Federal Register / Vol. 60, No. 51 / Thursday, March 16, 1995 / Notices 14313

10 17 CFR 200.30–3(a)(12).

1The MUNICIPAL SECURITIES INFORMATION

LIBRARY system and the MSIL system are

trademarks of the Board. The MSIL system, which

was approved in Securities Exchange Act Release

No. 29298 (June 13, 1991) 56 FR 28194, is a central

facility through which information about municipal

securities is collected, stored and disseminated.

2Securities Exchange Act Release No. 30556

(April 6, 1992), 57 FR 12534. A complete

description of the CDI system is contained in File

No. SR–MSRB–90–4, Amendment No. 1.

3On May 17, 1993, the Board reported to the

Commission on the initial phase of operation of the

CDI system regarding technical, policy and cost

issues and proposed enhancements to the system.

4Securities Exchange Act Release No. 32825

(September 1, 1993), 58 FR 47306.

5Securities Exchange Act Release No. 34961

(November 10, 1994), 59 FR 59590. This provision

of the Rule will become effective on July 3, 1995.

6The effective date of this provision of the Rule

is January 1, 1996.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.10

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–6504 Filed 3–15–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35467; File No. SR–MSRB–

95–1]

Self-Regulatory Organizations; Notice

of Filing and Order Granting

Accelerated Approval of Proposed

Rule Change by the Municipal

Securities Rulemaking Board Relating

to an Extension of the CDI Pilot

System from April 6, 1995 Through

December 31, 1995

March 10, 1995.

On March 7, 1995, the Municipal

Securities Rulemaking Board (‘‘Board’’

or ‘‘MSRB’’) filed with the Securities

and Exchange Commission

(‘‘Commission’’ or ‘‘SEC’’) a proposed

rule change (File No. SR–MSRB–95–1),

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

Securities Exchange Act of 1934

(‘‘Act’’), 15 U.S.C. 78s(b)(1), and Rule

19b–4 thereunder. The proposed rule

change is described in Items I, II, and III

below, which Items have been prepared

by the Board. The Commission is

publishing this notice to solicit

comments on the proposed rule change

from interested people. The Board has

requested accelerated approval of the

proposed rule change in order to permit

the Pilot system to continue to operate

without interruption.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The Board is filing herewith a

proposed rule change to request an

extension, from April 6, 1995, through

December 31, 1995, of its Continuing

Disclosure Information (‘‘CDI’’) Pilot

system of the Municipal Securities

Information Library (MSIL) system.1

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

Board 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 Board 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

(a) On April 6, 1992, the SEC

approved the CDI Pilot system for an 18-

month period.2 The CDI Pilot system

began operating on January 23, 1993,

and functions as part of the Board’s

MSIL system. The CDI Pilot system

accepts and disseminates voluntary

submissions of official disclosure

notices relating to outstanding issues of

municipal securities, i.e., continuing

disclosure information. During its first

phase of operation, the system accepted

disclosure notices only from trustees.

On May 17, 1993, the Pilot system also

began accepting notices from issuers.3

On September 1, 1993, the Commission

approved an 18-month extension of the

Pilot system, which extension will

expire on April 6, 1995.4

On November 10, 1994, the

Commission approved amendments to

its Rule 15c2–12 which prohibit a dealer

from underwriting a new issue of

municipal securities unless the issuer

commits, among other things, to provide

material events notices to the Board’s

CDI Pilot system or to all Nationally

Recognized Municipal Securities

Information Repositories (‘‘NRMSIRs’’)

and to the applicable state information

depository.5 In addition, the Rule

prohibits a dealer from recommending

the purchase or sale of a municipal

security unless the dealer has in place

procedures that provide reasonable

assurance that it will receive prompt

notice of material events.6 The Board is

considering certain changes to the CDI

Pilot system consistent with the new

Commission requirements, including

reconsideration of certain issuer and

trustee enrollment procedures and page

limits on submissions.

The Board believes that an extension

of the operation of the CDI Pilot system

will give it sufficient time to determine

the system changes needed, in

consultation with the Commission as

well as potential users of the system,

including NRMSIRs. We anticipate

filing system changes well before the

December 31, 1995, extension date. At

that time, the Board also plans to ask the

Commission for permanent approval of

the revised CDI system.

(b) The Board believes the proposed

rule change is consistent with Section

15B(b)(2)(C) of the Act, which provides

that the Board’s rules shall:

Be designed to prevent fraudulent and

manipulative acts and practices, to promote

just and equitable principles of trade, to

foster cooperation and coordination with

persons engaged in regulating, clearing,

settling, processing information with respect

to, and facilitating transactions in municipal

securities, to remove impediments to and

perfect the mechanism of a free and open

market in municipal securities, and, in

general, to protect investors and the public

interest.

The MSIL system is designed to

increase the integrity and efficiency of

the municipal securities market by,

among other things, helping to ensure

that the price charged for an issue in the

secondary market reflects all available

official information about that issue.

The Board will continue to operate the

output of the CDI Pilot system to ensure

that the information is available to any

party who wishes to subscribe to the

service. As with all MSIL system

services, this service is available, on

equal terms, to any party requesting the

service.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Board does not believe that the

proposed rule change will impose any

burden on competition 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 were neither

solicited nor received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The Board has requested that the

Commission find good cause, pursuant

to Section 19(b)(2) of the Act, for

approving the proposed rule change

prior to the thirtieth day after
14314 Federal Register / Vol. 60, No. 51 / Thursday, March 16, 1995 / Notices

7 15 U.S.C. 78s(b)(2). 8 17 U.S.C. 200.30–3(a)(12)

publication of the notice of filing in the

Federal Register. The Board believes

that such accelerated approval would

permit the Pilot system to continue to

operate without interruption. The Board

further believes that the CDI Pilot

system will increase the integrity and

efficiency of the municipal securities

market by helping to ensure that the

price charged for an issue in the

secondary market reflects all available

official information about that issue.

IV. Solicitation of Comments

Interested people are invited to

submit written data, views, and

arguments concerning the foregoing.

People 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 the filing will also be

available for inspection and copying at

the Board’s principal offices. All

submissions should refer to File No.

SR–MSRB–95–1 and should be

submitted by April 6, 1995.

V. Commission’s Findings and Order

Granting Accelerated Approval of

Proposed Rule Change

The Commission finds that the

proposed rule change is consistent with

the requirements of the Act and the

rules and regulations thereunder

applicable to the Board, and, in

particular, the requirements of Section

15B and the rules and regulations

thereunder.

The Commission finds good cause for

approving the proposed rule change

prior to the thirtieth day after the date

of publication of the notice of filing in

the Federal Register, in that accelerated

approval is appropriate to provide for

uninterrupted operation of the CDI

system.

It Is Therefore ordered, pursuant to

Section 19(b)(2) of the Act,7 that the

proposed rule change be, and hereby is,

approved for an additional 8-month

period ending on December 31, 1995.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.8

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–6444 Filed 3–15–95; 8:45 am]

BILLING CODE 8010–01–M

[Investment Company Act Release No.

20950; File No. 811–5647]

Voltaire Capital, Inc.; Application for

Deregistration

March 10, 1995.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of Application for

Deregistration under the Investment

Company Act of 1940 (the ‘‘Act’’).

APPLICANT: Voltaire Capital, Inc.

RELEVANT ACT SECTION: Section 8(f).

SUMMARY OF APPLICATION: Applicant

seeks an order declaring that it has

ceased to be an investment company.

FILING DATES: The application on Form

N–8F was filed on January 4, 1995, and

amended on March 9, 1995.

HEARING OR 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

April 4, 1995, and should be

accompanied by proof of service on

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 who wish to be notified of a

hearing may request notification by

writing to the SEC’s Secretary.

ADDRESSES: Secretary, SEC, 450 5th

Street, NW., Washington, DC 20549.

Applicant, c/o SCOR U.S. Corporation,

110 William Street, 18th Floor, New

York, New York 10038.

FOR FURTHER INFORMATION CONTACT:

James J. Dwyer, Staff Attorney, at (202)

942–0581, or C. David Messman, Branch

Chief, 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 at the SEC’s

Public Reference Branch.

Applicant’s Representations

1. Applicant is an open-end nondiversified management investment

company that was organized as a

Maryland corporation. On August 30,

1988, applicant registered under the Act

as an investment company. On

November 28, 1988, applicant filed a

registration statement on From N–1A

under the Securities Act of 1933. The

registration statement was never

declared effective, and applicant never

made any public offer or sale of its

securities.

2. At all times, applicant had only one

shareholder. From 1988 to 1990,

applicant’s stock was owned by UAP

Reassurrances, which is a whollyowned subsidiary of UAP Group, a

publicly traded French corporation. In

1990, SCOR, S.A., a French corporation

whose securities are publicly traded in

France, succeeded to the ownership of

applicant’s stock following a

combination with UAP Reassurances.

During applicant’s existence, applicant’s

sole shareholder contributed capital to

and withdrew capital from applicant

from time to time.

3. On February 1, 1995, applicant

made a final distribution of $35,129.63

to its sole shareholder. Applicant has no

shareholders, assets or liabilities.

Applicant is not a party to any litigation

or administrative proceeding.

4. On February 3, 1995, applicant’s

Articles of Dissolution were filed with

and approved by the State of Maryland.

Applicant is not engaged and does not

propose to engage in any business

activities other than those necessary for

the winding up of its affairs.

For the SEC, by the Division of Investment

Management, under delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–6503 Filed 3–15–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 35–26249]

Filings Under the Public Utility Holding

Company Act of 1935, as amended

(‘‘Act’’)

March 10, 1995.

Notice is hereby given that the

following filing(s) has/have been made

with the Commission pursuant to

provisions of the Act and rules

promulgated thereunder. All interested

persons are referred to the application(s)

and/or declaration(s) for complete

statements of the proposed

transaction(s) summarized below. The

application(s) and/or declaration(s) and

any amendments thereto is/are available

for public inspection through the