Federal Register / Vol. 66, No. 33 / Friday, February 16, 2001 / Notices 10765

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

2The Commission has modified the text of the

summaries prepared by DTC.

3Under NSCC Rule 39, QSR members are able to

submit trade data on behalf of other NSCC

members. Securities Exchange Act Release No.

23792 (Nov. 12, 1986), 51 FR 41880 (Nov. 19, 1986).

4NSCC Procedures II(B)(1) and II(C)(1)(e).

5 15 U.S.C. 78s(b)(3)(iii).

6 17 CFR 240.19b–4(f)(4).

effective interest costs and Southern’s

anticipated cash flow, including the

proceeds of other borrowings, at the

time of issuance. Commercial paper will

be issued in denominations of not less

than $50,000 and, by their terms, will

not be prepayable prior to maturity.

Southern proposes to sell the

Commercial Paper directly or through a

dealer or dealers. The discount rate (or

the interest rate), including any

commissions, will not be in excess of

the discount rate per annum (or

equivalent interest rate) prevailing at the

date of issuance for Commercial Paper

of comparable quality and maturity sold

to Commercial Paper dealers.

No commission or fee will be payable

in connection with the issuance and

sale of Commercial Paper, except for a

commission, payable to the dealer, not

to exceed one-eighth of one percent per

annum in respect of Commercial Paper

sold through the dealer as principal.

The dealer will reoffer this Commercial

Paper at a discount rate up to one-eighth

of one percent per annum less than the

prevailing discount rate to the issuer or

at an equivalent cost if sold on an

interest-bearing basis.

Southern proposes to use the

proceeds of the Notes and Commercial

Paper to (1) acquire the securities of

companies in transactions either

authorized in separate proceedings or

exempt from the Act, (2) fund additional

investments, directly or indirectly, in

one or more exempt wholesale

generators (‘‘EWGs’’), as defined in

section 32 of the Act, foreign utility

companies (‘‘FUCOs’’), as defined in

section 33 of the Act, or exempt

telecommunications companies, as

defined in section 34 of the Act, (3)

provide bridge financing for other

equity investments in Southern’s

wholesale generation subsidiary or (4) to

pay for environmental and other

contingencies.

Any short-term borrowings

outstanding after March 31, 2008 will be

retired from internal sources of cash or

the proceeds of financings approved in

separate filings, refinancings of EWG

and FUCO indebtedness on a nonrecourse basis and other distributions

from EWGs and FUCOs.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–3916 Filed 2–15–01; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43949; File No. SR–NSCC–

00–13]

Self-Regulatory Organizations;

National Securities Clearing

Corporation; Notice of Filing and

immediate Effectiveness of a Proposed

Rule Change Revising NSCC

Procedures

February 9, 2001.

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

Securities Exchange Act of 1934

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

November 22, 2000, the National

Securities Clearing Corporation

(‘‘NSCC’’) filed with the Securities and

Exchange Commission (‘‘Commission’’)

and on December 15, 2000, amended the

proposed rule change as described in

Items I, II, and III below, which Items

have been prepared by NSCC. 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 proposed rule change revises

NSCC’s Procedures to provide that

locked-in trade data for fixed income

securities will be reflected on Bond

Contract Lists and Bond Supplemental

Contract Lists.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

NSCC 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. NSCC has prepared

summaries, set forth in sections A, B,

and C below, of the most significant

aspects of such statements.2

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

The purpose of the proposed rule

filing is to make a technical correction

to NSCC’s Procedures to provide that

locked-in trade data for fixed income

securities, as reported by qualified

special representatives (‘‘QSRs’’) 3 and

service bureaus, will be reflected on

Bond Contract Lists.

NSCC Rule 39 provides that NSCC

members have the ability to submit

equity and fixed income trade data on

a locked-in basis on behalf of others

through NSCC’s Special Representative/

QSR input mechanism. Currently, NSCC

only receives such locked-in trade data

for over-the-counter (‘‘OTC’’) equity

securities, and such trades are reported

on T Contracts Lists and T + 1 LockedIn Contract Lists.4

Because NSCC now expects to receive

QSR locked-in data for fixed income

transactions, NSCC is proposing to add

subparagraph (i) to its Procedure

II(D)(1). This new paragraph will state

that licked-in trade data reported by

QSR and service bureaus will be

reflected on Bond Contract Lists, which

are available on the morning of T + 1,

and on Bond Supplemental Contract

Lists, which are available on the

morning of T + 2.

NSCC believes that the proposed rule

change is consistent with the

requirements of the Act and rules and

regulations thereunder because it will

help NSCC promote the prompt and

accurate clearance and settlement of

securities transactions.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

NSCC does not believe that the

proposed rule change will impact or

impose a 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 have been

solicited or received. NSCC will notify

the Commission of any written

comments received by NSCC.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The foregoing rule change has become

effective pursuant to Section 19(b)(3)(iii)

of the Act 5 and Rule 19b–4(f)(4) 6

thereunder because the proposed rule

change effects a change in an NSCC’s

existing service that (i) does not

adversely affect the safeguarding of

securities or funds in NSCC’s custody or

control for which NSCC is responsible

and (ii) does not significantly affect the

respective rights or obligations of NSCC

or persons using the service. At any

time within sixty days of the filing of

10766 Federal Register / Vol. 66, No. 33 / Friday, February 16, 2001 / Notices

7 17 CFR 200.30–3(a)(12).

such rule change, the Commission may

summarily abrogate such rule change if

it appears to the Commission hat 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 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 that are filed with

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 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

NSCC’s principal office. All

submissions should refer to File No.

SR–NSCC–00–13 and should be

submitted by March 9, 2001.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.7

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–3967 Filed 2–15–01; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[License No. 01/01–0275]

Notice of License Surrender

Notice is hereby given that Northeast

SBIC (‘‘Northeast’’), 212 Tosca Drive,

Stoughton, Massachusetts 02072, has

surrendered its license to operate as a

small business investment company

under the Small Business Investment

Act of 1958, as amended (‘‘the Act’’).

Northeast was licensed by the Small

Business Administration on May 7,

1974.

Under the authority vested by the Act

and pursuant to the regulations

promulgated thereunder, the surrender

of the license was accepted on January

17, 2000 and accordingly, all rights,

privileges, and franchises derived

therefrom have been terminated.

(Catalog of Federal Domestic Assistance

Program No. 59.011, Small Business

Investment Companies)

Harry E. Haskins,

Acting Associate Administrator for

Investment.

[FR Doc. 01–3977 Filed 2–15–01; 8:45 am]

BILLING CODE 8025–01–P

SOCIAL SECURITY ADMINISTRATION

Statement of Organization, Functions

and Delegations of Authority

This statement amends Part S of the

Statement of the Organization,

Functions and Delegations of Authority

which covers the Social Security

Administration (SSA). Chapter S4

covers the Deputy Commissioner for

Systems. Notice is given that Chapter S4

is being amended to reflect the

establishment of a new office with four

new divisions. The new material and

changes are as follows:

Section S4.10 The Office of the

Deputy Commissioner, Systems—

(Organization):

Establish:

I. The Office of Systems Electronic

Services (S4M).

Section S4.20 The Office of the

Deputy Commissioner, Systems—

(Functions):

Establish:

I. The Office of Systems Electronic

Services (OSES) (S4M) directs the

development of the SSA-wide mission

critical software applications that

support the Electronic Service Delivery

(ESD) Initiatives. It performs long range

planning and analysis, and the design,

development, implementation and

maintenance of eSoftware solutions in

support of SSA’s social insurance and

income maintenance programs. These

applications will provide access to SSA

services over such service delivery

channels as the Internet, Extranet,

Kiosk, and future direct service data

collection channels. It provides a means

for the public to have direct access to

selected SSA services. It directs the

coordination of general systems

requirements definition among key SSA

stakeholders, and representatives of the

user community. It maintains a

comprehensive software engineering

program that provides tools, and a

software infrastructure in support of

SSA’s entrepreneurial web development

goals. It defines the Agency standards

for software development. It conducts

software validation and testing for all

eSoftware solutions required to run on,

extract data from, any of SSA’s host

processor’s or its mission critical

systems.

Section S4G.20 The Office of Systems

Design and Development—(Functions):

Amend as follows:

E. The Division of Data Gathering and

Architecture Software (S4GG).

Items 1 and 4.

Change the word Internet to Intranet.

Item 2.

Change the word user to users and

delete the remainder of the sentence.

Establish Subchapter:

Subchapter S4M

Office of Systems Electronic Services

S4M.00 Mission

S4M.10 Organization

S4M.20 Functions

Section S4M.00 The Office of Systems

Electronic Services—(Mission): The

Office of Systems Electronic Services

(OSES) directs the development of the

SSA-wide mission critical software

applications that support the Electronic

Service Delivery (ESD) Initiatives. It

performs long range planning and

analysis, and the design, development,

implementation and maintenance of

eSoftware solutions in support of SSA’s

social insurance and income

maintenance programs. These

applications will provide access to SSA

services over such service delivery

channels as the Internet, Extranet,

Kiosk, and future direct service data

collection channels. It provides a means

for the public to have direct access to

selected SSA services. It directs the

coordination of general systems

requirements definition among key SSA

stakeholders, and representatives of the

user community. It maintains a

comprehensive software engineering

program that provides tools, and a

software infrastructure in support of

SSA’s entrepreneurial web development

goals. It defines the Agency standards

for software development. It conducts

software validation and testing for all

eSoftware solutions required to run on,

extract data from, any of SSA’s host

processor’s or its mission critical

systems.

Establish:

Section S4M.10 The Office of

Systems Electronic Services—

(Organization): The Office of Systems

Electronic Services (S4M), under the

leadership of the Associate

Commissioner for Systems Electronic

Services, includes:

A. The Associate Commissioner for

Systems Electronic Services (S4M).