17378 Federal Register / Vol. 60, No. 65 / Wednesday, April 5, 1995 / Notices

7 17 CFR 200.30–3(a)(12) (1991).

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

2Securities Exchange Act Release No. 35313

(February 1, 1994), 59 FR 5644 [File No. SR–PCC–

94–01].

3 15 U.S.C. 78q–1 (1988).

4 15 U.S.C. 78q–1(b)(3) (A) and (F) (1988).

5 15 U.S.C. 78s(b)(2) (1988).

6 17 CFR 200.30–3(a)(12) (1994).

proposed rule change (SR–CHX–95–03),

as amended is approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.7

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–8340 Filed 4–4–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35549; File No. SR–PCC–

94–01]

Self-Regulatory Organizations; Pacific

Clearing Corporation; Order Approving

a Proposed Rule Change Making

Corrections and Clarifications to

Certain Provisions of the PCC’s Rules,

Participant Agreement, and Clearing

Fund Agreement

March 30, 1995.

On November 28, 1994, the Pacific

Clearing Corporation (‘‘PCC’’) filed with

the Securities and Exchange

Commission (‘‘Commission’’) a

proposed rule change under Section

19(b)(1) of the Securities Exchange Act

of 1934 (‘‘Act’’) to correct certain

typographical errors in PCC’s rules and

to clarify certain provisions regarding

specialist post capital in PCC’s

participant agreement and clearing fund

agreement.1 Notice of the proposal was

published in the Federal Register on

February 7, 1995.2 For the reasons

discussed below, the Commission is

approving the proposed rule change.

I. Description

The proposed rule change will correct

typographical errors in certain

provisions of PCC’s rules and will

clarify certain provisions of PCC’s

standard participant agreement and

clearing fund agreement relating to

specialist post capital. Specifically, PCC

corrects typographical errors to the

Table of Contents; PCC Rule 1.2(f),

defining the term ‘‘long position’’; PCC

Rules 2.1(c) and 2.1(d), addressing

membership qualifications and

approval; and PCC Rule 9.3(c)(iii)

addressing specialist post termination

procedures. In addition, PCC is

amending PCC Rule 5.2 to clarify that

any reductions to excess post capital or

a member’s clearing fund deposit cannot

be made for amounts that would reduce

the member’s post capital or clearing

fund deposit below the minimum

requirement.

The proposal also amends certain

paragraphs of PCC’s participant

agreement that relate to post capital.

Paragraph 3.1(e)(iii) is amended to

clarify that it refers to the monitoring of

post capital rather than net capital.

Paragraph 4.5 of the participant

agreement is amended to distinguish

post capital from net capital. Net

capital, which is specified by PSE Rule

2.1 and Rule 15c3–1 of the Act, remains

constant for a firm regardless of the

number of specialist posts it operates. In

contrast, post capital varies because it

represents the amount of capital

required to be maintained by a firm

based on the number of specialist posts

it operates. Paragraph 4.9 of the

participant agreement is modified to

clarify that reductions to excess post

capital and to the clearing fund deposit

cannot be made in amounts that would

reduce these sums below their

respective minimum requirements.

Paragraph 4.9 of the participant

agreement also is amended to clarify

that losses on a trial balance are due on

the fifteenth day of the month following

the month for which the trial balance

was issued.

Similarly, the clearing fund agreement

is clarified such that the minimum

contribution, as defined in paragraph 5

of the clearing fund agreement, made by

a member firm backing a specialist post

will be applied towards meeting the

post capital requirement. Prior to this

clarification, the clearing fund

agreement stated that contributions

were to be credited towards the net

capital requirement.

II. Discussion

The Commission believes that the

PCC’s proposed rule change is

consistent with the requirements of

Section 17A of the Act 3 and in

particular with Sections 17A(b)(3) (A)

and (F) of the Act.4 Sections 17A(b)(3)

(A) and (F) require, among other things,

that the rules of a clearing agency be

designed to promote the prompt and

accurate clearance and settlement of

securities transactions and to assure the

safeguarding of securities and funds

within its possession or control or for

which it is responsible. The

clarifications regarding specialist post

capital and net capital will assist PCC in

safeguarding the securities and funds

which are in PCC’s custody or control

or for which PCC is responsible.

Furthermore, the technical corrections

to PCC’s rules will clarify these rules

and thereby advance the prompt and

accurate clearance and settlement of

securities transactions.

III. Conclusion

On the basis of the foregoing, the

Commission finds that the proposed

rule change is consistent with the

requirements of the Act and in

particular with the requirements of

Section 17A of the Act and the rules and

regulations thereunder.

It is therefore ordered, pursuant to

section 19(b)(2) of the Act,5 that the

proposed rule change (File No. SR–

PCC–94–01), be, and hereby is,

approved.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.6

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–8339 Filed 4–4–95; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF TRANSPORTATION

Coast Guard

[CGD 95–030]

Chemical Transportation Advisory

Committee, Subcommittee on Marine

Vapor Control Systems

AGENCY: Coast Guard, DOT.

ACTION: Notice of meeting.

SUMMARY: The Subcommittee on Marine

Vapor Control Systems of the Chemical

Transportation Advisory Committee

will meet to continue reviewing tank

vessel cleaning facility operations and

evaluate proposed recommendations for

safety standards for use of a vapor

control system at these facilities. The

meeting will be open to the public.

DATES: The meeting will be held on

Tuesday, May 9, 1995, from 9 a.m. to 5

p.m. Written material should be

submitted no later than May 2, 1995.

ADDRESSES: The meeting will be held at

the Wyndham Hotel, 12400 Greenspoint

Drive, Houston, TX 77060. Personnel

attending the meeting should report to

the main floor reception area for

direction to the conference room.

Written material should be submitted to

Lieutenant Commander Robert F.

Corbin, Commandant (G–MTH–1), U.S.

Coast Guard Headquarters, 2100 Second

Street, SW., Washington, DC 20593–

0001.

FOR FURTHER INFORMATION CONTACT:

Lieutenant Commander Robert F.

Corbin, Commandant (G–MTH–1), U.S.