3372 Federal Register / Vol. 63, No. 14 /Thursday, January 22, 1998 / Notices

20 17 CFR 200.30–3(a)(12)(1997).

of short sales in a declining market

above bid prices, Nasdaq believes the

Rule does not diminish the important

pricing efficiency and liquidity benefits

that legitimate short selling activity

provides.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The NASD believes that the proposed

rule change will not result in any

burden on competition that is not

necessary or appropriate in furtherance

of the purposes of the Act.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants, or Others

Comments were neither solicited nor

received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The NASD requests that its proposal

to extend the effectiveness of the Rule

and the amendment to the definition of

a ‘‘legal’’ short sale until April 15, 1998,

be approved on an accelerated basis

prior to January 15, 1998.

IV. Commission’s Findings and Order

Granting Accelerated Approval of the

Proposed Rule Change

The Commission finds that the

NASD’s proposed rule change seeking to

extend the pilot of the Rule and the

amendment to the definition of ‘‘legal’’

short sale through April 15, 1998, is

consistent with the Act and the rules

and regulations promulgated

thereunder. Specifically, the

Commission finds that the proposed

rule change is consistent with Section

15A(b)(6) of the Act which requires that

the NASD rules be designed, among

other things, to facilitate securities

transactions and to protect investors and

the public interest. The Commission

believes that the proposed rule change

is consistent with the Act because

extension of the pilot and the

amendment to the definition of a ‘‘legal’’

short sale for a short period of time will

allow the Commission and the NASD to

consider the potential problems

associated with short selling, the

changing expectations of Nasdaq market

participants and the potential for

competitive disparity between the

exchange markets and the over-thecounter market. This extension also will

afford the NASD time to submit to the

Commission revised PMM standards

and will allow the Commission to

review on a contemporaneous basis

these two integrally related rules (i.e.,

the short sale and PMM rules). Once the

NASD develops reasonable PMM

standards, the Commission will be in a

better position to evaluate the need for

a short sale rule as well as the

appropriateness of an exemption for

PMMs.

The Commission also finds good

cause for approving the proposed rule

change prior to the 30th day after the

date of publication of notice of filing

thereof. The Commission believes that it

is appropriate to approve on an

accelerated basis the extension of the

pilot program of the Rule and the

amendment to the definition of ‘‘legal’’

short sale through April 15, 1998,

because it will ensure the continuous

operation of the Rule and the

amendment to the definition of ‘‘legal’’

short sale, while the NASD addresses

the Commission’s questions and

concerns, provides Commission staff

with additional information about the

practical effects and the operation of the

revised PMM standards, and explores

other options to PMM standards, such

as a customer facilitation exemption for

market makers.

V. Solicitation of Comments

Interested persons are invited to

submit written data, views, and

arguments concerning the foregoing.

People making whiten 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 the filing will also be

available for inspection and copying at

the NASD’s principal offices. All

submissions should refer to File No.

SR–NASD–97–94 and should be

submitted by February 11, 1998.

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act, that the

proposed rule change, SR–NASD–97–94

be, and hereby is approved through

April 15, 1998.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.20

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–1422 Filed 1–21–98; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

Region VIII Advisory Council Meeting;

Public Meeting

The U.S. Small Business

Administration Regional VIII Advisory

Council located in the geographical area

of Salt Lake City, Utah, will hold a

public meeting at 9:00 a.m. on

Wednesday, February 18, 1998, at the

Salt Lake Area Chamber of Commerce,

Media Room, at 175 East 400 South,

Suite 600, Salt Lake City, to discuss

such matters as may be presented by

members, staff of the U.S. Small

Business Administration, or others

present.

For further information, write or call Stan

Nakano, District Director, U.S. Small

Business, 125 South State Street, Salt Lake

City, Utah 84138, (801) 524–5804.

Eugene Carlson,

Associate Administrator, Office of

Communication & Public Liaision.

[FR Doc. 98–1410 Filed 1–21–98; 8:45 am]

BILLING CODE 8025–01–M

DEPARTMENT OF TRANSPORTATION

Office of the Secretary

Reports, Forms and Recordkeeping

Requirements Agency Information

Collection Activity Under OMB Review

AGENCY: Office of the Secretary, DOT.

ACTION: Notice and request for

comments.

SUMMARY: In compliance with the

Paperwork Reduction Act of 1995 (44

U.S.C. 3501 et seq.), this notice

announces that the Information

Collection (ICR) abstracted below has

been forwarded to the Office of

Management and Budget (OMB) for

review and comment. The ICR describes

the nature of the information collection

and its expected burden. The Federal

Register Notice with a 60-day comment

period soliciting comments on the

following collection of information was

published on October 30, 1997 [62 FR

58858].

DATES: Comments must be submitted on

or before February 23, 1998.

FOR FURTHER INFORMATION CONTACT:

Judith Street, ABC–100; Federal

Aviation Administration; 800

Independence Avenue, S.W.;