Amendments to Regulation SHO, 15079-15080 [E7-5870]

Download as PDF Federal Register / Vol. 72, No. 61 / Friday, March 30, 2007 / Proposed Rules thereafter be continuously published in the Airport/Facility Directory. * * * * * Paragraph 6000 Class E Airspace. * * * * * ASO PR E4 Aguadilla, PR [NEW] Rafael Hernandez Airport, PR (Lat. 18°29′42″ N, long. 67°07′46″ W) Borinquen VORTAC (Lat. 18°29′53″ N, long. 67°06′30″ W) That airspace extending upward from the surface within 2.4 miles each side of the Borinquen VORTAC 257° radial extending from the 4.5 mile radius to 7 miles west of the VORTAC. This Class E airspace area is effective during the specific days and times established in advance by a Notice to Airmen. The effective days and times will thereafter be continuously published in the Airport/Facility Directory. * * * * * Issued in College Park, Georgia, on March 21, 2007. Mark D. Ward, Group Manager, System Support Group, Eastern Service Center. [FR Doc. 07–1545 Filed 3–29–07; 8:45 am] BILLING CODE 4910–13–M SECURITIES AND EXCHANGE COMMISSION 17 CFR Part 242 [Release No. 34–55520; File No. S7–12–06] RIN 3235–AJ57 Amendments to Regulation SHO Securities and Exchange Commission. ACTION: Notice of re-opening of comment period. AGENCY: SUMMARY: The Securities and Exchange Commission is re-opening the comment period on the ‘‘Amendments to Regulation SHO’’ it proposed in Securities Exchange Act Release No. 54154 (July 14, 2006), 71 FR 41710 (July 21, 2006) (the ‘‘Proposal’’). In view of the continuing public interest in the Proposal, as well as to reflect concerns raised by commenters, we believe that it is appropriate to re-open the comment period before we take action on the Proposal. 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 S7–12–06. This file number should be included on the subject line if e-mail is used. To help us 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/ proposed.shtml). Comments are also available for public inspection and copying in the Commission’s Public Reference Room, 100 F Street, NE., Washington, DC 20549–1090. All comments received will be posted without change; we do not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. FOR FURTHER INFORMATION CONTACT: James A. Brigagliano, Associate Director, Josephine J. Tao, Branch Chief, Joan M. Collopy, Special Counsel, Lillian S. Hagen, Special Counsel, Elizabeth A. Sandoe, Special Counsel, Victoria L. Crane, Special Counsel, Office of Trading Practices and Processing, Division of Market Regulation, at (202) 551–5720, at the Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549. Electronic Comments The Commission is requesting additional public comment on proposed amendments to Rule 203 of Regulation SHO [17 CFR 242.200 and 242.203] under the Exchange Act. In Release No. 54154 (July 14, 2006), 71 FR 41710 (July 21, 2006), the Commission proposed amendments to Regulation SHO under the Securities Exchange Act of 1934 (the ‘‘Exchange Act’’) intended to further reduce the number of persistent fails to deliver in certain equity securities by eliminating the grandfather provision and narrowing the options market maker exception.1 The Commission is re-opening the comment period, which • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/proposed.shtml); or 1 The Commission also proposed amendments to update the market decline limitation referenced in Regulation SHO. Comments should be received on or before April 30, 2007. ADDRESSES: Comments may be submitted by any of the following methods: DATES: pwalker on PROD1PC71 with PROPOSALS • Send an e-mail to rulecomments@sec.gov. Please include File Number S7–12–06 on the subject line; or • Use the Federal eRulemaking Portal (http://www.regulations.gov). Follow the instructions for submitting comments. VerDate Aug<31>2005 17:30 Mar 29, 2007 Jkt 211001 SUPPLEMENTARY INFORMATION: PO 00000 Frm 00025 Fmt 4702 Sfmt 4702 15079 ended on September 19, 2006, to provide additional information with respect to the Proposal to the public. Commenters have urged the Commission to provide additional data related to the Proposal before it determines whether additional rulemaking is necessary.2 In formulating the Proposal, the Commission relied primarily on data collected by the National Association of Securities Dealers, Inc. (‘‘NASD’’). NASD collected this data through confidential queries and examinations of member firms. As a result, the Commission did not provide the data underlying the examinations and discussions because it was concerned that the data contained confidential, company-specific examination findings and discussions. However, in response to commenters’ requests for data, the NASD submitted a comment letter on March 12, 2007 that provides the NASD’s findings in summary form with confidential, company-specific information removed.3 Accordingly, the Commission is reopening the comment period to highlight the fact that additional data has become available and to provide the public with an opportunity to comment on this data. In addition, in re-opening the comment period, the Commission also directs the public’s attention to additional data that may be of interest to commenters seeking information on the reasons why fails may be persisting since the adoption of Regulation SHO: 4 Æ Prior to the Commission’s Proposal, the New York Stock Exchange LLC (the ‘‘NYSE’’) informed the Commission that it conducted a review of five securities with substantial aged fail positions from July 1, 2005 through September 23, 2005. The NYSE found that the aged fail positions in these five securities were 2 See e.g., Comments of Keith F. Higgins, Chair, Committee on Federal Regulation of Securities, American Bar Association (September 27, 2006) (stating that ‘‘without the benefit of knowing the information relied upon by the Commission in analyzing the cause or causes of the current fails to deliver and the likelihood that the proposed changes will reduce those fails to deliver, commenters are deprived of the opportunity to opine on the significance of the examination results or the Commission’s interpretation of such information’’); comments of Alan Schwartz, Novato, California (September 19, 2006) (requesting ‘‘strong empirical data for the existence of problems * * *’’); comments of Margaret Wiermanski, Chief Operations Officer, and Matthew Abraham, Compliance Officer, CTC LLC (September 28, 2006) (stating, ‘‘What is not clear in the current Proposing Amendments is any research that would evidence the anticipated levels of additional improvements in eliminating fails to deliver.’’) 3 See File No. S7–12–06, Comments of the National Association of Securities Dealers, Inc. (March 12, 2007). 4 See Securities Exchange Act Release No. 50103 (July 28, 2004), 69 FR 48008 (August 6, 2004). E:\FR\FM\30MRP1.SGM 30MRP1 15080 Federal Register / Vol. 72, No. 61 / Friday, March 30, 2007 / Proposed Rules attributable to one broker-dealer. This broker-dealer informed the NYSE that the fail positions were not being closed out because it was relying on the options market maker exception. Æ Prior to the Commission’s Proposal, the Commission’s Office of Compliance and Inspections (‘‘OCIE’’) conducted some examinations for Regulation SHO compliance and found that some brokerdealers were still carrying a significant amount of fails to deliver in securities that they were not closing out because they were relying on the grandfather provision. One broker-dealer indicated that it had not closed out several persistent fails in threshold securities because it was relying on the options market maker exception. Therefore, the Commission is reopening the comment period for Exchange Act Release No. 54154 from the date of this release through April 30, 2007. By the Commission. Dated: March 26, 2007. Nancy M. Morris, Secretary. [FR Doc. E7–5870 Filed 3–29–07; 8:45 am] BILLING CODE 8010–01–P drugs intended for use in ruminant animals (drugs for ruminants) and would also require new recordkeeping provisions for medical products for humans and drugs for ruminants that are manufactured from or otherwise contain material from cattle. The agency is reopening the comment period in response to a request for more time to enable industry to generate more information on products that might be affected by the rule. DATES: Submit written or electronic comments on the proposed rule by May 14, 2007. ADDRESSES: You may submit comments, identified by Docket No. 2005N–0373 and RIN number 0910–AF54, by any of the following methods: Electronic Submissions Submit electronic comments in the following ways: • Federal eRulemaking Portal: http:// www.regulations.gov. Follow the instructions for submitting comments. • Agency Web site: http:// www.fda.gov/dockets/ecomments. Follow the instructions for submitting comments on the agency Web site. Written Submissions DEPARTMENT OF HEALTH AND HUMAN SERVICES Food and Drug Administration 21 CFR Parts 211, 226, 300, 500, 530, 600, 895, and 1271 [Docket No. 2005N–0373] RIN 0910–AF54 Use of Materials Derived From Cattle in Medical Products Intended for Use in Humans and Drugs Intended for Use in Ruminants; Reopening of the Comment Period AGENCY: Food and Drug Administration, HHS. Proposed rule; reopening of the comment period. pwalker on PROD1PC71 with PROPOSALS ACTION: SUMMARY: The Food and Drug Administration (FDA) is reopening until May 14, 2007, the comment period for the proposed rule published in the Federal Register of January 12, 2007 (72 FR 1582). The proposed rule would prohibit the use of certain cattle material in, or in the manufacture (including processing) of, drugs, biologics, and medical devices intended for use in humans and human cells, tissues, and cellular and tissue-based products (HCT/Ps) (collectively, medical products for humans), and in VerDate Aug<31>2005 18:10 Mar 29, 2007 Jkt 211001 Submit written submissions in the following ways: • FAX: 301–827–6870. • Mail/Hand delivery/Courier [For paper, disk, or CD-ROM submissions]: Division of Dockets Management (HFA– 305), Food and Drug Administration, 5630 Fishers Lane, rm. 1061, Rockville, MD 20852. To ensure more timely processing of comments, FDA is no longer accepting comments submitted to the agency by email. FDA encourages you to continue to submit electronic comments by using the Federal eRulemaking Portal or the agency Web site, as described previously in the ADDRESSES portion of this document under Electronic Submissions. Instructions: All submissions received must include the agency name and Docket No(s). and Regulatory Information Number (RIN) for this rulemaking. All comments received may be posted without change to http:// www.fda.gov/ohrms/dockets/ default.htm, including any personal information provided. For additional information on submitting comments, see section II ‘‘Comments’’ in the SUPPLEMENTARY INFORMATION section of this document. Docket: For access to the docket to read background documents or comments received, go to http:// www.fda.gov/ohrms/dockets/ PO 00000 Frm 00026 Fmt 4702 Sfmt 4702 default.htm and insert the docket number(s), found in brackets in the heading of this document, into the ‘‘Search’’ box and follow the prompts and/or go to the Division of Dockets Management, 5630 Fishers Lane, rm. 1061, Rockville, MD 20852. FOR FURTHER INFORMATION CONTACT: For information concerning products regulated by the Center for Drug Evaluation and Research: Audrey A. Thomas, Center for Drug Evaluation and Research (HFD– 007), Food and Drug Administration, 5600 Fishers Lane, Rockville, MD 20857, 301–443– 5533, e-mail: audrey.thomas@fda.hhs.gov. For information concerning products regulated by the Center for Biologics Evaluation and Research: Stephen M. Ripley, Center for Biologics Evaluation and Research (HFM–17), Food and Drug Administration, 1401 Rockville Pike, suite 200N, Rockville, MD 20852–1448, 301– 827–6210, e-mail: stephen.ripley@fda.hhs.gov. For information concerning products regulated by the Center for Devices and Radiological Health: Scott G. McNamee, Center for Devices and Radiological Health, Food and Drug Administration, 2094 Gaither Rd., rm. 230, Rockville, MD 20850, 240– 276–0105, e-mail: scott.mcnamee@fda.hhs.gov. For information concerning products regulated by the Center for Veterinary Medicine: Michael J. Popek, Center for Veterinary Medicine (HFV–144), Food and Drug Administration, 7500 Standish Pl., Rockville, MD 20855, 301–827– 6462, e-mail: michael.popek@fda.hhs.gov. SUPPLEMENTARY INFORMATION: I. Background In the Federal Register of January 12, 2007 (72 FR 1582), FDA published a proposed rule that, if finalized, would prohibit the use of certain cattle material in, or in the manufacture (including processing) of, medical products for humans and drugs for ruminants. FDA also proposed new recordkeeping requirements for medical products for humans and drugs for ruminants that are manufactured from or otherwise contain material from cattle. Interested persons were given until March 13, 2007, to submit written or electronic comments to the agency on the proposal. On February 12, 2007, E:\FR\FM\30MRP1.SGM 30MRP1

Agencies

[Federal Register Volume 72, Number 61 (Friday, March 30, 2007)]
[Proposed Rules]
[Pages 15079-15080]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-5870]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 242

[Release No. 34-55520; File No. S7-12-06]
RIN 3235-AJ57


Amendments to Regulation SHO

AGENCY: Securities and Exchange Commission.

ACTION: Notice of re-opening of comment period.

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

SUMMARY: The Securities and Exchange Commission is re-opening the 
comment period on the ``Amendments to Regulation SHO'' it proposed in 
Securities Exchange Act Release No. 54154 (July 14, 2006), 71 FR 41710 
(July 21, 2006) (the ``Proposal''). In view of the continuing public 
interest in the Proposal, as well as to reflect concerns raised by 
commenters, we believe that it is appropriate to re-open the comment 
period before we take action on the Proposal.

DATES: Comments should be received on or before April 30, 2007.

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

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/proposed.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number S7-12-06 on the subject line; or
     Use the Federal eRulemaking Portal (http://
www.regulations.gov). Follow the instructions for submitting comments.

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 S7-12-06. This file number 
should be included on the subject line if e-mail is used. To help us 
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/proposed.shtml). Comments 
are also available for public inspection and copying in the 
Commission's Public Reference Room, 100 F Street, NE., Washington, DC 
20549-1090. All comments received will be posted without change; we do 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly.

FOR FURTHER INFORMATION CONTACT: James A. Brigagliano, Associate 
Director, Josephine J. Tao, Branch Chief, Joan M. Collopy, Special 
Counsel, Lillian S. Hagen, Special Counsel, Elizabeth A. Sandoe, 
Special Counsel, Victoria L. Crane, Special Counsel, Office of Trading 
Practices and Processing, Division of Market Regulation, at (202) 551-
5720, at the Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549.

SUPPLEMENTARY INFORMATION: The Commission is requesting additional 
public comment on proposed amendments to Rule 203 of Regulation SHO [17 
CFR 242.200 and 242.203] under the Exchange Act. In Release No. 54154 
(July 14, 2006), 71 FR 41710 (July 21, 2006), the Commission proposed 
amendments to Regulation SHO under the Securities Exchange Act of 1934 
(the ``Exchange Act'') intended to further reduce the number of 
persistent fails to deliver in certain equity securities by eliminating 
the grandfather provision and narrowing the options market maker 
exception.\1\ The Commission is re-opening the comment period, which 
ended on September 19, 2006, to provide additional information with 
respect to the Proposal to the public.
---------------------------------------------------------------------------

    \1\ The Commission also proposed amendments to update the market 
decline limitation referenced in Regulation SHO.
---------------------------------------------------------------------------

    Commenters have urged the Commission to provide additional data 
related to the Proposal before it determines whether additional 
rulemaking is necessary.\2\ In formulating the Proposal, the Commission 
relied primarily on data collected by the National Association of 
Securities Dealers, Inc. (``NASD''). NASD collected this data through 
confidential queries and examinations of member firms. As a result, the 
Commission did not provide the data underlying the examinations and 
discussions because it was concerned that the data contained 
confidential, company-specific examination findings and discussions. 
However, in response to commenters' requests for data, the NASD 
submitted a comment letter on March 12, 2007 that provides the NASD's 
findings in summary form with confidential, company-specific 
information removed.\3\
---------------------------------------------------------------------------

    \2\ See e.g., Comments of Keith F. Higgins, Chair, Committee on 
Federal Regulation of Securities, American Bar Association 
(September 27, 2006) (stating that ``without the benefit of knowing 
the information relied upon by the Commission in analyzing the cause 
or causes of the current fails to deliver and the likelihood that 
the proposed changes will reduce those fails to deliver, commenters 
are deprived of the opportunity to opine on the significance of the 
examination results or the Commission's interpretation of such 
information''); comments of Alan Schwartz, Novato, California 
(September 19, 2006) (requesting ``strong empirical data for the 
existence of problems * * *''); comments of Margaret Wiermanski, 
Chief Operations Officer, and Matthew Abraham, Compliance Officer, 
CTC LLC (September 28, 2006) (stating, ``What is not clear in the 
current Proposing Amendments is any research that would evidence the 
anticipated levels of additional improvements in eliminating fails 
to deliver.'')
    \3\ See File No. S7-12-06, Comments of the National Association 
of Securities Dealers, Inc. (March 12, 2007).
---------------------------------------------------------------------------

    Accordingly, the Commission is re-opening the comment period to 
highlight the fact that additional data has become available and to 
provide the public with an opportunity to comment on this data. In 
addition, in re-opening the comment period, the Commission also directs 
the public's attention to additional data that may be of interest to 
commenters seeking information on the reasons why fails may be 
persisting since the adoption of Regulation SHO: \4\
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 50103 (July 28, 
2004), 69 FR 48008 (August 6, 2004).
---------------------------------------------------------------------------

    [cir] Prior to the Commission's Proposal, the New York Stock 
Exchange LLC (the ``NYSE'') informed the Commission that it conducted a 
review of five securities with substantial aged fail positions from 
July 1, 2005 through September 23, 2005. The NYSE found that the aged 
fail positions in these five securities were

[[Page 15080]]

attributable to one broker-dealer. This broker-dealer informed the NYSE 
that the fail positions were not being closed out because it was 
relying on the options market maker exception.
    [cir] Prior to the Commission's Proposal, the Commission's Office 
of Compliance and Inspections (``OCIE'') conducted some examinations 
for Regulation SHO compliance and found that some broker-dealers were 
still carrying a significant amount of fails to deliver in securities 
that they were not closing out because they were relying on the 
grandfather provision. One broker-dealer indicated that it had not 
closed out several persistent fails in threshold securities because it 
was relying on the options market maker exception.
    Therefore, the Commission is re-opening the comment period for 
Exchange Act Release No. 54154 from the date of this release through 
April 30, 2007.

    By the Commission.

    Dated: March 26, 2007.
Nancy M. Morris,
Secretary.
[FR Doc. E7-5870 Filed 3-29-07; 8:45 am]
BILLING CODE 8010-01-P