9880 Federal Register / Vol. 60, No. 35 / Wednesday, February 22, 1995 / Notices

3See Securities Exchange Act Release No. 34279

(June 29, 1994), 59 FR 34883 (July 7, 1994).

4See Securities Exchange Act Release No. 34753

(Sept. 29, 1994), 59 FR 50866 (Oct. 6, 1994). 1See Rule 1101A(b)(iii).

qualified the protection of the limit

order rule’s scope. At the same time, the

amendment accurately reflects the

ordinary framework in which firms and

institutions typically negotiate the

conditions under which an institution’s

limit order is to be handled. For

example, in its approval of the original

NASD Interpretation regarding the

handling of customer limit orders,3 the

Commission specifically indicated its

view that the terms and conditions

language of the original NASD

Interpretation was included to permit

special treatment for institutional

customer limit orders. In addition, in its

own proposal regarding customer limit

order protection for Nasdaq National

Market securities, proposed Rule 15c5–

1,4 the Commission solicited comment

on the ‘‘terms and conditions’’

provisions in its rule, which would

allow the parties to a trade to set special

conditions to allow a market maker to

employ an appropriate strategy in filling

an institutional customer’s order

without violating the proposed rule. Of

course, the clarification of the

Interpretation continues to permit a

member to establish with its customers

or the order entry firm commissioner or

commission equivalents regarding the

handling of a limit order, provided that

the member makes these charges clear to

the customer. In this connection, the

NASD notes that Nasdaq market makers

are free to negotiate additional

compensation from order routing firms

to the extent that such compensation is

economically and competitively

justified. Similarly, the Interpretation

continues in place the understanding

that nothing in the Interpretation would

obligate a market maker to accept limit

orders from any or all customers or

member firms.

The NASD believes that the proposed

rule change is consistent with section

15A(b)(6) of the Act in that these

proposed changes are designed to

prevent fraudulent and manipulative

acts and practices, to promote just and

equitable principles of trade, to facilitate

transactions in these securities, to

remove impediments to and to 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 NASD does not believe that the

proposed rule change will result in any

burden on competition that is not

necessary or appropriate in furtherance

of the purposes of the Act, as amended.

Accordingly, while the NASD will

monitor carefully for any adverse

competitive effects of the Interpretation,

it believes that any adverse effects are

far outweighed by the enhanced

execution opportunities provided public

investors.

(C) Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received from

Members, Participants, or Others

Written comments were neither

solicited nor received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Within 35 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

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 NASD 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.

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

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the NASD. All

submissions should refer to SR–NASD–

94–62, Amendment No. 1 and should be

submitted by March 7, 1995.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority, 17 CFR 200.30–3(a)(12).

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–4358 Filed 2–16–95; 5:00 pm]

BILLING CODE 8010–01–M

[Release No. 34–35376; File No. SR–Phlx–

095–11]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the Philadelphia Stock Exchange, Inc.,

Relating to the Listing of Five Year

Long-Term Index Options

February 14, 1995.

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

Securities Exchange Act of 1934

(‘‘Act’’), 15 U.S.C. 73s(b)(1), notice is

hereby given that on February 8, 1995,

the Philadelphia Stock Exchange, Inc.

(‘‘Phlx’’ 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 Phlx. 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 Phlx, pursuant to Rule 19b–4 of

the Act, proposes to amend its Rule

1101A to permit the listing of index

option series with up to 60 months (five

years) until expiration. Currently, Rule

1101A permits ‘‘long-term’’ options up

to 36 months until expiration.1 The text

of the proposed rule change is available

at the Office of the Secretary, the Phlx,

and at 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

Phlx 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 Phlx has prepared

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

and (C) below, of the most significant

aspects of such statements.
Federal Register / Vol. 60, No. 35 / Wednesday, February 22, 1995 / Notices 9881

2 17 CFR 200.30–3(a)(12) (1994).

(A) Self-Regulatory Organization’s

Statement of the Purpose of, and the

Statutory for, the Proposed Rule Change

The purpose of the proposed rule

change is to provide investors with the

ability to trade additional long-term

options by permitting the listing of

index options with up to 60 months

until expiration. The Exchange

represents that the proposed five year

long-term options are in response to

increasing investor interest in longerterm instruments. In the Exchange’s

opinion, such instruments will enable

investors to trade based on long-term

projections, providing added flexibility

and trading opportunities in index

options trading. The proposed

amendment to Rule 1101A will permit

five-year long-term options in all of the

index options traded on the Phlx, both

market (i.e., broad-based indexes) and

industry (i.e., narrow-based indexes).

The Exchange believes that the

foregoing rule change proposal is

consistent with Section 6 of the Act, in

general, and with Section 6(b)(5), in

particular, in that it is designed to

promote just and equitable principles of

trade, and remove impediments to and

perfect the mechanism of a free and

open market, by providing additional

trading opportunities for investors.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

The Phlx 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 solicited

or received with respect to the proposed

rule change.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Within 35 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

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 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.

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. Copies of such filing

will also be available for inspection and

copying at the principal office of the

Phlx. All submissions should refer to

File No. SR–Phlx–95–11 and should be

submitted by March 15, 1995.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.2

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–4275 Filed 2–21–95; 8:45 am]

BILLING CODE 8010–01–M

[Investment Company Act Release No.

20898; 811–8112]

Transamerica Tax-Free Trust; Notice of

Application

February 14, 1995.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’)..

ACTION: Notice of application for

deregistration under the Investment

Company Act of 1940 (the ‘‘Act’’).

APPLICANT: Transamerica Tax-Free

Funds Trust.

RELEVANT ACT SECTION: Section 8(f).

SUMMARY OF APPLICATON: Applicant

seeks an order declaring it has ceased to

be an investment company.

FILING DATE: The application was filed

on January 18, 1995.

HEARING ON NOTIFICATION OF HEARING: An

order granting the application will be

issued unless the SEC orders a hearing

interested persons may request a

hearing by writing to the SEC’s

Secretary and serving applicant with a

copy of the request, personally or by

mail. Hearing requests should be

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

March 13, 1995, and should be

accompanied by proof of service on the

applicant, in the form of an affidavit or,

for lawyers, a certificate of service.

Hearing requests should state the nature

of the writer’s interest, the reason for the

request, and the issues contested.

Persons may request notification of a

hearing by writing to the SEC’s

Secretary.

ADDRESSES: Secretary, SEC, 450 Fifth

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

Applicants, 1000 Louisiana Street,

Houston, Texas 77002.

FOR FURTHER INFORMATION CONTACT:

Diane L. Titus, Paralegal Specialist, at

(202) 942–0584, or Barry D. Miller,

Senior Special Counsel, at (202) 942–

0564 (Division of Investment

Management, Office of Investment

Company Regulation.

SUPPLEMENTARY INFORMATION: The

following is a summary of the

application. The complete application

may be obtained for a fee from the SEC’s

Public Reference Branch.

Applicant’s Representatives

1. Applicant is an open-end,

diversified investment company,

organized as a business trust under the

laws of the Commonwealth of

Massachusetts. On October 29, 1993,

Applicant registered under the Act and

filed its registration statement under the

Securities Act of 1933 (the ‘‘1933 Act’’).

2. In December 1994, the Adviser to

the applicant determined market

conditions for establishment municipal

funds of the applicant changed so as to

make registration undesirable and

requested withdrawal of the registration

statement. On April 21, 1994, the

applicant received from the Commission

an order withdrawing its registration

statement pursuant to Rule 477 of the

1933 Act. Accordingly, applicant has

not issued or offered any securities.

3. Applicant has no shareholders,

liabilities or assets Applicant is not a

party to any litigation or administrative

proceeding.

4. Applicant is not now engaged, nor

does it propose to engage in any

business activities other than those

necessary for the winding-up its affairs.

For the SEC, by the Division of Investment

Management, under delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–4236 Filed 2–21–95; 8:45 am]

BILLING CODE 8010–01–M