28628 Federal Register / Vol. 61, No. 109 / Wednesday, June 5, 1996 / Notices

1Respondents include temporarily registered

clearing agencies. Respondents also may include

clearing agencies granted exemptions from the

registration requirements of Section 17A,

conditioned upon compliance with Rule 17a–22.

Notice is hereby given that pursuant

to the Paperwork Reduction Act of 1995

(44 U.S.C. 3501 et seq.), the Securities

and Exchange Commission

(‘‘Commission’’) is publishing for public

comment the following summary of

previously approved information

collection requirements.

Rule 19b–1 prohibits investment

companies from distributing long-term

capital gains more than once every

twelve months unless certain conditions

are met. Rule 19b–1(c) permits unit

investment trusts (‘‘Units’’) engaged

exclusively in the business of investing

in certain eligible fixed-income

securities to distribute long-term capital

gains more than once every twelve

months, provided that the capital gains

distributions falls within one of the

categories in rule 19b–1(c)(1) and

provided further that the capital gains

distribution is clearly described as such

in the report to the unitholder that must

accompany the distribution (the ‘‘notice

requirement’’).

The time required to comply with the

notice requirement is estimated to be

one hour or less for each additional

distribution of long-term capital gains.

Since there are approximately 14,175

UIT portfolios that may be eligible to

use the rule, the estimated total annual

maximum reporting burden would be

14,175 hours.

Rule 19b–1(e) also permits a

registered investment company to apply

for permission to distribute long-term

capital gains more than once a year

provided that the investment company

did not foresee the circumstances that

created the need for the distribution.

The time required to prepare an

application under rule 19b–1(e) should

be approximately four hours. The

Commission, however, has not received

an application under rule 19b–1(e) in

the last five years. Therefore, it

estimates no additional annual

paperwork burden under this provision.

The estimates of burden hours are

made solely for the purposes of the

Paperwork Reduction Act, and are not

derived from a comprehensive or even

a representative survey or study.

Written comments are requested on:

(a) Whether the collections of

information are necessary for the proper

performance of the functions of the

Commission, including whether the

information has practical utility; (b) the

accuracy of the Commission’s estimate

of the burdens of the collection of

information; (c) ways to enhance the

quality, utility, and clarity of the

information collected; and (d) ways to

minimize the burden of the collection of

information on respondents, including

through the use of automated collection

techniques or other forms of information

technology. Consideration will be given

to comments and suggestions submitted

in writing within 60 days of this

publication.

Direct your written comments to

Michael E. Bartell, Associate Executive

Director, Office of Information

Technology, Securities and Exchange

Commission, 450 5th Street, NW.,

Washington, DC 20549.

Dated: May 29, 1996.

Jonathan G. Katz,

Secretary.

[FR Doc. 96–14016 Filed 6–4–96; 8:45 am]

BILLING CODE 8010–01–M

Proposed Collection; Comment

Request

Upon Written Request, Copies Available

From: Securities and Exchange Commission,

Office of Filings and Information Services,

Washington, DC 20549.

Extension

Rule 17a–22—SEC File No. 270–202; OMB

Control No. 3235–0196.

Rule 17Ab2–1 and Form CA–1—SEC File No.

270–203; OMB Control No. 3235–0195.

Rule 17Ac3–1(a) and Form TA–W—SEC File

No. 270–96; OMB Control No. 3235–0151.

Notice is hereby given that pursuant

to the Paperwork Reduction Act of 1995

(44 U.S.C. 3501 et seq.), the Securities

and Exchange Commission

(‘‘Commission’’) is publishing the

following summaries of collections for

public comment.

Rule 17a–22, which was adopted

pursuant to section 17A of the

Securities Exchange Act of 1934

(‘‘Act’’), requires all registered clearing

agencies to file with the Commission

three copies of all materials they issue

or make generally available to their

participants or other entities with whom

they have a significant relationship. The

filings with the Commission must be

made within ten days after the materials

are issued, and when the Commission is

not the appropriate regulatory agency,

the clearing agency must file one copy

of the material with its appropriate

regulatory agency. The Commission is

responsible for overseeing clearing

agencies and uses the information filed

pursuant to Rule 17a–22 to determine

whether a clearing agency is

implementing procedural or policy

changes. The information filed aides the

Commission in determining whether

such changes are consistent with the

purposes of Section 17A of the Act.

Also, the Commission uses the

information to determine whether a

clearing agency has changed its rules

without reporting the actual or

prospective change to the Commission

as required under Section 19(b) of the

Act.

The respondents to Rule 17a–22

generally are registered clearing

agencies.1 The frequency of filings made

by clearing agencies pursuant to Rule

17a–22 varies, but on average there are

approximately 200 filings per year per

clearing agency. Because the filings

consist of materials that have been

prepared for widespread distribution,

the additional cost to the clearing

agencies associated with submitting

copies to the Commission is relatively

small. The Commission staff estimates

that the cost of compliance with Rule

17a–22 to all registered clearing

agencies is approximately $3500. This

represents one dollar per filing in

postage, or a total of $2800. The

remaining $700 (or 20% of the total cost

of compliance) is the estimated cost of

additional printing, envelopes, and

other administrative expenses.

Rule 17Ab2–1 and Form CA–1 require

clearing agencies to register with the

Commission and to meet certain

requirements with regard to, among

other things, a clearing agency’s

organization, capacities, and rules. The

information is collected from the

clearing agency upon the initial

application for registration on Form

CA–1. Thereafter, information is

collected by amendment to the initial

Form CA–1 when a material change in

circumstances necessitates modification

of the information previously provided

to the Commission.

The Commission uses the information

disclosed on Form CA–1 to (i)

determine whether an applicant meets

the standards for registration set forth in

Section 17A of the Act, (ii) enforce

compliance with the Act’s registration

requirement, and (iii) provide

information about specific registered

clearing agencies for compliance and

investigatory purposes. Without Rule

17Ab2–1, the Commission could not

perform these duties as statutorily

required.

There are currently thirteen registered

clearing agencies and one clearing

agency that has been granted an

exemption from registration. The

Commission staff estimates that each

initial Form CA–1 requires

approximately 130 hours to complete

and submit for approval. Hours required

for amendments to Form CA–1 that

must be submitted to the Commission in

connection with material changes to the
Federal Register / Vol. 61, No. 109 / Wednesday, June 5, 1996 / Notices 28629

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

2 17 CFR 240.19b–4 (1993).

3See Letter from Timothy Thompson, Senior

Counsel, CBOE to Michael Walinskas, Branch Chief,

Division of Market Regulation, SEC (April 23, 1996)

(available in Commission’s Public Reference Room)

and attached Certificate.

4Section 2.1 of the CBOE’s Constitution requires

an affirmative vote of the majority of the members

present in person or represented by proxy at a

special membership meeting to approve the

issuance of the IPC Permits. In Amendment No. 1,

CBOE reported that 78% of the total votes were cast

in favor of issuing the IPC Permits.

initial Form CA–1 can vary, depending

upon the nature and extent of the

amendment. Since the Commission only

receives an average of one submission

per year, the aggregate annual burden

associated with compliance with Rule

17Ab2–1 and Form CA–1 is 130 hours.

Based upon the staff’s experience, the

average cost to clearing agencies of

preparing and filing the initial Form

CA–1 is estimated to be $15,000.

Subsection (c)(3)(C) of Section 17A of

the Act authorizes transfer agents

registered with an appropriate

regulatory agency (‘‘ARA’’) to withdraw

from registration by filing with the ARA

a written notice of withdrawal and by

agreeing to such terms and conditions as

the ARA deems necessary or

appropriate in the public interest, for

the protection of investors, or in

furtherance of the purposes of Section

17A.

In order to implement Section

17A(c)(3)(C) of the Act the Commission,

on September 1, 1977, promulgated

Rule 17Ac3–1(a) and accompanying

Form TA–W. Rule 17Ac3–1(a) provides

that notice of withdrawal from

registration as a transfer agent with the

Commission shall be filed on Form TA–

W. Form TA–W requires the

withdrawing transfer agent to provide

the Commission with certain

information, including: (1) The

locations where transfer agent activities

are or were performed; (2) the reasons

for ceasing the performance of such

activities; (3) disclosure of unsatisfied

judgments or liens; and (4) information

regarding successor transfer agents.

The Commission uses the information

disclosed on Form TA–W to determine

whether the registered transfer agent

applying for withdrawal from

registration as a transfer agent should be

allowed to deregister and, if so, whether

the Commission should attach to the

granting of the application any terms or

conditions necessary or appropriate in

the public interest, for the protection of

investors, or in furtherance of the

purposes of Section 17A of the Act.

Without Rule 17Ac3–1(a) and Form TA–

W, transfer agents registered with the

Commission would not have a means

for voluntary deregistration when

necessary or appropriate to do so.

Respondents file approximately thirty

Form TA–Ws with the Commission

annually. The filing of a Form TA–W

occurs only once, when a transfer agent

is seeking deregistration. In view of the

ready availability of the information

requested by Form TA–W, its short and

simple presentation, and the

Commission’s experience with the

Form, we estimate that approximately

one-half hour is required to complete

Form TA–W, including clerical time.

Thus, the total burden of fifteen hours

of preparation for all transfer agents

seeking deregistration in any one year is

negligible.

The Commission estimates a cost of

approximately $30 for each half hour

required to complete a Form TA–W.

Therefore, based upon a total of fifteen

hours, transfer agents spend

approximately $900 each year to

complete thirty Form TA–Ws.

Written comments are invited on: (a)

Whether the proposed collection of

information is necessary for the proper

performance of the functions of the

agency, including whether the

information shall have practical utility;

(b) the accuracy of the agency’s estimate

of the burden of the proposed collection

of information; (c) ways to enhance the

quality, utility, and clarity of the

information to be collected; and (d)

ways to minimize the burden of the

collection of information on

respondents, including through the use

of automated collection techniques or

other forms of information technology.

Consideration will be given to

comments and suggestions submitted in

writing within 60 days of this

publication.

Direct your written comments to

Michael E. Bartell, Associate Executive

Director, Office of Information

Technology, Securities and Exchange

Commission, 450 5th Street NW.,

Washington, DC 20549.

Dated: May 23, 1996.

Jonathan G. Katz,

Secretary.

[FR Doc. 96–14017 Filed 6–4–96; 8:45 am]

BILLING CODE 8010–01–M

[Release Nos. 33–7299; 34–37253; File No.

265–20]

Advisory Committee on the Capital

Formation and Regulatory Processes

AGENCY: Securities and Exchange

Commission.

ACTION: Change in meeting time.

SUMMARY: This is to give notice that the

time for the meeting of the Securities

and Exchange Commission Advisory

Committee on the Capital Formation

and Regulatory Processes scheduled for

June 10, 1996 in room 1C30 at the

Commission’s main offices, 450 Fifth

Street, N.W., Washington, D.C.,

previously scheduled for 1:30 p.m. (61

FR 26940 (5/29/96)), has been changed

to 12:30 p.m. The meeting will be open

to the public, and the public is invited

to submit written comments to the

Committee.

FOR FURTHER INFORMATION CONTACT:

David A Sirignano, Committee Staff

Director, at 202–942–2870; Securities

and Exchange Commission, 450 Fifth

Street, N.W., Washington, D.C. 20549.

Dated: May 30, 1996.

Jonathan G. Katz,

Secretary.

[FR Doc. 96–14014 Filed 6–4–96; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–37250; International Series

Release No. 986; File No. SR–CBOE–96–

23]

Self-Regulatory Organizations; Order

Approving Proposed Rule Change by

Chicago Board Options Exchange,

Incorporated and Notice of Filing and

Order Granting Accelerated Approval

to Amendment No. 1 to Proposed Rule

Change Relating to Permits to Trade

Options on the Indice de Precios y

Cotizaciones

May 29, 1996.

I. Introduction

On April 15, 1996, the Chicago Board

Options Exchange, Incorporated

(‘‘CBOE’’ or ‘‘Exchange’’) submitted a

proposed rule change to the Securities

and Exchange Commission

(‘‘Commission’’) pursuant to section

19(b)(1) of the Securities Exchange Act

of 1934 (‘‘Act’’) 1 and Rule 19b–4

thereunder.2 On April 23, 1996, CBOE

filed Amendment No. 1 to the proposed

rule change (‘‘Amendment No. 1’’) 3

deleting certain proposed definitions,

making certain non-substantive stylistic

and clarifying changes to the proposed

rule change and notifying the

Commission that the CBOE membership

approved the issuance of the IPC

Permits (as defined herein).4 The

proposed rule change would adopt new

Exchange Rule 3.26 authorizing the

issuance of 33 permits (‘‘IPC

Permits’’)—one to each firm that was a

member of the Bolsa Mexicana de

Valores (‘‘Bolsa’’) as of January 1, 1996

(‘‘Bolsa members’’ or ‘‘IPC Permit

Holders’’)—and setting forth the rights