29782 Federal Register / Vol. 61, No. 114 / Wednesday, June 12, 1996 / Notices

1See Securities Exchange Act Release No. 34235

(June 17, 1994), 59 FR 32736 (June 24, 1994) (File

No. SR–PHLX–93–31) (order approving proposed

rule change establishing new listing and

maintenance standards).

2 Id.

3See Securities Act Release No. 6810 (Dec. 6,

1988) (publicizing the release of the MOU).

4The MOU between NASAA and the NASD

contained the same drafting error as the drafting

error described herein. The MOU incorrectly

incorporated some of the language from Tier I

public float and public shareholder requirements

into the Tier II requirements. In the MOU between

NASAA and the Exchange on October 12, 1994, the

same error occurred.

(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. However, in

connection with the publication of

certain parts of the proposed rule

change for member vote in Notice to

Members 95–101, attached as Exhibit 2

to rule filing SR–NASD–96–02, the

NASD receive three comments, which

were attached as Exhibit 4 to SR–

NASD–96–02. The NASD’s statement on

the comments received with respect to

Notice to Members 95–101 is set forth

in rule filing SR–NASD–96–02 and was

published by the Commission in Release

34–37106.

III. Date of Effectiveness of the

Proposed Rule Change And Timing for

Commission Action

Within 35 days of the date of

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 such 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 in

the Commission’s Public Reference

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the NASD. All

submissions should refer to the file

number in the caption above and should

be submitted by July 3, 1996.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority, 17 CFR 200.30–3(a)(12).

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–14905 Filed 6–11–96; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–37279; File No. SR–PHLX–

96–16]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the Philadelphia Stock Exchange

Relating to Listing Standards

June 5, 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 May 20, 1996, the

Philadelphia Stock Exchange, Inc.

(‘‘PHLX’’ or ‘‘Exchange’’) 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 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 Exchange, pursuant to Rule 19b–

4 of the Act, proposes to revise PHLX

Rule 804(2) in order to correct a drafting

error, which occurred when the rule

was originally adopted.1 The text of the

proposed rule change is as follows [new

text is italicized; deleted text is

bracketed]:

Alternative Criteria for Listing-Tier I

PHLX Rule 804 No change.

(1) No change.

(2) At least 1,000,000 shares publicly

held with at least [800 public

shareholders if the issuer has between

500,000 and 1 million shares publicly

held, or at least] 400 public

shareholders [if the issuer has either (i)

over 1 million shares publicly held or

(ii) over 500,000 shares publicly held

and average daily trading volume in

excess of 2,000 shares per day for a six

month period preceding the date of

application].

(3)–(7) No change.

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 Section

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

In June 1994, the Exchange adopted

new listing criteria for equity securities

under a two tier approach.2 Tier I

securities are listed pursuant to Rule

803 or 804. Rule 803 is the main Tier

I listing rule whereas Rule 804 sets forth

alternative criteria geared toward

research and development companies.

Both Rule 803 and Rule 804 are based

substantially upon the Memorandum of

Understanding (‘‘MOU’’) on the uniform

model marketplace exemption that had

been approved by the National

Association of Securities Dealers, Inc.

(‘‘NASD’’) and the North American

Securities Administrative Association,

Inc. (‘‘NASAA’’).3 Rule 804 was

supposed to mirror Alternative 2 of the

MOU listing criteria, however, when it

was drafted, subsection (2), which sets

forth the public float and public

shareholder requirements, incorrectly

incorporated some of the language of the

Alternative 1 public float/shareholder

requirements. To date, the Exchange has

not listed any companies pursuant to

the alternative criteria in Rule 804.

The proposed revision would require

issuers that seek listing pursuant to Rule

804 to show that there are at least

1,000,000 shares publicly held and at

least 400 public shareholders in the

security. This rule once revised would

reflect the original intent of the

Exchange and the MOU.4
Federal Register / Vol. 61, No. 114 / Wednesday, June 12, 1996 / Notices 29783

2. Statutory Basis

The proposed rule change is

consistent with Section 6 of the Act in

general, and in particular, with Section

6(b)(5), in that it is designed to promote

just and equitable principles of trade, to

prevent fraudulent and manipulative

acts and practices, to foster cooperation

and coordination with persons engaged

in regulating, clearing, settling,

processing information with respect to,

and facilitating transactions in

securities, to remove impediments to

and perfect the mechanism of a free and

open market and a national market

system, as well as to protect investors

and the public interest by adopting

minimum standards for prospective

issuers which show that the company is

appropriate for public trading.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The PHLX does not believe that the

proposed rule change will impose any

inappropriate burden on competition.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants or Others

No written comments were either

solicited or received.

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 Exchange. All submissions

should refer to File No. SR–PHLX–96–

16 and should be submitted by July 3,

1996.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–14812 Filed 6–11–96; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster Loan Area #2860]

Kentucky; Declaration of Disaster Loan

Area

As a result of the President’s major

disaster declaration on June 1, 1996, I

find that Bullitt and Spencer Counties

in the State of Kentucky constitute a

disaster area due to damages caused by

severe storms, flooding, and tornadoes

that occurred on May 28, 1996.

Applications for loans for physical

damages may be filed until the close of

business on July 30, 1996, and for loans

for economic injury until the close of

business on March 3, 1997 at the

address listed below:

U.S. Small Business Administration,

Disaster Area 2 Office, One Baltimore

Place, Suite 300, Atlanta, GA 30308

or other locally announced locations. In

addition, applications for economic

injury loans from small businesses

located in the following contiguous

counties may be filed until the specified

date at the above location: Anderson,

Hardin, Jefferson, Nelson, and Shelby

Counties in Kentucky, and Harrison

County in Indiana.

Interest rates are:

Percent

For Physical Damage:

Homeowners With Credit Available Elsewhere ........................ 7.625

Homeowners Without Credit

Available Elsewhere ................ 3.875

Businesses With Credit Available

Elsewhere ................................ 8.000

Businesses and Non-Profit Organizations Without Credit Available Elsewhere ........................ 4.000

Percent

Others (Including Non-Profit Organizations) With Credit Available Elsewhere ........................ 7.125

For Economic Injury: Businesses

and Small Agricultural Cooperatives Without Credit Available

Elsewhere .................................... 4.000

The number assigned to this disaster

for physical damage is 286012. For

economic injury the numbers are

891600 for Kentucky and 891700 for

Indiana.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008)

Dated: June 4, 1996.

Bernard Kulik,

Associate Administrator for Disaster

Assistance.

[FR Doc. 96–14903 Filed 6–11–96; 8:45 am]

BILLING CODE 8025–01–P

[Declaration of Disaster Loan Area #2859]

West Virginia; Declaration of Disaster

Loan Area

As a result of the President’s major

disaster declaration on May 23, 1996, I

find that the Counties of Barbour,

Boone, Harrison, Lincoln, Logan,

McDowell, Mercer, Mingo, Pendleton,

Pocahontas, Raleigh, Randolph, Tucker,

Upshur, Wayne , Wetzel, and Wyoming

in the State of West Virginia constitute

a disaster area due to damages caused

by flooding and heavy rains which

occurred May 15 through May 21, 1996.

Applications for loans for physical

damages may be filed until the close of

business on July 22, 1996, and for loans

for economic injury until the close of

business on February 24, 1997 at the

address listed below:

U.S. Small Business Administration,

Disaster Area 1 Office, 360 Rainbow

Blvd. South, 3rd Fl., Niagara Falls, NY

14303

or other locally announced locations. In

addition, applications for economic

injury loans from small businesses

located in the following contiguous

counties may be filed until the specified

date at the above location: Cabell,

Doddridge, Fayette, Grant, Greenbrier,

Hardy, Kanawha, Lewis, Marion,

Marshall, Monongalia, Preston, Putnam,

Summers, Taylor, Tyler, and Webster

Counties in West Virginia; Boyd,

Lawrence, Martin, and Pike Counties in

Kentucky; Garrett County, Maryland;

Augusta, Bath, Bland, Buchanon, Giles,

Highland, Rockingham, and Tazewell

Counties in Virginia; Lawrence and

Monroe Counties in Ohio; and Greene

County, Pennsylvania.