Regulation NMS, 4202-4204 [E7-1384]

Download as PDF 4202 Federal Register / Vol. 72, No. 19 / Tuesday, January 30, 2007 / Rules and Regulations Issued in Renton, Washington, on December 26, 2006. Ali Bahrami, Manager, Transport Airplane Directorate, Aircraft Certification Service. [FR Doc. E7–1208 Filed 1–29–07; 8:45 am] BILLING CODE 4910–13–P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration 14 CFR Part 71 [Docket No. FAA–2006–23907; Airspace Docket No. 06–AEA–03] Establishment of Class E Airspace; Ridgway, PA The Rule Federal Aviation Administration (FAA) DOT. ACTION: Final rule; correction. AGENCY: ycherry on PROD1PC64 with RULES SUMMARY: This action establishes Class E airspace at Ridgway Landing Zone, Ridgway, PA. Development of an Area Navigation (RNAV), Helicopter Point in Space Approach, for the Ridgway Landing Zone, Ridgway, PA, has made this action necessary. Controlled airspace extending upward from 700 feet Above Ground Level (AGL) is needed to contain aircraft executing the approach to the Ridgway Landing Zone. This is a correction to a final rule published on October 17, 2006. 71 FR 60817. This final rule corrects the spelling of ‘‘Ridgeway’’ to ‘‘Ridgway’’ DATES: Effective Date: 0901 UTC November 23, 2006. The Director of the Federal Register approves this incorporation by reference action under 1 CFR Part 51, subject to the annual revision of FAA Order 7400.9 and publication of conforming amendments. FOR FURTHER INFORMATION CONTACT: Mr. Francis Jordan, Airspace Specialist, Airspace Branch, AEA–520, Air Traffic Division, Eastern Region, Federal Aviation Administration, 1 Aviation Plaza, Jamaica, New York 11434–4809, telephone: (718) 553–4521. SUPPLEMENTARY INFORMATION: History On March 13, 2006 a notice proposing to amend Part 71 of the Federal Aviation Regulations (14 CFR Part 71) by establishing Class E airspace extending upward from 700 feet Above Ground Level (AGL) for an RNAV, Helicopter Point in Space Approach to the Ridgway Landing Zone, Ridgway, PA, was published in the Federal Register. Interested parties were invited to participate in this rulemaking proceeding by submitting written VerDate Aug<31>2005 15:02 Jan 29, 2007 Jkt 211001 comments on the proposal to the FAA on or before May 13, 2006. No comments to the proposal were received. The rule is adopted as proposed. The coordinates for this airspace docket are based on North American Datum 83. Class E airspace areas designations for airspace extending upward from 700 feet or more above the surface of the earth are published in paragraph 6005 of FAA Order 7400.9N, dated September 1, 2005 and effective September 16, 2005, which is incorporated by reference in 14 CFR 71.1. The Class E airspace designation listed in this document will be amended in the order. This amendment to Part 71 of the Federal Aviation Regulations (14 CFR Part 71) provides controlled Class E airspace extending upward from 700 feet above the surface for aircraft conducting Instrument Flight Rules (IFR) operations at the Ridgway landing Zone, Ridgway, PA. The FAA has determined that this regulation only involves an established body of technical regulations for which frequent and routine amendments are necessary to keep them operationally current. Therefore, this regulation: (1) Is not a ‘‘significant regulatory action’’ under Executive Order 12866; (2) is not a ‘‘significant rule’’ under DOT Regulatory Policies and Procedures (44 FR 11034; February 26, 1979); and (3) does not warrant preparation of a Regulatory Evaluation as the anticipated impact is so minimal. Since this is a routine matter that will only affect air traffic procedures and air navigation it is certified that this rule will not have significant economic impact on a substantial number of small entities under the criteria of the Regulatory Flexibility Act. List of Subjects in 14 CFR Part 71 Airspace, Incorporation by reference, Navigation (air). Adoption of the Amendment In consideration of the foregoing, the Federal Aviation Administration amends 14 CFR part 71 as follows: I PART 71—[AMENDED] 1. The authority citation for 14 CFR part 71 continues to read as follows: I Authority: 49 U.S.C. 106(g), 40103, 40113, 40120; EO 10854, 24 FR 9565, 3 CFR, 1959– 1963 Comp., p. 389. § 71.1 [Amended] The incorporation by reference in 14 CFR 71.1 of Federal Aviation I PO 00000 Frm 00014 Fmt 4700 Sfmt 4700 Administration Order 7400.9P, Airspace Designations and Reporting Points, dated September 1, 2006, and effective September 15, 2006, is amended as follows: Paragraph 6005 Class E airspace areas extending upward from 700 feet or more above the surface of the earth. * * * * * AEA PA E5 Ridgway, PA (New) Ridgway Landing Zone Point in Space Coordinates. (Lat. 41°25′07″ N., long. 78°45′09″ W.) That airspace extending upward from 700 feet above the surface within a 6 mile radius of a Point in Space for the SIAP serving the Ridgway Land Zone, Ridgway, PA. * * * * * Issued in Jamaica, New York on December 21, 2006. Mark D. Ward, Manager, FAA, Eastern Service Center. [FR Doc. 07–297 Filed 1–29–07; 8:45 am] BILLING CODE 4910–13–M SECURITIES AND EXCHANGE COMMISSION 17 CFR Part 242 [Release No. 34–55160; File No. S7–10–04] Regulation NMS Securities and Exchange Commission. ACTION: Final rule; extension of compliance dates. AGENCY: SUMMARY: The Commission is extending for a limited period of time three of the future compliance dates for Rule 610 and Rule 611 of Regulation NMS (‘‘Rule 610’’ and ‘‘Rule 611,’’ respectively) under the Securities Exchange Act of 1934 (‘‘Exchange Act’’). Rule 610 requires fair and non-discriminatory access to quotations, establishes a limit on access fees, and requires each national securities exchange and national securities association to adopt, maintain, and enforce written rules that prohibit their members from engaging in a pattern or practice of displaying quotations that lock or cross protected quotations. Rule 611 requires trading centers to establish, maintain, and enforce written policies and procedures reasonably designed to prevent the execution of trades at prices inferior to protected quotations displayed by other trading centers, subject to an applicable exception. The Commission is extending the three compliance dates to give automated trading centers additional time to complete the rollout E:\FR\FM\30JAR1.SGM 30JAR1 Federal Register / Vol. 72, No. 19 / Tuesday, January 30, 2007 / Rules and Regulations of their new or modified trading systems. DATES: The effective date for Rule 610 and Rule 611 remains August 29, 2005. Three compliance dates for different functional stages of compliance with Rule 610 and Rule 611 have been extended as set forth in section I of this release, beginning with the ‘‘Trading Phase Date,’’ as defined in section I of this release, which has been extended from February 5, 2007 to March 5, 2007. The effective date for this release is January 30, 2007. FOR FURTHER INFORMATION CONTACT: Raymond Lombardo, Special Counsel, at (202) 551–5615, or David Liu, Special Counsel, at (202) 551–5645, Division of Market Regulation, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–6628. SUPPLEMENTARY INFORMATION: ycherry on PROD1PC64 with RULES I. Discussion In June 2005, the Commission published its release adopting Regulation NMS.1 The adopted regulatory requirements include: (1) New Rule 610, which addresses access to markets and locking or crossing quotations; (2) new Rule 611, which provides intermarket protection against trade-throughs (i.e., trades at inferior prices) for certain displayed quotations that are automated and accessible; and (3) an amendment to the joint industry plans for disseminating market information to the public that modifies the formulas for allocating plan revenues to the self-regulatory organization (‘‘SRO’’) participants in the plans (‘‘Allocation Amendment’’). Given the new regulatory framework created by Regulation NMS and the desire of investors and other market participants for more automated and efficient trading services, many SROs have announced major revisions of their trading systems. The SROs and other securities industry participants have been working to comply with the new NMS regulatory requirements. In May 2006, the Commission extended the original compliance dates for Rules 611 and 610 to a series of five dates for phased-in compliance that incorporated the major functional steps required to achieve full implementation of Regulation NMS.2 The extended dates were as follows: October 16, 2006 (‘‘Specifications Date’’): Final date for publication on 1 Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496 (June 29, 2005) (‘‘NMS Release’’). 2 Securities Exchange Act Release No. 53829 (May 18, 2006), 71 FR 30038 (May 24, 2006) (‘‘Extension Release’’). VerDate Aug<31>2005 15:02 Jan 29, 2007 Jkt 211001 Internet Web sites of applicable SROs (i.e., the exchange for SRO trading facilities and the NASD for ADF participants) of final technical specifications for interaction with Regulation NMS-compliant trading systems of all automated trading centers (both SRO trading facilities and ADF participants) that intend to qualify their quotations for trade-through protection under Rule 611 during the Pilots Stocks Phase and All Stocks Phase (as defined below). February 5, 2007 (‘‘Trading Phase Date’’): Final date for full operation of Regulation NMS-compliant trading systems of all automated trading centers (both SRO trading facilities and ADF participants) that intend to qualify their quotations for trade-through protection under Rule 611 during the Pilots Stocks Phase and All Stocks Phase (as defined below). The period from February 5, 2007 till May 21, 2007 was the ‘‘Trading Phase.’’ May 21, 2007 (‘‘Pilot Stocks Phase Date’’): Start of full industry compliance with Rule 610 and Rule 611 for 250 NMS stocks (100 NYSE stocks, 100 Nasdaq stocks, and 50 Amex stocks). The period from May 21, 2007 till July 9, 2007 was the ‘‘Pilot Stocks Phase.’’ July 9, 2007 (‘‘All Stocks Phase Date’’): Start of full industry compliance with Rule 610 and Rule 611 for all remaining NMS stocks. The period from July 9, 2007 till October 8, 2007 was the ‘‘All Stocks Phase.’’ October 8, 2007 (‘‘Completion Date’’): Completion of phased-in compliance with Rule 610 and Rule 611. In addition, the Commission, by separate order, exempted the SRO participants in the joint industry market data plans from compliance with the Allocation Amendment until April 1, 2007.3 The revised compliance dates were designed to provide additional time for the SROs to develop and install their new trading systems, as well as to give all securities industry participants an enhanced opportunity to complete their compliance preparations in the least disruptive and most cost-effective manner possible. Recently, the New York Stock Exchange,4 a major U.S. equity market, requested a four-week extension of the Trading Phase Date. The NYSE stated that, due to delays in the rollout schedule for its Hybrid Market, the NYSE would not be in a 3 Securities Exchange Act Release No. 53828 (May 18, 2006) (order exempting SROs from compliance with the Allocation Amendment until April 1, 2007). 4 See letter from Mary Yeager, Assistant Secretary, New York Stock Exchange to Nancy Morris, Secretary, Commission, dated January 8, 2007. PO 00000 Frm 00015 Fmt 4700 Sfmt 4700 4203 position to comply with the requirements for ‘‘automated quotations,’’ as defined in Rule 600(b)(3) of Regulation NMS, until the end of February 2007. The NYSE believed that continuing with the scheduled implementation of Rule 611, without appropriate testing and quality assurance for the NYSE trading systems, would jeopardize best execution for investors and put the securities industry and investors at risk. The Commission agrees that implementing Regulation NMS without full participation by a major market such as the NYSE would jeopardize the smooth functioning of the U.S. equity markets. It therefore has decided to extend the Trading Phase Date until March 5, 2007. To reflect the extended Trading Phase Date and avoid coinciding with major trading days in June 2007, the Commission also has decided to extend the Pilot Stocks Phase Date until July 9, 2007, and the All Stocks Phase Date until August 20, 2007. In contrast, the Specifications Date of October 16, 2006 has already passed and is not affected by this release. In addition, the Completion Date of October 8, 2007 remains unchanged. Accordingly, the future compliance dates for Rule 610 and Rule 611, as revised by this release, are as follows: Trading Phase Date: March 5, 2007. The revised Trading Phase now will extend from March 5, 2007 till July 9, 2007. Pilot Stocks Phase Date: July 9, 2007. The revised Pilot Stocks Phase now will extend from July 9, 2007 till August 20, 2007. All Stocks Phase Date: August 20, 2007. The revised All Stocks Phase now will extend from August 20, 2007 till October 8, 2007. Completion Date: October 8, 2007. In addition, the April 1, 2007 date for SRO participants in the joint-industry market data plans to comply with the Allocation Amendment is not affected by this release and remains April 1, 2007. II. Conclusion For the reasons cited above, the Commission, for good cause, finds that notice and solicitation of comment regarding the extension of the compliance dates set forth herein are impractical, unnecessary, or contrary to the public interest.5 All industry 5 See Section 553(b)(3)(B) of the Administrative Procedure Act (5 U.S.C. 553(b)(3)(B)) (‘‘APA’’) (an agency may dispense with prior notice and comment when it finds, for good cause, that notice E:\FR\FM\30JAR1.SGM Continued 30JAR1 4204 Federal Register / Vol. 72, No. 19 / Tuesday, January 30, 2007 / Rules and Regulations participants will receive substantial additional time to comply with Rule 610 and Rule 611 beyond the compliance dates originally set forth in the NMS Release, as modified by the Extension Release. In addition, the Commission recognizes that industry participants urgently need notice of the extended compliance dates so that they do not expend unnecessary time and resources in meeting the previous compliance dates. Providing immediate effectiveness upon publication of this release will allow industry participants to adjust their implementation plans accordingly.6 By the Commission. Dated: January 24, 2007. Florence E. Harmon, Deputy Secretary. [FR Doc. E7–1384 Filed 1–29–07; 8:45 am] BILLING CODE 8011–01–P DEPARTMENT OF LABOR Employment Standards Administration 20 CFR Part 725 RIN 1215–AB60 Regulations Implementing the Black Lung Benefits Act of 1969, as Amended Employment Standards Administration, Labor. ACTION: Final rule. AGENCY: ycherry on PROD1PC64 with RULES SUMMARY: This final rule eliminates the procedural requirement that the Department’s administrative law judges include the parties’ names in decisions and orders issued in Black Lung Benefits Act claims. The Department is revising the rule to give the Office of Administrative Law Judges more flexibility in captioning these decisions. This will allow the Department the flexibility to limit the amount of personal information about black lung claimants that is included in published final decisions. DATES: Effective January 30, 2007. FOR FURTHER INFORMATION CONTACT: James L. DeMarce, Director, Division of Coal Mine Workers’ Compensation, Office of Workers’ Compensation Programs, Employment Standards Administration, 202–693–0046. and comment are ‘‘impractical, unnecessary, or contrary to the public interest’’). 6 The compliance date extensions set forth in this release are effective upon publication in the Federal Register. Section 553(d)(1) of the APA allows effective dates that are less than 30 days after publication for a ‘‘substantive rule which grants or recognizes an exemption or relieves a restriction.’’ 5 U.S.C. 553(d)(1). VerDate Aug<31>2005 15:02 Jan 29, 2007 Jkt 211001 The current version of § 725.477(b) has been in effect since 1978. The regulation requires the Department of Labor’s Office of Administrative Law Judges to include, among other things, the ‘‘names of the parties’’ in decisions and orders issued under the Black Lung Benefits Act, as amended, 30 U.S.C. 901–944. Coal miners or their survivors who have filed claims for benefits are parties to the claim; thus, their names are included in the decision and order. Given the nature of black lung benefits claims, the decision and order frequently contains a variety of personal information about the miner and his or her survivors and dependents. In virtually every case, this information includes detailed medical assessments of the miner’s physical condition, including the miner’s medical history, physical examination and objective test findings, medical treatment records, and hospitalization records. In certain cases, a miner’s or survivor’s financial records and the names, birthdates, and medical histories of dependents may also be disclosed. For many years, publication of these decisions was not widespread. Although available for public inspection through the Office of Administrative Law Judges, only a small percentage of decisions were published in commercial legal reporters, such as the Black Lung Reporter. But beginning in November 1996, Congress required agencies to publish final adjudicatory decisions on the Internet (or in other electronic form). See 5 U.S.C. 552(a)(2). Accordingly, the Office of Administrative Law Judges now posts all final decisions on the Department of Labor’s Web site. As a result, these decisions are now readily accessible to the public. By removing from § 725.477(b) the requirement that parties’ names be included in decisions, the revised rule affords the Office of Administrative Law Judges the flexibility to adopt procedures, as it deems necessary, that both ensure public access to its decisions and eliminate the link between individual claimants and their medical and financial information necessarily disclosed in those decisions. Finally, the revision to § 725.477(b) conforms the Black Lung Benefits Act regulations to the rules governing decisions issued by the Office of Administrative Law Judges under the Longshore and Harbor Workers’ Compensation Act, 33 U.S.C. 901 et seq., as well as decisions issued by the Benefits Review Board and the Employees’ Compensation Appeals Board, two other Department of Labor adjudicatory bodies. Neither the SUPPLEMENTARY INFORMATION: PO 00000 Frm 00016 Fmt 4700 Sfmt 4700 Longshore Act regulations nor the regulations governing decisions issued by the two Boards require that the parties’ names be included in the decisions rendered. See 20 CFR 501.6 (Employees’ Compensation Appeals Board); 20 CFR 702.348 (Longshore Act); 20 CFR 802.404 (Benefits Review Board). Rulemaking Analyses Administrative Procedure Act Section 553 of the Administrative Procedure Act exempts ‘‘rules of agency organization, procedure, or practice.’’ from proposed rulemaking (i.e., noticeand-comment rulemaking). 5 U.S.C. 553(b)(3)(A). The Department’s revision to § 725.477(b) pertains solely to the Department’s formatting of decisions and orders and makes no change to a substantive standard. Accordingly, the Department has determined that this revision need not be published as a proposed rule under 5 U.S.C. 553(b). For the same reason, the Department has determined that there is good cause, within the meaning of 5 U.S.C. 553(d)(3), to make the revision effective upon publication. Regulatory Flexibility Act Because the Department has concluded that this action is not subject to the Administrative Procedure Act’s proposed rulemaking requirements, it is not subject to the regulatory flexibility provisions of the Regulatory Flexibility Act(5 U.S.C. 601 et seq.). Unfunded Mandates Reform Act This action is not subject to sections 202 or 205 of the Unfunded Mandates Reform Act (UMRA, Pub. L. 104–4) because the Department has determined that the revision is not subject to the Administrative Procedure Act’s proposed rulemaking requirements. In addition, this action does not significantly or uniquely affect small governments or impose a significant intergovernmental mandate as described in sections 203 and 204 of UMRA. Paperwork Reduction Act This action does not impose an information collection burden under the provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.). Executive Order 12866 This action is not a ‘‘significant regulatory action’’ and is therefore not subject to review by the Office of Management and Budget under Executive Order 12866 (58 FR 51735 (Oct. 4, 1993)). E:\FR\FM\30JAR1.SGM 30JAR1

Agencies

[Federal Register Volume 72, Number 19 (Tuesday, January 30, 2007)]
[Rules and Regulations]
[Pages 4202-4204]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-1384]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 242

[Release No. 34-55160; File No. S7-10-04]


Regulation NMS

AGENCY: Securities and Exchange Commission.

ACTION: Final rule; extension of compliance dates.

-----------------------------------------------------------------------

SUMMARY: The Commission is extending for a limited period of time three 
of the future compliance dates for Rule 610 and Rule 611 of Regulation 
NMS (``Rule 610'' and ``Rule 611,'' respectively) under the Securities 
Exchange Act of 1934 (``Exchange Act''). Rule 610 requires fair and 
non-discriminatory access to quotations, establishes a limit on access 
fees, and requires each national securities exchange and national 
securities association to adopt, maintain, and enforce written rules 
that prohibit their members from engaging in a pattern or practice of 
displaying quotations that lock or cross protected quotations. Rule 611 
requires trading centers to establish, maintain, and enforce written 
policies and procedures reasonably designed to prevent the execution of 
trades at prices inferior to protected quotations displayed by other 
trading centers, subject to an applicable exception. The Commission is 
extending the three compliance dates to give automated trading centers 
additional time to complete the rollout

[[Page 4203]]

of their new or modified trading systems.

DATES: The effective date for Rule 610 and Rule 611 remains August 29, 
2005. Three compliance dates for different functional stages of 
compliance with Rule 610 and Rule 611 have been extended as set forth 
in section I of this release, beginning with the ``Trading Phase 
Date,'' as defined in section I of this release, which has been 
extended from February 5, 2007 to March 5, 2007. The effective date for 
this release is January 30, 2007.

FOR FURTHER INFORMATION CONTACT: Raymond Lombardo, Special Counsel, at 
(202) 551-5615, or David Liu, Special Counsel, at (202) 551-5645, 
Division of Market Regulation, Securities and Exchange Commission, 100 
F Street, NE., Washington, DC 20549-6628.

SUPPLEMENTARY INFORMATION:

I. Discussion

    In June 2005, the Commission published its release adopting 
Regulation NMS.\1\ The adopted regulatory requirements include: (1) New 
Rule 610, which addresses access to markets and locking or crossing 
quotations; (2) new Rule 611, which provides intermarket protection 
against trade-throughs (i.e., trades at inferior prices) for certain 
displayed quotations that are automated and accessible; and (3) an 
amendment to the joint industry plans for disseminating market 
information to the public that modifies the formulas for allocating 
plan revenues to the self-regulatory organization (``SRO'') 
participants in the plans (``Allocation Amendment'').
---------------------------------------------------------------------------

    \1\ Securities Exchange Act Release No. 51808 (June 9, 2005), 70 
FR 37496 (June 29, 2005) (``NMS Release'').
---------------------------------------------------------------------------

    Given the new regulatory framework created by Regulation NMS and 
the desire of investors and other market participants for more 
automated and efficient trading services, many SROs have announced 
major revisions of their trading systems. The SROs and other securities 
industry participants have been working to comply with the new NMS 
regulatory requirements. In May 2006, the Commission extended the 
original compliance dates for Rules 611 and 610 to a series of five 
dates for phased-in compliance that incorporated the major functional 
steps required to achieve full implementation of Regulation NMS.\2\ The 
extended dates were as follows:
---------------------------------------------------------------------------

    \2\ Securities Exchange Act Release No. 53829 (May 18, 2006), 71 
FR 30038 (May 24, 2006) (``Extension Release'').
---------------------------------------------------------------------------

    October 16, 2006 (``Specifications Date''): Final date for 
publication on Internet Web sites of applicable SROs (i.e., the 
exchange for SRO trading facilities and the NASD for ADF participants) 
of final technical specifications for interaction with Regulation NMS-
compliant trading systems of all automated trading centers (both SRO 
trading facilities and ADF participants) that intend to qualify their 
quotations for trade-through protection under Rule 611 during the 
Pilots Stocks Phase and All Stocks Phase (as defined below).
    February 5, 2007 (``Trading Phase Date''): Final date for full 
operation of Regulation NMS-compliant trading systems of all automated 
trading centers (both SRO trading facilities and ADF participants) that 
intend to qualify their quotations for trade-through protection under 
Rule 611 during the Pilots Stocks Phase and All Stocks Phase (as 
defined below). The period from February 5, 2007 till May 21, 2007 was 
the ``Trading Phase.''
    May 21, 2007 (``Pilot Stocks Phase Date''): Start of full industry 
compliance with Rule 610 and Rule 611 for 250 NMS stocks (100 NYSE 
stocks, 100 Nasdaq stocks, and 50 Amex stocks). The period from May 21, 
2007 till July 9, 2007 was the ``Pilot Stocks Phase.''
    July 9, 2007 (``All Stocks Phase Date''): Start of full industry 
compliance with Rule 610 and Rule 611 for all remaining NMS stocks. The 
period from July 9, 2007 till October 8, 2007 was the ``All Stocks 
Phase.''
    October 8, 2007 (``Completion Date''): Completion of phased-in 
compliance with Rule 610 and Rule 611.
    In addition, the Commission, by separate order, exempted the SRO 
participants in the joint industry market data plans from compliance 
with the Allocation Amendment until April 1, 2007.\3\
---------------------------------------------------------------------------

    \3\ Securities Exchange Act Release No. 53828 (May 18, 2006) 
(order exempting SROs from compliance with the Allocation Amendment 
until April 1, 2007).
---------------------------------------------------------------------------

    The revised compliance dates were designed to provide additional 
time for the SROs to develop and install their new trading systems, as 
well as to give all securities industry participants an enhanced 
opportunity to complete their compliance preparations in the least 
disruptive and most cost-effective manner possible. Recently, the New 
York Stock Exchange,\4\ a major U.S. equity market, requested a four-
week extension of the Trading Phase Date. The NYSE stated that, due to 
delays in the rollout schedule for its Hybrid Market, the NYSE would 
not be in a position to comply with the requirements for ``automated 
quotations,'' as defined in Rule 600(b)(3) of Regulation NMS, until the 
end of February 2007. The NYSE believed that continuing with the 
scheduled implementation of Rule 611, without appropriate testing and 
quality assurance for the NYSE trading systems, would jeopardize best 
execution for investors and put the securities industry and investors 
at risk.
---------------------------------------------------------------------------

    \4\ See letter from Mary Yeager, Assistant Secretary, New York 
Stock Exchange to Nancy Morris, Secretary, Commission, dated January 
8, 2007.
---------------------------------------------------------------------------

    The Commission agrees that implementing Regulation NMS without full 
participation by a major market such as the NYSE would jeopardize the 
smooth functioning of the U.S. equity markets. It therefore has decided 
to extend the Trading Phase Date until March 5, 2007. To reflect the 
extended Trading Phase Date and avoid coinciding with major trading 
days in June 2007, the Commission also has decided to extend the Pilot 
Stocks Phase Date until July 9, 2007, and the All Stocks Phase Date 
until August 20, 2007. In contrast, the Specifications Date of October 
16, 2006 has already passed and is not affected by this release. In 
addition, the Completion Date of October 8, 2007 remains unchanged.
    Accordingly, the future compliance dates for Rule 610 and Rule 611, 
as revised by this release, are as follows:
    Trading Phase Date: March 5, 2007. The revised Trading Phase now 
will extend from March 5, 2007 till July 9, 2007.
    Pilot Stocks Phase Date: July 9, 2007. The revised Pilot Stocks 
Phase now will extend from July 9, 2007 till August 20, 2007.
    All Stocks Phase Date: August 20, 2007. The revised All Stocks 
Phase now will extend from August 20, 2007 till October 8, 2007.
    Completion Date: October 8, 2007.
    In addition, the April 1, 2007 date for SRO participants in the 
joint-industry market data plans to comply with the Allocation 
Amendment is not affected by this release and remains April 1, 2007.

II. Conclusion

    For the reasons cited above, the Commission, for good cause, finds 
that notice and solicitation of comment regarding the extension of the 
compliance dates set forth herein are impractical, unnecessary, or 
contrary to the public interest.\5\ All industry

[[Page 4204]]

participants will receive substantial additional time to comply with 
Rule 610 and Rule 611 beyond the compliance dates originally set forth 
in the NMS Release, as modified by the Extension Release. In addition, 
the Commission recognizes that industry participants urgently need 
notice of the extended compliance dates so that they do not expend 
unnecessary time and resources in meeting the previous compliance 
dates. Providing immediate effectiveness upon publication of this 
release will allow industry participants to adjust their implementation 
plans accordingly.\6\
---------------------------------------------------------------------------

    \5\ See Section 553(b)(3)(B) of the Administrative Procedure Act 
(5 U.S.C. 553(b)(3)(B)) (``APA'') (an agency may dispense with prior 
notice and comment when it finds, for good cause, that notice and 
comment are ``impractical, unnecessary, or contrary to the public 
interest'').
    \6\ The compliance date extensions set forth in this release are 
effective upon publication in the Federal Register. Section 
553(d)(1) of the APA allows effective dates that are less than 30 
days after publication for a ``substantive rule which grants or 
recognizes an exemption or relieves a restriction.'' 5 U.S.C. 
553(d)(1).

---------------------------------------------------------------------------
    By the Commission.

    Dated: January 24, 2007.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-1384 Filed 1-29-07; 8:45 am]
BILLING CODE 8011-01-P