Federal Register / Vol. 60, No. 248 / Wednesday, December 27, 1995 / Notices 67001

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

2The amendment clarified the applicable ranges.

See Letter dated December 15, 1995, from Michael

Cavalier, Assistant General Counsel, Amex, to

Anthony Pecora, Attorney, SEC.

3 15 U.S.C. 78f(b).

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

completely forested. This property

contains wetlands, salt ponds,

archaeological resources of early native

American culture, and two 17th century

plantations near the colonial port of

Harveytown. The northern and eastern

portions of the site which border the

Patuxent River, Sam Abel Cove, Mill

Creek, and Little Kingston Creek are

situated within undeveloped

floodplains. The Hanover Run/Myrtle

Point property is adjacent to Clark’s

Landing which is managed by the

Department of Recreation and Parks of

St. Mary’s County for recreational

purposes. This property is covered

property within the meaning of Section

10 of the Coastal Barrier Improvement

Act of 1990, Public Law 101–591 (12

U.S.C. 1441a–3).

Written notice of serious interest in

the purchase or other transfer of all or

any portion of this property must be

received on or before March 26, 1996,

by the Resolution Trust Corporation at

the appropriate address stated above.

Those entities eligible to submit

written notices of serious interest are:

1. Agencies or entities of the Federal

government;

2. Agencies or entities of State or local

government; and,

3. ‘‘Qualified organizations’’ pursuant

to section 170(h)(3) of the Internal

Revenue Code of 1986 (26 U.S.C.

170(h)(3)).

Written notices of serious interest

must be submitted in the following

form:

NOTICE OF SERIOUS INTEREST

RE: [insert name of property]

Federal Register Publication Date: llll

[insert Federal Register publication date]

1. Entity name.

2. Declaration of eligibility to submit

Notice under criteria set forth in the

Coastal Barrier Improvement Act of

1990, P.L. 101–591, section 10(b)(2), (12

U.S.C. 1441a–3(b)(2)), including, for

qualified organizations, a determination

letter from the United States Internal

Revenue Service regarding the

organization’s status under section

170(h)(3) of the U.S. Internal Revenue

Code (26 U.S.C. 170(h)(3)).

3. Brief description of proposed terms

of purchase or other offer for all or any

portion of the property (e.g., price,

method of financing, expected closing

date, etc.).

4. Declaration of entity that it intends

to use the property for wildlife refuge,

sanctuary, open space, recreational

historical, cultural, or natural resource

conservation purposes (12 U.S.C.

1441a–3(b)(4)), as provided in a clear

written description of the purpose(s) to

which the property will be put and the

location and acreage of the area covered

by each purpose(s) including a

declaration of entity that it will accept

the placement, by the RTC, of an

easement or deed restriction on the

property consistent with its intended

conservation use(s) as stated in its

notice of serious interest.

5. Authorized Representative (Name/

Address/Telephone/Fax).

List of Subjects

Environmental protection.

Dated:

Resolution Trust Corporation.

William J. Tricarico,

Assistant Secretary.

[FR Doc. 95–31266 Filed 12–26–95; 8:45 am]

BILLING CODE 6714–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–36602; File No. SR–Amex–

95–52]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

American Stock Exchange, Inc.

Relating to Revisions to Equity

Transaction Charges

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 15, 1995 the American Stock

Exchange, Inc. (‘‘Amex’’ 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 selfregulatory organization. On December

15, 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 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 amend its

current schedule of charges for equity

trades effective January 1, 1996. The

revised fee schedule will eliminate all

transaction charges for round-lot Post

Executive Reporting (‘‘PER’’) system

trades of 500 shares or less and

eliminate credits to member firms in

connection with PER trades. The text of

the proposed rule change is available at

the Office of the Secretary, the Amex,

and at the Commission.

II. Self-Regulatory Organization’s

Statement of 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.

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

1. Purpose

The Exchange proposes to amend its

schedule of equity transaction charges

as follows, effective January 1, 1996: (1)

The Exchange will impose no

transaction charges for round-lot PER

system trades of 500 shares or less, and

(2) the Exchange will eliminate all

credits to member firms in connection

with PER transactions. Current sharebased charges and value-based charges

will otherwise remain the same. The

Exchange believes these changes will

maintain the competitiveness of its

schedule of transaction charges and

better serve needs of member firms and

their customers.

2. Statutory Basis

The proposed rule change is

consistent with Section 6(b) of the Act 3

in general and furthers the objectives of

Section 6(b)(4) 4 in particular in that it

provides for the equitable allocation of

reasonable dues, fees, and other charges

among the Exchange’s members and

other persons using its facilities.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The proposed rule change does not

impose any burden on competition that

is not necessary or appropriate in

furtherance of the purposes of the Act.
67002 Federal Register / Vol. 60, No. 248 / Wednesday, December 27, 1995 / Notices

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

6 17 CFR 240.19b–4(e)(2).

7 17 CFR 200.30–3(a)(12).

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

2 17 CFR 240.19b–4 (1994).

3According to the CBOE, a facilitation trade is a

transaction that involves crossing an order of a

member firm’s public customer with an order from

the member firm’s proprietary account.

4See Securities Exchange Act Release No. 30944

(July 21, 1992), 57 FR 33376 (July 28, 1992)

(approval order for File No. SR–CBOE–92–09).

5See Securities Exchange Act Release No. 33106

(October 26, 1993), 58 FR 58358 (November 1, 1993)

(approval order for File No. SR–CBOE–93–21).

6The CBOE notes that the SPX facilitation

exemption defines a customer order as one that is

entered, cleared, and in which the resulting

position is carried with the firm.

7The CBOE’s general exercise limit provisions

(Rule 4.12) also will be amended to increase

exercise limits to the levels permitted by the firm

facilitation exemption. Several other nonsubstantive, editorial changes to the position and

exercise limit rules, interpretations, and policies

will be made as well.

8Through the rule proposal, the exemption

provisions contained in Rule 24.4.03 (for SPX index

options) and in Rule 23.3(c) (for interest rate

options) would be eliminated.

9The CBOE notes that the structuring of the rule

proposal in this manner is important because the

special position limits for broad-based index

options (Rule 24.4), for narrow-based index options

(Rule 24.4A), for FLEX Options (Rule 24A.7), for

interest rate options (Rule 23.3), and for government

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 constitutes

or changes a due, fee, or other charge

imposed by the Exchange and, therefore,

has become effective pursuant to

Section 19(b)(3)(A)(ii) of the Act 5 and

subparagraph (e)(2) of Rule 19b–4(2)

thereunder.6

At any time within sixty days of the

filing of such 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, 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 American Stock Exchange.

All submissions should refer to File No.

SR–Amex–95–52 and should be

submitted by January 17, 1996.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.7

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–31306 Filed 12–26–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–36609; File No. SR–CBOE–

95–68]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the Chicago Board Options Exchange,

Inc., Relating to an Expansion of the

Firm Facilitation Exemption to All NonMultiple-Listed Exchange Option

Classes

December 20, 1995.

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 November

16, 1995, the Chicago Board Options

Exchange, Inc. (‘‘CBOE’’ 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 CBOE. 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 CBOE, pursuant to Rule 19b–4 of

the Act, proposes to expand the firm

facilitation exemption for position and

exercise limits that is currently available

for the Standard & Poor’s (‘‘S&P’’) 500

Index (‘‘SPX’’) options and for interest

rate options to all non-multiple-listed

Exchange option classes. The text of the

proposed rule change is available at the

Office of the Secretary, the CBOE, and

the Commission.

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

CBOE included statements concerning

the purpose of the 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

CBOE 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

The CBOE has previously established

firm facilitation 3 exemptions for certain

option classes, such as for SPX index

options (Rule 24.4.03),4 and for interest

rate options (Rule 23.3(c)).5 Exchange

member firms have expressed to the

CBOE’s Department of Market

Regulation their belief that the current

firm facilitation exemptions, which

allow member firms to meet the

investing needs of their customers,

should be expanded floor-wide. The

CBOE has also noted situations in

which a member firm was willing to

accommodate a large customer order 6

that could not be filled by the trading

crowd, but was prevented from

facilitating the order because of a

position limit constraint. In light of the

above, the CBOE proposes that the firm

facilitation exemption be made available

in all option classes that are exclusively

listed on the CBOE.7

The CBOE proposes to expand the

firm facilitation exemption by

incorporating it as new Interpretation

and Policy .06 to Rule 4.11, the general

position limit rule which also sets

specific limits for equity option classes.8

By including the firm facilitation

exemption within Rule 4.11, the

exemption would be available to equity,

broad-based (sector) index, narrowbased (industry) index, Flexible

Exchange (‘‘FLEX’’), interest rate, and

government securities option classes to

the extent and at the levels specified

therein.9