10626 Federal Register / Vol. 60, No. 38 / Monday, February 27, 1995 / Notices

5NASD Manual, Schedules to the By-Laws,

Schedule D, Part VIII, Sec. A(8)(a), (CCH ¶ 1850). 6 17 CFR 200.30–3(a)(12) (1994).

1The PSE’s proposal for the listing and trading of

SCOR securities is currently pending Commission

approval. The proposal was published for public

comment in Securities Exchange Act Release No.

35140 (December 22, 1994), 60 FR 159 (January 3,

1995) (File No. SR–PSE–94–31).

Congress advocated the application of

new technologies to effect the

widespread dissemination of quotation

and transaction information to

investors. Section 15A(b)(5) requires the

equitable allocation of reasonable dues,

fees, or other charges among persons

using any facility or system which the

NASD operates or controls.

The proposed service and fee are

specifically designed to accommodate

the information needs of individual

investors, particularly small investors

who do not require the breadth of

market data and analytic information

that an institutional investor or market

maker would need. This initiative

would enable any end user to receive

selected, real-time market data for a fee

of $.01/query (payable by the vendor to

NSMI) without the user having to

acquire an expensive piece of hardware.

Although the NASD (through NSMI)

already has a non-professional

subscriber fee of $4/month/interrogation

device for receipt of inside bid/ask and

last sale prices,5 the cost of vendor

supplied equipment and the fixed level

of these fees ($13 for access to

information from all markets) tends to

discourage subscription by low-volume

users. Some of these end users instead

choose to pay (to the vendor only) for

electronic access to delayed market

data; Nasdaq does not charge for

delayed information. The instant

proposal would provide a superior

option to small investors wishing to

access current market information, on

demand, for either Nasdaq or OTC

equities. Accordingly, the NASD posits

that this proposal will facilitate broader

dissemination of Nasdaq and OTC

market data to retail investors.

Further, the NASD submits that the

proposal is consistent with the

requirements of Section 15A(b)(5) in

that $.01/query fee is believed to be

readily affordable to small investors, the

most likely end users. As noted above,

some of these individuals may now pay

a fee to vendors to access delayed

market data via telephonic voice

response systems. The proposed fee is

structured to strike a balance between

affordability and the provision of realtime market data in response to discrete

queries by end users. Based on these

factors, the NASD reiterates the belief

that this proposal is consistent with the

requirements of Section 15A(b)(5).

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

The NASD believes that the proposed

rule change will not result in 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

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, 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

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 File

Number SR–NASD–95–7 and should be

submitted by March 20, 1995.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.6

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–4649 Filed 2–24–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35395; File No. SR–PSE–

95–03]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the Pacific Stock Exchange, Inc.

Relating To Establishing New Listing

Fees Applicable to Small Corporate

Offering Registration (‘‘SCOR’’)

Securities

February 17, 1995.

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

Securities Exchange Act of 1934 (‘‘Act’’)

15 U.S.C. § 78s(b)(1), notice is hereby

given that on February 13, ‘1995, the

Pacific Stock Exchange, Inc. (‘‘PSE’’ 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 self-regulatory organization. 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 PSE is proposing to establish new

fees applicable to Small Corporate

Offering Registration (‘‘SCOR’’)

securities.1

SCOR Marketplace—Listing Fee Schedule

Original Listings

The Original Listing fees are fixed fees and

issues are not charged by the number of

shares being listed.

Common Stock..................................$5,000.00

Preferred Stock....................................5,000.00

Processing Fee

Per Original Listing Application*:......$500.00

Name change..........................................250.00

Change in Par Value...............................250.00

llllllll

*This is a fixed charge for the review of

potential listings and is non-refundable.

Issues approved for listing may have this

charge credited toward the original listing

fee.

Substitution of Original Listing

Per Application..........Fixed charge of $750.00

Substitution may occur as a result of a

change in state of incorporation,

reincorporation under laws of same state, a

reverse stock split, recapitalizations, or

similar events.

Listing of Additional Shares

Per Application:

$.0025 per share

Minimum charge of $500.00

Maximum charge of $2,500.00
Federal Register / Vol. 60, No. 38 / Monday, February 27, 1995 / Notices 10627

Maximum charge of $5,000.00 per annum

Annual Maintenance Fee

For one issue .....................................$1,000.00

For each additional issue.......................500.00

Payable January of each year following

listing.

Conversion Fee

Conversion from the SCOR Market place to

Tiers I or II.

Common Stock................................$15,000.00

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.

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

1. Purpose

The Exchange is proposing to add the

following fees, relating to the

Exchange’s SCOR Marketplace program,

to the exchange’s Listing Fee Schedule.

The Exchange is proposing to establish

original listing fees of $5,000 for

common stock and $5,000 for preferred

stock. The Exchange is also proposing to

adopt the following processing fees:

$500 per original listing application;

$250 per name change; and $250 per

change in par value. In addition, the

Exchange is proposing to set a fixed

charge of $750 per application for a

substitution of original listing which

may occur as a result of a change in

state of incorporation, reverse stock

split, recapitalization, or similar events.

With respect to the listing of additional

shares, the Exchange is proposing to

establish the following fees per

application: $.0025 per share, with a

minimum charge of $500, a maximum

charge of $2,500, and in the case of

multiple applications, a maximum

charge of $5,000 per annum. The

Exchange is also proposing to adopt an

annual maintenance fee of $1,000 per

issue, plus $500 for each additional

issue. Finally, the Exchange is

proposing to establish a conversion fee

(for conversion from listing within the

SCOR Market place to the regular

listing) of $15,000 for common stock.

2. Statutory Basis

The proposed rule change is

consistent with Section 6(b) of the Act,

in general, and Section 6(b)(4) of the Act

in that it is intended to provide for the

equitable allocation of reasonable fees

and charges among persons using the

Exchange’s facilities.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The PSE 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

Written comments on the proposed

rule change were neither solicited nor

received.

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 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 at

the Commission’s Public Reference

Section, 450 Fifth Street NW.,

Washington, DC 20549. Copies of such

filing will also be available for

inspection and copying at the principal

office of the PSE. All submissions

should refer to File No. SR–PSE–95–03

and should be submitted by [insert date

21 days from date of publication].

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–4706 Filed 2–24–95; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[License #05/05–0130]

Federated Capital Corporation;

License Surrender

Notice is hereby given that Federated

Capital Corporation (‘‘FCC’’), 30955

Northwestern Highway, Farmington

Hills, Michigan 48334, has surrendered

its license to operate as a small business

investment company under the Small

Business Investment Act of 1958, as

amended (‘‘the Act’’). FCC was licensed

by the Small Business Administration

on November 14, 1978.

Under the authority vested by the Act

and pursuant to the regulations

promulgated thereunder, the surrender

of the license was accepted on February

1, 1995, and accordingly, all rights,

privileges, and franchises derived

therefrom have been terminated.

(Catalog of Federal Domestic Assistance

Program No. 59.011, Small Business

Investment Companies)

Dated: February 16, 1995.

Robert D. Stillman,

Associate Administrator for Investment.

[FR Doc. 95–4769 Filed 2–24–95; 8:45 am]

BILLING CODE 8025–01–M

[Delegation of Authority No. 1–A; Rev. 20]

Delegation of Authority; Notice

Delegation of Authority No. 1–A

(Revision 20) is hereby revised to read

as follows:

(a) Pursuant to authority vested in me

by the Small Business Act of 1958, 72

Stat. 384, as amended, authority is

hereby delegated to the following

officials in the following order:

1. Deputy Administrator.

2. General Counsel.

3. Chief of Staff.

4. Counselor to the Administrator.

5. Associate Deputy Administrator for

Economic Development.

6. Associate Deputy Administrator for

Government Contracting and Minority

Enterprise Development to perform, in

event of the absence or incapacity of the