1384 Federal Register / Vol. 62, No. 7 / Friday, January 10, 1997 / Rules and Regulations

Regulatory Impact

The regulations adopted herein will

not have substantial direct effects on the

States, on the relationship between the

national government and the States, or

on the distribution of power and

responsibilities among the various

levels of government. Therefore, in

accordance with Executive Order 12612,

it is determined that this final rule does

not have sufficient federalism

implications to warrant the preparation

of a Federalism Assessment.

For the reasons discussed above, I

certify that this action (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)

will not have a significant economic

impact, positive or negative, on a

substantial number of small entities

under the criteria of the Regulatory

Flexibility Act. A final evaluation has

been prepared for this action and it is

contained in the Rules Docket. A copy

of it may be obtained from the Rules

Docket at the location provided under

the caption ADDRESSES.

List of Subjects in 14 CFR Part 39

Air transportation, Aircraft, Aviation

safety, Incorporation by reference,

Safety.

Adoption of the Correction

Accordingly, pursuant to the

authority delegated to me by the

Administrator, the Federal Aviation

Administration amends part 39 of the

Federal Aviation Regulations (14 CFR

part 39) as follows:

PART 39—AIRWORTHINESS

DIRECTIVES

1. The authority citation for part 39

continues to read as follows:

Authority: 49 U.S.C. 106(g), 40113, 44701.

§ 39.13 [Amended]

2. Section 39.13 is amended by

removing amendment 39–9768 (61 FR

50988, September 30, 1996), and by

adding a new airworthiness directive

(AD), amendment 39–9882, to read as

follows:

97–01–11 Airbus Industrie: Amendment

39–9882. Docket 92–NM–225–AD.

Supersedes AD 96–20–02, amendment

39–9768.

Applicability: Model A300 B2–1C, B2K–

3C, B2–203, B4–2C, B4–103, and B4–203

series airplanes, on which Modification 2626

has not been installed; certificated in any

category.

Compliance: Required as indicated, unless

accomplished previously.

Note 1: This AD applies to each airplane

identified in the preceding applicability

provision, regardless of whether it has been

modified, altered, or repaired in the area

subject to the requirements of this AD. For

airplanes that have been modified, altered, or

repaired so that the performance of the

requirements of this AD is affected, the

owner/operator must request approval for an

alternative method of compliance in

accordance with paragraph (f) of this AD. The

request should include an assessment of the

effect of the modification, alteration, or repair

on the unsafe condition addressed by this

AD; and, if the unsafe condition has not been

eliminated, the request should include

specific proposed actions to address it.

Compliance: Required as indicated, unless

accomplished previously.

To prevent fatigue cracking, which could

result in reduced structural integrity of the

airplane, accomplish the following:

(a) For Model A300 B2–1C, B2K–3C, B2–

203, B4–2C, and B4–103 series airplanes:

Perform a detailed visual inspection to detect

cracking of the fuselage, frame 47 at hole ‘‘I’’,

in accordance with Airbus All Operator

Telex (AOT) 53–02, dated November 2, 1992,

at the times specified in paragraphs (a)(1) or

(a)(2), as applicable.

(1) For Model A300 B2–1C, B2K–3C, and

B2–203 series airplanes: Perform the

inspection prior to the accumulation of

15,000 total landings, or within 50 landings

after November 4, 1996 (the effective date of

AD 96–20–02, amendment 39–9768),

whichever occurs later.

(2) For Model A300 B4–2C and B4–103

series airplanes: Perform the inspection prior

to the accumulation of 18,700 total landings,

or within 50 landings after November 4,

1996, whichever occurs later.

(b) For Model A300 B4–203 series

airplanes: Prior to the accumulation of 14,100

total landings, or within 50 landings after the

effective date of this AD, whichever occurs

later, perform a detailed visual inspection to

detect cracking of the fuselage, frame 47 at

hole ‘‘I’’, in accordance with Airbus All

Operator Telex (AOT) 53–02, dated

November 2, 1992.

(c) If no crack is detected during the

inspection required by paragraph (a) or (b) of

this AD, repeat the detailed visual inspection

at intervals not to exceed 200 landings.

(d) If a crack is detected during any

inspection required by paragraph (a), (b), or

(c) of this AD, prior to further flight, repair

in accordance with either paragraph (d)(1),

(d)(2), or (d)(3) of this AD:

(1) Repair in accordance with a method

approved by the Manager, Standardization

Branch, ANM–113, FAA, Transport Airplane

Directorate; or

(2) Repair in accordance with crack repair

procedures specified in Airbus A300 Service

Bulletin 53–265, Revision 2, dated March 10,

1992; or

(3) Repair in accordance with crack repair

procedures specified in Airbus Service

Bulletin A300–53–299, dated December 14,

1993.

(e) Conducting a repetitive Rototest

inspection of hole ‘‘I’’ in accordance with

Airbus A300 Service Bulletin 53–265,

Revision 2, dated March 10, 1992, or Airbus

Service Bulletin A300–53–299, dated

December 14, 1993, constitutes terminating

action for the detailed visual inspections

required by this AD. If any crack is found

during a Rototest inspection, prior to further

flight, repair it in accordance with that

service bulletin.

(f) An alternative method of compliance or

adjustment of the compliance time that

provides an acceptable level of safety may be

used if approved by the Manager,

Standardization Branch, ANM–113, FAA,

Transport Airplane Directorate. Operators

shall submit their requests through an

appropriate FAA Principal Maintenance

Inspector, who may add comments and then

send it to the Manager, Standardization

Branch, ANM–113.

Note 2: Information concerning the

existence of approved alternative methods of

compliance with this AD, if any, may be

obtained from the Standardization Branch,

ANM–113.

(g) Special flight permits may be issued in

accordance with sections 21.197 and 21.199

of the Federal Aviation Regulations (14 CFR

21.197 and 21.199) to operate the airplane to

a location where the requirements of this AD

can be accomplished.

(h) The visual inspection shall be done in

accordance with Airbus All Operator Telex

(AOT) 53–02, dated November 2, 1992. This

incorporation by reference was approved

previously by the Director of the Federal

Register, in accordance with 5 U.S.C.

552(a) and 1 CFR part 51, as of November

4, 1996 (61 FR 50988, September 30, 1996).

Copies may be obtained from Airbus

Industrie, 1 Rond Point Maurice Bellonte,

31707 Blagnac Cedex, France. Copies may be

inspected at the FAA, Transport Airplane

Directorate, 1601 Lind Avenue, SW., Renton,

Washington; or at the Office of the Federal

Register, 800 North Capitol Street, NW., suite

700, Washington, DC.

(i) This amendment becomes effective on

February 10, 1997.

Issued in Renton, Washington, on January

3, 1997.

S.R. Miller,

Acting Manager, Transport Airplane

Directorate, Aircraft Certification Service.

[FR Doc. 97–536 Filed 1–9–97; 8:45 am]

BILLING CODE 4910–13–U

SECURITIES AND EXCHANGE

COMMISSION

17 CFR Part 200

[Release No. 34–38111]

Delegation of Authority to Director of

Division of Market Regulation

AGENCY: Securities and Exchange

Commission.

ACTION: Final rule.

SUMMARY: The Commission is amending

its rules to delegate authority to the

Director of the Division of Market

Regulation to provide exemptive relief
Federal Register / Vol. 62, No. 7 / Friday, January 10, 1997 / Rules and Regulations 1385

1Securities Exchange Act Release No. 37619A

(September 6, 1996), 61 FR 48290 (‘‘Adopting

Release’’).

2 17 CFR 240.11Ac1–4(d); 17 CFR 240.11Ac1–

1(d).

3 17 CFR 200.30–3.

4 5 U.S.C. 553(B)(3)(A).

pursuant to the recently adopted Limit

Order Display Rule (Rule 11Ac1–4(d)),

and to delegate authority to delay the

effective dates or compliance dates for

any aspect of the implementation or

operation of the Limit Order Display

Rule or the recent amendments to the

Quote Rule (Rule 11Ac1–1). This

delegation will help to expedite and

enhance the orderly implementation of

the recently adopted Limited Order

Display Rule and the amendments to the

Quote Rule.

EFFECTIVE DATE: January 2, 1997.

FOR FURTHER INFORMATION CONTACT:

Betsy Prout Lefler, Special Counsel,

Division of Market Regulation, 202/942–

0170.

SUPPLEMENTARY INFORMATION: On August

28, 1996, the Securities and Exchange

Commission adopted amendments to

the Quote Rule and a new Limit Order

Display Rule.1 The Limit Order Display

Rule generally requires exchange

specialists and OTC market makers to

display customer limit orders that are at

prices superior to the market maker’s or

specialist’s own quote, subject to certain

exceptions. The amendments to the

Quote Rule, among other things, (1)

require OTC market makers and

exchange specialists to include in their

public quotes any better prices that they

have placed in certain electronic

communications networks (‘‘ECN

Amendments’’); (2) deems an OTC

market maker or specialist in

compliance with the ECN Amendment

if it inputs such prices into an ECN that

furnishes the best market maker and

specialist prices therein to an exchange

or association for inclusion in the public

quotation system, and provides access

to those prices equivalent to the access

that would have been afforded market

participants if the market maker or

specialist had updated its own quote;

and (3) expands the definition of ‘‘OTC

market maker’’ to mean any dealer who

holds itself out as being willing to buy

from and sell to its customers, or

otherwise, a security covered under the

Quote Rule for its own account on a

regular and continuous basis otherwise

than on an exchange in amounts of less

than block size.

Both the Limit Order Display Rule

and the Quote Rule contain provisions

that allow the Commission to grant

exemptive relief from various provisions

of the rules to market participants and

self-regulatory organizations.2 While the

Director of the Division of Market

Regulation already has delegated

authority to grant exemptive relief

under the Quote Rule, the present

amendment to Rule 30–3 3 authorities

the Director of the Division of Market

Regulation to grant the exemptive the

relief described in the Limit Order

Display Rule. This delegation will

provide flexibility to ensure orderly

implementation of the recently adopted

Limit Order Display Rule in instances

where immediate action is necessary to

ensure the protection of investors and

the maintenance of fair and orderly

markets. The present amendment to

Rule 30–3 also authorizes the Director of

the Division of Market Regulation to

modify as needed the compliance dates

and effective dates for operation of the

Quote Rule, as amended, or of the Limit

Order Display Rule.

The Commission finds, in accordance

with Section 553(b)(3)(A) of the

Administrative Procedure Act,4 that this

amendment relates solely to agency

organization, procedures, or practice,

and does not relate to a substantive rule.

Accordingly, notice and opportunity for

public comment are unnecessary, and

publication of the amendment 30 days

before its effective date is also

unnecessary.

List of Subjects in 17 CFR Part 200

Administrative practice and

procedure, Authority delegations

(Government agencies).

Text of Amendment

For the reasons set out in the

preamble, Title 17, Chapter II of the

Code of Federal Regulations is amended

as follows:

PART 200—ORGANIZATION;

CONDUCT AND ETHICS; AND

INFORMATION AND REQUESTS

1. The authority citation for Part 200

continues to read in part as follows:

Authority: 15 U.S.C. 77s, 78d–1, 78d–2,

78w, 7811(d), 79t, 77sss, 80a–37, 80b–11,

unless otherwise noted.

* * * * *

2. Section 200.30–3 is amended by

adding paragraphs (a)(61) and (a)(62) as

follows:

§ 200.30–3 Delegation of authority to

Director of Division of Market Regulations.

* * * * *

(a) * * *

(61) To grant exemptions from Rule

11Ac1–4 (‘‘Rule’’) (§ 240.11Ac1–4),

pursuant to paragraph (d) of the rule.

(62) From January 2, 1997 through

February 17, 1997, to modify for a

period not to exceed 60 days, the

effective date or the compliance date of

Rule 11Ac1–1 (§ 240.11Ac1–1) or Rule

11Ac1–4 (§ 240.11Ac1–4), or

amendments to Rule 11Ac1–1 or Rule

11Ac1–4, with respect to any party

affected by such rules.

* * * * *

By the Commission.

Dated: January 2, 1997.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–620 Filed 1–9–97; 8:45 am]

BILLING CODE 8010–01–M

17 CFR Part 240

[Release No. 34–38139; File No. S7–30–95

RIN 3235–AG66]

Order Execution Obligations

AGENCY: Securities and Exchange

Commission.

ACTION: Final rule; Revised Effective

Date; Revised Compliance Dates.

SUMMARY: The Securities and Exchange

Commission is delaying the effective

date and compliance dates for Rule

11Ac1–4 (‘‘Limit Order Display Rule’’)

and amendments to Rule 11Ac1–1

(‘‘ECN Amendment’’) (cumulatively

‘‘Order Execution Rules’’).

DATES: Effective Date: The effective date

shall be January 20, 1997 for

§ 240.11Ac1–4 and amendments to

§ 240.11Ac1–1, published on September

12, 1996 (61 FR 48290), and revised by

rule published on January 9, 1997,

except that the effective date for

§ 240.11Ac1–1(a)(25)(ii) remains April

10, 1997.

Compliance Dates: Each of the first

three scheduled phase-in dates for

compliance with the Order Execution

Rules are being delayed one week, so

that the first compliance date with

respect to exchange-traded securities

and 50 Nasdaq stocks shall be January

20, 1997, the phase-in date for an

additional 100 Nasdaq securities shall

be February 7, 1997, and the phase-in

date for an additional 850 Nasdaq

securities shall be February 28, 1997.

FOR FURTHER INFORMATION CONTACT:

Betsy Prout Lefler, Special Counsel, Gail

Marshall-Smith, Special Counsel, or

David Oestreicher, Special Counsel,

(202) 942–0158, Division of Market

Regulation, Securities and Exchange

Commission, 450 Fifth Street, N.W.,

Mail Stop 5–1, Washington, D.C. 20549.

SUPPLEMENTARY INFORMATION:

I. Background

On August 28, 1996, the Securities

and Exchange Commission