1386 Federal Register / Vol. 62, No. 7 / Friday, January 10, 1997 / Rules and Regulations

1 17 CFR 240.11Ac1–4.

3The Commission also amended subsection

(a)(25)(ii) of the Quote Rule, thereby expanding the

coverage of the Quote Rule to all exchange-traded

securities. Thereafter, the Commission determined

that it was appropriate to make this aspect of the

amendments effective April 10, 1997. See Securities

Exchange Act Release No. 38110, infra note 3. The

present order does not change that date and,

therefore, the effective date of subsection (a)(25)(ii)

of the Quote Rule remains April 10, 1997.

3See Securities Exchange Act Release Nos. 37972

(November 22, 1996), and 38110 (January 2, 1997).

(‘‘Commission’’) adopted Rule 11Ac1–

4,1 the ‘‘Limit Order Display Rule,’’ and

amendments to Rule 11Ac1–1, the ‘‘ECN

Amendment,’’ to require OTC market

makers and exchange specialists to

display certain customer limit orders,

and to publicly disseminate the best

prices that the OTC market maker or

exchange specialist has placed in

certain electronic communications

networks (‘‘ECNs’’), or to comply

indirectly with the ECN Amendment by

using an ECN that furnishes the best

market maker and specialist prices

therein to the public quotation system.2

In the Adopting Release, the

Commission deemed the effective date

of these initiatives January 10, 1997.

Thereafter, the Commission modified

the effective date of the rules to January

13, 1997, and established compliance

dates with respect to the Limit Order

Display Rule and the ECN Amendment

so that compliance with the rules would

be phased-in over several months.3

In order to allow market participants

more time to adapt to the Order

Execution Rules and the National

Association of Securities Dealers’

recently proposed amendments to its

Small Order Execution System,

SelectNet, and other rules to

accommodate the Order Execution

Rules, the Commission is hereby

modifying the effective dates and

compliance dates as follows: (1) the

effective date for the Limit Order

Display Rule and the amendments to the

Quote Rule adopted August 28, 1996,

shall be January 20, 1997. The effective

date for the Quote Rule definition of

‘‘subject security,’’ § 240.11Ac1–

1(a)(25)(ii), remains April 10, 1997; (2)

each of the first three scheduled phasein 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. The remaining compliance dates

for the Limit Order Display Rule and the

ECN Amendment remain unchanged.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority, 17 CFR 200.30(a)(62).

Dated: January 8, 1997.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–823 Filed 1–9–97; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF THE TREASURY

Bureau of Alcohol, Tobacco and

Firearms

27 CFR Part 55

[Notice No. 845; Re: Regulatory Flexibility

Act (Public Law 96–354)]

RIN 1512–AB48

Explosive Materials in the Fireworks

Industry

AGENCY: Bureau of Alcohol, Tobacco

and Firearms (ATF), Department of the

Treasury.

ACTION: General notice of regulatory

review.

SUMMARY: Complying with the

Regulatory Flexibility Act (Public Law

96–354), the Bureau of Alcohol,

Tobacco and Firearms (ATF) is required

to review the regulations in 27 CFR part

55, issued in T.D. ATF–293, effective

March 7, 1990. This document requests

comments from members of the

explosives industry and other interested

persons as to the effectiveness of the

regulations issued in T.D. ATF–293.

DATES: Comments and/or responses

should be received by April 10, 1997.

ADDRESSES: Send written comments to:

Chief, Firearms and Explosives

Operations Branch, Bureau of Alcohol,

Tobacco and Firearms, P.O. Box 50204,

Washington, DC 20091–0204, ATTN:

Notice No. 845. Copies of written

comments received in response to this

general notice will be available for

public inspection during normal

business hours at: ATF Reference

Library, Office of Public Affairs and

Disclosure, Room 6300, 650

Massachusetts Avenue, NW.,

Washington, DC 20226.

FOR FURTHER INFORMATION CONTACT:

Mark D. Waller, ATF Specialist,

Firearms and Explosives Operations

Branch, Bureau of Alcohol, Tobacco and

Firearms, (202) 927–8310.

SUPPLEMENTARY INFORMATION:

Background

Due to the number and severity of

explosions that have occurred on the

premises of special fireworks plants, the

Bureau of Alcohol, Tobacco and

Firearms (ATF) issued T.D. ATF–293,

55 FR 3717, which amended certain

regulations contained in 27 CFR part 55.

The regulations were effective on March

7, 1990.

These amendments implemented

storage and recordkeeping requirements

for industry members engaged in the

manufacturing, importing, dealing, or

using of fireworks and implemented the

provisions of Pub. L. No. 99–308, 100

Stat. 449 (1986) relating to black

powder. Some of the major provisions of

the amendments were: (1) Extending the

high explosive definition to flash

powder and bulk salutes for storage

purposes, since these materials can be

made to detonate by means of a blasting

cap when unconfined; (2) limiting the

amount of flash powder used in special

fireworks that can be kept outside an

approved magazine and in any one

processing building during a day’s

assembling operations to no more than

10 pounds; (3) limiting the amount of

other explosive materials that can be

kept outside an approved magazine and

in any processing building or area

during a day’s assembling operations to

no more than 500 pounds; (4) requiring

that processing buildings or areas

holding no more than 10 pounds of

flash powder or 500 pounds of other

explosive materials used in special

fireworks be located in accordance with

the table of distances in 27 CFR 55.218;

(5) established new minimum

separation of distance tables applicable

to fireworks plants, fireworks process

buildings, and fireworks plant

magazines; (6) amended the

recordkeeping requirements to include

information regarding quantity and

description of special fireworks; and (7)

eliminated the recordkeeping

requirements for licensees and

permittees selling or disposing of

exempt quantities of black powder for

sporting, recreational, or cultural

purposes in antique firearms or antique

devices.

The periodic review of regulations

under 5 U.S.C. 610(b) requires agencies

to consider the following factors: (1) the

continued need for the rule; (2) the

nature of complaints or comments

received concerning the rule from the

public; (3) the complexity of the rule; (4)

the extent to which the rule overlaps,

duplicates or conflicts with other

Federal rules, and, to the extent feasible,

with State and local governmental rules;

and (5) the length of time since the rule

has been evaluated or the degree to

which technology, economic conditions,

or other factors have changed in the area

affected by the rule.
Federal Register / Vol. 62, No. 7 / Friday, January 10, 1997 / Rules and Regulations 1387

Continued Need for Rule

ATF continues to believe that these

regulations help to avoid accidental

explosions on the premises of special

fireworks plants.

Nature of Complaints Received

ATF has received no complaints

about the regulating from members of

the fireworks industry, and believe the

regulations should remain in place.

Complexity of the Rule

The requirements were determined to

be the minimum necessary to improve

the safe storage of special fireworks.

Conflicting, Duplicative or Overlapping

Federal Rules

None of the requirements of the

regulation conflict, duplicate, or overlap

other Federal rules.

Changes in Area Affected by Rule

The Regulatory Flexibility Act

requires an agency to review all affected

rules within ten years of the publication

of the final rule. This is the first such

review of final rule, T.D. ATF–293,

since the effective date of March 7,

1990. ATF is unaware of any changes in

the fireworks industry having a

significant impact on the effectiveness

of these regulations.

Public Participation

One of ATF’s primary missions is

protection of the public. To successfully

accomplish this goal, we are requesting

comments on the following questions

concerning the amended regulations

stemming from T.D. ATF–293:

(1) Have any of the changes in the

regulations issued in T.D. ATF–293

caused any unnecessary burdens on

business activities or practices?

(2) How could the existing regulations

be altered to assure the same security,

protection, and traceability of explosive

materials, while further reducing

expenses to industry members?

(3) Are there any areas of the

explosives regulations which need

strengthening? Are there any areas of

the amendments contained in T.D.

ATF–293 that need more stringent

regulation?

(4) Are there any areas contained in

the regulations issued in T.D. ATF–293

that need to be relaxed, rethought, or

rewritten?

(5) Have there been any changes in

the industry which would necessitate

changes in these regulations?

Written comments must be received

within the 90-day comment period. ATF

will not recognize any material as

confidential. Any materials submitted

may be disclosed to the public. Any

material which the transmitter considers

to be confidential or inappropriate for

disclosure should not be included in the

suggestion. The name of the person

submitting the suggestion is not exempt

from disclosure.

Drafting Information

The author of this document is Mark

D. Waller, Firearms and Explosives

Regulatory Division, Bureau of Alcohol,

Tobacco and Firearms.

List of Subjects in 27 CFR Part 55

Administrative practice and

procedure, Authority delegations,

Customs duties and inspection,

Explosives, Hazardous materials,

Imports, Penalties, Reporting and

recordkeeping requirements, Safety,

Security measures, Seizures and

forfeitures, Transportation, and

Warehouses.

Signed: November 27, 1996.

John W. Magaw,

Director.

Approved: December 16, 1996.

John P. Simpson,

Deputy Assistant Secretary, Regulatory, Tariff

and Trade Enforcement.

[FR Doc. 97–593 Filed 1–9–97; 8:45 am]

BILLING CODE 4810–31–U

ENVIRONMENTAL PROTECTION

AGENCY

40 CFR Part 70

[MI001; FRL–5674–1]

Clean Air Act Final Interim Approval of

the Operating Permits Program;

Michigan

AGENCY: Environmental Protection

Agency (EPA).

ACTION: Final interim approval.

SUMMARY: The EPA is promulgating

interim approval of the operating

permits program submitted by the State

of Michigan for the purpose of

complying with Federal requirements

for an approvable State program to issue

operating permits to all major stationary

sources, and to certain other sources.

EFFECTIVE DATE: February 10, 1997.

ADDRESSES: Copies of the State’s

submittal and other supporting

information used in developing the final

interim approval are available for

inspection during normal business

hours at the following location: EPA

Region 5, Air and Radiation Division

(AR–18J), 77 West Jackson Boulevard,

Chicago, Illinois 60604.

FOR FURTHER INFORMATION CONTACT: Beth

Valenziano, Permits and Grants Section

(AR–18J), EPA, 77 West Jackson

Boulevard, Chicago, Illinois 60604,

(312) 886–2703. E-mail address:

valenziano.beth@epamail.epa.gov.

SUPPLEMENTARY INFORMATION:

I. Background and Purpose

Title V of the Clean Air Act

Amendments of 1990 (title V), and the

implementing regulations at 40 Code of

Federal Regulations (CFR) part 70

require that States develop and submit

operating permits programs to EPA by

November 15, 1993, and that EPA act to

approve or disapprove each program

within 1 year after receiving the

submittal. The EPA’s program review

occurs pursuant to section 502 of the

Clean Air Act (Act) and the part 70

regulations, which together outline

criteria for approval or disapproval.

Where a program substantially, but not

fully, meets the requirements of part 70,

EPA may grant the program interim

approval for a period of up to 2 years.

If EPA has not fully approved a program

by 2 years after the November 15, 1993

date, or by the expiration of the interim

approval period, it must establish and

implement a Federal program.

On June 24, 1996, EPA proposed

interim approval of the operating

permits program for the State of

Michigan. See 61 FR 32391. The EPA

received public comment from five

organizations on the proposal and

compiled a Technical Support

Document (TSD) responding to the

comments and briefly describing and

clarifying aspects of the operating

permits program. In this document EPA

is taking final action to promulgate

interim approval of the operating

permits program for the State of

Michigan.

II. Final Action and Implications

A. Analysis of State Submission and

Response to Public Comments

The EPA received comments on a

total of 12 topics from five

organizations. The EPA’s response to

these comments as developed for the

response to comments TSD is included

in this section.

1. Indian Country

The EPA proposed that the interim

approval of Michigan’s operating

permits program shall not extend to any

sources of air pollution on Indian lands,

including lands within the exterior

boundaries of any Indian reservation in

the State of Michigan. MDEQ

commented that Michigan’s part 70

authority should extend to some lands

within the exterior boundaries of Indian

reservations, and identifies a specific