36102 Federal Register / Vol. 61, No. 132 / Tuesday, July 9, 1996 / Notices

10The PSE notes that the amendments are based

on CBOE Rules 7.11(b)(1) and 7.11(e), respectively.

11 17 CFR 200.30–3(a)(12).

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

2 In Amendment No. 1, the PHLX deleted

language that the fee imposed on PHLX members

or member organizations for non-exchange

sponsored securities execution equipment used on

the PHLX equity trading floor conforms to the fee

charged for such equipment used on the equity

options trading floor; clarified that trades

previously counted towards eligibility for credits

against the previously imposed monthly charges for

securities execution equipment need not have been

cleared through SCCP to have qualified for the

credit, only executed on the PHLX; and clarified

that PHLX members or member organizations will

be assessed $300.00 for the period July 1, 1996

through December 31, 1996 for each non-exchange

sponsored securities execution machine operated

on the PHLX equity trading floor. See Letter from

Murray L. Ross, Vice President and Secretary,

PHLX, to George A. Villasana, Attorney , Division

of Market Regulation, SEC, dated June 21, 1996.

3Securities execution equipment refers to

machines that route order flow to other

marketplaces, such as Designated Order

Turnaround (‘‘DOT’’) machines, Instinet terminals,

and other computers configured for securities

execution and order delivery capabilities.

4See Amendment No. 1, supra note 2.

According to the Exchange, its Board of

Governors has not yet determined the amount of

fees to be charged for such equipment after

December 31, 1996. Telephone conversation on

June 19, 1996 between Murray L. Ross, Vice

President and Secretary, PHLX, and George A.

Villasana, Attorney, Division of Market Regulation,

SEC.

*An exemption from foreign currency user fees is

extended to PHLX members also holding title to a

foreign currency options participation.

apply to lawsuits or other legal

proceedings that might be instituted by

members against the Exchange or to any

of its Governors, officers, committee

members, employees, or agents. This

provision, however, would not apply to

disciplinary actions, to administrative

appeals of Exchange actions, or to any

specific instance where the Board of

Governors has granted a waiver of this

rule.

Liability of Exchange for Actions of

Order Book Officials

Current Rule 6.59(a) and (g) are being

amended for clarification purposes.10

Rule 6.59 is also adding a reference to

the new provisions in Rule 13.

2. Statutory Basis

The PSE believes that the proposed

rule changes are consistent with Section

6(b)(5) of the Act in that, by limiting the

liability of the Exchange and its

Governors, officers, employees, and

agents, by precluding certain types of

legal actions by members against such

persons individually, and by

discouraging frivolous lawsuits against

the Exchange, it will reduce the costs of

the Exchange in responding to claims

and lawsuits, thereby permitting the

resources of the Exchange to be better

utilized for promoting just and equitable

principles of trade and for protecting

investors and the public interest.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The self-regulatory organization 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 solicited

or received with respect to the proposed

rule change.

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 also will be available for

inspection and copying at the principal

office of the PSE. All submissions

should refer to File No. SR–PSE–96–21

and should be submitted by July 30,

1996.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.11

Jonathan G. Katz,

Secretary.

[FR Doc. 96–17448 Filed 7–8–96; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–37389; File No. SR–Phlx–

96–15]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change and

Amendment No. 1 Thereto by the

Philadelphia Stock Exchange, Inc.

Relating to an Amendment to the

PHLX’s Schedule of Fees and Charges

July 1, 1996.

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

Securities Exchange Act of 1934

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

May 24, 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 selfregulatory organization. On June 24,

1996, the PHLX filed Amendment No. 1

to its proposal. 2 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 PHLX, pursuant to Rule 19b–4 of

the Act, submits a proposed rule change

amending the PHLX’s Schedule of Fees

and Charges respecting the charges for

non-exchange sponsored securities

execution equipment 3 operated by the

PHLX members on the PHLX equity

floor. The proposal would rescind the

existing monthly fee of $250.00 assessed

each member or member organization

for each non-exchange sponsored

securities execution machine operated

by the member or member organization

on the PHLX equity trading floor as well

as the credits previously offered against

such fees, and substitutes a securities

execution equipment registration fee of

$300.00 per machine for the period July

1, 1996 through December 31, 1996. 4

Deletions are in brackets:

Membership Dues or Foreign

Currency User Fees *—$1,000.00

semiannually.

Application Fee—$200.00.

Initiation Fee—Members,

Participants, and Approved Lessors—

$1500.00.

Transfer Fee—$300.00.
Federal Register / Vol. 61, No. 132 / Tuesday, July 9, 1996 / Notices 36103

*** [$250 credit on fees charged on each stock

execution machine by any member firm for each

2,500 trades such member executed on the PHLX

equity floor in a non-specialist account is

applicable.]

**This fee is applicable to member/participant

organizations for which the PHLX is the DEA. The

following organizations are exempt: (1) inactive

organizations; (2) organizations operating from the

PHLX trading floor; (3) organizations for any month

where they incur transaction or clearing fees

charges directly by the Exchange or by its registered

subsidiary, provided that the fees exceed the

examinations fee for that month; and (4)

organizations affiliated with an organization exempt

from this fee due to the second or third category.

Affiliation includes an organization that is a wholly

owned subsidiary of, or by under common control

with, an ‘‘exempt’’ member or participant

organization. An inactive organization is one which

had no securities transaction revenue, as

determined by semi-annual FOCUS reports, as long

as the organization continues to have no such

revenue each month.

5See Securities Exchange Act Release No. 28212

(July 17, 1990), 55 FR 30065 (July 24, 1990) (order

approving File No. SR–PHLX–90–15).

6See Securities Exchange Act Release No. 33954

(Apr. 21, 1994), 59 FR 22191 (Apr. 29, 1994) (order

approving File No. SR–PHLX–94–19).

7 Id.

8See Securities Exchange Act Release No. 36682

(Jan. 4, 1996), 61 FR 1200 (Jan. 17, 1996) (order

approving File No. SR–PHLX–95–89).

The Exchange advised the Commission that

trades previously counted towards eligibility for

credits against the previously imposed monthly

charges for such stock execution equipment need

not have been cleared through SCCP to have

qualified for the credit; the trades needed-merely to

be executed on the PHLX. See Amendment No. 1,

supra note 2.

9A registration fee of $300 is presently imposed

on member or member organizations for no-change

sponsored securities execution equipment operated

by a PHLX member of member organization on the

PHLX equity options trading floor for the period

Sept. 1, 1995 through Dec. 31, 1996. Securities

Exchange Act Release No. 36198 (Sept. 7, 1995), 60

FR 47639 (Sept. 13, 1995) (order approving File No.

SR–PHLX–95–64).

10See infra note 3.

11 15 U.S.C. 78f(b).

12 15 U.S.C. 78f(b)(4).

13 15 U.S.C. 78s(b)(3)(A).

14 17 CFR 240.19b–4.

Trading Post/Booth—$375.00

quarterly.

Floor Facility Fees—$187.50

quarterly.

Direct Wire to Floor—$60.00

quarterly.

Telephone System Line Extensions—

$22.50 monthly/per extension.

Execution Services/Communication

Charge—$200.00 monthly.

[Stock Execution Machine *** (Equity

Floor)—$250.00 monthly].

Stock Execution Machine Registration

Fee [(Option Floor)]—$300.00 per unit.

Equity, Option or FCO Transmission

charge—$750.00 monthly.

Quotron Equipment—$225.00

monthly.

Instinet, Reuters Eqiupment—cost

pass thru.

FCO pricing tape—$600.00.

Option Report service: New York—

$600.00; Chicago—$800.00.

Examinations Fee**—$1,000.00

monthly.

Registered Representative

Registration:

Initial—$10.00.

Maintenance—$10.00 annual.

Transfer—$10.00.

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

PHLX 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 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

Statutory Basis for, the Proposed Rule

Change

1. Purpose

Since 1990, the Exchange has

imposed on each member or member

organization a monthly fee of $250.00

for each non-exchange sponsored

securities execution machine the

member or member organization

operates on the PHLX equity trading

floor.5 Since April 1994, the PHLX has

provided a monthly credit equal to 50%

of the fees charged members and

member organizations for each of these

machines for every 2,500 trades

executed by such member on the PHLX

equity floor in a non-specialist account.6

This credit was not authorized to exceed

50% of the total securities execution

machine billing charges per member

operating such machine.7 Subsequently,

however, the credit was authorized to

offset up to 100% of such fees.8

This proposal rescinds the existing

monthly fee of $250.00 assessed on each

PHLX member of member organization

for each non-exchange sponsored

securities execution machine on the

PHLX equity trading floor and the

related credit scheme, and imposes on

each PHLX member of member

organization, for the period July 1, 1996

through December 31, 1996, a

registration fee of $300.00 9 for each

non-exchange sponsored securities

execution machine operated on the

PHLX equity trading floor.10

2. Statutory Basis

The proposed rule change is

consistent with Section 6(b) of the Act 11

in general and furthers the objectives of

Section 6(b)(4) 12 in particular in that it

provides for the equitable allocation of

reasonable dues, fees, and other charges

among the Exchange’s members and

other persons using its facilities.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The proposed rule change does not

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

The Exchange has neither solicited

nor received written comments on the

proposed rule change.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The foregoing rule change constitutes

or changes a due, fee, or other charge

imposed by the Exchange and, therefore,

has become effective pursuant to

Section 19(b)(3)(A) of the Act 13 and

subparagraph (e) of Rule 19b–4

thereunder.14

At any time within sixty days of the

filing of such proposed rule change, the

Commission may summarily abrogate

such rule change if it appears 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, 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.,
36104 Federal Register / Vol. 61, No. 132 / Tuesday, July 9, 1996 / Notices

15 17 CFR 200.30–3(a)(12).

Washington, D.C. 20549. Copies of such

filing also will be available for

inspection and copying at the principal

office of the Philadelphia Stock

Exchange. All submissions should refer

to File No. SR–PHLX–96–15 and should

be submitted by July 30, 1996.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.15

Jonathan G. Katz,

Secretary.

[FR Doc. 96–17355 Filed 7–8–96; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster Loan Area #2867]

Pennsylvania; Declaration of Disaster

Loan Area

As a result of the President’s major

disaster declaration on June 18, 1996, I

find that Bucks County in the State of

Pennsylvania constitutes a disaster area

due to damages caused by flooding

which occurred on June 12, 1996.

Applications for loans for physical

damages may be filed until the close of

business on August 17, 1996, and for

loans for economic injury until the close

of business on March 18, 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: Lehigh, Montgomery,

Northampton, and Philadelphia

Counties in Pennsylvania, and

Burlington, Hunterdon, Mercer, and

Warren Counties in New Jersey.

Interest rates are:

For Physical Damage: Percent

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 number assigned to this disaster

for physical damage is 286706. For

economic injury the numbers are

894700 for Pennsylvania, and 894800

for New Jersey.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008.)

Dated: June 27, 1996.

Allan I. Hoberman,

Acting Associate Administrator for Disaster

Assistance.

[FR Doc. 96–17401 Filed 7–8–96; 8:45 am]

BILLING CODE 8025–01–P

[Declaration of Disaster Loan Area #2859;

Amendment #2]

West Virginia; Declaration of Disaster

Loan Area

In accordance with a notice from the

Federal Emergency Management

Agency, effective June 10, 1996, the

above-numbered Declaration is hereby

amended to establish the incident

period for this disaster as beginning on

May 15, 1996 and continuing through

June 10, 1996.

All other information remains the

same, i.e., the termination date for filing

applications for physical damage is July

22, 1996, and for loans for economic

injury the deadline is February 24, 1997.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008.)

Dated: June 28, 1996.

Allan I. Hoberman,

Acting Associate Administrator for Disaster

Assistance.

[FR Doc. 96–17400 Filed 7–8–96; 8:45 am]

BILLING CODE 8025–01–P

U.S. SMALL BUSINESS

ADMINISTRATION

Atlanta District Advisory Council

Meeting; Public Meeting

The U.S. Small Business

Administration, Atlanta District

Advisory Council will hold a public

meeting on Friday, July 12, 1996 at 7:30

a.m. at the Wyndham Garden Hotels,

125 10th Street, NE., Atlanta, GA 30309

to discuss matters as may be presented

by members, staff of the U.S. Small

Business Administration, or others

present.

For further information, write or call

Ms. Laura A. Brown, District Director,

U.S. Small Business Administration,

1720 Peachtree Road, NE., Suite 600,

Atlanta, GA 30309, (404) 347–4147

extension 46.

Dated: July 1, 1996.

Michael P. Novelli,

Director, Office of Advisory Council.

[FR Doc. 96–17335 Filed 7–8–96; 8:45 am]

BILLING CODE 8025–01–P

DEPARTMENT OF STATE

[Public Notice #2411]

United States International

Telecommunications Advisory

Committee Telecommunications

Development Sector (ITAC–D) Group;

Meeting Notice

The Department of State announces

that the United States International

Telecommunications Advisory

Committee (ITAC) Telecommunications

Development Sector (ITAC–D) Group

will meet over the next two months to

prepare for the upcoming ITU–D

Working Parties of Study Groups 1 and

2 to be held in Geneva, September 10–

19, 1966. The dates, times and room

number of the meetings are outlined

below:

Friday, July 26, 10:00–12:00 noon, Room

2533A.

Thursday, August 1, 10:00–12:00 noon,

Room 2533A.

Friday, August 9, 10:00–12:00 noon, Room

2533A.

Friday, August 30, 10:00–12:00 noon,

Room 2533A.

Friday, September 6, 10:00–12:00 noon,

Room 2533A.

The agenda for the ITAC–D Group

meeting will include (1) U.S.

preparations for the Working Parties

meetings of ITU–D Study Group 1

(Telecommunication Development

Strategies and Policies) and Study

Group 2 (Development, Harmonization,

Management and Maintenance of

Telecommunication Networks and

Services), and (2) a review of U.S.

contributions for that meeting.

Members of the General Public may

attend the meetings and join in the

discussions, subject to the instructions

of the chair. Admittance of public

members will be limited to the seating

available. In this regard, entrance to the

Department of State is controlled.

Questions regarding the meeting may

be addressed to Ms. Doreen McGirr at

202–647–0201. If you wish to attend

please send a fax to 202–647–7407 no

later than 5 days before the scheduled

meetings. Please include your name,

Social Security number and date of

birth. One of the following valid photo

ID’s will be required for admittance:

U.S. driver’s license with picture, U.S.