Federal Register / Vol. 62, No. 172 / Friday, September 5, 1997 / Notices 47105

8 15 U.S.C. § 78o–3. 9 17 CFR 200.30–3(a)(12).

with regard to these development

activities.

Rule 6970 propose to apply the Order

Audit System requirements on January

31, 2000 to all Orders. Accordingly,

non-electronic Orders, whether

recorded at a market maker trading desk

or at another location would be fully

subject to all of the recording and

reporting requirements of the Proposed

Rules on such date. NASDR solicits

comment on this issue and on the

implementation schedule generally,

based on system changes or other factors

that would apply to members that do

not presently maintain systems for

electronic receipt and routing, and on

any associated cost estimates.

NASDR believes that the proposed

rule change is consistent with the

provisions of Section 15A(b)(6) of the

Act 8 in that it is designed to prevent

fraudulent and manipulative acts and

practices, 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 by creating an Order

Audit System that would provide a

substantially enhanced body of

information regarding orders and

transactions that would improve the

NASDR’s ability to conduct surveillance

and investigations of member firms for

violations of Association rules. In

addition, the implementation of the

Order Audit System would directly

fulfill one of the undertakings contained

in the SEC Order relating to the

effectuation of the Association’s

regulatory responsibilities. Pursuant to

the SEC Order, the Association agreed to

undertake to design and implement by

August 8, 1998 (or as specified by

further Order of the Commission) an

audit trail sufficient to enable the

Association to reconstruct markets

promptly, conduct efficient surveillance

and enforce its rules.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

NASD Regulation does not believe

that the proposed rule change will result

in any burden on competition that is not

necessary or appropriate in furtherance

of the purposes of the Act, as amended.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants, or Others

In the process of developing the

proposed rule change, NASDR

consulted generally with industry

representatives and received a number

of comment letters in connection with

this consultation. Such comment letters

are available from NASDR upon request.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Within 35 days of the date of

publication of this notice in the Federal

Register or within such longer period (i)

as the Commission may designate up to

90 days of such date if it finds such

longer period to be appropriate and

publishes its reasons for so finding or

(ii) as to which the self-regulatory

organization consents, the Commission

will:

A. By order approve such proposed

rule change, or

B. Institute proceedings to determine

whether the proposed rule change

should be disapproved.

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views, and

arguments concerning the foregoing.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, N.W.,

Washington, D.C. 20549. 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 NASD. All

submissions should refer to file number

SR–NASD–97–56 and should be

submitted by September 26, 1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.9

Jonathan G. Katz,

Secretary.

[FR Doc. 97–23602 Filed 9–4–97; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF TRANSPORTATION

Office of the Secretary

Applications of Custom Air Transport,

Inc., for Certificate Authority

AGENCY: Department of Transportation.

ACTION: Notice of order to show cause

(Order 97–8–29) Dockets OST–97–2255

and OST–97–2256.

SUMMARY: The Department of

Transportation is directing all interested

persons to show cause why it should

not issue an order finding Custom Air

Transport, Inc., fit, willing, and able,

and awarding it certificates of public

convenience and necessity to engage in

interstate and foreign charter air

transportation of persons, property, and

mail.

DATES: Persons wishing to file

objections should do so no later than

September 15, 1997.

ADDRESSES: Objections and answers to

objections should be filed in Dockets

OST–97–2255 and OST–97–2256 and

addressed to Department of

Transportation Dockets, U.S.

Department of Transportation, 400

Seventh Street, S.W., Rm. PL–401,

Washington, D.C. 20590, and should be

served upon the parties listed in

Attachment A to the order.

FOR FURTHER INFORMATION CONTACT: Ms.

Carol A. Woods, Air Carrier Fitness

Division (X–56, Room 6401), U.S.

Department of Transportation, 400

Seventh Street, S.W., Washington, DC

20590, (202) 366–2340.

Dated: August 29, 1997.

Charles A. Hunnicutt,

Assistant Secretary for Aviation and

International Affairs.

[FR Doc. 97–23511 Filed 9–4–97; 8:45 am]

BILLING CODE 4910–62–P

DEPARTMENT OF TRANSPORTATION

Privacy Act of 1974; Notice To Amend

System of Records To Include New

Routine Uses

AGENCY: Department of Transportation.

ACTION: Notice to amend system of

records to include new routine uses.

SUMMARY: In accordance with the

Privacy Act (5 U.S.C. 552a(e)(11)), the

Department of Transportation is issuing

notice of our intent to amend the system

of records entitled DOT/ALL 11,

Integrated Personnel and Payroll System

(IPPS) to include new routine uses. We

invite public comment on this

publication.

EFFECTIVE DATE: October 6, 1997.