Federal Register / Vol. 60, No. 63 / Monday, April 3, 1995 / Notices 16901

companies and non-authoritative paper share

extract certificates. These risks, like other risks

associated with foreign investment, would remain

with the U.S. Investment Companies. Chase will be

liable only to the same extent as if it had held the

assets itself in Russia (i.e., by opening a branch in

Moscow). However, Chase’s liability with respect to

assets held in custody in Russia will not be reduced

by Chase’s causing such assets to be held in a

subsidiary rather than directly by Chase. Chase’s

contracts with its customers will reflect this

liability.

1For purposes of such calculations, a message

includes any message that a participant

disseminates over the Consolidated Tape System,

including, but not limited to, prices relating to

Eligible Securities or concurrent use securities,

administrative messages, index messages,

corrections, cancellations, and error messages.

2For example, a month’s relative message usage

for CTA network a would be calculated as follows:

Where:

‘‘A’’ represents the number of messages that CTA

Network A participants disseminate over the CTA

network A pursuant to the CTA plan during that

month; and

‘‘B’’ represents the number of messages that CTA

Network B participants disseminate over the CTA

Network B pursuant to the CTA plan during the

month.

To determine a month’s relative message usage

for CQ Network A, substitute ‘‘CQ’’ where ‘‘CTA’’

appears in this footnote.

Applicant’s Conditions

Chase agrees that any order of the SEC

granting the requested relief may be

conditioned upon the following:

1. The foreign custody arrangements

proposed herein regarding Chase-Russia

will satisfy the requirments of rule 17f–

5 in all respects other than ChaseRussia’s level of shareholders’ equity.

2. Chase will deposit Assets with

Chase-Russia only in accordance with

the custody agreement and the

subcustody agreement described below.

The custody and subcustody agreements

will remain in effect at all times during

which Chase-Russia fails to satisfy the

requirements of rule 17f–5.

a. The custody agreement will be

between Chase and the U.S. Investment

Company (or its custodian). In that

agreement, Chase will undertake to

provide custody or subcustody services,

and the U.S. Investment Company (or its

custodian) will authorize Chase to

delegate to Chase-Russia such of Chase’

duties and obligations as will be

necessary to permit Chase-Russia to

hold in custody in Russia the Assets of

U.S. Investment Companies. The

custody agreement will further provide

that the delegation by Chase to ChaseRussia will not relieve Chase of any

responsibility to the U.S. Investment

Company or its custodian for any loss

due to such delegation, and that Chase

will be liable for any loss or claim

arising out of or in connection with the

performance by Chase-Russia of the

custody services to the same extent as

if Chase had itself provided the custody

services under the custody agreement.

b. A subcustody agreement will be

executed between Chase and ChaseRussia. Pursuant to this agreement,

Chase will delegate to Chase-Russia

such of Chase’s duties and obligations

as would be necessary to permit ChaseRussia to hold Assets in custody in

Russia. The subcustody agreement will

provide that (i) Chase-Russia is acting as

a foreign custodian for Assets that

belong to a U.S. Investment Company

pursuant to the terms of an exemptive

order issued by the SEC, and (ii) the

U.S. Investment Company or its

custodian (as the case may be) that has

entered into a custody agreement will be

entitled to enforce the terms of the

subcustody agreement, and can seek

relief directly against Chase-Russia. The

subcustody agreement will provide that

it will be governed by New York law.

3. Chase currently satisfies and will

continue to satisfy the Qualified U.S.

Bank requirement set forth in rule 17f–

5(c)(3).

For the SEC, by the Division of Investment

Management, under delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–8027 Filed 3–31–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35543; File No. S7–27–93]

Consolidated Tape Association; Notice

of Filing of Seventeenth Substantive

Amendment to the Restated

Consolidated Tape Association Plan

and Twenty-First Substantive

Amendment to the Consolidated

Quotation Plan

March 28, 1995.

Pursuant to Rule 11Aa3–2 of the

Securities Exchange Act of 1934

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

March 9, 1995, the Consolidated Tape

Association (‘‘CTA’’) and Consolidated

Quotation (‘‘CQ’’) Plan Participants filed

with the Securities and Exchange

Commission (‘‘Commission’’ or ‘‘SEC’’)

amendments to the Restated CTA Plan

and CQ Plan. The Commission is

publishing this notice to solicit

comments from interested persons on

the amendments.

I. Description and Purpose of the

Amendments

The amendments seek to change a

procedure for allocating high speed line

access fee revenues between ‘‘Network

A’’ and ‘‘Network B’’ under each plan.

The participants propose to apply

‘‘relative message usage percentages’’ to

the allocation of high speed line

revenues between networks

retroactively, beginning with the period

commencing January 1, 1994.

The amendments would also

eliminate the requirements that the

participants set the high speed line

access fee at a level designed to recover

the costs of making the high speed line

available, and set indirect high speed

line access fees at a level that equals

one-half of the direct access fees. The

actual fees, however, would not be

changed at this time.

A. Allocation of High Speed Line

Revenue

Currently, under each plan, the

participants impose on subscribers,

vendors, computer input users and

others one combined high speed line

access fee for access to both Network A

and Network B market data. Under the

proposed amendments, the participants

wish to change the current methods set

forth in the plans for allocating each

plan’s high speed line access revenues

between the two networks. The

participants feel that a more appropriate

and equitable way to achieve that

allocation would be to apply a measure

that reflects each network’s relative

usage of the plans’ systems.

To that end, the participants have

selected each network’s ‘‘relative

message usage percentage’’. These

percentages, in the participants’ view,

reflect a network’s relative portion of

the total number of messages 1 that the

participants disseminate over the high

speed line for a given period. Under the

proposed amendments, a ‘‘relative

message usage percentage’’ would equal

the number of a network’s messages

reported over the high speed line

divided by the sum of the numbers of

both networks’ messages that both

networks report over the high speed

line.2 The participants have proposed to

retroactively apply the ‘‘relative

message usage percentage’’ to the

allocation of high speed line revenues

between networks commencing January

1, 1994.

CTA Network A Relative Message

A

A+B,

If the instant amendments are

approved, the participants will direct

the Processor to calculate the allocation

percentages on a monthly basis. Under

the proposed amendments, the New

York Stock Exchange (‘‘NYSE’’) shall

distribute to the Network B
16902 Federal Register / Vol. 60, No. 63 / Monday, April 3, 1995 / Notices

3The participants’ reasons for requesting this

amendment is that the above requirements were

established over twenty years ago. Today’s digital

data feed and other technologies make high speed

lines cheaper and easier to access. 4 17 CFR 200.30–3(a)(27) (1989).

administrator under each plan, a

calendar quarter’s high speed line

revenues allocated to Network B under

the plan as soon as the calculation

becomes available for that quarter.

B. Determination of High Speed Line

Access Fees

Both plans currently require

participants: (a) to set high speed line

access fees at levels that allow the

participants to recover the operating

expenses that the Processor incurs in

making the high speed line available,

and (b) to set indirect high speed line

access fees at a level that equals one-half

of the direct access fees. The proposed

amendments would eliminate these two

requirements and thereby alter the

manner in which participants determine

high speed line access fees.3 The

participants, however, are not proposing

to amend the actual fees at this time.

II. Solicitation of Comments

Rule 11Aa3–2(c)(2) under the Act

provides that the proposed amendment

shall be approved by the Commission

with such changes or subject to such

conditions as the Commission may

deem necessary or appropriate in the

public interest, for the protection of

investors and maintenance of fair and

orderly markets, to remove impediments

to and perfect the mechanisms of a

National Market System, or otherwise in

furtherance of the purposes of the Act

within 120 days of the date of

publication of notice of filing, or within

such longer period as the Commission

may designate up to 180 days of such

date pursuant to Rule 11Aa3–2(c)(2).

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 CTA/CQ. All

submissions should refer to the file

number in the caption above and should

be submitted by April 24, 1995.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.4

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–8091 Filed 3–31–95; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

Buffalo District Advisory Council

Meeting; Public Meeting

The U.S. Small Business

Administration Buffalo District

Advisory Council will hold a public

meeting on Thursday, April 27, 1995 at

2:00 p.m. at the Key Bank of New York,

Key Center at Fountain Plaza, 16th floor

conference room, Buffalo, New York to

discuss matters as may be presented by

members, staff of the U.S. Small

Business Administration, or others

present.

For further information, write or call

Mr. Franklin J. Sciortino, District

Director, U.S. Small Business

Administration, 111 West Huron Street,

Room 1311, Buffalo, New York 14201,

(716) 846–4301.

Dated: March 27, 1995.

Dorothy A. Overal,

Director, Office of Advisory Council.

[FR Doc. 95–8105 Filed 3–31–95; 8:45 am]

BILLING CODE 8025–01–M

DEPARTMENT OF TRANSPORTATION

Coast Guard

[CGD01–95–032]

Marine Inspection Office New York/

Captain of the Port New York Industry

Day

AGENCY: Coast Guard DOT.

ACTION: Notice of meeting.

SUMMARY: Coast Guard Marine

Inspection Office New York and Captain

of the Port, New York are sponsoring an

Industry Day to exchange information

with the maritime community. The

meeting will be open to the public.

DATES: The meeting will be held on

April 11, 1995.

ADDRESSES: The meeting will be held at

the State University of New York

Maritime College at Fort Schuyler, New

York.

FOR FURTHER INFORMATION CONTACT:

LCDR James Candee, USCG Marine

Inspection Office, Battery Park Building,

New York, New York, 10004, telephone

(212) 668–7850, facsimile (212) 668–

7863.

SUPPLEMENTARY INFORMATION: Rear

Admiral John L. Linnon, Commander,

First Coast Guard District and Rear

Admiral James C. Card, Chief, Office of

Marine Safety, Security and

Environmental Protection will be

featured speakers. Topics to be

addressed include President Clinton’s

‘‘Presidential Regulation Reinvention

Initiative,’’ Port State Control, and the

Alternative Compliance and Prevention

through People Initiatives. Feedback

received in the past from small

passenger vessel owners and operators

indicated a need to provide a separate

Industry Day addressing their concerns.

That was accomplished during Marine

Inspection Office New York’s small

passenger vessel public forums. While

small passenger vessel issues will not be

specifically addressed during the April

11th meeting, small passenger vessel

operators are still encouraged to attend.

Attendance is open to the public.

Advance registration is requested.

Registration and agendas may be

obtained by contacting the person listed

in FOR FURTHER INFORMATION CONTACT.

Dated: March 22, 1995.

J.L. Linnon,

Rear Admiral, U.S. Coast Guard, Commander,

First Coast Guard District.

[FR Doc. 95–8128 Filed 3–31–95; 8:45 am]

BILLING CODE 4910–14–M

National Highway Traffic Safety

Administration

Automotive Fuel Economy Program

Report to Congress

The attached document, Automotive

Fuel Economy Program, Nineteenth

Annual Report to the Congress, was

prepared pursuant to 49 U.S.C. 32916

which requires in pertinent part that

‘‘the Secretary shall submit to each

House of Congress, and publish in the

Federal Register, a review of average

fuel economy standards under this

part.’’