Federal Register / Vol. 60, No. 248 / Wednesday, December 27, 1995 / Notices 67007

6 17 CFR 200.30–3(a)(12) (1994).

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

2The amendment corrected the proposal’s

reference to Section 15A(b)(6) as its statutory basis

and deleted superfluous language describing an

affirmative obligation to supplement and correct

discovery. See Letter dated December 13, 1995,

from Rosemary A. MacGuiness, Senior Counsel,

PSE, to Glen Barrentine, Senior Counsel/Team

Leader, SEC.

many nights when OCC could begin

critical processing by 9:00 P.M. To

accommodate the requests by clearing

members for earlier data distribution,

OCC has decided to advance the late

exercise cut-off times by one hour and

to eliminate the volume conditions

affecting the cut-off times.

The volume conditions were initially

incorporated into Rule 801(e) to ensure

that clearing members had adequate

time to reconcile their records with

exchange trade comparison reports.

Since that time, the exchanges have

continued to improve their systems and

operations in the trade matching

process, particularly with respect to

intraday trade matching. These

technological improvements have

enabled the exchanges to send daily

trade data to OCC and its clearing

members much earlier in the day.

Accordingly, OCC proposes to eliminate

any references to volume in the revised

Rule 801(e). OCC does not believe

removing the volume considerations

will have any negative affect on its

clearing members.

The proposed rule change also

amends OCC’s late exercise fee schedule

cut-off times. The time at which a $500

fee will be imposed is being changed

from between 7:00 P.M. to 9:00 P.M. to

between 7:00 P.M. to 8:00 P.M. The late

exercise cut-off time associated with a

$2000 fee will be changed from between

9:01 P.M. and the start of critical

processing to between 8:01 P.M. and the

start of critical processing.

In addition to the changes described

above, Rule 801 is being revised to

provide expressly for the submission of

exercise instructions through electronic

means.

OCC believes the proposed rule

change is consistent with the purposes

and requirements of Section 17A of the

Act because it facilitates the prompt and

accurate clearance and settlement of

securities transactions and assures the

safeguarding of securities and funds in

OCC’s custody or control or for which

it is responsible.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

OCC does not believe that the

proposed rule change would impose any

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 relating to the

proposed rule change have been

solicited or received. OCC will notify

the Commission of any written

comments received by OCC.

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 OCC consents, the

Commission will:

(A) By order approve the 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.

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 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, N.W.,

Washington, D.C. 20549. Copies of such

filing will also be available for

inspection and copying at the principal

office of OCC. All submissions should

refer to the File No. SR–OCC–95–14 and

should be submitted by January 17,

1996.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.6

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–31308 Filed 12–26–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–36603; File No. SR–PSE–

95–31]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the Pacific Stock Exchange

Incorporated Relating to PreArbitration Hearing Document

Exchanges

December 19, 1995.

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

Securities Exchange Act of 1934

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

December 7, 1995, the Pacific Stock

Exchange Incorporated (‘‘PSE’’ or

‘‘Exchange’’) filed with the Securities

and Exchange Commission (‘‘SEC’’ or

‘‘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 18, 1995, the

Exchange submitted to the Commission

Amendment No. 1 to the proposed rule

change.2 The Commission is publishing

this notice to solicit comments on the

amended proposed rule change from

interested persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The Exchange proposes to increase

the prehearing document exchange

deadline contained in PSE Rule 12,

Arbitration, from ten (10) days to twenty

(20) days.

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

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 self-regulatory organization has

prepared summaries, set forth in

Sections A, B, and C below, of the most

significant aspects of such statements.
67008 Federal Register / Vol. 60, No. 248 / Wednesday, December 27, 1995 / Notices

3 15 U.S.C 78f(b)(5). 1 17 C.F.R. 200.30–3(a)(12)

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

1. Purpose

Currently, the PSE’s Arbitration

Department responds to numerous

requests for additional, but late,

discovery that arise from the exchange

of documents intended to be used by the

parties at the hearing. Accordingly, the

Exchange is proposing to amend PSE

Rule 12.14(c) to increase the amount of

time before a hearing where the parties

are required to exchange documents

from ten (10) days to twenty (20) days.

By increasing the time for exchanging

prehearing memoranda, the proposed

rule change is intended to reduce the

burden on the Arbitration Department

and the arbitrators in responding to last

minute discovery requests. The

Securities Industry Conference on

Arbitration approved the proposed rule

change as an amendment to the Uniform

Code of Arbitration at its meeting on

October 21, 1994.

2. Statutory Basis

The PSE believes the proposed rule

change is consistent with the provisions

of Section 6(b)(5) 3 of the Act because it

is designed to facilitate the arbitration

process by providing a more reasonable

time frame in which to address last

minute discovery requests and alleviate

the burdens on the forum staff and

arbitrators in dealing with such

requests.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange believes the proposed

rule change will not impose any burden

on competition that is not necessary or

appropriate in furtherance of 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.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Within 35 days of the publication of

this notice in the Federal Register or

within such other period (i) as the

Commission may designate up to 90

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 the self-regulatory organization

consents, the Commission will;

(A) by order approve the 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.

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 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, N.W.,

Washington, D.C. 20549. Copies of such

filing also will be available for

inspection and copying at the principal

office of the Pacific Stock Exchange. All

submissions should refer to File No.

SR–PSE–95–31 and should be submitted

by January 17, 1996.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.4

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–31305 Filed 12–26–95; 8:45 am]

BILLING CODE 8010–01–M

[Rel. No. IC–21610; No. 812–9740]

Pruco Life Insurance Company, et al.

December 19, 1995.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’ or ‘‘Commission’’).

ACTION: Notice of application for an

order under the Investment Company

Act of 1940 (‘‘1940 Act’’).

APPLICANTS: Pruco Life Insurance

Company (‘‘Pruco Life’’), Pruco Life

Insurance Company Insurance Company

of New Jersey (‘‘Pruco Life of New

Jersey’’), The Prudential Insurance

Company of America (‘‘Prudential’’),

Pruco Life Flexible Premium Annuity

Account (‘‘Separate Account’’), and

Pruco Securities Corporation

(‘‘Securities’’).

RELEVANT 1940 ACT SECTIONS: Order

requested under Section 6(c) of the 1940

Act granting exemptions from the

provisions of Sections 22(d), 26(a)(2)(C),

and 27(c)(2) of the 1940 Act.

SUMMARY OF APPLICATION: Applicants

seek an order to permit: (1) The

deduction of a mortality and expense

risk charge from the assets of the

Separate Account or any other separate

account (‘‘Other Accounts’’) established

by Pruco Life, Pruco Life of New Jersey,

or Prudential to support individual

flexible premium annuity contracts

(‘‘Contracts’’) as well as other variable

annuity contracts that are substantially

similar in all material respects to the

Contracts (‘‘Future Contracts’’) (2) a

waiver of the withdrawal charge for

Contracts or Future Contracts issued in

connection with the waiver of

withdrawal charges endorsement

(‘‘Critical Care Access’’) and (3) a

reduction of the withdrawal charge to

Contract and Future Contract owners

age 84 or older to insure compliance

with state non-forfeiture laws.

FILING DATE: The application was filed

on August 25, 1995, and an amended

and restated application was filed on

December 4, 1995. In addition,

Applicants have represented that they

will file an amendment during the

notice period to make the

representations contained herein.

HEARING OR NOTIFICATION OF HEARING: An

order granting the application will be

issued unless the Commission orders a

hearing. Interested persons may request

a hearing by writing to the SEC’s

Secretary and serving Applicants with a

copy of the request, personally or by

mail. Hearing requests should be

received by the SEC by 5:30 p.m. on

January 15, 1996, and should be

accompanied by proof of service on

Applicants in the form of an affidavit or,

for lawyers, a certificate of service.

Hearing requests should state the nature

of the requestor’s interest, the reason for

the request, and the issues contested.

Persons may request notification of a

hearing by writing to the Secretary of

the SEC.

ADDRESSES: Secretary, Securities and

Exchange Commission, 450 5th Street,

N.W., Washington, D.C. 20549.

Applicants, Clifford E. Kirsch, Esq., The

Prudential Insurance Company of

America, Prudential Plaza, Newark,

New Jerey 07102.

FOR FURTHER INFORMATION CONTACT:

Pamela K. Ellis, Senior Counsel, or

Wendy Finck Friedlander, Deputy

Chief, both at (202) 942–0670, Office of

Insurance Products (Division of

Investment Management).