34918 Federal Register / Vol. 61, No. 129 / Wednesday, July 3, 1996 / Notices

5 17 CFR 200.30–3(a)(12).

1Currently, PSE Rule 1.10(a), ‘‘Initial, Transfer

and Processing Fees,’’ also provides for interfirm

and intrafirm transfer fees. In a separate rule filing,

the PSE has proposed to delete the transfer fees

from PSE Rule 1.10(a). Under that proposal, PSE

Rule 1.23, ‘‘Transfer of Membership,’’ will govern

membership transfers but will not contain a fee

schedule. See Securities Exchange Act Release No.

37076 (April 5, 1996), 61 FR 16152 (April 11, 1996)

(notice of filing of proposed rule change for File No.

SR–PSE–96–07).

2The $100 fee for temporary membership

transfers applies to transfers lasting for a

consecutive period lasting from two days to less

than 30 days.

3According to the PSE, temporary transfers of

membership occur only between members of the

same firm, not between firms. Thus, the proposal

eliminates an inaccurate reference to temporary

‘‘interfirm’’ transfers of membership. Telephone

conversation between Michael Pierson, Senior

Attorney, Market Regulation, PSE, and Yvonne

Fraticelli, Attorney, Office of Market Supervision,

Division of Market Regulation, Commission, on

June 24, 1996.

4 In addition, the Schedule of Rates provides a

$250 fee for permanent intrafirm or interfirm

transfers of membership.

5The $100 fee for a temporary transfer of

membership was implemented in 1995. See

Securities Exchange Act Release No. 35817

(September 5, 1995), 60 FR 47417 (September 12,

1995) (Notice of filing and immediate effectiveness

for File No. SR–PSE–95–19).

6See note 3, supra.

refer to File No. SR–PSE–96–17 and

should be submitted by July 24, 1996.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.5

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–16924 Filed 7–2–96; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–37373; File No. SR–PSE–

96–22]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Pacific Stock Exchange, Inc. Relating

to the Establishment of a $50 Fee for

One-Day Transfers of Membership

June 26, 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 June 21, 1996, the

Pacific Stock Exchange, Inc. (‘‘PSE’’ 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 PSE. 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

Currently, the PSE’s Schedule of Rates

for Exchange Services (‘‘Schedule of

Rates’’) provides a fee of $100 for

temporary intrafirm or interfirm

transfers of membership.1 The PSE

proposes to amend the Schedule of

Rates to: (1) establish a fee of $50 for

one-day intrafirm transfers of

membership; (2) specify that a

‘‘temporary’’ transfer of membership is

for a period of less than 30 days; 2 and

(3) eliminate a reference to ‘‘interfirm’’

temporary transfers of membership, so

that the $100 fee for temporary

membership transfers will apply solely

to temporary intrafirm transfers of

membership.3

The text of the proposed rule change

is available at the Office of the

Secretary, PSE, and at the Commission.

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

Exchange 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

prices specified in Item IV below. The

Exchange has prepared summaries, set

forth in sections (A), (B), and (C) below,

of the most significant aspects of such

statements.

(A) Self-Regulatory Organization’s

Statement of the Purpose of, and the

Statutory Basis for, the Proposed Rule

Change

Purpose

The PSE proposes to adopt a $50 fee

for members who transfer their

membership rights, on a one-day basis,

to other members of the same firm. This

change is intended to address situations

where floor members are unable to be

present on the trading floor for one day

and need to have substitute coverage on

the floor for that day. Under the

proposal, members who expect to be

away from the floor for one day will

notify the Exchange of the proposed

transfer and the Exchange will bill them

$50.

The Schedule of Rates currently

provides for a fee of $100 for

‘‘temporary’’ transfers of membership.4

That fee is intended to cover transfers of

membership that last longer than one

day (but less than 30 days), such as

when a floor member takes a vacation.

The Exchange believes that the

proposed one-day intrafirm transfer fee

will provide an equitable alternative to

the $100 temporay transfer fee for

members who are away from the floor

for just one day. In addition, the PSE

notes that the proposal will address

more directly situations in which a

member transfers his or her membership

to another person, one a one-day basis,

on more than two separate occasions

during a 30-day period. In such

situations, the member would be

charged $50 for each one-day transfer of

membership. In addition, if a member

notifies the PSE of a one-day transfer,

and that member is later unable to

return to the floor for a consecutive

period of from two to 30 days, that

member would be charged a maximum

fee of $100.

The Exchange also proposes to amend

its Schedule of Rates with regard to

‘‘temporary’’ transfers of membership by

specifying that such transfers are for a

period of less than 30 days.5 In addition,

the PSE proposes to eliminate a

reference in the provision governing

temporary transfers to ‘‘interfirm’’

transfers of membership, so that the

$100 fee will apply solely to temporary

‘‘intrafirm’’ transfers of membership.6

Statutory Basis

The PSE believes that the proposal is

consistent with Section 6(b) of the Act,

in general, and with Section 6(b)(4), in

particular, in that it provides for the

equitable allocation of reasonable

charges among its members.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

The PSE does not believe that the

proposed rule change will impose any

burden on competition that is not

necessary or appropriate in furtherance

of the purposes of the Act.

(C) Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants or Others

Written comments on the proposed

rule change were neither solicited or

received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Because the foregoing rule change

establishes or changes a due, fee or

other charge imposed by the Exchange,

it has become effective pursuant to

Section 19(b)(3)(A) of the Act and

subparagraph (e) of Rule 19b–4

thereunder. At any time within 60 days

of the filing of the proposed rule change,

the Commission may summarily

abrogate such rule change if it appears
Federal Register / Vol. 61, No. 129 / Wednesday, July 3, 1996 / Notices 34919

7 17 CFR 200.30–3(a)(12) (1995).

to the Commission that such action is

necessary or appropriate in the public

interest, for the protection of investors,

or otherwise in furtherance of the

purposes of the Act.

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 in

the Commission’s Public Reference

Section, 450 Fifth Street, NW.,

Washington, DC 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 the file number in the

caption above and should be submitted

by July 24, 1996.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.7

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–16925 Filed 7–2–96; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster Loan Area #2868]

Indiana; Declaration of Disaster Loan

Area

St. Joseph County and the contiguous

counties of Elkhart, LaPorte, Marshall,

and Starke in the State of Indiana, and

Berrien and Cass Counties in the State

of Michigan constitute a disaster area as

a result of damages caused by severe

storms and flooding which occurred on

June 9 and 10, 1996. Applications for

loans for physical damage may be filed

until the close of business on August 23,

1996 and for economic injury until the

close of business on March 24, 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.

The interest rates are:

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%.

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 numbers assigned to this disaster

for physical damage are 286806 for

Indiana and 286906 for Michigan.

For economic injury the numbers are

894900 for Indiana and 895000 for

Michigan.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008)

Dated: June 24, 1996.

John T. Spotila,

Acting Administrator.

[FR Doc. 96–16981 Filed 7–2–96; 8:45 am]

BILLING CODE 8025–01–M

COMMITTEE FOR THE

IMPLEMENTATION OF TEXTILE

AGREEMENTS

Amendment to Earlier Directives to

Reflect Cancellation of Staged Entry

Periods for Certain Cotton, Wool, ManMade Fiber, Silk Blend and Other

Vegetable Fiber Textiles and Textile

Products and Silk Apparel Products

Produced or Manufactured in the

People’s Republic of China

June 26, 1996.

AGENCY: Committee for the

Implementation of Textile Agreements

(CITA).

ACTION: Issuing a directive to the

Commissioner of Customs amending

earlier directives with respect to textile

products from China.

EFFECTIVE DATE: June 26, 1996.

FOR FURTHER INFORMATION CONTACT:

Jennifer Aldrich, International Trade

Specialist, Office of Textiles and

Apparel, U.S. Department of Commerce,

(202) 482–4212.

SUPPLEMENTARY INFORMATION:

Authority: Executive Order 11651 of March

3, 1972, as amended; section 204 of the

Agricultural Act of 1956, as amended (7

U.S.C. 1854).

At the request of the Office of the U.S.

Trade Representative (USTR), directives

from CITA to the Commissioner of

Customs, issued on May 15, 1996 (61 FR

24919) and June 12, 1996 (61 FR 30597)

amended previous directives from CITA

to the Commissioner of Customs, issued

November 30, 1995 (60 FR 62413) and

December 13, 1995 (60 FR 65292), to

facilitate the establishment of staged

entry periods for certain goods

produced or manufactured in the

People’s Republic of China and

exported from China for the 30-day

periods beginning on May 15, 1996

through June 13, 1996 and June 14, 1996

through July 13, 1996.

Based on the measures that China has

and will take in the future to implement

key elements of the 1995 Agreement on

Enforcement of Intellectual Property

Rights and Market Access, USTR on

June 21, 1996 requested the

Commissioner of Customs to terminate

the above-referenced staged entry

periods in accordance with section 301

of the Trade Act of 1974, as amended

(see 61 FR 33147, published on June 26,

1996).

The action taken in the letter below

will facilitate implementation of USTR’s

directive to the Commissioner of

Customs dated June 21, 1996.

D. Michael Hutchinson,

Acting Chairman, Committee for the

Implementation of Textile Agreements.

Committee for the Implementation of Textile

Agreements

June 26, 1996.

Commissioner of Customs,

Department of the Treasury, Washington, DC

20229.

Dear Commissioner: This directive

amends, but does not cancel, the directives

issued to you on November 30, 1995 and

December 13, 1995, by the Chairman,

Committee for the Implementation of Textile

Agreements (CITA). Those directives concern

imports of certain silk apparel and certain

cotton, wool, man-made fiber, silk blend and

other vegetable fiber textile products,

produced or manufactured in the People’s

Republic of China and exported from China

during the twelve-month period beginning on

January 1, 1996 and extending through

December 31, 1996.

The above directives are hereby amended

to the extent necessary to facilitate

implementation of the directive of the Office

of the U.S. Trade Representative to the

Commissioner of Customs dated June 21,

1996 regarding textile products from China,

issued pursuant to section 301 of the Trade

Act of 1974, as amended. For your

information, the above directives are

amended to reflect that entry of certain

textile products, produced or manufactured

in the People’s Republic of China, shall no

longer be subject to limitation for the 30-day