Federal Register / Vol. 61, No. 90 / Wednesday, May 8, 1996 / Notices 20871

type in which Triangle was formed to

invest.

7. Applicants state that Gorter did not

take part in any negotiations

surrounding the terms of the Sale.

Gorter’s involvement in the Sale is due

solely to his positions with Baker

Fentress and Consolidated Tomoka and

his limited partnership interests in

Triangle. Gorter was unaware of the

negotiations and Sale until he received

notice from Triangle, on October 11,

1995, in his capacity as a class A limited

partner. Applicants submit that Gorter

did not exercise his right as a class A

limited partner of Triangle to object to

the Sale because Gorter and Indigo

Group believe that to have done so

might have been a breach of his

fiduciary duties to Consolidated

Tomoka and Baker Fentress by causing

them to lose the benefit of a transaction

believed by them to be in their best

interest. As a result, Indigo Group and

Gorter believe that avoidance of the

need for the application by Gorter’s

objection to the Sale was not a viable

option.

8. Applicants state that although the

policies of Baker Fentress are not

directly implicated by the Sale because

Baker Fentress is not a party to the Sale,

the Sale is not inconsistent with any

policies of Baker Fentress. In addition,

applicants believe that the terms of the

Amended Agreement, including the

consideration to be paid and received

are reasonable and fair and do not

involve overreaching by any of the

applicants. Triangle’s general partner,

Mark Realty, has had extensive

experience in valuing and negotiating

transactions related to investments in

strip shopping malls. Applicants

represent that the Sale was negotiated

by Mark Realty and Indigo at armslength. As a result, applicants believe

that the purchase price is fair and

reasonable both as to amount and as to

form of payment. Furthermore, the Sale

will not result in any ongoing

relationship between Indigo Group and

Triangle. For the reasons discussed

above, applicants believe that the

proposed transaction satisfies the

criteria of section 17(b).

For the Commission, by the Division of

Investment Management, under delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–11450 Filed 5–7–96; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–37161; File No. SR–Amex–

96–10]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the American Stock Exchange, Inc.

Relating to the Implementation of a

Wireless Data Communications

Infrastructure

May 2, 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 March 27, 1996,

the American Stock Exchange, Inc.

(‘‘Amex’’ or ‘‘Exchange’’) filed with the

Securities and Exchange Commission

(‘‘Commission’’ or ‘‘SEC’’) 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 American Stock Exchange, Inc.

proposes to amend Exchange Rules 60

and 220 and to adopt a policy regarding

the use of wireless data communications

devices at the Exchange (‘‘Wireless

Communications Policy’’).

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 has undertaken the

development of an infrastructure

(‘‘Infrastructure’’) to accommodate the

use of wireless data communications

devices on the Trading Floor. In

connection with the implementation of

the Infrastructure, the Exchange seeks to

amend Rule 220 to explicitly provide

that the Exchange may regulate

communications between points on the

Floor. The Exchange also seeks to adopt

a detailed policy (‘‘Wireless

Communications Policy’’) regarding the

use of wireless data communications

devices at the Exchange. The Wireless

Communications Policy will address the

following issues:

1. The ability of the Exchange to

administer wireless data

communications on a real time basis

(e.g., the implementation of a protocol

for prioritizing and/or managing

message traffic during periods of

extraordinary use);

2. Surveillance of wireless data

communications;

3. Member, member firm and

Exchange preservation of records of

orders and trades;

4. Security with respect to

confidential wireless transmissions and

access to the Infrastructure;

5. Review and approval of member

and member firm applications to use

wireless data communications devices;

6. The fair allocation of a finite

resource (i.e., radio frequency

bandwidth);

7. Exchange fees and allocation of

expenses associated with the

implementation, operation of, and

enhancements to, the Infrastructure;

8. Sanctions for violations of the

Exchange’s Wireless Communications

Policy;

9. Inspection and oversight of wireless

data communications technology; and

10. The design and implementation of

the Infrastructure.

The Wireless Communications Policy

furthers the policy in Article IV, Section

1(e) of the Exchange Constitution which

currently provides that the Exchange

shall not be liable for any damages

sustained by a member or member

organization growing out of the use or

enjoyment by such member or member

organization of the facilities afforded by

the Exchange to members for the

conduct of their business. This

provision, as well as similar provisions

at other exchanges, reflect the common

understanding that exchanges should

not bear the risk of liability associated

with member firm use of their systems.

Accordingly, the Exchange will not be

liable to member firms with respect to

their use of the Infrastructure.

In addition, the Exchange proposes to

adopt new Commentary .03 to Rule 60

which will provide that, in connection

with member or member organization

use of any electronic system, service, or

facility provided by the Exchange to

members for the conduct of their

business on the Exchange: (i) the

Exchange may expressly provide in the

contract with any vendor providing all

or part of such electronic system,
20872 Federal Register / Vol. 61, No. 90 / Wednesday, May 8, 1996 / Notices

service, or facility to the Exchange, that

such vendor and its subcontractors shall

not be liable to members or member

organizations for any damages sustained

by a member or member organization

growing out of the use or enjoyment of

such electronic system, service, or

facility by the member or member

organization, and (ii) members and

member organizations shall indemnify

the Exchange and any vendor and

subcontractor covered by subsection (i)

above with regard to any third party

claims relating to the member or

member organization’s use of such

electronic system, service or facility.

This will provide needed protection for

both the Exchange and vendors that may

be retained by the Exchange to provide

various services for use by member

firms. If the Exchange does not have the

flexibility to negotiate such liability

protection, it will become increasingly

difficult to find vendors willing to

provide the Exchange with the essential

services that it needs.

2. Statutory Basis

The proposed rule change is

consistent with Section 6(b) of the Act

in general and furthers the objectives of

Section 6(b) in that it is designed to

prevent fraudulent acts and practices,

promote just and equitable principles of

trade, remove impediments to and

perfect the mechanisms of a free and

open market, and, in general, 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

The Exchange has not solicited

written comments on the proposed rule

change. The Exchange, however,

received three written responses to a

letter dated February 29, 1996,

addressed to all members and member

firms regarding the implementation of

the Infrastructure and anticipated user

fees for wireless data communications

devices on the Floor. The three

responses to the Exchange’s letter

concerned objections to the proposed

fee structure. Upon further

consideration and analysis, the

Exchange decided that the specifics of

the per device fee will not be

determined until the fall of 1997, giving

the Exchange a period of time to observe

the Infrastructure in operation. A per

device fee will not be imposed prior to

that time. In addition, once imposed,

the monthly fee will be capped at $250

per device.

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 Amex. All submissions

should refer to File No. SR–Amex–96–

10 and should be submitted by May 29,

1996.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–11449 Filed 5–7–96; 8:45 am]

BILLING CODE 8010–01–M

SOCIAL SECURITY ADMINISTRATION

Agency Information Collection

Activities: Proposed Collection

Request

Normally on Fridays, the Social

Security Administration (SSA)

publishes a list of information collection

packages that will require submission to

the Office of Management and Budget

(OMB) for clearance in compliance with

P.L. 104–13 effective October 1, 1995,

The Paperwork Reduction Act of 1995.

Since the last list was published in the

Federal Register on April 26, 1996, the

information collection listed below has

been proposed.

(Call the SSA Reports Clearance Officer on

(410) 965–4123 for a copy of the form(s) or

package(s), or write to her at the address

listed below the information collection.)

Modified Benefit Formula

Questionnaire-Foreign Pension—0960–

NEW. The information collected on

form SSA–308 is used by SSA to

determine exactly how much (if any) of

a foreign pension may be used to reduce

the amount of Social Security retirement

or disability benefits under the modified

benefit formula. The respondents are

applicants for Social Security

retirement/disability benefits.

Number of Respondents: 50,000

Frequency of Response: 1

Average Burden Per Response: 10

minutes

Estimated Annual Burden: 8,333

hours

Written comments and

recommendations regarding this

information collection 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.

Agency Information Collection

Activities: Submission for OMB Review;

Comment Request

The information collections listed

below, which were published in the

Federal Register on March 15, 1996

have been submitted to OMB.

(Call Reports Clearance Officer on (410) 965–

4123 for copies of package.)