18454 Federal Register / Vol. 61, No. 81 / Thursday, April 25, 1996 / Notices

9 15 U.S.C. 78k–1.

10 17 C.F.R. 200.30–3(a)(12).

1 In Amendment No. 1 the Phlx states that the

Index has always been a P.M. settled index and that

it proposes to apply all of the maintenance criteria

of Rule 1009(A)(c) except the requirement that the

index be designated as A.M. settled. See letter from

Michele R. Weisbaum, Associate General Counsel,

Phlx, to James T. McHale, Attorney, Office of

Market Supervision, Division of Market Regulation,

Commission, dated April 16, 1996 (‘‘Amendment

No. 1’’).

2See Securities Exchange Act Release No. 20437

(December 2, 1983) 48 FR 55229 (December 9, 1983)

(‘‘Index Approval Order’’).

3 Id.

collecting and disseminating quotations.

The proposed rule change would

centralize a fragmented market and

provide greater transparency, while

maintaining certainty with respect to

the tax status of these securities. It will

provide more efficient price discovery

in the secondary market for limited

partnerships, and is expected to aid

NASD members in complying with their

obligations for best execution when

effecting transactions.

In addition, the NASD relies on

Section 11A(a)(1) of the Act 9 in that the

proposed rule change is consistent with

the Congressional findings and policy

goals, as set forth therein, respecting

operational enhancements to the

securities markets. Basically, Congress

found that new data processing and

communications techniques should be

applied to improve the efficiency of

market operations, broaden the

distribution of market information, and

foster competition among market

participants.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The NASD believes the proposed rule

change will impose no burden on

competition that is not necessary or

appropriate in furtherance of the

purposes of the Act.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants, or Others

The NASD has neither solicited nor

received written comments.

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 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 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. Also, copies of

such filing will be available for

inspection and copying at the principal

office of the NASD. All submisssions

should refer to File No. SR–NASD–96–

08 and should be submitted by May 16,

1996.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.10

Jonathan G. Katz,

Secretary.

[FR Doc. 96–10244 Filed 4–24–96; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–37123; File No. SR–Phlx–

96–03]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change and

Amendment No. 1 Thereto by the

Philadelphia Stock Exchange, Inc.

Relating to Component Additions to

the Phlx Gold/Silver Index

April 18, 1996.

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 April 1, 1996, the

Philadelphia Stock Exchange, Inc.

(‘‘Phlx’’ 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. On

April, 16, 1996, the Exchange filed

Amendment No. 1 to the proposal.1 The

Commission is publishing this notice to

solicit comments on the proposed rule

change, as amended, from interested

persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The Exchange proposes to revise the

composition of the Phlx Gold/Silver

Index (‘‘XAU’’ or ‘‘Index’’) by adding

three underlying stocks and to adopt a

procedure regarding replacements,

additions and deletions of component

stocks. The text of the proposed rule

change is available at the Office of the

Secretary, Phlx and at the 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,

Phlx 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 Phlx 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 XAU is a capitalization weighted

index currently composed of the stocks

of nine widely held U.S. companies in

the gold and silver mining industry.

Options on the Index have an American

style expiration and the settlement

value is based on the closing values of

the component issues on the last trading

day prior to expiration. The Index was

the first narrow based or industry index

approved for trading on the Exchange.2

Pursuant to Footnote 10 to the Index

Approval Order,3 the Exchange had

agreed to submit to the Commission

pursuant to Rule 19b–4 under the Act,

any changes to the stocks comprising

the Index and to attempt to formulate a

rule that will govern this process.

Accordingly, pursuant to this rule filing,

the Exchange is requesting approval to

change the composition of the XAU by

adding three stocks. The stocks are

AMAX Gold, Inc. (AU), Santa Fe Pacific

Gold Corp. (GLD) and TVX Gold Inc.

(TVX) and they all currently trade on

the New York Stock Exchange. The

addition of these three stocks will help

ensure an even more accurate response

to overall market activity in the precious
Federal Register / Vol. 61, No. 81 / Thursday, April 25, 1996 / Notices 18455

4The maintenance criteria set forth in Rule

1009A(c) are principally designed as index

maintenance criteria that are required to be met by

narrow-based index option products that were

listed pursuant to Rule 1009A(b). See Securities

Exchange Act Release No. 34157 (June 3, 1994), 59

FR 30062 (June 10, 1994).

5See Amendment No. 1, supra note 1.

6The three new stocks proposed to be added

herein all currently have overlying options being

traded. 7 17 CFR 200.30–3(a)(12).

metals mining industry. The Phlx

represents that the proposed change

would increase the total capitalization

of the Index from $28.63 billion to $32.8

billion. The three additional stocks

combined will account for 12.74% of

the revised index by capitalization

weight. The value of the XAU Index as

of the close of trading on March 28,

1996 was 143.83.

Also pursuant to this filing, the

Exchange proposes to adopt a procedure

which will govern future replacements,

additions or deletions of underlying

stocks from the Index. If at any time a

stock is deleted from the Index due to

merger, acquisition or otherwise, and

the Exchange determines to replace it,

the Phlx will take into account the

capitalization, liquidity, volatility and

name recognition of any proposed

replacement stock which fits the

character of the Index. Moreover, the

Phlx will ensure that the Index meets all

of the maintenance criteria in Rule

1009A(c) 4 except the requirement that

the Index be A.M. settled.5 The Phlx

notes that this maintenance criteria, in

part, requires it to ensure that no fewer

than 90% of the stocks comprising the

Index by weight, nor fewer than 80% of

the total number of stocks in the Index,

qualify as eligible for equity options

trading under Phlx Rule 1009.6 Absent

Commission approval, the Exchange

will not increase to more than 15, nor

decrease to fewer than 9, the number of

stocks in the Index.

The Exchange represents that the

proposed rule change, as amended, is

consistent with Section 6 of the Act in

general, and in particular, with Section

6(b)(5), in that it is designed to prevent

fraudulent and manipulative acts and

practices, to promote just and equitable

principles of trade, to foster cooperation

and coordination with persons engaged

in regulating, clearing, settling,

processing information with respect to,

and facilitating transactions in

securities, to remove impediments to

and perfect the mechanism of a free and

open market and a national market

system, as well as to protect investors

and the public interest.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange believes the proposed

rule change will impose no

inappropriate burden on competition.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants or Others

The Exchange has neither solicited

nor received written comments on the

proposed rule change.

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 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 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 Phlx. All submissions

should refer to File No. SR–Phlx–96–03

and should be submitted by May 16,

1996.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.7

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–10126 Filed 4–24–96; 8:45 am]

BILLING CODE 8010–01–M

Sunshine Act Meeting

Notice is hereby given, pursuant to

the provisions of the Government in the

Sunshine Act, Pub. L. 94–409, that the

Securities and Exchange Commission

will hold the following meeting during

the week of April 29, 1996.

Commissioners, Counsel to the

Commissioners, the Secretary to the

Commission, and recording secretaries

will attend the closed meeting. Certain

staff members who have an interest in

the matters may also be present.

The General Counsel of the

Commission, or his designee, has

certified that, in his opinion, one or

more of the exemptions set forth in 5

U.S.C. 552b(c) (4), (8), (9)(A) and (10)

and 17 CFR 200.402(a) (4), (8), (9)(i) and

(10), permit consideration of the

scheduled matters at the closed meeting.

Commissioner Johnson, as duty

officer, voted to consider the items

listed for the closed meeting in a closed

session.

The subject matter of the closed

meeting scheduled for Tuesday, April

30, 1996, at 10 a.m., will be:

Institution and settlement of administrative

proceedings of an enforcement nature.

Formal order of investigation.

Opinion.

At times, changes in Commission

priorities require alterations in the

scheduling of meeting items. For further

information and to ascertain what, if

any, matters have been added, deleted

or postponed, please contact: The Office

of the Secretary at (202) 942–7070.

Dated: April 23, 1996.

Jonathan G. Katz,

Secretary.

[FR Doc. 96–10354 Filed 4–23–96; 1:05 pm]

BILLING CODE 8010–01–M

SELECTIVE SERVICE SYSTEM

Forms Submitted to the Office of

Management and Budget for Extension

of Clearance

The following forms have been

submitted to the Office of Management

and Budget (OMB) for extension of

clearance in compliance with the

Paperwork Reduction Act (44 U.S.

Chapter 55).

SSS–1

Title: The Selective Service System

Registration Form.