[Federal Register: May 13, 2008 (Volume 73, Number 93)]
[Notices]
[Page 27601-27603]
[DOCID:fr13my08-106]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57792; File No. SR-NYSE-2008-36]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change to
Expand the Reserve Order Pilot Program Currently Operating in 100
Securities Traded on the Exchange To Include All Equity Securities
Traded on the Exchange

May 7, 2008.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'')\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on May 6, 2008, the New York Stock Exchange LLC (``NYSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been substantially prepared by the Exchange.
The Exchange has designated the proposed rule change as a ``non-
controversial'' rule change pursuant to Section 19(b)(3)(A) of the Act
\3\ and Rule 19b-4(f)(6) thereunder,\4\ which renders the proposed rule
change effective upon filing with the Commission. The Commission is
publishing this notice to solicit comments on the proposed rule change
from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange is proposing to expand the Reserve Order pilot program
currently operating in 100 securities traded on the NYSE \5\ to include
all equity securities traded on the Exchange. The text of the proposed
rule change is available at http://www.nyse.com, the Exchange, and the
Commission's Public Reference Room.
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    \5\ See Securities Exchange Act Release No. 57688 (April 18,
2008), 73 FR 22194 (April 24, 2008) (SR-NYSE-2008-30) (``Reserve
Order Notice'').
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II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, NYSE 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. NYSE 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
    Through this proposed rule change, the Exchange seeks to expand the
Reserve Order pilot program currently operating pursuant to Exchange
Rule 13. On April 23, 2008, the Exchange implemented a new order type
that allows off-Floor participants the ability to enter reserve
interest into Exchange systems (``Reserve Order'').\6\
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    \6\ See id.
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    The Reserve Order is a limit order for which a portion of the order
is to be displayed and a portion of the order, at the same price, is
not displayed (i.e., is held in ``reserve'').\7\ Market participants
that choose to enter Reserve Orders must enter specified order
information in relation to the price and size of the order and the
amount to be displayed. The displayed portion of a Reserve Order is
published in NYSE OpenBook[supreg] \8\ and is available to the
specialist on the Floor. Both the displayed and the non-displayed
portion are available for automatic execution against incoming contra-
side orders. Displayed and non-displayed interest of Reserve Orders is
available for manual executions as well.\9\
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    \7\ The Exchange represents that this functionality is
equivalent to the functionality currently available to Floor brokers
and specialists with respect to entry of reserve interest. In order
for Floor brokers' reserve interest not to be visible by the
specialists, a Floor broker must designate his or her reserve
interest as ``Do Not Display'' interest. Reserve Orders in contrast
are never shown to the specialist except when included in aggregate
quantities for manual executions.
    \8\ NYSE OpenBook[supreg] provides aggregate limit order volume
that has been entered on the Exchange at price points for all NYSE-
traded securities.
    \9\ See Reserve Order Notice, supra note 5, for a detailed
description of Reserve Orders and their functionality; see also NYSE
Information Memo No. 08-24 (April 22, 2008) (both documents are
available on the Exchange's Web site at http://www.nyse.com). The
Exchange will issue a revised Information Memo to the Floor
providing notice of the expansion of the Reserve Order pilot to
include all equity securities traded on the Exchange.
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    To afford the Exchange and its customers the ability to gain
systemic experience with the new Reserve Order type, the Exchange
implemented the amendment to Exchange Rule 13 allowing off-Floor
participants to enter Reserve Orders on a pilot basis. The pilot
currently operates in 100 securities traded on the Floor of the
Exchange.

Pilot Results and Expansion
    The Exchange has determined that the technology modifications that
were required to allow off-Floor participants the ability to enter
Reserve Orders are operating successfully. The Exchange states that, to
date, there have been no system problems associated with Reserve
Orders.
    In addition, entry of Reserve Orders in the securities approved to
operate in the pilot program has been steadily increasing throughout
the pilot period. Moreover, Exchange customers continue to request the
ability to send Reserve Orders in all securities traded on the NYSE.
    Given the customer demand and the fact that no technological
impediments to the operation of Reserve Orders have arisen, the
Exchange now proposes to expand the Reserve Order pilot program
operating pursuant to Exchange Rule 13 to all Exchange-traded equity
securities.\10\
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    \10\ The expansion of the pilot program to operate in all equity
securities traded on the Floor of the Exchange does not change the
expiration date of the Reserve Order pilot established pursuant to
the Reserve Order Notice (supra note 5). The Reserve Order pilot
program is scheduled to expire no later than the earlier of
September 30, 2008 or the effective date of Commission approval of a
proposed rule change to make the pilot program permanent.
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Conclusion
    The Exchange believes that by providing all market participants
with the ability to maintain non-displayed liquidity on the Display
Book in all equity securities traded on the Exchange, market
participants will be encouraged to post liquidity and thus offer
Exchange customers additional opportunities for price improvement by
expanding the interest available to execute against incoming orders at
a single price.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act \11\ in general, and furthers the objectives of Section
6(b)(5) of the Act \12\ in particular, in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general to protect investors and the public
interest. The proposed rule change also is designed to support the
principles of Section 11A(a)(1) \13\ in that it seeks to assure
economically efficient execution of securities transactions, fair
competition among brokers and dealers, among exchange markets, and
between exchange markets and markets other than exchange markets, and
provide an opportunity for investors' orders to be executed without the
participation of a dealer. The Exchange believes that the instant
proposal is in keeping with these objectives in that extending Reserve
Order functionality will provide an opportunity for all market
participants to receive efficient, low cost executions available
through the use of this order type, and promote fair competition among
markets which already provide for entry of Reserve Orders by all market
participants in all equity securities traded on the Exchange.
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    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(5).
    \13\ 15 U.S.C. 78k-1(a)(1).
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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 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.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    Because the foregoing proposed rule change: (1) Does not
significantly affect the protection of investors or the public
interest; (2) does not impose any significant burden on competition;
and (3) by its terms does not become operative for 30 days after the
date of this filing, or such shorter time as the Commission may
designate if consistent with the protection of investors and the public
interest, the proposed rule change has become effective pursuant to
Section 19(b)(3)(A) of the Act \14\ and Rule 19b-4(f)(6)
thereunder.\15\
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    \14\ 15 U.S.C. 78s(b)(3)(A).
    \15\ 17 CFR 240.19b-4(f)(6).
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    A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative prior to 30 days after the date of filing.
However, Rule 19b-4(f)(6)(iii) \16\ permits the Commission to designate
a shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange has requested that the
Commission waive the 30-day operative delay set forth in Rule 19b-
4(f)(6)(iii) under the Act, which would make the rule change operative
upon filing.
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    \16\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires that a self-regulatory organization submit to
the Commission written notice of its intent to file the proposed
rule change, along with a brief description and text of the proposed
rule change, at least five business days prior to the date of filing
of the proposed rule change, or such shorter time as designated by
the Commission. NYSE has satisfied the pre-filing notice
requirement.
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    The Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest
because such waiver would immediately allow off-Floor participants to
directly enter orders that use reserve functionality for all equity
securities traded on the Exchange. The Exchange represents that, to
date, there have been no system problems associated with the Reserve
Orders pilot program, and that Exchange customers have requested the
ability to send Reserve Orders in all securities traded on the
Exchange. Finally, the proposed reserve functionality is currently
available on other exchanges.\17\ Accordingly, the Commission
designates the proposal to be operative upon filing with the
Commission.\18\
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    \17\ See, e.g., Nasdaq Rule 4751(f)(2); Securities Exchange Act
Release No. 54155 (July 14, 2006), 71 FR 41291 (July 20, 2006) (SR-
NASDAQ-2006-001).
    \18\ For purposes only of waiving the 30-day operative delay of
this proposal, the Commission has considered the proposed rule's
impact on efficiency, competition, and capital formation. 15 U.S.C.
78c(f).
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    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.

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. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File Number SR-NYSE-2008-36 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSE-2008-36. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/
sro.shtml). 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, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of the NYSE. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSE-2008-36 and should be
submitted on or before June 3, 2008.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
Nancy M. Morris,
Secretary.
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    \19\ 17 CFR 200.30-3(a)(12).
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 [FR Doc. E8-10538 Filed 5-12-08; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 85, Number 244 (Friday, December 18, 2020)]
[Notices]
[Pages 82570-82571]
[FR Doc No: 2020-27922]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

[Docket No. FAA-2020-0799]

Agency Information Collection Activities: Requests for Comments;
Clearance of Renewed Approval of Information Collection: Certification:
Mechanics, Repairman, Parachute Riggers.

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice and request for comments.

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SUMMARY: In accordance with the Paperwork Reduction Act of 1995, FAA
invites public comments about our intention to request the Office of
Management and Budget (OMB) approval to renew an information
collection. The Federal Register Notice with a 60-day comment period
soliciting comments on the following collection of information was
published on August 19, 2020. The collection involves 14 CFR part 65
requirements for mechanics, repairmen, parachute riggers, and
inspection authorization. The information to be collected will be used
to determine applicant eligibility for certification or authorization.

DATES: Written comments should be submitted by January 19, 2021.

ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.

FOR FURTHER INFORMATION CONTACT: Tanya Glines by email at:
<EMAIL_ADDRESS>phone:<PHONE_NUMBER>

SUPPLEMENTARY INFORMATION:
    Public Comments Invited: You are asked to comment on any aspect of
this information collection, including (a) Whether the proposed
collection of information is necessary for FAA's performance; (b) the
accuracy of the estimated burden; (c) ways for FAA to enhance the
quality, utility and clarity of the information collection; and (d)
ways that the burden could be minimized without reducing the quality of
the collected information.
    OMB Control Number: 2120-0022.
    Title: Certification: Mechanics, Repairman, Parachute Riggers.
    Form Numbers: FAA Form 8610-1, FAA Form 8610-2, FAA Form 8610-3.
    Type of Review: Renewal of an information collection.
    Background: The Federal Register Notice with a 60-day comment
period soliciting comments on the following collection of information
was published on August 19, 2020 (85 FR 51144). 14 CFR part 65
prescribes, among other things, rules governing the issuance of
certificates and associated ratings for mechanics, repairmen, parachute
riggers, and the issuance and renewal of inspection authorizations.
    The information is collected on forms submitted by applicants for
mechanic, repairman, or parachute rigger certificates, or applicants
for an initial or renewed inspection authorization. The information is
used for evaluation by the FAA, and is necessary for determining
eligibility for issuance of a certificate, rating, or authorization.
    Applicants for a light-sport repairman certificate must complete a
prescribed number of training hours, based on the repairman rating and
class of aircraft being applied for. Parachute riggers must maintain
records of the packing, maintenance, and alteration of parachutes
performed or supervised by the parachute rigger. Applicants who fail a
required certification test, and who test within 30 days of that test
failure, must present a signed statement certifying that the applicant
has received additional instruction in each of the subjects failed.
    A new FAA form is being proposed for repairman applications. In
lieu of repairman applicant information being collected on FAA Form
8610-2 as currently required, it will be collected on a new FAA Form
8610-3.
    Respondents: 36,000 mechanic, parachute rigger, and repairman
applicants.
    Frequency: On occasion.

    Estimated Average Burden per Response: 20 minutes.
    Estimated Total Annual Burden: 40,000 hours.

    Issued in Washington, DC on December 15, 2020.
Tanya A. Glines,
Aviation Safety Inspector, Safety Standards, General Aviation
Maintenance Branch.
[FR Doc. 2020-27922 Filed 12-17-20; 8:45 am]
BILLING CODE 4910-13-P