Federal Register / Vol. 60, No. 45 / Wednesday, March 8, 1995 / Notices 12793

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

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. Petitioner

must provide sufficient information to

show that a genuine dispute exists with

the applicant on a material issue of law

or fact. Contentions shall be limited to

matters within the scope of the

amendment under consideration. The

contention must be one which, if

proven, would entitle the 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, and have the opportunity to

participate fully in the conduct of the

hearing, including the opportunity to

present evidence and cross-examines

witnesses.

If a hearing is requested, the

Commission will make a final

determination on the issue of no

significant hazards consideration. The

final determination will serve to decide

when the hearing is held.

If the final determination is that the

amendment request involves no

significant hazards consideration, the

Commission may issue the amendment

and make it immediately effective,

notwithstanding the request for a

hearing. Any hearing held would take

place after issuance of the amendment.

If the final determination is that the

amendment request involves a

significant hazards consideration, any

hearing held would take place before

the issuance of any amendment.

A request for a hearing or a petition

for leave to intervene must be filed with

the Secretary of the Commission, U.S.

Nuclear Regulatory Commission,

Washington, DC 20555, Attention:

Docketing and Services Branch, or may

be delivered to the Commission’s Public

Document Room, the Gelman Building,

2120 L Street, NW., Washington, DC, by

the above date. Where petitions are filed

during the last 10 days of the notice

period, it is requested that the petitioner

promptly so inform the Commission by

a toll-free telephone call to Western

Union at 1–(800) 248–5100 (in Missouri

1–(800) 342–6700). The Western Union

operator should be given Datagram

Identification Number N1023 and the

following message addressed to Herbert

N. Berkow: petitioner’s name and

telephone number, date petition was

mailed, plant name, and publication

data and page number of this Federal

Register notice. A copy of the petition

should also be sent to the Office of the

General Counsel, U.S. Nuclear

Regulatory Commission, Washington,

DC 20555, and to Mr. Albert Carr, Duke

Power Company, 422 South Church

Street, Charlotte, North Carolina,

attorney for the licensee.

Nontimely filings of petitions for

leave to intervene, amended petitions,

supplemental petitions and/or requests

for hearing will not be entertained

absent a determination by the

Commission, the presiding officer or the

presiding Atomic Safety and Licensing

Board that the petition and/or request

should be granted based upon a

balancing of the factors specified in 10

CFR 2.714(a)(1) (i)–(v) and 2.714(d).

For further details with respect to this

action, see the application for

amendment dated February 23, 1995,

which is available for public inspection

at the Commission’s Public Document

Room, the Gelman Building, 2120 L

Street, NW., Washington, DC, and at the

local public document room located at

the Atkins Library, University of North

Carolina, Charlotte (UNCC Station),

North Carolina.

Dated at Rockville, Maryland, this 3rd day

of March 1995.

For the Nuclear Regulatory Commission.

Victor Nerses,

Senior Project Manager, Project Directorate

II–3, Division of Reactor Projects—I/II, Office

of Nuclear Reactor Regulation.

[FR Doc. 95–5610 Filed 3–7–95; 8:45 am]

BILLING CODE 7590–01–M

[Docket Nos. 50–352 and 50–353]

Philadelphia Electric Co.; Notice of

Withdrawal of Application for

Amendment to Facility Operating

Licenses

The U.S. Nuclear Regulatory

Commission (the Commission) has

granted the request of Philadelphia

Electric Company (the licensee) to

withdraw its August 25, 1993,

application for proposed amendment to

Facility Operating License Nos. NPF–39

and NPF–85, for the Limerick

Generating Station, Units 1 and 2,

respectively, located in Montgomery

County, Pennsylvania.

The proposed amendment would

have revised the Technical Specification

Surveillance Requirement 4.5.1 to

reduce the frequency for venting the

Emergency Core Cooling System (ECCS)

piping from once every 31 days to once

every 6 months.

The Commission had previously

issued a Notice of Consideration of

Issuance of Amendment published in

the Federal Register on September 29,

1993 (58 FR 50972). However, by letter

dated December 21, 1994, the licensee

withdrew the proposed change.

For further details with respect to this

action, see the application for

amendment dated August 25, 1993, and

the licensee’s letter dated December 21,

1994, which withdrew the application

for license amendment. The above

documents are available for public

inspection at the Commission’s Public

Document Room, the Gelman Building,

2120 L Street, NW., Washington, DC,

and at the local public document room

located at the Pottstown Public Library,

500 High Street, Pottstown,

Pennsylvania 19464.

Dated at Rockville, Maryland, this 21st day

of February 1995.

For the Nuclear Regulatory Commission.

Frank Rinaldi,

Project Manager, Project Directorate I–2,

Division of Reactor Projects—I/II, Office of

Nuclear Reactor Regulation.

[FR Doc. 95–5614 Filed 3–7–95; 8:45 am]

BILLING CODE 7590–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–35422; File No. SR–BSE–

95–05]

Self-Regulatory Organizations; Boston

Stock Exchange, Inc.; Notice of Filing

of Proposed Rule Change Relating to

Implementation of a Three-Day

Settlement Standard

February 28, 1995.

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

Securities Exchange Act of 1934

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

February 21, 1995, the Boston Stock

Exchange, Incorporated (‘‘BSE’’) filed

with the Securities and Exchange

Commission (‘‘Commission’’) a

proposed rule change as described in

Items I, II, and III below, which items

have been prepared by BSE. 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

BSE proposes to modify its rules to

implement a three business day

settlement standard for securities

transactions.
12794 Federal Register / Vol. 60, No. 45 / Wednesday, March 8, 1995 / Notices

2Securities Exchange Act Release No. 33023

(October 6, 1993), 58 FR 52891.

3Securities Exchange Act Release No. 34952

(November 9, 1994), 59 FR 59137.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission, BSE

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. BSE 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

On October 6, 1993, the Commission

adopted Rule 15c6–1 under the Act

which establishes three business days

after the trade date (‘‘T+3’’) instead of

five business days (‘‘T+5’’) as the

standard settlement cycle for most

securities transactions.2 The rule will

become effective June 7, 1995.3

The proposed rule change will amend

BSE’s definitions of transactions

nominated as ‘‘Regular Way,’’ ‘‘Buyer’s

or Seller’s Option,’’ and ‘‘Next Day’’

contained in Chapter II, Section 6 of

BSE’s rules and will amend Chapter X,

Section 1 of BSE rules regarding the

settlement of ‘‘Cash and Ex-Dividend

Transactions.’’ Under the proposed rule

change, regular way settlement will

occur on the third business day after the

trade, and buyer’s or seller’s option

trades will settle between four business

days and 180 days following the

contract date except that BSE may

provide otherwise in specific issues or

classes of securities. Next day trades

will be able to settle on the first or

second business day following the date

of the contract. Securities will trade

without (i.e., ‘‘ex’’) any dividend, right,

or privilege on the second full business

day preceding the record date except

that when the record date is on a

holiday the securities will trade ‘‘ex’’ on

the third preceding full business day.

The proposed rule change also

amends Chapter XV, Section 14 of BSE

rules, ‘‘Claims and Reports against

Specialist.’’ This proposed change will

shorten the time periods in which

members can file claims of erroneous or

omitted transactions against specialists.

Claims regarding lack of a comparison

of a reported transaction will have to be

made within three days of the original

trade date of five days to comport with

the changes in the settlement cycle.

Claims regarding the omissions of

reports and erroneous trade

comparisons will have to be made

within five business days instead of ten

business days. The latter changes still

will exceed the settlement cycle;

however, they will exceed the

settlement cycle by only two days

instead of five thus reducing the risk

associated with such claims. Finally,

Chapter XXVIII, subparagraph (4)

requires that customers provide their

agent instructions within certain time

frames for delivery versus payment and

receipt versus payment transactions.

The time frames contained in

subparagraph (4)(i) and (ii) will be

shortened by two business days.

The BSE’s implementation of this

proposed rule change will be consistent

with the ‘‘T+3’’ conversion schedule

which the National Securities Clearing

Corporation has proposed for industry

use. The schedule is as follows:

Trade date

Settlement

cycle

Settlement date

June 2 Friday ... 5 day ... June 9 Friday.

June 5 Monday 4 day ... June 9 Friday.

June 6 Tuesday 4 day ... June 12 Monday.

June 7 Wednesday.3 day ... June 12 Monday.

If the Commission determines to alter

the exemptions currently provided in

Rule 15c6–1, BSE may need to

undertake additional rule amendments.

It is intended that the proposed rule

change will become effective on the

same date as Commission Rule 15c6–1.

The proposed rule change is

consistent with Section 6(b)(5) of the

Act in that it is designed to promote just

and equitable principles of trade, to

foster cooperation and coordination

with persons engaged in regulating,

clearing, processing information with

respect to, and facilitating transactions

in securities.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

BSE does not believe that the

proposed rule change will impose any

burden on competition that is not

necessary or appropriate in furtherance

of the purposes of the Act.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants or Others

No written comments were either

solicited or received.

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 BSE 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 NW.,

Washington, DC 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 NW.,

Washington, DC 20549. Copies of such

filing also will be available for

inspection and copying at the principal

office of BSE.

All submissions should refer to File

No. SR–BSE–95–05 and should be

submitted by March 29, 1995.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secrtary.

[FR Doc. 95–5585 Filed 3–7–95; 8:45 am]

BILLING CODE 8010–01–M