Federal Register / Vol. 66, No. 4 / Friday, January 5, 2001 / Notices 1167

11 15 U.S.C. 78s(b)(3)(A)(ii).

12 17 CFR 240.19b–4(f)(2).

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

14 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78S(b)(1).

2Securities Exchange Act Release No. 39444

(December 11, 1997), 62 FR 66703 [File Nos. SR–

SCCP–97–04, SR–DTC–97–16, SR–NSCC–97–08,

and SR–Philadep–97–04].

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The foregoing proposed rule change

has become effective pursuant to

Section 19(b)(3)(A)(ii) of the Act 11 and

Rule 19b–4(f)(2) thereunder 12 because it

establishes or changes a due, fee, or

other charge imposed by the selfregulatory organization. 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 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.13

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views and

arguments concerning the foregoing,

including whether the proposed rule

change, as amended, 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 Phlx. All

submissions should refer to File No.

SR–Phlx–00–103 and should be

submitted by January 26, 2001.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.14

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–312 Filed 1–4–01; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43781; File No. SR–SCCP–

00–05]

Self-Regulatory Organization; Stock

Clearing Corporation of Philadelphia;

Notice of Filing and Order Granting

Accelerated Approval on a Temporary

Basis of a Proposed Rule Change

Extending Approval of Restructured

and Limited Clearing Services

December 28, 2000.

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

Securities Exchange Act of 1934

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

December 6, 2000, the Stock Clearing

Corporation of Philadelphia (‘‘SCCP’’)

filed with the Securities and Exchange

Commission (‘‘Commission’’) the

proposed rule change as described in

Items I and II below, which items have

been prepared primarily by SCCP. The

Commission is publishing this notice

and order to solicit comments from

interested persons and to grant

accelerated approval of the proposal.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

SCCP proposes to extend, for a one

year period ending December 31, 2001,

the ability to provide limited clearance

and settlement services. Specifically,

SCCP seeks to continue to provide trade

confirmation and recording services for

members of the Philadelphia Stock

Exchange, Inc. (‘‘Phlx’’) effecting

transactions through Regional Interface

Operations (‘‘RIO’’) and ex-clearing

accounts. SCCP will also continue to

provide margin accounts to certain

participants cleared through an account

established by SCCP at the National

Securities Clearing Corporation

(‘‘NSCC’’).

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. The self-regulatory

organization has prepared summaries,

set forth is 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 to continue SCCP’s

restructured business for an additional

one year period through December 31,

2001.

Background

In an Agreement dated as of June 18,

1997, by and among the Phlx, SCCP,

Philadelphia Depository Trust Company

(‘‘Philadep’’), NSCC, and The

Depository Trust Company (‘‘DTC’’),

Philadep and SCCP agreed to certain

provisions, including that: (i) Philadep

would cease providing securities

depository services; (ii) Philadep would

make available to its participants access

to the facilities of one or more other

organizations providing depository

services; (iii) SCCP would make

available to SCCP participants access to

the facilities of one or more other

organizations providing securities

clearing services; and (iv) SCCP would

transfer to the books of such other

organizations the CNS system open

positions of SCCP participants on the

books of SCCP.

In December, 1997, the Commission

approved a proposed rule change which

gave effect to the Agreement and which

reflected Philadep’s withdrawal from

the depository business and SCCP’s

restructured and limited clearance and

settlement business.2 At that time, the

Commission stated that ‘‘because a part

of SCCP’s proposed rule change

concerns the restructuring of SCCP’s

operations to enable SCCP to offer

limited clearing and settlement services

to certain Phlx members, the

Commission finds that it is appropriate

to grant only temporary approval to the

portion of SCCP’s proposed rule change

that amends SCCP’s By-laws, Rules, or

Procedures. This will allow the

Commission and SCCP to see how well

SCCP’s restructured operations are

functioning under actual working

conditions and to determine whether

any adjustments are necessary. Thus,

the Commission is approving the

portion of SCCP’s proposal that amends

its By-laws, Rules, or Procedures

through December 31, 1998.’’ In

December 1998 and December 1999, one

year extensions of such approval were

granted by the Commission to allow

SCCP to continue its restructured and

1168 Federal Register / Vol. 66, No. 4 / Friday, January 5, 2001 / Notices

3Securities Exchange Act Release Nos. 40872

(December 31, 1998) [File Number SR–SCCP–98–

05] and 42320 (January 6, 2000) [File Number SR–

SCCP–99–04].

4Supra note 2. 5 15 U.S.C. 79q–1(b)(3)(F).

6 15 U.S.C. 78s(b)(2).

7 17 CFR 200.30–3(a)(12).

limited clearance and settlement

services.3

SCCP is hereby requesting that the

Commission extend its approval of

SCCP’s restructured and limited

clearance and settlement services for an

additional year. SCCP believes that such

extension is appropriate so that it may

continue to offer its limited clearance

and settlement services to its

participants. SCCP believes that its

restructured operations have functioned

consistent with the original proposed

rule change and SCCP will continue to

evaluate whether any adjustments are

necessary.

Purpose

In the original proposed rule filing

and order approving SCCP’s

restructured business, many SCCP rules

were amended and discussed at length.4

No new rule changes are proposed at

this time. Thus, the purpose of the

proposed rule change is to extend

without change or modification the

effectiveness of SCCP’s restructured

business.

SCCP believes the extension of the

Commission’s temporary approval to

permit SCCP’s continued operation of

its restructured and limited clearance

and settlement services is consistent

with the requirements of the Act and the

rules and regulations thereunder

applicable to SCCP and in particular

with Section 17A(b)(3)(F) which

requires that a clearing agency be

organized and its rules be designed,

among other things, to promote the

prompt and accurate clearance and

settlement of securities transactions.

SCCP believes that the extension of

SCCP’s restructured business should

promote the prompt and accurate

clearance and settlement of securities

transactions by integrating and

consolidating clearing services available

to the industry.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

Similar to the original proposed rule

change and subsequent renewals, SCCP

does not believe that this extension

should impose any burden on

competition 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 were neither

solicited nor received with respect to

the proposed rule change.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Section 17A(b)(3)(F) of the Act 5

requires that the rules of a clearing

agency be designed to promote the

prompt and accurate clearance and

settlement of securities transactions.

Based on the information the

Commission has to date, the

Commission believes that SCCP’s

restructured operations have functioned

satisfactorily to provide prompt and

accurate clearance and settlement.

During the upcoming temporary

approval period, the Commission

expects to review with SCCP in detail

the functioning of SCCP’s restructured

operations.

SCCP has requested that the

Commission find good cause for

approving the proposed rule change

prior to the thirtieth day after

publication of the notice of filing. The

Commission finds good cause for

approving the proposed rule change

prior to the thirtieth day after the

publication of notice of the filing.

Approving prior to the thirtieth day

after publication of notice will allow

SCCP to continue to offer its

restructured clearing operations for

another year without interruption when

the current temporary order expires on

December 31, 2000.

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, 450 Fifth Street, NW.,

Washington, DC 20549. Copies of such

filing will also be available for

inspection and copying at the principal

office of SCCP.

All submissions should refer to the

File No. SR–SCCP–00–05 and should be

submitted by January 26, 2001.

It is Therefore Ordered, pursuant to

Section 19(b)(2) of the Act,6 that the

proposed rule change (File No. SR–

SCCP–00–05) be and hereby is approved

through December 31, 2001.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.7

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–315 Filed 1–4–01; 8:45 am]

BILLING CODE 8010–01–M

SOCIAL SECURITY ADMINISTRATION

[Program Announcement No. SSA–OESP–

01–2]

Program: Cooperative Agreements for

Benefits Planning, Assistance, and

Outreach Projects

AGENCY: Social Security Administration.

ACTION: Announcement of the

availability of fiscal year 2001

cooperative agreement funds and

second request for applications.

SUMMARY: The Social Security

Administration (SSA) announces its

intention to competitively award

cooperative agreements to establish

community-based benefits planning,

assistance, and outreach projects in

certain States and portions of States.

The purpose of these projects is to

disseminate accurate information to

beneficiaries with disabilities (including

transition-to-work aged youth) about

work incentives programs and issues

related to such programs, to enable them

to make informed choices about work.

DATES: The closing date for receipt of

cooperative agreement applications

under this announcement is April 5,

2001.

Prospective applicants are also asked

to submit, preferably by February 5,

2001, a fax, post card, or letter of intent

that includes (1) the program

announcement number (SSA–OESP–01–

2) and title (Benefits Planning,

Assistance, and Outreach Program); (2)

the name of the agency or organization

that is applying; and (3) the name,

mailing address, email address,