approving only the Automatic Data

Processing Brokerage Information

Services Group (‘‘ADP’’), which is also

the only system currently approved by

the NYSE. As is the case with the NYSE,

the Exchange will consult with the

Commission Staff prior to approving

any additional system(s) and will only

approve such system(s) if the

Commission Staff believes that it

operates in a manner consistent with

Section 14(a) of the Act and the rules

and regulations thereunder.

2. Statutory Basis

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 promote just and equitable

principles of trade, to foster cooperation

and coordination with persons engaged

in regulating, clearing, settling,

processing information with respect to,

and facilitating transactions in

securities, to remove impediments to

and perfect the mechanism of a free and

open market and a national market

system, and, in general, to protect

investors and the public interest.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The proposed rule change will impose

no 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

Because the foregoing proposed rule

change: (1) Does not significantly affect

the protection of investors or the public

interest; (2) does not impose any

significant burden on competition; (3)

does not become operative for 30 days

from December 13, 1995, the date on

which it was filed, and the Exchange

provided the Commission with written

notice of its intent to file the proposed

rule change at least five business days

prior to the filing date, it has become

effective pursuant to Section 19(b)(3)(A)

of the Act and Rule 19b–4(e)(6)

thereunder.4

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.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, NW.,

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, NW.,

Washington, D.C. 20549. Copies of such

filing will also be available for

inspection and copying at the principal

office of the Exchange. All submissions

should refer to File No. SR-Amex-95-51

and should be submitted by January 19,

1996.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–31509 Filed 12–28–95; 8:45 am]

BILLING CODE 8010–01–M

SOCIAL SECURITY ADMINISTRATION

Agency Forms Submitted to the Office

of Management and Budget for

Clearance

Normally on Fridays, the Social

Security Administration publishes a list

of information collection packages that

will require submission to the Office of

Management and Budget (OMB) for

clearance in compliance with Public

Law 96–511, as amended (Pub. L. 104–

13 effective October 1, 1995), The

Paperwork Reduction Act. Since the last

list was published in the Federal