358 Federal Register / Vol. 61, No. 3 / Thursday, January 4, 1996 / Notices

1The signatories to the Plan, i.e., the National

Association of Securities Dealers, Inc. (‘‘NASD’’),

and the Chicago Stock Exchange, Inc. (‘‘Chx’’)

(previously, the Midwest Stock Exchange, Inc.), the

Philadelphia Stock Exchange, Inc. (‘‘Phlx’’), and the

Boston Stock Exchange, Inc. (‘‘BSE’’), are the

‘‘Participants.’’ The BSE, however, joined the Plan

as a ‘‘Limited Participant,’’ and reports quotation

information and transaction reports only in Nasdaq/

National Market (previously referred to as ‘‘Nasdaq/

NMS’’) securities listed on the BSE. Originally, the

American Stock Exchange, Inc., was a Participant

to the Plan, but did not trade securities pursuant to

the Plan, and withdrew from participation in the

Plan in August 1994.

2Section 12 of the Act generally requires an

exchange to trade only those securities that the

exchange lists, except that Section 12(f) of the Act

permits unlisted trading privileges (‘‘UTP’’) under

certain circumstances. For example, Section 12(f),

among other things, permits exchanges to trade

certain securities that are traded over-the-counter

(‘‘OTC/UTP’’), but only pursuant to a Commission

order or rule. The present order fulfills this Section

12(f) requirement. For a more complete discussion

of this Section 12(f) requirement, see November

1995 Extension Order, infa note 3, at n. 2.

3On November 13, 1995, the Commission

extended the effectiveness of the Plan through

December 12, 1995, by partially approving

Amendment No. 6. Amendment No. 6 requested an

extension of the effectiveness of the Plan through

December 29, 1995. See Securities Exchange Act

Release No. 36481 (November 13,1 995), 60 FR

58119 (‘‘November 1995 Extension Order’’).

Thereafter, the Commission approved the

remainder of Amendment No. 6 by approving

operation of the Plan through December 29, 1995.

See Securities Exchange Act Release No. 36589

(December 13, 1995), 60 FR 65696 (‘‘December 1995

Extension Order’’).

Ethics Act and OGE’s implementing

regulations that must be met by a person

before access can be granted. These

requirements relate to information about

the identity of the requester, as well as

any other person on whose behalf a

record is sought, and a notification of

prohibited uses of SF 278 reports. See

section 105 (b) and (c) of the Ethics Act,

5 U.S.C. app., sec. 105 (b) and (c), and

5 CFR 2634.603 (c) and (f). For many

years, OGE has disseminated to

executive branch departments and

agencies a locally reproducible uniform

form to serve as the statutorily required

written application to inspect or receive

copies of SF 278 reports and other

covered records. Departments and

agencies are encouraged to utilize the

OGE Form 201, but they can, if they so

choose, continue to use or develop their

own forms (see the discussion below).

This proposed modified version of the

OGE Form 201 will add express

mention (in part III of the form) to

another category of materials subject to

public access under the Ethics Act—

Ethics Act-qualified blind trust and

qualified diversified trust instruments

and the list of assets transferred to such

trusts (& of assets sold in the case of a

qualified blind trust). See 5 CFR

2634.603(g)(2). The other change to the

form would add to the part C public

burden information block a statement

required under the 1995 amendments to

the paperwork law to the effect that ‘‘an

agency may not conduct or sponsor, and

no person is required to respond to, a

collection of information unless it

displays a currently valid OMB control

number,’’ together with a parenthetical

mention that such number is displayed

in the upper right-hand corner of the

front page of the OGE Form 201.

In light of OGE’s experience over the

past three years (1993–1995), the

estimate of the total number of access

forms expected to be filed annually at

OGE by members of the public

(primarily by news media, public

interest groups and private citizens) is

proposed to be adjusted up somewhat

from 250 to 275 (access requests by

other Federal agencies or Federal

employees are not included). The

estimated average amount of time to

complete the form, including review of

the instructions, remains at ten minutes.

Thus, the overall estimated annual

public burden for the OGE Form 201 for

forms filed at the Office of Government

Ethics will increase from 42 hours in the

current OMB paperwork inventory

listing (250 forms X 10 minutes per

form—number rounded off) to 46 hours

(275 forms X 10 minutes per form—

number rounded off). Moreover, OGE

estimates, based on the agency ethics

program questionnaire responses for the

past couple of years, that some 1,500

access request forms will be filed each

year at the other executive branch

departments and agencies.

The Office of Government Ethics

expects that the new form should be

ready, after OMB clearance, for

dissemination to executive branch

departments and agencies next summer.

The Office of Government Ethics will

provide appropriate guidance and

phase-in time to departments and

agencies once the new form is available.

The new form will be made available

free-of-charge to departments and

agencies on paper, on electronic disk

and on OGE’s electronic bulletin board

entitled ‘‘The Ethics Bulletin Board

System’’ (TEBBS). In addition, if there is

sufficient interest, OGE will consider

making available a future electronic

version of the form, to allow persons the

option of preparing it on a computer.

The Office of Government Ethics also

will permit departments and agencies to

photocopy or have copies printed of the

form as well as to develop or utilize, on

their own, electronic versions of the

form provided that they precisely

duplicate the paper original to the

extent possible. As noted above,

agencies can also develop their own

access forms, provided all the

information required by the Ethics Act

and OGE regulations is placed on the

form, along with appropriate Privacy

Act and paperwork notices with the

attendant clearances being obtained

therefor.

Public comment is invited on each

aspect of the proposed modified OGE

Form 201 as set forth in this notice,

including specifically views on the need

for and practical utility of this proposed

modified collection of information, the

accuracy of OGE’s burden estimate, the

enhancement of quality, utility and

clarity of the information collected, and

the minimization of burden (including

the use of information technology).

Comments received in response to

this notice will be summarized for, and

may be included with, the OGE request

for OMB paperwork approval for this

modified information collection. The

comments will also become a matter of

public record.

Approved: December 28, 1995.

Donald E. Campbell,

Deputy Director, Office of Government Ethics.

[FR Doc. 96–94 Filed 1–3–96; 8:45 am]

BILLING CODE 6345–01–U

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–36650; File No. S7–24–89]

Joint Industry Plan; Solicitation of

Comments and Order Approving

Amendment No. 7 to Reporting Plan

for Nasdaq/National Market Securities

Traded on an Exchange on an Unlisted

or Listed Basis, Submitted by the

National Association of Securities

Dealers, Inc., and the Boston, Chicago

and Philadelphia Stock Exchanges

December 28, 1995.

On December 28, 1995, the National

Association of Securities Dealers, Inc.,

and the Boston, Chicago, and

Philadelphia Stock Exchanges

(collectively, ‘‘Participants’’) 1 submitted

to the Commission proposed

Amendment No. 7 to a joint transaction

reporting plan (‘‘Plan’’) for Nasdaq/

National Market securities traded on an

exchange on an unlisted or listed basis.2

Amendment No. 7 would extend the

effectiveness of the plan through March

5, 1996.3 This order approves

Amendment No. 7 to the Plan, thereby

approving its operation through March

5, 1996.
Federal Register / Vol. 61, No. 3 / Thursday, January 4, 1996 / Notices 359

4See Securities Exchange Act Release No. 28146

(June 26, 1990), 55 FR 27917 (‘‘1990 Approval

Order’’). For a detailed discussion of the history of

UTP in OTC securities, and the events that led to

the present plan and pilot program, see 1994

Extension Order, infra note 5.

5See Securities Exchange Act Release No. 34371

(July 13, 1994), 59 FR 37103 (‘‘1994 Extension

Order’’). See also Securities Exchange Act Release

No. 35221, (January 11, 1995), 60 FR 3886 Release

No. 36102 (August 14, 1995), 60 FR 43626 (‘‘August

1995 Extension order’’), Securities Exchange Act

Release No. 36226 (September 13, 1995), 60 FR

49029 (‘‘September 1995 Extension Order’’),

Securities Exchange Act Release No. 36368 (October

13, 1995), 60 FR 54091 (‘‘October 1995 Extension

Order’’), and the November and December 1995

Extension Orders, supra note 3.

6 In the December 1995 Extension Order, the

Commission extended these exemptions through

December 29, 1995. Pursuant to a request made by

the NASD, this order further extends the

effectiveness of the relevant exemptions through

March 5, 1996. See letter from Richard Ketchum,

Chief Operating Officer and Executive Vice

President, NASD, to Jonathan G. Katz, Secretary,

Commission, dated December 22, 1995. 1 15 U.S.C. 78s(b)(1).

I. Background

The Commission originally approved

the Plan on June 26, 1990.4 The Plan

governs the collection, consolidation

and dissemination of quotation and

transaction information for Nasdaq/

National Market securities listed on an

exchange or traded on an exchange

pursuant to UTP. The Commission has

extended the effectiveness of the Plan

six times since then to allow the

Participants to trade pursuant to the

Plan while they finalize their

negotiations for revenue sharing under

the plan.5

As originally approved by the

Commission, the Plan required the

Participants to complete their

negotiations regarding revenue sharing

during the one-year pilot period. The

January 1995 Extension Order approved

the effectiveness of the Plan through

August 12, 1995. Since January 1995,

the Commission has expected the

Participants to conclude their financial

negotiations promptly and to submit a

filing to the Commission that reflected

the results of the negotiations.

Moreover, the Commission’s August

1995 Extension Order required the

Participants to submit a filing

concerning revenue sharing on or before

August 31, 1995. The Commission’s

December 1995 Extension Order noted

that request, and further requested that

the Participants submit to the

Commission, on or before December 20,

1995, a proposed revenue sharing

amendment, along with a proposed

amendment to extend the effectiveness

of the Plan through the pending period

for the financial proposal.

The Commission currently believes it

is appropriate to extend the

effectiveness of the Plan through March

5, 1996, so that operation of the Plan

may continue while the Commission

awaits these amendments and prepares

them for publication in the Federal

Register.

II. Extension of Certain Exemptive

Relief

In conjunction with the Plan, on a

temporary basis scheduled to expire on

December 29, 1995, the Commission

granted an exemption from Rule 11Ac1–

2 under the Act regarding the calculated

best bid and offer (‘‘BBO’’), and granted

the BSE an exemption from the

provision of Rule 11Aa3–1 under the

Act that requires transaction reporting

plans to include market identifiers for

transaction reports and last sale data.

This order extends these exemptions

through march 5, 1996. Further, this

extension will remain in effect only if

the Plan continues in effect through that

date pursuant to a Commission order.6

The Commission continues to believe

that this exemptive relief is appropriate

through March 5, 1996.

III. Comments on the Operation of the

Plan

In the January 1995 Extension Order,

the August 1995 Extension Order, the

September 1995 Extension Order, the

October 1995 Extension Order, and the

November 1995 Extension Order, the

Commission solicited, among other

things, comment on: (1) Whether the

BBO calculation for the relevant

securities should be based on price and

time only (as currently is the case) or if

the calculation should include size of

the quoted bid or offer; and (2) whether

there is a need for an intermarket

linkage for order routing and execution

and an accompanying trade-through

rule. The Commission continues to

solicit comment on these matters.

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, DC 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

Room. All submissions should refer to

File No. S7–24–89 and should be

submitted by January 25, 1996.

V. Conclusion

The Commission finds that proposed

Amendment No. 7 to the Plan to extend

the operation of the Plan and the

financial negotiation period through

March 5, 1996, is appropriate and in

furtherance of Section 11A of the Act.

The Commission finds further that

extension of the exemptive relief

through March 5, 1996, as described

above, also is consistent with the Act

and the Rules thereunder. Specifically,

the Commission believes that these

extensions should serve to provide the

Participants with more time to conclude

their financial negotiations and to

submit the necessary filings to the

Commission. This, in turn, should

further the objects of the Act in general,

and specifically those set forth in

Sections 12(f) and 11A of the Act and

in Rules 11Aa3–1 and 11Aa3–2

thereunder.

It is therefore ordered, pursuant to

Sections 12(f) and 11A of the Act and

(c)(2) of Rule 11Aa3–2 thereunder, that

Amendment No. 7 to the Joint

Transaction Reporting Plan for Nasdaq/

National Market securities traded on an

exchange on an unlisted or listed basis

is hereby approved and trading

pursuant to the Plan is hereby approved

on a temporary basis through March 5,

1996.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority, 17 CFR 200.30–3(a)(29).

Jonathan G. Katz,

Secretary.

[FR Doc. 96–128 Filed 1–3–96; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–36631; File No. SR–CSE–

95–08]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Cincinnati Stock Exchange, Inc.

Relating to Exchange Rule 11.10,

National Securities Trading System

Fees

December 21, 1995.

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

Securities Exchange Act of 1934

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

November 16, 1995 the Cincinnati Stock