Federal Register / Vol. 61, No. 113 / Tuesday, June 11, 1996 / Notices 29583

5See Amex Const. Art. 3, Para. 9022; CBOE

Const. Art. 4, para. 1033.

6 15 U.S.C. 78f(b). 7 15 U.S.C. 78s(b)(2). 8 17 CFR 200.30–3(a)(12).

to determine whether a conflict existed.

After review, the task force noted that

most of the other exchanges used broad

and general language,5 or no language at

all, with the understanding that the

boards of each exchange follow the

spirit of a general policy of avoiding

conflicts of interest. The task force

approved the proposed rule, which is

intended to provide the PSE Board with

more flexibility in determining when a

conflict exists and with the authority to

take appropriate action when such

conflicts arise.

III. Description of Proposal

The PSE, accordingly, proposes to

amend its rules to authorize the

Exchange to remove a governor from the

Board, if no resignation is received, in

cases where the Board determines that

an affiliation or association between

Governors of the Board creates a conflict

of interest. Moreover, the proposed rule

provides that care shall be taken to have

the various interests of the membership

represented on the Board of Governors.

The PSE states that the proposal is

designed to provide the Exchange with

the added flexibility and authority

necessary to assure that the Board of

Governors is comprised of members

representative of the public interests

while ensuring that an affiliation or

association between two or more

governors does not create a conflict of

interest.

IV. Discussion

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).6 In

particular, the Commission believes the

proposal is consistent with the Section

6(b)(1) requirement that the exchange be

organized so as to be able to carry out

the purposes of the Act. The proposal

also is consistent with the Section

6(b)(3) requirement that the rules of the

exchange assure a fair representation of

its members in the selection of its

directors and administration of its

affairs and provides that one or more

directors must be representative of

issuers and investors and not be

associated with a member of the

exchange, broker, or dealer. Lastly, the

proposal is consistent with the Section

6(b)(5) requirement 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.

The Commission believes that the

PSE’s proposal to authorize the

Exchange to remove a Governor from

the Board, if no resignation is received,

when, in the opinion of the Board, an

affiliation or association between

Governors creates a conflict of interest

while ensuring that various interests of

the membership are represented on the

Board is appropriate and will make the

PSE’s rules consistent with those that

are applicable on other exchanges.

The Commission believes that the

current rule prevents the Board from

resolving conflicts of interest arising

among Governors in certain situations

in that it limits the Exchange’s authority

to force a governor off the Board only in

limited circumstances. As a result, the

Exchange is precluded from addressing

various conflicts of interest that arise

from an affiliation or association

between Governors of the Board that can

result in a lack of independence among

the Board of Governors. This situation

may affect the Board’s ability to

effectuate proper oversight of the

Exchange’s business. In this regard, the

Commission supports the PSE’s

proposal which gives the Exchange the

authority to remove a governor from the

Board when any conflicts of interest

arise due to an affiliation or association

between Governors of the Board. The

Commission notes that the proposal

appropriately gives the Exchange the

requisite authority to promote and

ensure the independence of the Board of

Governors, which should result in a

more impartial decision making process.

The Commission also believes that a

diversified Board, which no single

membership group could dominate,

would better represent the interests of

all of the PSE’s constituencies. Towards

this end, the PSE proposal appropriately

promotes and ensures the diversity of

Board representation among the

different categories of member firms and

the public in that it requires the

Exchange to exhibit care to have various

interests of the membership represented

on the Board of Governors.

Finally, the Commission believes that

the PSE proposal promotes a Board of

Governors representative of various

independent interests that would be

more likely to enforce the rules of the

Act and of the Exchange.

V. Conclusion

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act,7 that the

proposed rule change (SR–PSE–96–08)

is approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.8

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–14711 Filed 6–10–96; 8:45 am]

BILLING CODE 8010–01–M

STATE JUSTICE INSTITUTE

Sunshine Act Meeting

TIME AND DATE:

Friday, June 14, 1996, 9 a.m.–5 p.m.

Saturday, June 15, 1996, 9 a.m.–1 p.m.

PLACE: State Justice Institute, 1650 King

Street, Suite 600, Alexandria, VA 22314.

MATTERS TO BE CONSIDERED: FY 1996

grant requests and internal Institute

business.

PORTIONS OPEN TO THE PUBLIC: All

matters other than those noted as closed

below.

PORTIONS CLOSED TO THE PUBLIC: Internal

personnel matters; Board committee

meetings.

CONTACT PERSON FOR MORE INFORMATION:

David I. Tevelin, Executive Director,

State Justice Institute, 1650 King Street,

Suite 600, Alexandria, VA 22314, (703)

684–6100.

[FR Doc. 96–14890 Filed 6–7–96; 12:48 pm]

BILLING CODE 6820–SC–M

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Aviation Rulemaking Advisory

Committee Meeting on Airport

Certification Issues

AGENCY: Federal Aviation

Administration (FAA), DOT.

ACTION: Notice of meeting.

SUMMARY: The FAA is issuing this notice

to advise the public of a meeting of the

Federal Aviation Administration

Aviation Rulemaking Advisory

Committee to discuss airport

certification issues.

DATES: The meeting will be held on June

27, 1996, at 10:00 a.m. Arrange for oral

presentations by June 17, 1996.

ADDRESSES: The meeting will be held at

the Airports Council International—

North American Region, Suite 500, 1775

K Street NW., Washington, DC 20006–

1502.

FOR FURTHER INFORMATION CONTACT:

Ms. Marisa Mullen, Federal Aviation

Administration, Office of Rulemaking
29584 Federal Register / Vol. 61, No. 113 / Tuesday, June 11, 1996 / Notices

(ARM–205), 800 Independence Avenue,

SW., Washington, DC 20591, telephone

(202) 267–9681; fax (202) 267–5075.

SUPPLEMENTARY INFORMATION: Pursuant

to § 10(a)(2) of the Federal Advisory

Committee Act (Pub. L. 92–463; 5 U.S.C.

App. II), notice is hereby given of a

meeting of the Aviation Rulemaking

Advisory Committee to be held on June

27, 1996, at the Airports Council

International—North American Region,

Suite 500, 1775 K Street NW.,

Washington, DC 20006–1502. The

agenda will include:

• Committee administration.

• General discussion and clarification

of Commuter Airport Certification

Working Group tasking.

• General discussion of ARAC

procedures as they apply to Issues and

Working Group members.

• A discussion of future meeting

dates, locations, activities, and plans.

Attendance is open to the interested

public, but will be limited to the space

available. The public must make

arrangements by June 17, 1996, to

present oral statements at the meeting.

The public may present written

statements to the committee at any time

by providing 25 copies to the Executive

Director, or by bringing the copies to the

meeting. In addition, sign and oral

interpretation can be made available at

the meeting, as well as an assistive

listening device, if requested 10

calendar days before the meeting.

Arrangements may be made by

contacting the person listed under the

heading FOR FURTHER INFORMATION

CONTACT.

Issued in Washington, DC, on June 5, 1996.

Robert E. David,

Assistant Executive Director for Airport

Certification Issues, Aviation Rulemaking

Advisory Committee.

[FR Doc. 96–14763 Filed 6–10–96; 8:45 am]

BILLING CODE 4910–13–M

DEPARTMENT OF THE TREASURY

Office of Thrift Supervision

Proposed Agency Information

Collection Activities; Comment

Request

AGENCY: Office of Thrift Supervision,

Department of Treasury.

ACTION: Notice and request for

comments.

SUMMARY: The Department of the

Treasury, as part of its continuing effort

to reduce paperwork and respondent

burden, invites the general public and

other Federal agencies to take this

opportunity to comment on proposed

and/or continuing information

collections, as required by the

Paperwork Reduction Act of 1995,

Public Law 104–13. Currently, the

Office of Thrift Supervision within the

Department of the Treasury is soliciting

comments concerning the Release of

Non-Public Information.

DATES: Written comments should be

received on or before August 12, 1996,

to be assured of consideration.

ADDRESSES: Send comments to Manager,

Dissemination Branch, Records

Management and Information Policy,

Office of Thrift Supervision, 1700 G

Street, NW., Washington, DC 20552,

Attention 1550–0081. These

submissions may be hand delivered to

1700 G Street, NW., from 9:00 A.M. to

5:00 P.M. on business days; they may be

sent by facsimile transmission to FAX

Number (202) 906–7755. Comments

over 25 pages in length should be sent

to FAX Number (202) 906–6956.

Comments will be available for

inspection at 1700 G Street, NW., from

9:00 A.M. until 4:00 P.M. on business

days.

Thomas Segal, Litigation Division,

Office of Chief Counsel, Office of Thrift

Supervision, 1700 G Street, NW.,

Washington, DC 20552, (202) 906–7230.

FOR FURTHER INFORMATION CONTACT:

Requests for additional information

should be directed to Thomas Segal,

Litigation Division, Office of Chief

Counsel, Office of Thrift Supervision,

1700 G Street, NW., Washington, DC

20552, (202) 906–7230.

SUPPLEMENTARY INFORMATION:

Title: Release of Non-Public

Information.

OMB Number: 1550–0081.

Form Number: Not Applicable.

Abstract: This information collection

provides an orderly mechanism for

expeditiously processing requests from

the public, such as litigants in lawsuits

where OTS is not a party, for non-public

or confidential information (document

and testimony), while preserving OTS’

need to maintain confidentiality over

the information.

Current Actions: OTS is proposing to

renew this information collection

without revision.

Type of Review: Extension.

Affected Public: Business or For

Profit.

Estimated Number of Respondents:

125.

Estimated Time Per Respondent: 5

hours.

Estimated Total Annual Burden

Hours: 625 hours.

Request for Comments: Comments

submitted in response to this notice will

be summarized and/or included in the

request for OMB approval. All

comments will become a matter of

public record. Comments are invited on:

(a) Whether the 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 collection of

information; (c) ways to enhance the

quality; and (d) ways to minimize the

burden of the collection of information

on respondents, including the use of

automated collection techniques or

other forms of information technology.

Dated: June 4, 1996.

Catherine C. M. Teti,

Director, Records Management and

Information Policy.

[FR Doc. 96–14653 Filed 6–10–96; 8:45 am]

BILLING CODE 6720–01–P