Federal Register / Vol. 60, No. 73 / Monday, April 17, 1995 / Notices 19311

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

2Securities Exchange Act Release No. 35422

(February 28, 1995), 60 FR 12793.

3 17 CFR 240.15c6–1 (1994).

4Securities Exchange Act Release Nos. 33023

(October 6, 1993), 58 FR 52891 (adopting Rule

15c6–1) and 34952 (November 9, 1994), 59 FR

59137 (changing effective date from June 1, 1995,

to June 7, 1995).

5References to five-day delivery contained in

Section 5 will be deleted.

shall set forth with particularity the

manner in which his interest is

adversely affected by this Order and

shall address the criteria set forth in 10

CFR 2.714(d). The Commission will

issue an Order designating the time and

place of the hearing.

If a hearing is granted, the issue to be

heard is whether the licensee complied

with the Commission-approved

decommissioning plan.

In the absence of any request for

hearing, the provisions specified in

Section IV above shall be final 20 days

from the date of this Order without

further order or proceedings.

For further details with respect to this

action, see: (1) The licensee’s request to

terminate the SNPS license presented in

letters dated June 27, 1991 (SNRC–

1818), and August 4, 1994 (LSNRC–

2178); (2) the Commission’s Order

approving decommissioning dated June

11, 1992; (3) the licensee’s Termination

Survey Final Report, Phase 1 (LSNRC–

2101), dated September 30, 1993; the

licensee’s Termination Survey Final

Report, Phase 2 (LSNRC–2144), dated

February 4, 1994; the licensee’s

Termination Survey Final Report, Phase

3 (LSNRC–2173), dated June 14, 1994;

the licensee’s Termination Survey Final

Report, Phase 4 (LSNRC–2184), dated

October 12, 1994; and (4) the ORISE

Final Confirmatory Reports dated July

1993, September 1994, and February

1995. These documents are available for

public inspection at the Commission’s

Public Document Room, the Gelman

Building, 2102 L Street, NW.,

Washington, DC 20555, and at the

Shoreham Wading River Public Library,

Route 25A, Shoreham, NY 11786.

Copies may be obtained upon request

addressed to the U.S. Nuclear

Regulatory Commission, Washington,

DC 20555, Attention: Director, Division

of Waste Management.

Dated at Rockville, Maryland, this 11th day

of April, 1995.

For the Nuclear Regulatory Commission.

John T. Greeves,

Director, Division of Waste Management,

Office of Nuclear Material Safety and

Safeguards.

[FR Doc. 95–9373 Filed 4–14–95; 8:45 am]

BILLING CODE 7590–01–M

SECURITIES AND EXCHANGE

COMMISSION

Request Under Review by Office of

Management and Budget

Acting Agency Clearance Officer: David

T. Copenhafer, (202) 942–8800.

Upon written request copies available

from: Securities and Exchange

Commission, Office of Filings and,

Information Services, 450 Fifth

Street NW., Washington, DC 20549.

Extension: Rule 15a–6, File No. 270–

329.

Notice is hereby given that pursuant

to the Paperwork Reduction Act of 1980

(44 U.S.C. 3501 et seq.), the Securities

and Exchange Commission has

submitted a request for extension of

OMB approval to Rule 15a–6 [17 CFR

240.15a–6] under the Securities

Exchange Act of 1934 (15 U.S.C. 78a et

seq.).

Rule 15a–6 provides, among other

things, an exemption from broker-dealer

registration for foreign broker-dealers

that effect trades with or for U.S.

institutional investors through a U.S.

registered broker-dealer, provided that

the U.S. broker-dealer obtains certain

information about, and consents to

service of process from, the personnel of

the foreign broker-dealer involved in

such transactions, and maintains certain

records in connection therewith. It is

estimated that approximately 2,000

respondents will incur an average

burden of three hours per year to

comply with this rule.

Direct general comments to the

Clearance Officer for the Securities and

Exchange Commission at the address

below. Direct any comments concerning

the accuracy of the estimated average

burden hours for compliance with the

Commission rules and forms to David T.

Copenhafer, Acting Director, Office of

Information Technology, Securities and

Exchange Commission, 450 Fifth Street

NW., Washington, D.C. 20549 and the

Clearance Officer for the Securities and

Exchange Commission, Office of

Management and Budget, Paperwork

Reduction Project number 3235–0371,

Room 3208, New Executive Office

Building, Washington, D.C. 20503.

Dated: April 6, 1995.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–9395 Filed 4–14–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35581; File No. SR–BSE–

94–05]

Self-Regulatory Organizations; the

Boston Stock Exchange Inc.; Order

Approving Proposed Rule Change

Relating to Implementation of a ThreeDay Settlement Standard

April 7, 1995.

On February 21, 1995, the Boston

Stock Exchange Incorporated (‘‘BSE’’)

filed a proposed rule change (File No.

SR–BSE–95–05) with the Securities and

Exchange Commission (‘‘Commission’’)

pursuant to Section 19(b) of the

Securities Exchange Act of 1934

(‘‘Act’’).1 Notice of the proposal was

published in the Federal Register on

March 8, 1995 to solicit comments from

interested persons.2 As discussed

below, this order approves the proposed

rule change.

I. Description

In October 1993, the Commission

adopted Rule 15c6–1 under the Act 3

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. The rule will

become effective on June 7, 1995.4

Several of the BSE’s rules are

interrelated with the standard

settlement time frame. The purpose of

the proposed rule change is to amend

BSE’s rules to be consistent with a T+3

settlement standard for securities

transactions.

Chapter II, Section 6 of BSE’s

definition of ‘‘Regular Way,’’ will be

amended to require settlement of regular

way transactions on the third business

day after the trade.5 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 settle on the first or second

business day following the date of the

contract. Under Chapter X, Section 1,

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 will

amend Chapter XV, Section 14, ‘‘Claims

and Reports against Specialists,’’ to

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 must be made

within three days of the original trade

date. Claims regarding the omission of

reports and erroneous trade

comparisons will have to be within five

business days. The proposed rule
19312 Federal Register / Vol. 60, No. 73 / Monday, April 17, 1995 / Notices

6The transition from five day settlement to three

day settlement will occur over a four day period.

Friday, June 2, will be the last trading day with five

business day settlement. Monday, June 5, and

Tuesday, June 6, will be trading days with four

business day settlement. Wednesday, June 7, will be

the first trading day with three business day

settlement. As a result, trades from June 2 and June

5 will settle on Friday, June 9. Trades from June 6

and June 7 will settle on Monday, June 12.

7 15 U.S.C. 78f (1988).

8See Securities Exchange Act Release No. 33023

(October 6, 1993), 58 FR 52891.

9 15 U.S.C. 78f (1988).

10 15 U.S.C. 78s(b)(2) (1988).

11 17 CFR 200.30(a)(12) (1994).

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

2Securities Exchange Act Release No. 33023

(October 6, 1993), 58 FR 52891.

3Securities Exchange Act Release No. 34952

(November 9, 1994), 59 FR 59137.

change will amend Chapter XXVIII,

subparagraph (4) to shorten by two days

the time frames in which customers

must provide their agent instructions for

delivery versus payment and receipt

versus payment instructions.

BSE has requested that the proposed

rule change become effective on the

same date as Rule 15c6–1. Rule 15c6–

1 will become effective on June 7,

1995.6

II. Discussion

The Commission believes the

proposal is consistent with the

requirements of Section 6 of the Act.7

Specifically, Section 6(b)(5) states that

the rules of the exchange must be

designed to foster cooperation and

coordination with persons engaged in

regulating, clearing, settling, and

processing information. The BSE rules

and other self-regulatory organizations’

rules currently establish the standard

time frame for settlement of securities

transactions. The proposal will conform

those rules to the new settlement time

frames mandated by Rule 15c6–1.

The Commission also believes that the

proposed rule change is consistent with

Section 6(b)(5) of the Act in that it

protects investors and the public

interest by reducing risks to clearing

corporations, their members, and public

investors which are inherent in settling

securities transactions. The reduction of

the time period for settlement of most

securities transactions will

correspondingly decrease the number of

unsettled trades in the clearance and

settlement system at any given time.

Thus, fewer unsettled trades will be

subject to credit and market risk, and

there will be less time between trade

execution and settlement for the value

of those trades of deteriorate.8

III. Conclusion

For the reasons stated above, the

Commission finds that BSE’s proposal is

consistent with Section 6 of the Act.9

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act,10 that the

proposed rule change (File No. SR–

BSE–95–05) be and hereby is approved

and will become effective on June 7,

1995.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.11

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–9396 Filed 4–14–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35580; File No. SR–CSE–

95–04]

Self-Regulatory Organizations;

Cincinnati Stock Exchange, Inc.;

Notice of Filing of Proposed Rule

Change Relating to Implementation of

a Three-Day Settlement Standard

April 7, 1995.

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

Securities Exchange Act of 1934

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

April 4, 1995, the Cincinnati Stock

Exchange Incorporated (‘‘CSE’’) 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 primarily by CSE.

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

CSE proposes to modify its rules to

implement a three business day

settlement standard for securities

transactions.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change.

In its filing wit the Commission, CSE

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. CSE 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

Accordingly, in order to implement

the new settlement standard established

by Rule 15c6–1, the CSE proposes to

amend the following rules. Currently,

Rule 3.8(b)(1)(iii) provides that members

receive reasonable assurance from the

customer that a security will be

delivered within five business days of

the execution of the order. The CSE is

proposing to replace the term ‘‘five’’

with the term ‘‘three’’. CSE also

proposes to amend Rule 3.8(b)(2) which

provides that members note on order

tickets that the customer has the ability

to deliver stock within five business

days. The CSE is proposing to replace

the term ‘‘five’’ with the term ‘‘three’’.

Rule 11.4 provides that transactions

in stocks (other than those made for

‘‘cash’’) shall be ‘‘ex-dividend’’ or ‘‘exrights’’ on the fourth business day

preceding the record date fixed by the

company or the date of the closing of

transfer books, except when the Board

of Trustees of CSE otherwise. The CSE

is proposing to replace the term

‘‘fourth’’ in this provision with the term

‘‘second’’. The rule also provides that

should such record date or such closing

of transfer books occur upon a day other

than a business day this rule shall apply

for the fifth preceding business day. The

CSE is proposing to replace the term

‘‘fifth’’ with the term ‘‘third’’.

The CSE’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, CSE 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.