66570 Federal Register / Vol. 60, No. 246 / Friday, December 22, 1995 / Notices

1 15 U.S.C. 78s(b)(1) (1988).

2Letter from Jeffrey F. Ingber, General Counsel

and Secretary, GSCC, to Peter R. Geraghty, Division

of Market Regulation, Commission (September 13,

1995).

3Securities Exchange Act Release No. 36430

(October 27, 1995), 60 FR 55748.

4 Generally, NSCC’s CMS will provide

participating participants and clearing agencies

with access to information regarding participating

participants’ clearing fund, margin, and other

similar requirements and deposits at participating

clearing agencies. For a complete description of

CMS, refer to Securities Exchange Act Release No.

36091 (August 10, 1995), 60 FR 42931 [File No. SR–

NSCC–95–06] (order approving NSCC’s CMS).

both an Environmental Assessment

(‘‘EA’’) of the plan and a Safety

Evaluation Report (‘‘SER’’) reviewing

the plan and those documents are

available for public review as described

below.

Pursuant to 10 CFR 2.714(b)(2), each

contention must consist of a specific

statement of the issue of law or fact to

be raised or controverted, including any

alleged omission by the licensee or the

Staff in any action taken or in any

document issued relating to this matter.

In addition, the petitioner shall provide

a brief explanation of the bases of the

contention and a concise statement of

the alleged facts or expert opinion

which support the contention and on

which the petitioner intends to rely in

proving the contention at the hearing.

The petitioner must also provide

references to those specific sources and

documents of which the petitioner is

aware and on which the petitioner

intends to rely to establish those facts or

expert opinion. The petitioner must also

provide sufficient information to show

that a genuine dispute exists with the

licensee on a material issue of law or

fact. Under the circumstances of this

case, the Commission will consider a

valid contention to satisfy the aspect

requirement noted above.

If a hearing is held, the issue shall be

whether an order approving the

decommissioning plan should be

issued. Thus, contentions shall be

limited to matter relevant to the order

under consideration. The contention

must be one which, if proven, would

entitle petitioner to relief. A petitioner

who fails to file such a supplement

which satisfies these requirements with

respect to at least one contention will

not be permitted to participate as a

party. Those permitted to intervene

become parties to the proceeding,

subject to any limitations in the order

granting leave to intervene.

D. Filing Instructions

A request for hearing and/or petition

for leave to intervene shall be filed with

the Secretary of the Commission, United

States Nuclear Regulatory Commission,

Washington, DC, 20555–0001;

Attention: Docketing and Service

Branch, or may be delivered to the

Commission’s Public Document Room

at 2120 L Street, NW. (Lower Level),

Washington, DC by the above date. If a

request for hearing or a petition for

leave to intervene is filed within the last

five (5) calendar days of this period, the

filing party should not only file the

documents by U.S. Mail, but should also

fax them to the Secretary of the

Commission. The fax number for the

Office of the Secretary is (301) 415–

1672.

A copy of all filings should also be

sent to the Office of General Counsel,

U.S. Nuclear Regulatory Commission,

Washington, DC 20555–0001; Attention:

Assistant General Counsel for Hearings

and Enforcement, and to Douglas R.

Nichols, Assistant General Counsel,

Portland General Electric Company, 121

S.W. Salmon Street, Suite 1300,

Portland, Oregon 97204, attorney for the

licensee.

Non-timely filings of (1) petitions for

leave to intervene, (2) amended

petitions, (3) supplemental petitions

and/or (4) requests for hearing will not

be entertained absent a determination

by the Commission or the designated

Atomic Safety and Licensing Board that

the non-timely filing should be accepted

based upon a balancing of the factors

specified in 10 CFR 2.714(a)(1) (i)–(v)

and 10 CFR 2.714(d). Notwithstanding

the provisions of 10 CFR 2.714(a)(3), the

participants will not be allowed to

amend their pleadings without leave of

the Commission or of the designated

Board. Under that provision,

amendment of pleadings without leave

is tied to the submission of contentions

which has been expedited in this case.

Answers to any request for hearing or

petition for leave to intervene should be

filed in accordance with 10 CFR

2.714(c).

For further details with respect to this

action, see (1) the application for

decommissioning, including the

decommissioning plan, dated January

25, 1995, as supplemented on November

13, 1995; (2) the NRC Staff’s

Environmental Assessment, dated

December 18, 1995, and (3) the NRC

Staff’s Safety Evaluation Report, dated

December 15, 1995. These documents

are available for public inspection at

both the Commission’s Public

Document Room, the Gelman Building,

2120 L Street, NW. (Lower Level),

Washington, DC, and at the NRC Local

Public Document Room at the Brandford

Price Millar Library, Portland State

University, 934 S.W. Harrison Street

(P.O. Box 1151), Portland, Oregon

97207. In addition, single copies of the

Environmental Assessment or the Safety

Evaluation Report may be requested in

writing from Dr. Michael T. Masnik,

Senior Project Manager, OWFN MS:11–

B–20, U.S. Nuclear Regulatory

Commission, Washington, DC 20555–

0001.

Dated at Rockville, Maryland, this 18th day

of December, 1995.

For the Nuclear Regulatory Commission.

John C. Hoyle,

Secretary of the Commission.

[FR Doc. 95–31155 Filed 12–21–95; 8:45 am]

BILLING CODE 7590–01–P

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–36597; File No. SR–GSCC–

95–03]

Self-Regulatory Organizations;

Government Securities Clearing

Corporation; Order Approving a

Proposed Rule Change Authorizing the

Release of Clearing Data Relating to

Participants

December 15, 1995.

On August 28, 1995, the Government

Securities Clearing Corporation

(‘‘GSCC’’) filed with the Securities and

Exchange Commission (‘‘Commission’’)

a proposed rule change (File No. SR–

GSCC–95–03) pursuant to Section

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

of 1934 (‘‘Act’’).1 On September 13,

1995, GSCC filed an amendment to the

proposed rule change.2 Notice of the

proposal as amended was published in

the Federal Register on November 2,

1995.3 No comment letters were

received. For the reasons discussed

below, the Commission is approving the

proposed rule change.

I. Description of the Proposal

The purpose of the proposed rule

change is to modify GSCC’s rules to

authorize the release of clearing data

relating to GSCC’s participants to the

National Securities Clearing

Corporation’s (‘‘NSCC’’) Collateral

Management Service (‘‘CMS’’) 4 and to

other parties. GSCC Rule 1

(‘‘Definitions’’) is amended to include

the term ‘‘CFTC-Recognized Clearing

Organization’’ and to define it as ‘‘a

clearing organization that is affiliated

with, or designed by, a contracts market

or markets trading specific futures

products, and is under the oversight of

the Commodity Futures Trading
Federal Register / Vol. 60, No. 246 / Friday, December 22, 1995 / Notices 66571

5Section 2(a) of Rule 29 already permits GSCC to

release clearing data to other self-regulatory

organizations such as NSCC that have regulatory

authority over a GSCC member. The purpose of new

Section 2(b) is to make explicit GSCC’s authority to

release clearing data to NSCC for its CMS.

6 15 U.S.C. 78q–1(b)(3)(F) (1988).

7Although GSCC currently does not have any

cross-guarantee agreements or arrangements with

other clearing agencies, NSCC’s CMS will be

especially beneficial to those participating clearing

entities that have executed cross-guaranty

agreements or have other cross-guarantee

arrangements. The Commission supports the use of

cross-guaranty agreements and other similar

arrangements among clearing agencies as a method

of reducing clearing agencies’ risk of loss due to a

common participant’s default and encourages GSCC

to explore such agreements or arrangements.

Currently, The Depository Trust Company

(‘‘DTC’’) and NSCC are the only clearing agencies

registered with the Commission that have executed

a cross-guaranty agreement. The agreement

provides that in the event of a default of a common

member, any resources remaining after the failed

common member’s obligations to the guaranteeing

clearing agency have been satisfied will be made

available to the other clearing agency. The guaranty

is not absolute but rather is limited to the extent

of the resources relative to the failed member

remaining at the guaranteeing clearing agency. The

principal resources will be the failed members’s

settlement net credit balances and deposits to the

clearing agencies’ clearing funds. For a complete

description of DTC’s and NSCC’s agreement, refer

to Securities Exchange Act Release No. 33548

(January 31, 1994), 59 FR 5638 [File Nos. SR–DTC–

93–08 and SR–NSCC–93–07].

The Midwest Securities Trust Company

(‘‘MSTC’’) and Midwest Clearing Corporation

(‘‘MCC’’) and the Philadelphia Depository Trust

Company (‘‘Philadep’’) and the Stock Clearing

Corporation of Philadelphia (‘‘SCCP’’) each have

cross-guarantee arrangements with their related

affiliate. Pursuant to Section 3, Rule 2, Article VI

of MSTC’s Rules, a defaulting participant’s

obligations at MSTC or MCC will be discharged by

application of that participant’s deposits at either

clearing agency if that participant is a common

member to both clearing agencies. MCC’s Rules

contain a similar provision. Similarly, pursuant to

Section 4, Rule 4 of SCCP’s Rules, SCCP will make

available any portion of a defaulting participant’s

contribution to its participants fund to offset a loss

suffered by Philadep by reason of that participant’s

default. Philadep’s Rules contain an identical

provision.

8 17 CFR 200.30–3(a)(12) (1994).

Commission.’’ The term ‘‘Collateral

Management Service’’ also is added to

Rule 1 and defined as ‘‘the collateral

management information-sharing

service operated by the National

Securities Clearing Corporation.’’

Section 2 of Rule 29 (‘‘Release of

Clearing Data’’) is amended to permit

GSCC to release clearing data to CFTCRecognized Clearing Organizations and

to NSCC solely in connection with

NSCC providing CMS.5 Section 4 of

Rule 29 is amended to clarify that the

term ‘‘Clearing Data’’ includes, in

addition to transaction data, other data

that is received by GSCC in the

clearance and/or settlement process.

II. Discussion

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

requires that the rules of a clearing

agency be designed to assure the

safeguarding of securities and funds

which are in the custody or control of

the clearing agency or for which it is

responsible.6 As discussed below, the

Commission believes the proposed rule

change is consistent with GSCC’s

obligation under Section 17A(b)(3)(F)

because the proposal sets forth GSCC’s

responsibilities and obligations with

regard to releasing participants’ clearing

data and facilitates GSCC’s participation

in NSCC’s CMS by enabling GSCC to

provide information regarding GSCC’s

participants to NSCC for its CMS.

GSCC’s and its participants’

participation in NSCC’s CMS should

help GSCC and other clearing agencies

to better monitor clearing fund, margin,

and other similar required deposits that

protect a clearing agency against loss

should a member default on its

obligations to the clearing agency.7

III. Conclusion

On the basis of the foregoing, the

Commission finds that the proposal is

consistent with the requirements of

Section 17A(b)(3)(F) 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–

GSCC–95–03) be, and hereby is,

approved.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.8

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–31179 Filed 12–21–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–36596; File No. SR–MSRB–

95–18]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Municipal Securities Rulemaking

Board Relating to Customer

Confirmations

December 15, 1995.

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

Securities Exchange Act of 1934

(‘‘Act’’), 15 U.S.C. 78s(b)(1), and Rule

19b–4 thereunder, notice is hereby

given that on November 28, 1995, the

Municipal Securities Rulemaking Board

(‘‘Board’’ or ‘‘MSRB’’) filed with the

Securities and Exchange Commission

(‘‘Commission’’ or ‘‘SEC’’) a proposed

rule change (SR–MSRB–95–18) as

described in Items I, II, and III below,

which Items have been prepared by the

Board. 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 MSRB is filing herewith a

proposed rule change to rule G–15(a) on

customer confirmations (hereafter

referred to as the ‘‘proposed rule

change’’). On July 11, 1995, the

Commission approved an amendment to

rule G–15(a) which completely revised

the test and incorporated many

interpretations that had been issued

over the years. The proposed rule

change makes several clarifying and

technical changes to the text. In order to

simplify compliance for dealers, the

Board requests that the provision in rule

G–15(a)(i)(A)(6)(h) regarding disclosure

of the ‘‘premium paid over accreted

value’’ be withdrawn, effective upon

filing. The Board requests that the

proposed rule change be made operative

90 days after filing, pursuant to Section

19(b)(3)(A) of the Act. The text of

proposed rule change is as follows.

(Additions are italicized; deletions are

bracketed.) Rule G–15(a). Customer

Confirmations.

(i)(A)(1)–(5) No change.

(6) Final Monies. The following

information relating to the calculation and

display of final monies shall be shown:

(a)–(g) No change.

(h) for callable zero coupon securities, [any

premium paid over the accreted value of the

securities] if applicable, the percentage of the

purchase price at risk due to the lowest

possible call, which shall be calculated based

upon the ratio between (i) the difference

between the price paid by the customer and

the lowest possible call price, and (ii) the

price paid by the customer.

(7)–(8) No change.

(B) No change.

(C) Securities descriptive information. The

confirmation shall include descriptive

information about the securities which

includes, at a minimum:

(1) Credit backing. The following

information, if applicable, regarding the

credit backing of the security:

(a) Revenue securities. For revenue

securities, a notation of that fact, [regardless

of whether such designation appears in the

formal title of the security,] and a notation of

the primary source of revenue (e.g., project

name). This subparagraph will be satisfied if

these designations appear on the

confirmation in the formal title of the

security or elsewhere in the securities

description.

(b) No change.

(2)–(3) No change.

(4) Tax information. The following

information that may be related to the tax

treatment of the security:

(a)–(b) No change.

(c) Original issue discount securities. If the

securities pay periodic interest and are sold