27124 Federal Register / Vol. 61, No. 105 / Thursday, May 30, 1996 / Notices

6Section 3 (Corporate Responsibility) includes,

among others, policies concerning voting rights,

quorums, and shareholder approval.

7 15 U.S.C. § 78f(b). 8See supra note 6 and accompanying text.

9 15 U.S.C. 78s(b)(2).

10 17 CFR 200.30–3(a)(12).

number of holders is less than 100, and

the aggregate market value of shares

outstanding is less than $1,000,000.

Moreover, the Exchange is proposing

additional requirements for securities

that are related to other securities. For

stock warrants and CVRs, the NYSE

would require that the related security

remain listed. For ELDS, the issuer of

the linked security must remain subject

to the reporting obligations of the Act

and the linked security must remain

trading in a market in which there is last

sale reporting. The Exchange also will

require the issuer of specialized debt

securities to be able to meet its

obligations on such debt. For all

specialized securities listed pursuant to

paragraph 703 of the Manual, the

Exchange will delist any specialized

securities if the related or linked

securities are delisted for violation of

the Exchange’s ‘‘Corporate

Responsibility’’ criteria in Section 3 of

the Manual.6

The proposed rule change also

eliminates the delisting criteria relating

to creation of a class of non-voting

common stock. The Exchange believes

that these criteria are no longer

appropriate because the Exchange

currently has listing criteria specifically

addressing non-voting common stock.

Finally, the proposed rule change would

delete the current warrant continued

listing criteria and include stock, foreign

currency and currency index, and stock

index warrants within the new uniform

continued listing criteria. The Exchange

believes that the continued listing

criteria for warrants do not conform to

the current warrant listing standards.

The Commission finds that the

proposed rule change is consistent with

the requirements of the Act and the

rules and regulations thereunder

applicable to a national securities

exchange, and, in particular, with the

requirements of Section 6(b).7

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 public interest;

and are not designed to permit unfair

discrimination between issuers.

The Commission believes that the

development and enforcement of

adequate standards governing the listing

of securities on an exchange is an

activity of critical importance to

exchange markets and to the investing

public. Listing standards serve as a

means for the self-regulatory

organizations (‘‘SROs’’) to screen issuers

and to provide listed status only to bona

fide companies with substantial float,

investor base, and trading interest to

ensure sufficient liquidity for fair and

orderly markets. Listing standards also

enable an exchange to assure itself of

the bona fides of the company and its

past trading history. In this regard, over

the past several years the Exchange has

proposed, and the Commission has

approved, uniform initial listing

standards for specialized securities.

With this rule proposal, the Exchange

proposes uniform continued listing

criteria to correspond to the initial

listing standards adopted for specialized

securities. The Commission believes

that adequate maintenance standards

are of equal importance to the

development of adequate standards for

initial inclusion on an exchange. The

Commission notes that once an issue

has been initially approved for listing,

the Exchange must monitor continually

the status and trading characteristics of

that issue to endure that it continues to

meet exchange standards for trading

depth and liquidity.

In this regard, the Commission

believes that the quantitative continuing

listing standards for specialized

securities will ensure that there is

sufficient public float and investor

interest in the securities to support

continued trading consistent with fair

and orderly markets. Further, the

additional requirements for specialized

securities that are related to other

securities should ensure, among other

things, that these securities cannot,

through continued listing, become a

surrogate for trading a security that has

been delisted due to corporate

responsibility violations.8 As described

above, for continued listing of stock

warrants and CVRs, the Exchange will

require that the related security be, and

remain, a NYSE listed security. For

ELDS, the issuer of the linked security

must remain subject to the reporting

obligations of the Act and the linked

security must remain subject to last sale

reporting. The Commission believes that

these standards are appropriate under

the Act and will ensure that the linked

or related securities have adequate

transparency and information available

and meet certain minimum

requirements. With respect to CVRs and

stock warrants, the additional

requirements should also help to

address concerns that such securities

will not become a surrogate for trading

other securities not eligible for NYSE

listing.

In summary, the Commission believes

that the maintenance criteria,

established by the rule proposal, should

help to ensure the stability of the

marketplace, as well as protect

investors, by subjecting the securities of

an issuer to delisting if the listed

security fails to meet the new

maintenance standards.

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act,9 that the

proposed rule change (SR–NYSE–96–

06) is approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.10

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–13459 Filed 5–29–96; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[License No. 03/03–0205]

Eastern Virginia Small Business

Investment Corporation; Notice of

Issuance of a Small Business

Investment Company License

On July 31, 1995, an application was

filed by Eastern Virginia Small Business

Investment Corporation, 2101 Parks

Avenue, Suite 803, Virginia Beach,

Virginia, with the Small Business

Administration (SBA) pursuant to

Section 107.102 of the Regulations

governing small business investment

companies (13 C.F.R. 107.102 (1996)) for

a license to operate as a small business

investment company.

Notice is hereby given that, pursuant

to Section 301(c) of the Small Business

Investment Act of 1958, as amended,

after having considered the application

and all other pertinent information, SBA

issued License No. 03/03–0205 on May

14, 1996, to Eastern Virginia SBIC to

operate as a small business investment

company.

(Catalog of Federal Domestic Assistance

Program No. 59.011, Small Business

Investment Companies)

Dated: May 21, 1996.

Don A. Christensen,

Associate Administrator for Investment.

[FR Doc. 96–13501 Filed 5–29–96; 8:45 am]

BILLING CODE 8025–01–P
Federal Register / Vol. 61, No. 105 / Thursday, May 30, 1996 / Notices 27125

DEPARTMENT OF TRANSPORTATION

Bureau of Transportation Statistics

Reports, Forms and Recordkeeping

Requirements; Agency Information

Collection Activity Under OMB Review

AGENCY: Department of Transportation

(DOT), Bureau of Transportation

Statistics (BTS).

ACTION: Notice.

SUMMARY: In compliance with the

Paperwork Reduction Act (44 U.S.C.

3501 et seq.), this notice announces that

the Information Collection Request (ICR)

abstracted below has been forwarded to

the Office of Management and Budget

(OMB) for review and comment. The

ICR describes the nature of the

information collection and its expected

cost and burden. The Federal Register

Notice with a 60-day comment period

soliciting comments on the following

collection of information was published

on March 1, 1996 [FR 61, page 8096].

DATES: Comments must be submitted on

or before June 23, 1996.

FOR FURTHER INFORMATION CONTACT:

Bernie Stankus, (202) 366–4387, and

refer to the OMB Control Number.

SUPPLEMENTARY INFORMATION:

Title: Report of Financial and

Operation Statistics for Large

Certificated Air Carriers. This is a

request for extension of a currently

approved collection.

OMB Control Number: 2138–0013.

Abstract: Pursuant to Public Law nos.

95–504 and 98–443 and 49 U.S.C. 329

(b)(1), the Secretary of Transportation is

required to collect and disseminate

information on civil aeronautics, and to

continue certain data collection

activities of the former Civil

Aeronautics Board (CAB).

This collection provides basic

financial, traffic and employment data

filed by large certificated air carriers and

used extensively by the Department of

Transportation in its ongoing programs.

Respondents: Business or other forprofit organizations.

Annual Reporting and Recordkeeping

Burden: The number of respondents are

98. The total annual responses are

9,004. The total annual burden hours

are 35,287.

Frequency: Reporting is quarterly and

semi-annually.

Send comments to the Office of

Information and Regulatory Affairs,

Office of Management and Budget, 725–

17th Street, NW, Washington, DC 20503,

Attention BTS Desk Officer.

Issued in Washington, DC, on May 22,

1996.

Phillip A. Leach,

Clearance Officer, United States Department

of Transportation.

[FR Doc. 96–13449 Filed 5–29–96; 8:45 am]

BILLING CODE 4910–7E–P

Federal Aviation Administration

Receipt of Noise Compatibility

Program and Request for Review;

James M. Cox-Dayton International

Airport, Dayton, OH

AGENCY: Federal Aviation

Administration, DOT.

ACTION: Notice.

SUMMARY: The Federal Aviation

Administration (FAA) announces that it

is reviewing a proposed noise

compatibility program that was

submitted for James M. Cox-Dayton

International Airport under the

provisions of Title I of the Aviation

Safety and Noise Abatement Act of 1979

(Pub. L. 96–193) (hereinafter referred to

as ‘‘the Act’’) and 14 CFR Part 150 by

the city of Dayton, Ohio. This program

was submitted subsequent to a

determination by the FAA that

associated noise exposure maps

submitted under 14 CFR Part 150 for

James M. Cox-Dayton International

Airport were in compliance with

applicable requirements effective June

6, 1994. The proposed noise

compatibility program will be approved

or disapproved on or before October 30,

1996.

EFFECTIVE DATE: The effective date of the

start of the FAA’s review of the noise

compatibility program is May 3, 1996.

The public comment periods ends July

2, 1996.

FOR FURTHER INFORMATION CONTACT:

Lawrence C. King, Airports Engineer,

Federal Aviation Administration,

Detroit Airports District Office, Willow

Run Airport, East, 8820 Beck Road,

Belleville, Michigan 48111. Comments

on the proposed noise compatibility

program should also be submitted to the

above office.

SUPPLEMENTARY INFORMATION: This

notice announces that the FAA is

reviewing a proposed noise

compatibility program for James M. CoxDayton International Airport which will

be approved or disapproved on or before

October 30, 1996. This notice also

announces the availability of this

program for public review and

comment.

An airport operator who has

submitted noise exposure maps that are

found by the FAA to be in compliance

with the requirements of Federal

Aviation Regulations (FAR) Part 150,

promulgated pursuant to Title I of the

Act, may submit a noise compatibility

program for FAA approval which sets

forth the measures the operator has

taken or proposes for the reduction of

existing noncompatible uses and for the

prevention of the introduction of

additional noncompatible uses.

The FAA has formally recieved the

noise compatibility program for James

M. Cox-Dayton International Airport,

effective on May 3, 1996. It was

requested that the FAA review this

material and that the noise mitigation

measures, to be implemented jointly by

the airport and surrounding

communities, be approved as a noise

compatibility program under section

104(b) of the Act. Preliminary review of

the submitted material indicates that it

conforms to the requirements for the

submittal of noise compatibility

programs, but that further review will be

necessary prior to approval or

disapproval of the program. The formal

review period, limited by law to a

maximum of 180 days, will be

completed on or before October 30,

1996.

The FAA’s detailed evaluation will be

conducted under the provisions of 14

CFR Part 150, section 150.33. The

primary considerations in the

evaluation process are whether the

proposed measures may reduce the level

of aviation safety, create an undue

burden on interstate or foreign

commerce, or be reasonably consistent

with obtaining the goal of reducing

existing noncompatible land uses and

preventing the introduction of

additional noncompatible land uses.

Interested persons are invited to

comment on the proposed program with

specific reference to these factors. All

comments, other than those properly

addressed to local and land use

authorities, will be considered by the

FAA to the extent practicable. Copies of

the noise exposure maps, the FAA’s

evaluation of the maps, and the

proposed noise compatibility program

are available for examination at the

following locations:

Federal Aviation Administration, Detroit

Airports District Office, Willow Run

Airport, East, 8820 Beck Road, Belleville,

Michigan 48111.

Mr. Roy Williams, Director of Aviation,

James M. Cox-Dayton International Airport,

Terminal Building, Vandalia, OH 45377

Questions may be directed to the

individual named above under the

heading, FOR FURTHER INFORMATION

CONTACT.