25258 Federal Register / Vol. 61, No. 98 / Monday, May 20, 1996 / Notices

8 15 U.S.C. 78f(b).

9 If the NYSE were to decide to include trading

data from other sources, the NYSE would need to

file a proposed rule change with the Commission

pursuant to Section 19(b) of the Act.

10See supra note 7.

11 15 U.S.C. 78s(b)(2).

12 17 CFR 200.30–3(a)(12).

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

2Letter from J. Keith Kessel, Compliance Officer,

Philadep, to Peter R. Geraghty, Senior Counsel,

Division of Market Regulation, Commission (April

10, 1996).

3A position listing indicates the participant

holders of a certain security and the number of

shares Philadep holds on their behalf.

4The Commission has modified the text of the

summaries prepared by Philadep.

requirements of Section 6(b).8

Specifically, the Commission believes

the proposal is consistent with the

Section 6(b)(5) requirements that the

rules of an exchange be designed to

promote just and equitable principles of

trade, to prevent fraudulent and

manipulative acts, and, in general, to

protect investors and the pubic interest;

and are not designed to permit unfair

discrimination between issuers.

The development and enforcement of

adequate standards governing the initial

and continued listing of securities on an

exchange is an activity of critical of

critical importance to financial markets

and the investing public. Listing

standards serve as a means for an

exchange to screen issuers and to

provide listed status only to bona fide

companies with sufficient public float,

investor base, and trading interest to

ensure that the market for a company’s

stock has the depth and liquidity

necessary to maintain fair and orderly

markets. Adequate standards are

especially important given the

expectations of investors regarding

exchange trading and the imprimatur of

listing on a particular market.

For the reasons set forth below, the

Commission believes that the proposed

rule change will provide the NYSE with

greater flexibility in determining which

equity securities warrant inclusion in its

market, without compromising the

effectiveness of the Exchange’s initial

listing standards.

The Commission believes that

permitting North American companies

to satisfy the stockholder and trading

volume requirements of the Exchange’s

domestic initial listing standards by

including the holders and trading

volume in North America is not

inconsistent with the purposes of the

Act. With efforts such as the North

American Free Trade Agreement

(‘‘NAFTA’’), North America increasingly

is becoming an integrated market place,

and companies and investors are able to

obtain easier access to markets across

borders. There is active interest by U.S.

investors in these markets, and Mexican

and Canadian issues are actively traded

on the Exchange.

The Commission believes that this

amendment to the initial listing

standards may assist companies

domiciled in Canada and Mexico and

U.S. companies with a significant

presence in those countries to gain

admittance to the NYSE and may

promote greater investment

opportunities across borders in North

America. Therefore, the Commission

believes that it is not unreasonable to

consider the holders and trading volume

in all three countries for purposes of

reviewing a company’s application to

list under the domestic initial listing

standards on the NYSE.

Moreover, the Commission believes

that the NYSE is appropriately looking

only to the reported volume on the

Canadian and Mexican stock exchanges

in addition to the reported volume on

the U.S. stock exchanges and in the U.S.

over-the-counter market to calculate

trading volume.9 The Commission

believes that the reported volume from

these non-U.S. exchanges is sufficiently

reliable for purposes of determining a

company’s listing eligibility. Finally, for

ADRs, the Exchange will adjust the

volume in the ordinary shares to an

ADR-equivalent basis for calculating

trading volume for purposes of

determining eligibility.10 The

Commission believes that this

adjustment will more accurately reflect

the price of the instrument trading on

the NYSE because the price of each

share trading in Canada or Mexico may

be a fraction of the ADR.

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act,11 that the

proposed rule change (SR–NYSE–96–

05) is approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.12

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–12596 Filed 5–17–96; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–37210; File No. SR–

Philadep–96–04]

Self-Regulatory Organizations;

Philadelphia Depository Trust

Company; Notice of Filing and

Immediate Effectiveness of Proposed

Rule Change Modifying the Fee

Schedule for Position Listings To

Incorporate a Quantity Discount for

Multiple Municipal Bond Listing

Requests

May 14, 1996.

Pursuant to Section 19(b)(1) of the

Securities Exchange Act of 1934

(‘‘Act’’),1 notice is hereby given that on

March 8, 1996, the Philadelphia

Depository Trust Company (‘‘Philadep’’)

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 primarily by

Philadep. On April 15, 1996, Philadep

supplemented the filing.2 The

Commission is publishing this notice to

solicit comments on the proposed rule

change from interested parties.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

Philadep proposes to modify its fee

schedule for position listing requests to

incorporate a quantity discount for

multiple municipal bond listing

requests.3

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

Philadep included statements

concerning the purposes of and the

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.

Philadep has prepared summaries, as set

forth in sections (A), (B), and (C) below,

of the most significant aspects of these

statements.4

(A) Self-Regulatory Organization’s

Statement of the Purpose of, and the

Statutory Basis for, the Proposed Rule

Change

Currently, Philadep charges $45 for

each position listing request per date,

per issuer, and per CUSIP number.

Philadep charges a flat fee of $360 for

twelve monthly dates per CUSIP

number (i.e., twelve end-of-month

listings of a particular CUSIP) or $1,300

for fifty-two weekly dates per CUSIP

number (i.e., fifty-two end-of-week

listings of a particular CUSIP). Philadep

proposes to modify its position listing

fee schedule to provide a quantity

discount for multiple municipal bond

listing requests. The discount will be

available only if the requests pertain to

the same issuer for the same position

listing date and if Philadep has at least

ten business days from the date of the

initial request by the municipality or its

agent to provide the requested
Federal Register / Vol. 61, No. 98 / Monday, May 20, 1996 / Notices 25259

5 15 U.S.C. 78q–1(b)(3)(D) (1988).

6 15 U.S.C. 78s(b)(3)(A)(ii) (1988).

7 17 CFR 240.19b–4(e)(2) (1995). 8 17 CFR 200.30–3 (a)(12) (1995).

information. Accordingly, Philadep will

charge $20 per CUSIP for the first one

hundred municipal bond listing

requests, $15 per CUSIP for the second

one hundred listings, and $10 per

CUSIP for the third one hundred

listings. For listing requests in excess of

300 CUSIP numbers, Philadep will

charge $7.50 per CUSIP.

Philadep notes that requests for

municipal bond positions are unique in

that municipal issuers have numerous

CUSIP numbers relating to securities

which they have issued which gives rise

to substantial requests for position

listings in such securities. The proposed

discount is designed to recognize the

unique nature of municipalities’ needs

to request multiple CUSIP numbers for

a single date and to contain the related

costs to the municipalities.

Philadep believes its proposed rule

change is consistent with the

requirements of Section 17A(b)(3)(D) 5

of the Act because it provides for the

equitable allocation of reasonable dues,

fees, and other charges among Philadep

participants.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

Philadep does not believe that the

proposed rule change will have an

impact on or impose a burden on

competition.

(C) Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants or Others

Written comments were neither

solicited nor received with respect to

the proposed rule change.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The foregoing rule change has become

effective pursuant to Section

19(b)(3)(A)(ii) 6 of the Act and pursuant

to Rule 19b–4(e)(2) 7 promulgated

thereunder because the proposal

establishes a due, fee, or other charge

imposed by Philadep. At any time

within sixty days of the filing of such

rule change, the Commission may

summarily abrogate such rule change if

it appears to the Commission that such

action is necessary or appropriate in the

public interest, for the protection of

investors, or otherwise in furtherance of

the purposes of the Act.

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, NW,

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, NW,

Washington, D.C. 20549. Copies of such

filings will also be available for

inspection and copying at the principal

office of Philadep. All submissions

should refer to File Number SR–

Philadep–96–04 and should be

submitted by June 10, 1996.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority. 8

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–12539 Filed 5–17–96; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

Data Collection Available for Public

Comments and Recommendations

ACTION: Notice and request for

comments.

SUMMARY: In accordance with the

Paperwork Reduction Act of 1995, this

notice announces the Small Business

Administration’s intentions to request

approval on a new, and/or currently

approved information collection.

DATES: Comments should be submitted

by no later than July 19, 1996.

FOR FURTHER INFORMATION CONTACT:

Curtis B. Rich, Management Analyst,

Small Business Administration, 409 3rd

Street, S.W., Suite 5000, Washington,

D.C. 20416. Phone Number: 202–205–

6629.

SUPPLEMENTARY INFORMATION:

Title: ‘‘Loan Servicing Field Visit

Report’’.

Type of Request: Extension of

Currently Approved Collections.

Description of Respondents: Small

Businesses.

Annual Responses: 45,000.

Annual Burden: 45,000.

Comments: Send all comments

regarding this information collection to

Annie McCluney, Program Analyst,

Office of Borrower and Lender

Servicing, Small business

Administration, 409 3rd Street, S.W.

Suite 8300 Washington, D.C. 20416.

Phone No.: 202–205–7545.

Send comments regarding whether

this information collection is necessary

for the proper performance of the

function of the agency, accuracy of

burden estimate, in addition to ways to

minimize this estimate, and ways to

enhance the quality.

Supplementary Information

Title: ‘‘Application For Certificate of

Competency, Small Purchase Actions’’.

Type of Request: Extension of

Currently Approved Collection.

Description of Respondents: Small

Business Owners.

Annual Responses: 1,500.

Annual Burden: 3,000.

Comments: Send all comments

regarding this information collection to

Curtis B. Rich, Management Analyst,

Office of Administrative Service, small

Business Administration, 409 3rd Street,

S.W. Suite 5000 Washington, D.C.

20416. Phone No.: 202–205–7030.

Send comments regarding whether

this information collection is necessary

for the proper performance of the

function of the agency, accuracy of

burden estimate, in addition to ways to

minimize this estimate, and ways to

enhance the quality.

Supplementary Information

Title: ‘‘Stockholder Confirmation’’.

Type of Request: Extension of

Currently Approved Collections.

Description of Respondents: New

Licensees.

Annual Responses: 300.

Annual Burden: 50.

Comments: Send all comments

regarding this information collection to

Charles Mezger, Director, Office of SBIC

Examinations, Small Business

Administration, 409 3rd Street, S.W.

Suite 8300 Washington, D.C. 20416.

Phone No.: 202–205–7172.

Send comments regarding whether

this information collection is necessary

for the proper performance of the

function of the agency, accuracy of

burden estimate, in addition to ways to

minimize this estimate, and ways to

enhance the quality.

Supplementary Information

Title: ‘‘Secondary Market Disclosure

And Assignment Form’’.

Type of Request: Extension of

Currently Approved Collections.