19328 Federal Register / Vol. 61, No. 85 / Wednesday, May 1, 1996 / Notices

1The three measures of performance utilized by

the PSE are: (1) National Market System Quote

Performance, accounting for 45% of the overall

score, measures the percentage of time in a given

quarter that a specialist’s bid and/or offer is equal

to or greater than the best bid or offer in the

consolidated quote system for each dually-traded

security; (2) the Specialist Evaluation Questionnaire

Survey, also accounting for 45% of the overall

score, is composed of questions designed to

evaluate a specialist’s market-making performance

and is to be completed only by floor brokers who

regularly trade with a specialist; and (3) SCOREX

Limit Order Acceptance Performance, which

accounts for the final 10% of the overall score,

measures the percentage of P/COAST (formerly

SCOREX) limit orders accepted by a specialist. See

Securities Exchange Act Release No. 28843

(February 1, 1991), 56 FR 5040 (February 7, 1991)

(File No. SR–PSE–87–19) for a more complete

description of each of these measures of

performance.

2The PSE maintains two equity trading floors,

one in Los Angeles and one in San Francisco. See

PSE Rule 4.1(g).

3See PSE Rules 5.37 (b)–(e).

4See PSE Rules 5.37 (g)–(i). The EAC also has the

authority to bypass the second informal proceeding

and commence formal reallocation proceedings

after a specialist’s second quarter of substandard

performance in a rolling twelve-month period. See

PSE Rule 5.37.

5For a description of the procedures followed in

such proceedings, see PSE Rules 5.37 (j)–(s).

OFFICE OF PERSONNEL

MANAGEMENT

THE National Partnership Council

AGENCY: Office of Personnel

Management.

ACTION: Notice of meeting

TIME AND DATE: 1:00 p.m., May 8, 1996.

PLACE: OPM Conference Center, Room

1350, Theodore Roosevelt Building,

1900 E Street, NW., Washington, DC

20415–0001. The conference center is

located on the first floor.

STATUS: This meeting will be open to the

public. Seating will be available on a

first-come, first-served basis.

Individuals with special access needs

wishing to attend should contact OPM

at the number shown below to obtain

appropriate accommodations.

MATTERS TO BE CONSIDERED: The NPC

will discuss its 1996 partnership survey

and revisions to the National

Partnership Award program. There will

also be a presentation on interest-based

problem resolution.

CONTACT PERSON FOR MORE INFORMATION:

Michael Cushing, Director, Labor

Management Partnership Center, Office

of Personnel Management, Theodore

Roosevelt Building, 1900 E Street, NW.,

Room 5554, Washington, DC 20415–

0001, (202) 606–0010.

SUPPLEMENTARY INFORMATION: We invite

interested persons and organizations to

submit written comments. Mail or

deliver your comments to Michael

Cushing at the address shown above. To

be considered at the May 8 meeting,

written comments should be received by

May 3.

Office of Personnel Management.

James B. King,

Director.

[FR Doc. 96–10579 Filed 4–30–96; 8:45 am]

BILLING CODE 6325–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–37142; File No. SR–PSE–

96–13]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the Pacific Stock Exchange

Incorporated Relating to Restrictions

on Equity Allocations (10% Rule)

April 24, 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 10, 1996, the

Pacific Stock Exchange Incorporated

(‘‘PSE’’ 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. 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

The Exchange is proposing to codify

a policy of the Equity Allocation

Committee (‘‘EAC’’) that specialists who

rank in the bottom 10%, under the

Exchange’s specialist evaluation

program, shall not be eligible for

allocations of securities, absent

mitigating circumstances, until such

ranking rises above the bottom 10%.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission, the

self-regulatory organization 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 self-regulatory organization 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

1. Purpose

The Exchange’s specialist evaluation

program is governed by PSE Rule 5.37.

Subsection (a) of that Rule provides that

the EAC shall evaluate all registered

specialists on a quarterly basis. Those

evaluations result in overall ratings of

specialists that are based upon three

separate measures of performance, as

specified in the Rule.1 Subsection (b)

provides that any registered specialist

who is in the bottom 10% of all

registered specialists on that specialist’s

trading floor,2 as determined by the

overall evaluation scores in any one

quarterly evaluation, shall be requested

to meet with the EAC (or a panel

appointed by the EAC) on an informal

basis.3 If a specialist is in the bottom

10% during any two out of four

consecutive quarterly evaluations, the

specialist is requested to appear a

second time before the EAC to explain

his or her performance.4

If the EAC finds in its second informal

meeting with a specialist that there are

no mitigating circumstances that would

demonstrate substantial improvement of

or reasonable justification for the

specialist’s most recent evaluation

score, the EAC will make a

determination that the specialist’s

performance is below acceptable levels,

and notify the specialist of his or her

right to a hearing on such

determination.5 The EAC may take a

number of actions against a registered

specialist found to perform below

acceptable levels, including limitation,

suspension or termination of the

specialist’s registration as a specialist, or

reallocation of his or her stocks.

The Exchange is now proposing to

adopt a rule providing that any

registered specialist who falls into the

bottom 10% of all registered specialists,

as provided in Rule 5.37(b), shall not be

eligible for new allocations until such

ranking rises above the bottom 10%.

However, the proposal also provides

that the EAC may make exceptions if

there are sufficient mitigating

circumstances.

At the PSE, specialist evaluation

results and overall rankings are reported

in the quarter following the quarter of

the evaluation, e.g., the results of the

fourth quarter of 1995 are reported in

the first quarter of 1996. Accordingly, a

specialist who was in the bottom 10%

for the fourth quarter of 1995 will not

be eligible for new allocations of stocks
Federal Register / Vol. 61, No. 85 / Wednesday, May 1, 1996 / Notices 19329

6Cf. Securities Exchange Act Release No. 31539

(November 30, 1992), 57 FR 57851 (December 7,

1992) (File No. SR–PSE–92–32). This order

approved, among other things, the addition of

Commentary .03 to PSE Rule 5.36(d), which

precludes a specialist whose specialist ranking falls

in the bottom 10% of his or her Floor from acting

as an alternate specialist until his or her ranking

rises above the bottom 10%, unless the EAC

determines otherwise.

7 15 U.S.C. 78f(b)(5).

until, at the earliest, the second quarter

of 1996, when the results from the first

quarter of 1996 are reported.

The Exchange believes that the

restriction on new allocations is an

effective tool in encouraging specialists

to improve their performance, and

thereby to improve their evaluation

scores.6

2. Statutory Basis

The proposed rule change is

consistent with Section 6(b)(5) of the

Act 7 in that it is designed to promote

just and equitable principles of trade,

and, in general, to protect investors and

the public interest.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange does not believe that

the proposed rule change will impose

any 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

Written comments on the proposed

rule change were neither solicited nor

received.

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 Exchange. All submissions

should refer to File No. SR–PSE–96–13

and should be submitted by May 22,

1996.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–10704 Filed 4–30–96; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF STATE

[Public Notice No. 2373]

Shipping Coordinating Committee

Maritime Safety Committee; Notice of

Meeting

The Shipping Coordinating

Committee will conduct an open

meeting at 9:30 A.M. on Wednesday,

May 22, 1996, in Room 2415, at U.S.

Coast Guard Headquarters, 2100 Second

Street, SW., Washington, DC. The

purpose of this meeting will be to

finalize preparations for the 66th

Session of the Maritime Safety

Committee, and associated bodies of the

International Maritime Organization

(IMO), which is scheduled for May 28–

June 6, 1996, at IMO Headquarters in

London. At the meeting, papers received

and the draft U.S. positions will be

discussed.

Among other things, the items of

particular interest are:

a. Adoption of amendments to the

Safety of Life at Sea

b. Bulk carrier safety

c. Role of the human element

d. Existing ship safety standards

e. Formal safety assessment, and

f. Report of eight subcommittees—

Stability.

Load Lines and Fishing Safety; Fire

Protection; Safety of Navigation; Ship

Design and Equipment; Dangerous

Goods, Solid Cargoes and Containers;

Radiocommunication and Search and

Rescue; Bulk Liquids and Gases; and

Flag State Implementation.

Members of the public may attend

this meeting up to the seating capacity

of the room. Interested persons may

seek information by writing to Mr.

Joseph J. Angelo, Commandant (G–MS),

U.S. Coast Guard, 2100 Second Street,

SW, Room 1218, Washington, DC

20593–0001 or by calling (202) 267–

2970.

Dated: April 22, 1996.

Charles A. Mast,

Chairman, Shipping Coordinating Committee.

[FR Doc. 96–10719 Filed 4–30–96; 8:45 am]

BILLING CODE 4710–07–M

DEPARTMENT OF TRANSPORTATION

Coast Guard

[CGD 96–023]

In the Matter of Waxler Towing

Company, Inc.

AGENCY: Coast Guard, DOT.

ACTION: Notice of proposed penalty;

opportunity to comment.

SUMMARY: The Coast Guard gives notice

of, and provides an opportunity to

comment on, the proposed assessment

of a Class II administrative penalty on

Waxler Towing Company, Inc., for

violations of the Federal Water

Pollution Control Act (FWPCA). This

proceeding arises as the result of a U.S.

Coast Guard boarding of the T/B WTC–

220 on January 24, 1995 at the Marathon

Oil Company facility at Mile 196 on the

Upper Mississippi River. The

Respondent is charged in six counts

with violating the Federal Water

Pollution Act, 33 U.S.C. § 1251 et seq,

as amended by the Oil Pollution Act of

1990, on January 24, 1995. Count One

charges the Respondent with the failure

to maintain adequate transfer

procedures in violation of 33 C.F.R.

§§ 155.750(a)(2), 155.750(a)(6),

155.750(a)(11), 155.750(a)(2),

155.750(b). Count Two charges the

Respondent with the failure to comply

with transfer procedures in violation of

33 C.F.R. 155.730. In Count Three,

Respondent is charged with the failure

to comply with the transfer hose

requirements in violation of 33 C.F.R.

155.800. Count Four charges

Respondent with conducting an unsafe

oil transfer in violation of 33 CFR

§§ 156.120(i), 156.120(j), 156.120(m)

156.120(p), 155.780, 156.120(e)

156.120(t)(3). Count Five charges

Respondent with the failure to have a