35820 Federal Register / Vol. 61, No. 131 / Monday, July 8, 1996 / Notices

June 19, 1996 .............. Filing of Appeal letter.

June 26, 1996 .............. Commission Notice and Order of Filing of Appeal.

July 15, 1996 ............... Last day of filing of petitions to intervene [see 39 CFR 3001.111(b)].

July 24, 1996 ............... Petitioner’s Participant Statement or Initial Brief [see 39 CFR 3001.115(a) and (b)].

August 13, 1996 .......... Postal Service’s Answering Brief [see 39 CFR 3001.115(c)].

August 28, 1996 .......... Petitioner’s Reply Brief should Petitioner choose to file one [see 39 CFR 3001.115(d)].

September 4, 1996 ...... Deadline for motions by any party requesting oral argument. The Commission will schedule oral argument only

when it is a necessary addition to the written filings [see 39 CFR 3001.116].

October 17, 1996 ........ Expiration of the Commission’s 120-day decisional schedule [see 39 U.S.C. 404(b)(5)].

[FR Doc. 96–17214 Filed 7–5–96; 8:45 am]

BILLING CODE 7710–FW–P

RAILROAD RETIREMENT BOARD

Agency Forms Submitted for OMB

Review

SUMMARY: In accordance with the

Paperwork Reduction Act of 1995 (44

U.S.C. Chapter 35), the Railroad

Retirement Board has submitted the

following proposal(s) for the collection

of information to the Office of

Management and Budget for review and

approval.

SUMMARY OF PROPOSAL(S):

(1) Collection title: Request for Review

of Part B Medicare Claim.

(2) Form(s) submitted: G–790, G–791.

(3) OMB Number: 3220–0100.

(4) Expiration date of current OMB

clearance: July 31, 1996.

(5) Type of request: Extension of a

currently approved collection.

(6) Respondents: Individuals or

households.

(7) Estimated annual number of

respondents: 4,000.

(8) Total annual responses: 4,100.

(9) Total annual reporting hours:

1,025.

(10) Collection description: The

Railroad Retirement Board administers

the Medicare program for persons

covered by the railroad retirement

system. The request provides the means

for obtaining reviews by the

MetraHealth Insurance Company on

claims for Part B Medicare benefits.

ADDITIONAL INFORMATION OR COMMENTS:

Copies of the form and supporting

documents can be obtained from Chuck

Mierzwa, the agency clearance officer

(312–751–3363). Comments regarding

the information collection should be

addressed to Ronald J. Hodapp, Railroad

Retirement Board, 844 North Rush

Street, Chicago, Illinois 60611–2092 and

the OMB reviewer, Laura Oliven (202–

395–7316), Office of Management and

Budget, Room 10230, New Executive

Office Building, Washington, D.C.

20503.

Chuck Mierzwa,

Clearance Officer.

[FR Doc. 96–17253 Filed 7–5–96; 8:45 am]

BILLING CODE 7905–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Investment Company Act Release No.

22049; 811–5966]

Oppenheimer Global Environment

Fund; Notice of Application

July 1, 1996.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of Application for

Deregistration under the Investment

Company Act of 1940 (the ‘‘Act’’).

APPLICANT: Oppenheimer Global

Environment Fund.

RELEVANT ACT SECTION: Section 8(f).

SUMMARY OF APPLICATION: Applicant

requests an order declaring that it has

ceased to be an investment company.

FILING DATES: The application was filed

on February 12, 1996, and amended on

June 24, 1996.

HEARING OR NOTIFICATION OF HEARING: An

order granting the application will be

issued unless the SEC orders a hearing.

Interested persons may request a

hearing by writing to the SEC’s

Secretary and serving applicant with a

copy of the request, personally or by

mail. Hearing requests should be

received by the SEC by 5:30 p.m. on July

26, 1996 and should be accompanied by

proof of service on the applicant, in the

form of an affidavit or, for lawyers, a

certificate of service. Hearing requests

should state the nature of the writer’s

interest, the reason for the request, and

the issues contested. Persons may

request notification of a hearing by

writing to the SEC’s Secretary.

ADDRESSES: Secretary, SEC, 450 5th

Street, N.W., Washington, D.C. 20549.

Applicant, Two World Trade Center,

New York, New York 10048–0203.

FOR FURTHER INFORMATION CONTACT:

Sarah A. Buescher, Staff Attorney, at

(202) 942–0573, or Robert A. Robertson,

Branch Chief, at (202) 942–0564

(Division of Investment Management,

Office of Investment Company

Regulation).

SUPPLEMENTARY INFORMATION: The

following is a summary of the

application. The complete application

may be obtained for a fee from the SEC’s

Public Reference Branch.

Applicant’s Representations

1. Applicant is an open-end

management investment company

organized as a Massachusetts business

trust. On November 22, 1989, applicant

filed a registration statement on Form

N–1A pursuant to section 8(b) of the Act

and under the Securities Act of 1933 to

register its shares. The registration

statement became effective on March 1,

1990, and the initial public offering

commenced on or about the same date.

2. On June 16, 1994, applicant’s board

of trustees adopted an Agreement and

Plan of Reorganization (the

‘‘Reorganization Plan’’) whereby

applicant would exchange its net assets

for shares of Oppenheimer Global

Emerging Growth Fund (‘‘OGEGF’’), a

registered, open-end management

investment company, and the OGEGF

shares would be distributed pro rata to

applicant’s shareholders.

3. On August 16, 1994, applicant filed

a proxy statement with the SEC that was

declared effective on September 19,

1994. Applicant’s shareholders

approved the Reorganization Plan on

November 11, 1994.

4. At the close of business on

November 17, 1994, immediately

preceding effectiveness of the

Reorganization Plan, applicant had

2,815,907.520 shares outstanding. As of

that date, applicant’s aggregate net

assets were $27,636,863.83, and the net

asset value per share was $9.81. In

exchange for 1,540,515.42 shares of

OGEGF, applicant transferred to OGEGF

its assets less liabilities with respect to:

(a) amounts payable for portfolio

securities purchased but not yet settled;

(b) a cash reserve retained for the

payment of the expenses of applicant’s

dissolution and its liabilities; (c)

deferred trustee amounts; and (d) capital

stock. Pursuant to the Reorganization

Plan, applicant received that number of

OGEGF shares having an aggregate net

asset value equal to the value of

applicant’s net assets.

5. On November 18, 1994, the

reorganization was consummated.

Applicant was subsequently liquidated

and applicant’s shareholders received

pro rata the OGEGF shares received by

applicant pursuant to the

reorganization.
Federal Register / Vol. 61, No. 131 / Monday, July 8, 1996 / Notices 35821

1 Violations of Rule 8.51 are deemed to be

violations of Rule 6.20(b) pursuant to paragraph

(vii) of Interpretation and Policy .04 under Rule

6.20. Rule 6.20(b) requires that fines imposed

thereunder must be agreed upon by at least two

Floor Officials.

6. The expenses borne by applicant

pursuant to the reorganization totalled

$46,775. These expenses included the

cost of printing and mailing proxies and

proxy statements, a portion of the cost

of the tax opinion, with the remainder

paid by OGEGF, as well as legal,

accounting, and transfer agency

expenses. Applicant’s share of the

expenses was paid from its cash reserve.

7. As of the date of the filing of the

application, applicant has no assets, and

no outstanding debts or liabilities.

Applicant has no shareholders and is

not a party to any litigation or

administrative proceeding. Applicant is

not presently engaged in, nor does it

propose to engage in, any business

activities other than those necessary for

the winding-up of its affairs.

8. Applicant filed a termination of

trust with Massachusetts authorities on

June 26, 1995.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 96–17252 Filed 7–5–96; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–37388; File No. SR–CBOE–

96–31]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Chicago Board Options Exchange,

Incorporated Relating to Operation and

Enforcement of the Firm Quote Rule in

the OEX Trading Crowd

June 28, 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 15, 1996, the

Chicago Board Options Exchange,

Incorporated (‘‘CBOE’’ or ‘‘Exchange’’)

filed with the Securities and Exchange

Commission (‘‘Commission’’ or ‘‘SEC’’)

the proposed rule change as described

in Items I, II, and III below, which Items

have been prepared by the CBOE. 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 CBOE proposes to issue two

regulatory circulars pertaining to the

administration and enforcement of the

firm quote rule in the trading crowd

where options on the Standard and

Poor’s 100 Index (‘‘OEX options’’) are

traded. The text of the regulatory

circulars and the proposed rule change

are available at the Office of the

Secretary, CBOE 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

CBOE 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 CBOE 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

The purpose of the proposed rule

change is, first, to consolidate and

clarify in a single regulatory circular

(referred to as ‘‘Regulatory Circular 96–

xx’’) the Exchange’s policies concerning

the administration and enforcement of

the firm quote rule (CBOE Rule 8.51) in

the OEX trading crowd, and, second, to

set forth in a separate regulatory circular

(referred to as ‘‘Regulatory Circular 96–

yy’’) the specific fines that may be

imposed under the Exchange’s summary

fine procedure for violations of the

requirements of the firm quote program

in the OEX crowd, as contemplated in

CBOE Rule 17.50(g)(6).

Proposed Regulatory Circular 96–xx

consolidates without substantial change

various requirements applicable to

market makers and floor brokers in the

OEX trading crowd under CBOE Rule

8.51 (the firm quote rule). These

requirements have previously been set

forth in a number of different regulatory

circulars, two of which (RG 90–09 and

RG 96–25) are currently effective. The

proposed regulatory circular would take

the place of both of these circulars in

order to provide in one place a clear and

comprehensive statement of how firm

quote requirements apply in the OEX

crowd.

In addition to restating what is set

forth in existing circulars, the proposed

circular would amend those circulars to

clarify certain aspects of the obligations

of market makers and floor brokers

under the firm quote rule, and how

those obligations are enforced.

Specifically, with respect to market

makers, proposed Regulatory Circular

96–xx sets forth a mechanism for the

enforcement of Rule 8.51 in the OEX

trading crowd by providing that if the

OEX trading crowd fails to honor a

posted quotation in accordance with the

firm quote rule, two Floor Officials may

designate one or more market makers in

the crowd to take the contra side of the

order that is entitled to execution. The

proposed circular makes it clear that

any failure to comply with the Floor

Officials’ designation is a violation of

Rule 8.51, which may subject the

violator to summary fine under Rule

17.50 as well as to formal disciplinary

proceedings.1 The circular points out

that the fine permitted to be imposed by

Floor Officials for such violations can be

as high as $5,000, which is the

maximum fine authorized under the

summary fine rule. It is the Exchange’s

expectation that the in terrorem effect of

a substantial fine will cause market

makers to comply with Floor Officials’

designations, and the fines themselves

will rarely if ever have to be imposed.

Proposed Regulatory Circular 96–xx

also clarifies the meaning of the due

diligence obligation imposed on floor

brokers under Rule 6.73(a), as that

obligation applies in the OEX trading

crowd in light of the operation of the

firm quote rule. The circular describes

two alternative ways in which public

customer orders eligible for execution

under the firm quote rule may be

represented: The floor broker may either

ask for a market and then immediately

fill the order for up to the ten contract

limit entitled to execution under the

firm quote rule at the better of the

posted market or the market given in

response to his request, or the floor

broker may bid or offer on behalf of his

customer at a price between the posted

bid and offer in an attempt to obtain an

execution at a better price than the

posted market. Under the second

alternative, the floor broker must then

immediately fill the public customer

order for up to ten contracts at his

announced bid or offer if the crowd is

willing to trade at that price, or if not,

he must immediately fill the order at the

originally posted market.

In all other respects, proposed

Regulatory Circular 96–xx is

substantially the same as the existing

circulars that it will replace.

Proposed Regulatory Circular 96–yy is

being issued pursuant to CBOE’s

summary fine rule (Rule 17.50), which

authorizes the summary imposition of

fines for certain specified ‘‘minor rule

violations’’ in lieu of formal disciplinary

proceedings. Paragraph (g)(6) of Rule

17.50 covers the imposition of summary