Federal Register / Vol. 61, No. 82 / Friday, April 26, 1996 / Notices 18637

4By contrast, under Rules 8.100 et seq., ‘‘FLEX

Appointed Market Makers’’ are those individuals

who have been designated by the Exchange to trade

FLEX options on a specific underlying index

(‘‘FLEX Index Option’’) that has been approved by

the Commission for FLEX Options trading. See PSE

Rules 8.100(a)(1) and 8.109(a).

5With respect to FLEX Index Options, two FLEX

Appointed Market Makers must be approved to

trade FLEX Options on a given index before the

Exchange may list FLEX Options on that index.

FLEX Appointed Market Makers must also meet the

capital requirements of Rule 8.114 (i.e., they must

maintain $1 million net liquidating equity and/or

$1 million net capital (as defined by SEC Rule

15c3–1 under the Act)), and they must also meet the

account equity requirements of Rule 8.113(a) (i.e.,

the net liquidating equity maintained in their

individual or joint accounts must be least

$100,000).

6See PSE Rule 8.115(a). 7See PSE Rule 8.109(a). 8 17 CFR 200.30–3(a0912).

Options on a security, then market

participants would be able to designate

certain contract terms for options of

such securities, including: exercise

price; exercise style (i.e., American,

European or capped); expiration date;

and option type (i.e., put, call or

spread).

PSE Rule 8.109(a) currently provides

for the selection of ‘‘FLEX Qualified

Market Makers,’’ i.e., market makers

whom the Exchange deems to be

qualified to trade Exchange Equity

Options based on the following factors:

(1) The preference of the registrants; (2)

the maintenance and enhancement of

competition among market makers; and

(3) the assurance that the market maker

will have adequate financial resources.4

In addition, pursuant to Rule 8.115(a),

FLEX Qualified Market Makers may not

effect any transactions in FLEX Equity

Options unless one of more letter(s) of

guarantee has been issued by a clearing

member and filed with the Exchange

pursuant to Rule 6.36(a). In connection

with these letters of guarantee, a

clearing member must accept financial

responsibility for all FLEX transactions

made by such market makers.

PSE Rule 8.109(a) currently provides

that the Exchange shall appoint five or

more FLEX Qualified Market Makers to

each FLEX Equity Option prior to its

listing.5 The Exchange proposes to

reduce the minimum number of FLEX

Qualified Market Makers required under

Rule 8.109(a) from five to three. The

Exchange is proposing this change in

order to enhance its ability to trade

FLEX Equity Options on the Exchange.

The Exchange believes that no undue

financial risk to the Exchange would

result from this change because each

transaction of FLEX Qualified Market

Makers will be backed by a clearing

member, which will accept financial

responsibility for all FLEX transactions

made by such market makers pursuant

to a letter of guarantee.6 The Exchange

also believes that three FLEX Qualified

Market Makers will be a sufficient

number of traders to provide quotations

in response to requests for quotes

because the Exchange expects that FLEX

Equity Options will be traded in the

same trading crowd as Non-FLEX

Options on the same underlying

securities. In this regard, the Exchange

notes that under the current rules, two

FLEX Appointed Market Makers may be

designated in lieu of five FLEX

Qualified Market Makers to trade FLEX

Equity Options.7

The Exchange believes that the

proposed rule change is consistent with

Section 6(b) of the Act in general and

furthers the objectives of Section 6(b)(5)

in particular in that it is designed to

prevent fraudulent and manipulative

acts and practices, to promote just and

equitable principles of trade, and is not

designed to permit unfair

discrimination among customers,

issuers, brokers or dealers.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange believes that the

proposed rule change will impose no

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 solicited

or received with respect to the proposed

rule change.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Within 35 days of the date of

publication of this notice in the Federal

Register or within such longer 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 Exchange consents,

the Commission will:

(A) By order approve such 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 in

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–PSE–96–11

in the caption above and should be

submitted by May 17, 1996.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.8

Jonathan G. Katz,

Secretary.

[FR Doc. 96–10315 Filed 4–25–96; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

Minneapolis Advisory Council Meeting

The U.S. Small Business

Administration, Minneapolis, St. Paul

District Advisory Council will hold a

public meeting on Friday, May 24, 1996

at 11:30 am at the Decathlon Club, 1700

East 79th Street, Bloomington,

Minnesota, 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. Edward A. Daum, District Director,

U.S. Small Business Administration,

610–C Butler Square, 100 North Sixth

Street, Minneapolis, Minnesota 55403,

(612) 370–2306.

Dated: April 22, 1996.

Bill Combs,

Associate Administrator for Office of

Communication and Public Liaison.

[FR Doc. 96–10401 Filed 4–25–96; 8:45 am]

BILLING CODE 8025–01–P

SOCIAL SECURITY ADMINISTRATION

Agency Information Collection

Activities: Submission for OMB

Review; Comment Request

Normally on Fridays, the Social

Security Administration publishes a list

of information collection packages that
18638 Federal Register / Vol. 61, No. 82 / Friday, April 26, 1996 / Notices

have been submitted to the Office of

Management and Budget (OMB) for

clearance in compliance with Public

Law 104–13 effective October 1, 1995,

The Paperwork Reduction Act of 1995.

The information collections listed

below, which were published in the

Federal Register on February 26 and

March 1, 1996, have been submitted to

OMB.

(Call Reports Clearance Officer on (410)

965–4123 for copies of package.)

OMB Desk Officer: Laura Oliven.

SSA Reports Clearance Officer:

Charlotte S. Whitenight.

1. Missing & Discrepant Wage Reports

Letter & Questionnaire—0960–0432.

The information collected on forms

SSA–L93, SSA–95 and SSA–97 will be

used by the Social Security

Administration to contact employers

reporting more wages to IRS than they

reported to SSA. Employers’ compliance

with the SSA request will enable SSA

to properly post employees’ wage

records. The respondents are employers

with missing or discrepant wage reports.

Number of Respondents: 385,000.

Frequency of Response: 1.

Average Burden Per Response: 30

minutes.

Estimated Annual Burden: 192,500

hours.

2. Letter to Landlord Requesting

Rental Information—0960–0454. The

information collected on form SSA–

L5061 is used to determine if a rental

subsidy agreement exists between a

landlord and an applicant for, or

recipient of, Supplement Security

Income benefits. The affected public is

landlords who may be subsidizing such

a rental arrangement.

Number of Respondents: 49,000.

Frequency of Response: As needed to

verify subsidy arrangements.

Average Burden Per Response: 10

minutes.

Estimated Annual Burden: 8,167

hours.

3. Farm Arrangement Questionnaire—

0960–0064. The information collected

on form SSA–7157 is used to determine

if farm rental income may be considered

self-employment income for Social

Security coverage purposes. The

respondents are individuals alleging

self-employment income from the

activity of renting land for farming

activities.

Number of Respondents: 38,000.

Frequency of Responses: 1.

Average Burden Per Response: 30

minutes.

Estimated Annual Burden: 19,000

hours.

4. Request for Hearing By

Administrative Law Judge—0960–0269.

The information on form HA–501 is

used by the Social Security

Administration to document an

individual’s request for a hearing on an

unfavorable determination concerning

his or her benefits. The respondents are

such individuals who request a hearing.

Number of Respondents: 625,563.

Frequency of Response: 1.

Average Burden Per Response: 10

minutes.

Estimated Annual Burden: 104,260.

5. Petition to Obtain Approval of a

Fee for Representing a Claimant before

the Social Security Administration—

0960–104. The information on form

SSA–1560 is used to determine if a

representative is asking for a reasonable

fee for representing a claimant before

the Social Security Administration

(SSA). The respondents are attorneys or

other persons representing claimants

before SSA.

Number of Respondents: 30,492.

Frequency of Response: 1.

Average Burden Per Response: 30

minutes.

Estimated Annual Burden: 15,246.

6. State Mental Institution Policy

Review—0960–0110. The information

collected on form SSA–9584 is used by

the Social Security Administration to

determine whether the institutions’

policies and practices conform with

SSA’s regulations in the use of benefits,

and whether the institution is

performing other duties and

responsibilities required of a

representative payee. The information

also provides the basis for conducting

the actual onsite review and is used in

the preparation of the subsequent report

of findings and recommendations which

is provided to the institutions. The

respondents are state mental institutions

which serve as representative payees for

Social Security beneficiaries.

Number of Respondents: 183.

Frequency of Response: 1 per year.

Average Burden per Response: 1 hour.

Estimated Annual Burden: 183 hours.

Social Security Administration

Written comments and

recommendations regarding these

information collections should be sent

within 60 days from the date of this

publication, directly to the SSA Reports

Clearance Officer at the following

address: Social Security Administration,

DCFAM, Attn: Charlotte S. Whitenight,

6401 Security Blvd., 1–A–21 Operations

Bldg., Baltimore, MD 21235.

In addition to your comments on the

accuracy of the agency’s burden

estimate, we are soliciting comments on

the need for the information; its

practical utility; ways to enhance its

quality, utility and clarity; and on ways

to minimize burden on respondents,

including the use of automated

collection techniques or other forms of

information technology.

Date: April 19, 1996.

Charlotte Whitenight,

Reports Clearance Officer, Social Security

Administration.

[FR Doc. 96–10203 Filed 4–25–96; 8:45 am]

BILLING CODE 4190–29–P

DEPARTMENT OF TRANSPORTATION

Federal Highway Administration

Environmental Impact Statement:

Pierce County, WA

AGENCY: Federal Highway

Administration (FHWA), DOT.

ACTION: Notice of intent.

SUMMARY: The FHWA, Washington State

Department of Transportation (WSDOT),

and Pierce County are issuing this

notice to advise the public that an

Environmental Impact Statement (EIS)

will be prepared for a proposed new

roadway project in Pierce County,

Washington between Interstate 5 and

State Route 7 (Pacific Avenue).

FOR FURTHER INFORMATION CONTACT: Jim

Leonard, Area Engineer FHWA,

Olympia, Washington 98501 Phone

Number (360) 753–9558.

SUPPLEMENTARY INFORMATION: The

FHWA, in cooperation with WSDOT

and Pierce County, will prepare an EIS

on a proposal to build a new roadway

between Interstate 5 at the Thorne Lane

interchange and State Route 7 (Pacific

Avenue) at 176th Street South. The

proposed roadway corridor passes

through a residential area in the City of

Lakewood known as American Lake

Gardens and portions of the Fort Lewis

Military Reservation and McChord Air

Force Base. The EIS will include a

Major Investment Study (MIS) that

examines the overall need for the

project and alternative means of

reducing or meeting the demand for

additional transportation capacity.

The purpose of the proposed facility

is to reduce congestion on existing

arterial streets and highways and to

provide a more direct connection for the

movement of goods and people between

Interstate 5 and mid-Pierce County. The

corridor must also maintain security

and accommodate existing and planned

operations on both military

installations. Recent and planned

residential and industrial development

in the Lakewood, Spanaway,

Fredrickson, American Lake, and