Federal Register / Vol. 66, No. 242 / Monday, December 17, 2001 / Notices 65017

9 15 U.S.C. 78f(b).

10 15 U.S.C. 78f(b)(5).

11 17 CFR 200.30–3(a)(12).

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

2ECNs shall mean any electronic system that

widely disseminates to third parties orders entered

therein by an Exchange market maker or over-thecounter (‘‘OTC’’) market maker, and permits such

orders to be executed against in whole or in part;

except that the term ECN shall not include: any

system that crosses multiple orders at one or more

specified times at a specified price set by the ECN,

algorithm, or by any derivative pricing mechanism

and does not allow orders to be crossed or executed

against directly by participants outside of such

times; or, any system operated by or on behalf of

an OTC market maker or exchange market maker

that executes customer orders primarily against the

account of such market maker as principal, other

than riskless principal.

3Certain provisions of the SCCP Fee Schedule

will not apply to ECNs because they apply to

specialists and/or relate to margin financing, such

as specialist discount, margin account interest, P&L

statements charges, and buy-ins.

4Because this volume requirement only applies

to volume in the twelfth month (meaning to the

thirteenth month’s fee), actually waiving SCCP fees

that month would necessarily require an extension

of the pilot program beyond the initial 12 months.

In the extension, SCCP would address whether the

targets would continue to be monthly.

5The Commission has modified the text of the

summaries prepared by SCCP.

2. Statutory Basis

The Exchange believes that the

proposed rule change is consistent with

Section 6(b) of the Act 9 in general, and

furthers the objectives of Section 6(b)(5)

of the Act 10 in particular, in that it is

designed to promote just and equitable

principals of trade and to protect

investors and the public interest.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange does not believe that

the proposed rule change will impose

any burden on competition that is not

necessary or appropriate in the

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

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 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 Exchange 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,

including whether the proposed rule

change is consistent with the Act.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, NW.,

Washington, DC 20549–0609. 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 PCX. All

submissions should refer to File No.

SR–PCX–2001–45 and should be

submitted by January 2, 2002.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.11

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–30957 Filed 12–14–01; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–45145; File No. SR–SCCP–

2001–01]

Self-Regulatory Organizations; Stock

Clearing Corporation of Philadelphia;

Notice of Filing and Immediate

Effectiveness of a Proposed Rule

Change Relating To Adopting a Fee

Schedule for Electronic

Communications Networks

December 10, 2001.

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

Securities Exchange Act of 1934

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

January 23, 2001, the Stock Clearing

Corporation of Philadelphia (‘‘SCCP’’)

filed with the Securities and Exchange

Commission (‘‘Commission’’) and on

June 25, 2001, and November 27, 2001,

amended the proposed rule change as

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

which Items have been prepared by

SCCP. 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

SCCP has adopted a new fee schedule

for SCCP participants for trades

executed on the Philadelphia Stock

Exchange, Inc. (‘‘Phlx’’) for Electronic

Communications Networks (‘‘ECNs’’).2

The new fee schedule will operate as a

pilot program for one year, wherein

SCCP proposes to waive certain dues,

fees and charges, including trade

recording fees, value fees, treasury

transactions charges but not account

fees, research fees, computer

transmission/tapes charges, or

miscellaneous charges on SCCP’s fee

schedule.3

After the initial pilot period, an ECN

will be eligible for the new fee schedule

only if it has achieved average daily

equity volume on the Phlx of at least

5,000 trades and 5,000,000 shares in the

twelfth month after the ECN first

became subject to the ECN fee

schedule.4 If the targeted amount is not

met, the ECN will be subject to the

SCCP fee schedule in effect at that time.

After this pilot program ends in 2002,

SCCP will make another rule filing with

the Commission to establish new fees

based on volume thresholds for ECNs.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

SCCP 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. SCCP has prepared

summaries, set forth in sections A, B,

and C below, of the most significant

aspects of such statements.5

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

The proposed changes to SCCP’s fee

schedule are intended to attract equity

order flow from ECNs to Phlx by

substituting a more competitive fee

schedule tied to high volume targets.

The high volume targets would be

triggered in the twelfth month of the fee.

Should an ECN not meet the targeted

volume numbers described above, it

65018 Federal Register / Vol. 66, No. 242 / Monday, December 17, 2001 / Notices

6 15 U.S.C. 78s(b)(3)(A)(ii).

7 17 CFR 240.19b–(f)(2). 8 17 CFR 200.30–3(a)(12).

may become subject to the then current

SCCP fee schedule in the thirteenth

month.

SCCP believes that the ECN fee

schedule provides competitive fees with

appropriate incentives, thus providing a

reasonable method to attract large order

flow providers such as ECNs to the

Exchange. Additional order flow should

enhance liquidity and improve Phlx’s

and SCCP’s competitive position in

equity trading and clearance.

SCCP believes that the proposed

changes to its fee schedule are

consistent with section 17A of the Act

because that they provide for the

equitable allocation of reasonable dues,

fees, and other charges in order to

attract a new form of order flow to Phlx.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

SCCP 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.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The proposed rule change has become

effective pursuant to section

19(b)(3)(A)(ii) of the Act 6 and Rule 19b–

4(f)(2) 7 thereunder because the

proposed rule change establishes a fee.

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,

including whether the proposed rule

change is consistent with the Act.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, NW.,

Washington, DC 20549–0609. 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

Phlx’s principal office. All submissions

should refer to File No. SR–SCCP–2001–

01 and should be submitted by January

7, 2002.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.8

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–30956 Filed 12–14–01; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster #3384]

State of Alabama

As a result of the President’s major

disaster declaration on December 7,

2001, I find that Autauga, Blount,

Butler, Calhoun, Cherokee, Clay, Dale,

DeKalb, Etowah, Fayette, Jefferson,

Lamar, Lawrence, Madison, Marion,

Marshall, St. Clair, Talladega and

Winston Counties in the State of

Alabama constitute a disaster area due

to damages caused by severe storms and

tornadoes occurring on November 24–

25, 2001. Applications for loans for

physical damage as a result of this

disaster may be filed until the close of

business on February 5, 2002 and for

economic injury until the close of

business on September 9, 2002 at the

address listed below or other locally

announced locations: U.S. Small

Business Administration, Disaster Area

2 Office, One Baltimore Place, Suite

300, Atlanta, GA 30308.

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: Barbour,

Bibb, Chilton, Cleburne, Coffee, Colbert,

Conecuh, Coosa, Covington, Crenshaw,

Cullman, Dallas, Elmore, Franklin,

Geneva, Henry, Houston, Jackson,

Lauderdale, Limestone, Lowndes,

Monroe, Montgomery, Morgan, Pickens,

Pike, Randolph, Shelby, Tallapoosa,

Tuscaloosa, Walker and Wilcox counties

in the State of Alabama; Chattooga,

Dade, Floyd, Polk and Walker counties

in the State of Georgia; Itawamba,

Lowndes and Monroe counties in the

State of Mississippi; Franklin and

Lincoln counties in the State of

Tennessee.

The interest rates are:

Percent

For Physical Damage:

Homeowners with Credit Available Elsewhere .................... 6.500

Homeowners without Credit

Available Elsewhere ............ 3.250

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 ............ 6.375

For Economic Injury:

Businesses and Small Agricultural Cooperatives without

Credit Available Elsewhere 4.000

The number assigned to this disaster

for physical damage is 338411. For

economic injury the number is 9N7600

for Alabama; 9N7700 for Georgia;

9N7800 for Mississippi; and 9N7900 for

Tennessee.

Dated: December 10, 2001.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008).

Herbert L. Mitchell,

Associate Administrator for Disaster

Assistance.

[FR Doc. 01–30975 Filed 12–14–01; 8:45 am]

BILLING CODE 8025–01–P

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster #3385]

Disaster Loan Area; State of Indiana

Shelby County and the contiguous

counties of Bartholomew, Decatur,

Hancock, Johnson, Marion and Rush in

the State of Indiana constitute a disaster

area due to damages caused by severe

storms and tornadoes that occurred on

November 24, 2001. Applications for

loans for physical damage may be filed

until the close of business on February

11, 2002 and for economic injury until

the close of business on September 11,

2002 at the address listed below or other

locally announced locations: U.S. Small

Business Administration, Disaster Area

2 Office, One Baltimore Place, Suite

300, Atlanta, GA 30308.

The interest rates are:

Percent

For Physical Damage:

Homeowners with credit available elsewhere .................... 6.500