13742 Federal Register / Vol. 60, No. 49 / Tuesday, March 14, 1995 / Notices

1See Exchange Act Release No. 34231 (June 17,

1994), 59 FR 32722 (approving File No. SR–NYSE–

90–10).

Nevada, for its suitability as a potential

location for a permanent repository for

the disposal of that waste.

Transcripts of the meeting will be

available on computer disk or on a

library-loan basis in paper format from

Victoria Reich, Board librarian,

beginning June 2, 1995. For further

information, contact Frank Randall,

External Affairs, 1100 Wilson

Boulevard, Suite 910, Arlington,

Virginia 22209; Tel: 703–235–4473; Fax

703–235–4495.

Dated: March 9, 1995.

William Barnard,

Executive Director, Nuclear Waste Technical

Review Board.

[FR Doc. 95–6234 Filed 3–13–95; 8:45 am]

BILLING CODE 6820–AM–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–35451; File No. SR–Amex–

95–10]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the American Stock Exchange, Inc.

Relating to Amendments Updating

Various Exchange Rules

March 7, 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 22, 1995,

the American Stock Exchange, Inc.

(‘‘Amex’’ 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 Exchange proposes to amend

several of its rules to reflect current

practices and to update various rules

that have become obsolete. The text of

the proposed rule change is as follows

[new text is italicized; deleted text is

bracketed]:

Over-the-Counter Execution of Equity

Securities Transactions

Rule 5.

(d)

[viii any acquisition of a security by

a member organization as principal in

anticipation of making an immediate

special offering or exchange distribution

on the Exchange under Rule 560 or Rule

570;]

[ix] viii

[x] ix

[xi] x

Precedence Accorded to Orders

Entrusted to Specialists

Rule 155.

Commentary .01 [When a broker

inquiries of a specialist as to the price

at which a block of stock may be sold,

the specialist may not specify the

amount that would be purchased by the

book and the amount he would take as

dealer.]

If [the] a block is to be sold at a ‘‘clean

up’’ price the specialist should execute

at the ‘‘clean-up’’ price all of the

executable buy orders on his book. The

report of the block transaction on the

tape is to be accompanied by a reprint

of the last prior transaction in the

regular-way market in the security.

However, if the block is sold at

different price limits and the specialist

buys part of the block for his own

account he should to the extent

practicable, buy round lots for his own

account at each price limit at which buy

orders on the book are executed, and in

doing so, he should divide the stock

purchased for his own account into

round lots of approximately equal size

among the price limits at which he

participates.

The same principles apply in the case

of a purchase of a block of stock.

Cancellations Must Be Written

Rule 181. A cancellation of an order

given to a specialist on the Floor of the

Exchange personally by a Regular

member or member representative shall

not be deemed effective unless in

writing [and signed].

Specialist Registration Fee

Rule 183. Each regular specialist

registered with the Exchange shall pay

to the Exchange each year a registration

fee [of $400.000 per year] as imposed by

the Exchange, [which fee shall be]

payable [in equal quarterly installments

in each year] as directed by the

Exchange during [which] the year such

specialist remains so registered.

Specialist Clerks

Rule 184. (a) A specialist or specialist

unit may regularly employ, subject to

such rules and regulations as the Board

of Governors may adopt, one or more

clerks, to aid such specialist or

specialist unit on the floor of the

Exchange, provided each such clerk

receives the approval of the Exchange.

A yearly fee [of $180.00 per year,] as

imposed by the Exchange and payable

as directed by the Exchange [in equal

quarterly installments,] shall be charged

the specialist or specialist unit for each

clerk. No rebate shall be given with

respect to the [quarterly] fee in the event

that a specialist or specialist unit

discontinues the services of such a clerk

during any [quarterly] period.

Normal Buy-Ins

Rule 783.

(d) The Buy-in Desk will deliver a

copy of the Floor report to the booth of

the member or member organization

which initiated the order. The executing

broker will have the responsibility of

notifying promptly as to the details of

the execution, the member or member

organization listed on the order as being

in default. [The member executing the

order shall be entitled to receive a Floor

brokerage 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

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 a rule change

that would conform its rule to a

comparable New York Stock Exchange

(‘‘NYSE’’) rule, which recently has been

amended. The Exchange proposes to

amend Commentary .01 to Rule 155

(Precedence Accorded to Orders

Entrusted to Specialists) to delete the

prohibition that a specialist may not

disclose the amount of stock that the

specialist and the book would be buying

or selling in cleaning up the block. This

proposed rule change is similar to the

NYSE amendment to its Rule 104.10(7),

which has been approved by the

Commission.1

The Exchange is also updating other

rules to eliminate obsolete references

and reflect accurately current Exchange

practices. The references in Rule
Federal Register / Vol. 60, No. 49 / Tuesday, March 14, 1995 / Notices 13743

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

2For a complete description of these procedures,

refer to Securities Exchange Act Release Nos. 23219

(May 8, 1986), 51 FR 17845 [SR–DTC–86–03]

(notice of filing and immediate effectiveness on a

temporary basis of a proposed rule change

implementing procedures for charging back

erroneous dividend and interest payments from

participants’ accounts), 23686 (October 7, 1986), 51

FR 37104 [SR–DTC–86–04] (order approving

proposed rule change implementing charge back

procedures), and 26070 (September 9, 1988) 53 FR

36142 [SR–DTC–88–17] (notice of filing and

immediate effectiveness of proposed rule change

clarifying that charge back procedures apply to

DTC’s same-day funds settlement system as well as

its next-day funds settlement system).

3For a complete description of DTC’s MMI

programs, refer to Securities Exchange Act Release

No. 33958 (April 22, 1994), 59 FR 22878 [SR–DTC–

93–12] (notice of order temporarily approving a

proposed rule change expanding the Money Market

Instrument Settlement Program).

5(d)(viii) (Over-the-Counter Execution

of Equity Securities Transactions) to

Rules 560 and 570 are being deleted

because Rules 560 and 570 have been

rescinded. The Exchange is also deleting

the signature requirement in Rule 181

(Cancellations Must Be Written) to

reflect the current practice. The

signature requirement, going back to the

N.Y. Curb Exchange circa 1939, has not

been deemed necessary on the Trading

Floor in the era of the printed ticket.

The Exchange is also amending Rules

183 (Specialist Registration Fee) and

184 (Specialist Clerks) to eliminate outof-date charges and timing of payments.

The Exchange proposes to use general

language in the rules to alleviate the

need for repeated amendments to the

Exchange Rules each time these fees are

changed. The Exchange will make the

necessary rule filings with the

Commission before any fee changes

become effective. The Exchange is also

amendment Rule 783(d) (Normal BuyIns) to delete the reference to a

member’s entitlement to a Floor

brokerage commission because the

commissions are negotiated.

2. Statutory Basis

The proposed rule change is

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

Act in that it is designed to prevent

fraudulent and manipulative acts and

practices and to perfect the mechanism

of a free and open market.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange 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 either

solicited or 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, 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 will also be available for

inspection and copying at the principal

office of the Exchange. All submissions

should refer to File No. SR–Amex–95–

10 and should be submitted by April 4,

1995.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–6164 Filed 3–13–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35452; File No. SR–DTC–

95–03]

Self-Regulatory Organizations; The

Depository Trust Company; Notice of

Filing and Immediate Effectiveness of

Proposed Rule Change Clarifying

Exclusion of Money Market Instrument

Programs From DTC’s Charge Back

and Return of Funds Procedures for

Erroneous or Improper Payments of

Dividends and Interest and

Redemption Proceeds

March 7, 1995.

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

Securities Exchange Act of 1934

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

January 31, 1995, The Depository Trust

Company (‘‘DTC’’) 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 primarily by DTC. 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 proposed rule change clarifies

that DTC’s procedures for charging back

from participants’ accounts erroneous or

improper payments of dividends and

interest and redemption proceeds, as

well as DTC’s procedures for the

subsequent return of such funds to

payors,2 do not apply to such payments

made for instruments in DTC’s Money

Market Instrument (‘‘MMI’’) programs.3

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

DTC 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. DTC 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 purpose of the proposed rule

change is to clarify that DTC’s

procedures for charging back from

participants’ accounts erroneous or

improper payments of dividends and

interest and redemption proceeds, as

well as DTC’s procedures for the

subsequent return of funds to payors, do

not apply to payments made for

instruments in DTC’s MMI programs.

DTC’s charge back and return of funds

procedures do not apply to those

instruments that are included in DTC’s