Federal Register / Vol. 66, No. 118 / Tuesday, June 19, 2001 / Notices 32971

4 17 CFR 240.15c3–1.

5 15 U.S.C. 78f(b).

6 15 U.S.C. 78f(b)(5).

7 15 U.S.C. 78s(b)(3)(A).

8 17 CFR 240.19b–4(f)(6).

9 15 U.S.C. 78s(b)(3)(A).

10 17 CFR 240.19b–4(f)(6).

11 17 CFR 200.30–3(a)(12).

1 15 U.S.C. 78s(b)(1).

2 17 CFR 240.19b–4.

3See May 30, 2001 letter from Edward S. Knight,

Executive Vice President and General Counsel,

Nasdaq, to Katherine A. England, Assistant

Director, Division of Market Regulation

(‘‘Division’’), SEC and attachments (‘‘Amendment

No. 1’’).

insurance coverage of not less than

$25,000 for all insuring agreements

required under Interpretation and Policy

.01(a). Proposed Interpretation and

Policy .01(a)(3) will specify that

members maintain required coverage for

Fidelity, On Premises, In Transit,

Misplacement, and Forgery and

Alternation insuring agreements of not

less than 120% of its required net

capital under Exchange Act Rule 15c3–

1 4 up to $600,000. Minimum coverage

for required net capital in excess of

$600,000 shall be determined by

reference to the following table:

Net capital requirement

under SEC rule 15c3–1

Minimum

coverage

$600,000–1,000,000 ....... $750,000

1,000,001–2,000,000 ...... 1,000,000

2,000,001–3,000,000 ...... 1,500,000

3,000,001–4,000,000 ...... 2,000,000

4,000,001–5,000,000 ...... 3,000,000

6,000,001–12,000,000 .... 4,000,000

12,000,001–and above ... 5,000,000

Proposed Interpretation and Policy

.01(a)(4) will require members to

maintain fraudulent trading coverage of

not less than the greater of $25,000 or

50% of the coverage required in

paragraph (a)(3), up to $500,000.

Proposed Interpretation and Policy

.01(a)(5) will require members to

maintain securities forgery coverage of

not less than the greater of $25,000 or

25% of the coverage required in

paragraph (a)(3), up to $250,000.

In addition, proposed Interpretation

and Policy .01(b)(3) will clarify that

members covered under the brokers’

blanket bond of an affiliate must deduct

from their net capital the amount of the

deductible in excess of the maximum

permissible amount described in

Exchange Act Rule 15c3–1.

Finally, the Exchange is making a

number of non-substantive word

changes to the rule to make its meaning

more clear.

2. Statutory Basis

The CBOE believes that the proposed

rule change is consistent with Section

6(b) of the Exchange Act 5 in general and

furthers the objectives of Section

6(b)(5)6 in particular in that it is

designed to prevent fraudulent and

manipulative acts and practices, to

promote just and equitable principles of

trade, to foster cooperation and

coordination with persons engaged in

facilitating transactions in securities,

and to remove impediments to and

perfect the mechanism of a free and

open market and a national market

system.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

CBOE does not believe that the

proposed rule change will impose any

burden on competition not necessary or

appropriate in furtherance of the

purposes of the Exchange Act.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received from

Members, Participants or Others

The Exchange has neither solicited

nor received written comments with

respect to the proposed rule change.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The proposed rule change has been

filed as a ‘‘non-controversial’’ rule

change pursuant to Section 19(b)(3)(A)

of the Exchange Act 7 and subparagraph

(f)(6) of Rule 19b–4 thereunder.8

Because the foregoing rule change: (i)

Does not significantly affect the

protection of investors or the public

interest; (ii) does not impose any

significant burden on competition; and

(iii) by its terms, does not become

operative for 30 days after the date of

the filing, or such shorter time as the

Commission may designate if consistent

with the protection of investors and the

public interest; and the Exchange has

given the Commission written notice of

its intent to file the proposed rule

change at least five business days prior

to the filing date of the proposed rule

change, it has become effective pursuant

to Section 19(b)(3)(A) of the Exchange

Act 9 and Rule 19b–4(f)(6) thereunder.10

At any time within 60 days of the

filing of the proposed rule change, the

Commission may summarily abrogate

such rule change if it appears to the

Commission that such action is

necessary or appropriate in the public

interest, for the protection of investors,

or otherwise in furtherance of the

purposes of the Exchange Act.

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, NW.,

Washington, DC 20549–0609. 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

Section. Copies of such filing will also

be available for inspection and copying

at the principal office of CBOE. All

submissions should refer to file number

SR–CBOE–2001–23 and should be

submitted by July 10, 2001.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.11

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–15399 Filed 6–18–01; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–44411; File No. SR–NASD–

2001–36]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change and

Amendment Nos. 1 and 2 by the

National Association of Securities

Dealers, Inc. To Eliminate the Service

Desk Feature of the Automated

Confirmation Transaction Service

June 12, 2001.

Pursuant to Section 19(b)(1) of the

Securities Exchange Act of 1934

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on May 16,

2001, the National Association of

Securities Dealers, Inc. (‘‘NASD’’ or

‘‘Association’’), through its subsidiary,

The Nasdaq Stock Market, Inc.

(‘‘Nasdaq’’), filed with the Securities

and Exchange Commission

(‘‘Commission’’ or ‘‘SEC’’) the proposed

rule change as described in Items I, II,

and III below, which Items have been

prepared by Nasdaq. Nasdaq amended

the proposal on May 31, 2001,3 which

amendment completely replaced and

superseded the original proposal. On

32972 Federal Register / Vol. 66, No. 118 / Tuesday, June 19, 2001 / Notices

4See June 6, 2001 letter from Edward S. Knight,

Executive Vice President and General Counsel,

Nasdaq, to Katherine A. England, Assistant

Director, Division, SEC (‘‘Amendment No. 2’’). In

Amendment No. 2, Nasdaq made technical

amendments to the proposal that were

inadvertently omitted from Amendment No. 1.

June 7, 2001, Nasdaq again amended the

proposal.4 The Commission is

publishing this notice to solicit

comments on the proposed rule change,

as amended, from interested persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

Nasdaq proposes to amend provision

(g) of NASD Rule 7010, ‘‘System

Services,’’ to eliminate the Automated

Confirmation Transaction (‘‘ACT’’)

Service Desk, the telephonic medium

for trade reporting by member firms that

report five or fewer transactions per day

through ACT. Additionally, Nasdaq

proposes to amend NASD Rules 4632,

4642, 4652, 6420, 6620, and 6920, all of

which are entitled ‘‘Transaction

Reporting,’’ to eliminate references to

the ACT Service Desk. The text of the

proposed rule change is below.

Proposed new language is in italics;

proposed deletions are in brackets.

4632. Transaction Reporting

(a) When and How Transactions are

Reported

(1) No Change.

(2) Non-Registered Reporting

Members shall, within 90 seconds after

execution, transmit through ACT [or the

ACT Service Desk (if qualified pursuant

to Rule 7010(g)),] or if ACT is

unavailable due to system or

transmission failure, by telephone to the

Market Operations Department, last sale

reports of transactions in designated

securities executed during normal

market hours. Transactions not reported

within 90 seconds after execution shall

be designated as late and such trade

reports must include the time of

execution.

* * * * *

4642. Transaction Reporting

(a) When and How Transactions are

Reported

(1) No Change.

(2) Non-Registered Reporting

Members shall, within 90 seconds after

execution, transmit through ACT [or the

ACT Service Desk] or if ACT is

unavailable due to system or

transmission failure, by telephone to the

Market Operations Department, last sale

reports of transactions in designated

securities executed during normal

market hours. Transactions not reported

within 90 seconds after execution shall

be designated as late and such trade

reports must include the time of

execution.

* * * * *

4652. Transaction Reporting

(a) When and How Transactions are

Reported

(1) No Change.

(2) Non-Registered Reporting

Members shall, within 90 seconds after

execution, transmit through ACT [or the

ACT Service Desk (if qualified pursuant

to Rule 7010(g)),] or if ACT is

unavailable due to system or

transmission failure, by telephone to the

Market Operations Department, last sale

reports of transactions in designated

securities executed during normal

market hours. Transactions not reported

within 90 seconds after execution shall

be designated as late and such trade

reports must include the time of

execution.

* * * * *

6420. Transaction Reporting

(a) When and How Transactions are

Reported

(1) No Change.

(2)(A) Non-Registered Reporting

Members shall, within 90 seconds after

execution, transmit through ACT [or the

ACT Service Desk (if qualified pursuant

to Rule 7010(g)),] or if ACT is

unavailable due to system or

transmission failure by telephone to the

Nasdaq Market Operations Department,

last sale reports of transactions in

eligible securities executed during the

trading hours of the Consolidated Tape

otherwise than on a national securities

exchange.

(B) Non-registered Reporting Members

shall, within 90 seconds after execution,

transmit through ACT [or the ACT

Service Desk (if qualified pursuant to

Rule 7010(g)),] or if ACT is unavailable

due to system or transmission failure, by

telephone to the Nasdaq Market

Operations Department, last sale reports

of transactions in eligible securities

executed in the United States otherwise

than on a national securities exchange

between the hours of 4:00 p.m. and 6:30

p.m. eastern Time; trades executed and

reported after 4:00 p.m. Eastern Time

shall be designated as ‘‘.T’’ trade to

denote their execution outside normal

market hours. Transactions not reported

within 90 seconds after execution must

include the time of execution on the

trade report.

* * * * *

6620. Transaction Reporting

(a) When and How Transactions are

Reported

(1) No change.

(2) Non-Market Makers shall, within

90 seconds after execution, transmit

through ACT [or the ACT Service Desk

(if qualified pursuant to Rule 7010(g)),]

or if ACT is unavailable due to system

or transmission failure, by telephone to

the Nasdaq Market Operations

Department, last sale reports of

transactions in OTC Equity Securities

executed during normal market hours.

Transactions not reported within 90

seconds after execution shall be

designated as late.

* * * * *

6920. Transaction Reporting

(a) When and How Transactions are

Reported

(1) No change.

[(2) Members that do not have access

to an ACT terminal and average five or

fewer trades per day during the previous

calendar quarter may use the ACT

service desk for trade reporting. Such

members shall be required to provide all

information required by paragraph (c) of

this Rule to the ACT service desk within

the same time frames set forth in

paragraph (a)(1) above.]

[(3)] (2) All members shall report to

the Market Regulation Department in

Rockville, Maryland on Form T, reports

of transactions in DPPs that were not

transmitted through ACT, for whatever

reason, either on the trade date or the

next business date. Form T shall be used

exclusively as a back-up mode

whenever electronic entry of trade data

is not feasible due to system

malfunctions or other unusual

conditions.

[(4)] (3) A pattern or practice of late

reporting without exceptional

circumstances may be considered

conduct inconsistent with high

standards of commercial honor and just

and equitable principles of trade, in

violation of Rule 2110.

* * * * *

Rule 7010. System Services

(a)–(f) No Change.

(g) Confirmation Transaction Service

(ACT):

Transaction Related Charges:

Comparison .............. $0.0144/side per 100

shares (minimum

400 shares; maximum 7,500

shares)

Federal Register / Vol. 66, No. 118 / Tuesday, June 19, 2001 / Notices 32973

5See NASD Rules 4630, 4640, 4650, 6100, 6400,

6600, and 6700.

6See Id.

7The ACT Service Desk is a phone-based service

that allows firms to report trades over the phone to

Nasdaq Market Operations staff, who in turn input

the trades into the ACT system for dissemination

to the tape. See generally, Securities Exchange Act

Release No. 27908 (Apr. 17, 1990), 55 FR 15313

(Apr. 23, 1990) (approval order for ACT Service

Desk).

8See NASD Rule 7010(g), footnote 3.

9 In a ‘‘give-up’’ arrangement, a member who

reports or accepts a trade in ACT on behalf of

another member would identify in the ACT screen

give-up box the member on whose behalf the trade

was being reported or accepted. Where the

executing broker accepts a trade that has been

reported by another member, the reporting member

would have to report the trade with the executing

broker as the contra-side and identify the prime

brokerage customer as the contra-side give-up. The

executing broker may then accept the trade as

presented. This would avoid a second trade report

and ensure that the prime brokerage customer is

identified to the NASD.

10Nasdaq ACT provides the same basic ACT

features and functions offered through the NWII

service. In the case of Nasdaq ACT, however, clients

that use some but not all ACT functionality have

the opportunity to reduce their expenses by

purchasing a scaled-back version of the service.

Automated Give-Up $0.01/side per 100

shares (minimum

400 shares; maximum 7,500

shares)

Late Report—T+N .... $0.288/side

Browse/query ........... $0.288/query 1

Terminal fee ............. $57.00/month (ACT

only terminals)

CTCI fee .................... $575.00/month

Nasdaq ACT ............. $300/month (full

functionality) or

$150/month (up to

an average of

twenty transactions per day

each month) 2

[Service desk ............ $57.00/month 3]

Trade Reporting ....... $0.29/side (applicable only to reportable transaction

not subject to

trade comparison

through ACT)[4] 3

Risk Management

Charges.

$.035/side and

$17.50/month per

correspondent firm

Footnotes

1Each ACT query incurs the $0.288 fee;

however, the first accept or decline processed for a transaction is free, to insure that

no more than $0.288 is charged per comparison. Subsequent queries for more data on

the same security will also be processed

free. Any subsequent query on a different security will incur the $0.288 query charge. 2For the purposes of this service only, a

transaction is defined as an original trade

entry, either on trade date or as-of transaction per month.

[4] 3The ACT service desk is available to

ACT participants that: (1) do not have access

to Nasdaq equipment and that average five

or fewer trades per day during the previous

calendar quarter; or (2) utilized the Nasdaq

Workstation I to report trades as of June

1999, do not have access to Nasdaq equipment, and average 20 or fewer trades per day

during the previous calendar quarter.] [4] 3The trade reporting service charge is

applicable to these trades input into ACT for

reporting purposes only, such as NSCC

Qualified Special Representative reports and

reports of internalized transactions.

(h)–(p) No Change.

* * * * *

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

Nasdaq icluded statements concerning

the purpose of and basis for the

proposed rule change and discussed any

comments it received on the proposed

rule change. The text of these statements

may be examined at the places specified

in Item IV below. Nasdaq has prepared

summaries, set forth in sections A, B,

and C below, of the most significant

aspects of such statements.

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

1. Purpose

Nasdaq proposes to eliminate the ACT

Service Desk, and to remove from the

NASD rules all references to it.

ACT is the Nasdaq system used by

members to report and compare trades

for clearance and settlement, and

transmit trade reports for regulatory

purposes and public dissemination.

After members enter trade information

into ACT (as required by NASD ACT

and trade-reporting rules),5 the system

sends locked-in trades to clearing.

Under current NASD rules, members

must report trades to ACT for certain

transactions executed in the over-thecounter market, including transactions

in Nasdaq National Market securities

(‘‘NNM’’), Nasdaq SmallCap securities

(‘‘SmallCap’’), Over-the-Counter

Bulletin Board (‘‘OTCBB’’) securities,

Nasdaq convertible debt securities,

exchange-listed securities effected in the

over-the-counter market, and securities

traded exclusively in the over-thecounter market (e.g., Pink Sheet

securities).6

There generally are five methods to

report trades to ACT: (1) Ordering a

Nasdaq Workstation II service (‘‘NWII’’);

(2) using the Nasdaq ACT Service Desk;

(3) agreeing to permit the contra party

to a trade to report that trade through

the NWII trade (commonly known as a

‘‘give-up’’ relationship); (4) utilizing

Nasdaq ACT, an internet-based service

introduced in February of 2001; and (5)

contracting with a third party to report

trades on behalf of the firm (commonly

referred to as a Qualified Service

Representative or ‘‘QSR’’ arrangement).

Each mode of trade-report entry

accomplishes the same result, but they

have different characteristics. In

addition, firms have the option of

operating as introducing brokers,

meaning that all trades are sent to

another member firm for execution and

trade reporting.

The ACT Service Desk was designed

as a cost-effective method of trade

reporting for firms that effect very few

transactions in Nasdaq securities or

other securities traded in the over-thecounter market.7 As such, NASD rules

limit participation in the ACT Service

Desk to only those members who do not

have access to Nasdaq equipment and

who have effected an average of five or

fewer trades per day during the previous

calendar quarter.8 If a firm has reported

more than five trades per day during the

previous calendar quarter, the firm must

either order a NWII to report trades or

enter into a give-up arrangement.

Currently, approximately 375 NASD

member firms use the ACT Service Desk

to report trades to ACT. Of those,

approximately 60 firms report an

average of at least one trade per day,

another 169 report an average of one

trade per month, and an additional 146

firms report fewer than one trade per

month on average. Each of these firms

pays $57.00 per month for access to the

ACT Service Desk, in addition to the

fees assessed per transaction for the use

of specific ACT services, including

comparison, trade reporting, and risk

management.

In light of the existing alternatives for

reporting trades to ACT, Nasdaq has

decided to eliminate the ACT Service

Desk and to redirect those resources

towards improving the ACT service for

the market as a whole. When Nasdaq

created the ACT Service Desk in 1990,

that service was the primary low-cost

mechanism for trade reporting by

member firms with a relatively small

volume of trades to report. Since that

time, new options for trade reporting

have arisen or become more prevalent in

the market, including the availability of

the give-up relationship 9, the ACT

Service Bureau arrangement, and the

recent establishment of Nasdaq ACT.10

The give-up and Service Bureau

arrangements are simple to establish

and maintain and are available to any

firm at low or no cost outside the

standard ACT transaction-based fees. In

addition, firms may also function as an

introducing broker and, thereby,

32974 Federal Register / Vol. 66, No. 118 / Tuesday, June 19, 2001 / Notices

11 15 U.S.C. 78o–3(b)(6). 12 17 CFR 200.30–3(a)(12).

completely avoid the obligation of

reporting trades through ACT.

Nasdaq considered and rejected the

possibility of increasing the monthly fee

for the ACT Service Desk to more

accurately reflect the true costs of

providing this service. Nasdaq created

the ACT Service Desk as a low-cost

service and has steadfastly resisted

raising the price of that service since its

inception, in large part due to the

perception that few alternatives for the

service existed. This perception no

longer reflects reality. Moreover, a fee

that accurately reflected the cost of

providing the ACT Service Desk would

not have been significantly lower than

the cost associated with Nasdaq ACT.

ACT Service Desk users, which

typically need only the trade entry and

trade query function (and not risk

management) can purchase that service

for $150 per month, $93.00 more than

they pay for the ACT Service Desk

today. For that additional fee, users can

report up to 20 trades per day (as

opposed five per day on the ACT

Service Desk), and they can do so more

efficiently.

While Nasdaq believes that the

elimination of the ACT Service Desk

will not materially or unduly burden the

current users of that service, it

recognizes the inconvenience to users

that have grown accustomed to this

method of trade reporting. To minimize

the disruption of its members’

operations, Nasdaq will wait 90 days

following Commission approval of this

rule proposal before eliminating the

ACT Service Desk. Nasdaq will also

provide ACT Service Desk users with at

least two forms of notice of its schedule

for eliminating the service, and will

provide accompanying information

about firms’ options for establishing

new trade reporting practices. Finally,

Nasdaq will, during this 90-day post

approval period, offer current ACT

Service Desk users the option of

transitioning to Nasdaq ACT for $57.00

per month to enable them to assess

whether that service meets their needs.

ACT Service Desk users that transition

to Nasdaq ACT after that 90-day period

will be assessed the regular fees for

Nasdaq ACT, as described in NASD

Rule 7010(g).

2. Statutory Basis

Nasdaq believes that the proposed

rule change is consistent with the

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

Act,11 which requires, among other

things, that the Association’s rules must

be designed to foster cooperation and

coordination with persons engaged in

regulating, clearing, settling, processing

information with respect to, and

facilitating transactions in securities, 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. Nasdaq believes that the

proposed rule change is wholly

consistent with the purposes of the Act

in that it will not materially reduce the

availability of cost effective and efficient

mechanisms to report trades, and

therefore facilitates clearance and

settlement. Additionally, Nasdaq

believes the proposed rule change will

not materially detract from the process

through which members engage in the

comparison and clearing of securities

transactions.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

Nasdaq 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

Nasdaq staff has discussed the

substance of this rule filing with what

Nasdaq believes is a representative

sample of current ACT Service Desk

users that have reported an average of

one or more trades per day during the

last three months. Most of the members

that Nasdaq contacted indicated that the

elimination of the ACT Service Desk

would not materially detract from the

operation of their firms. Only one

member firm stated that this proposal

would have a material impact, and

Nasdaq has committed to assisting that

firm, and any others that may

experience difficulty in transitioning

away from the ACT Service Desk.

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 Exchange 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.

Nasdaq has requested accelerated

approval of the proposed rule change.

While the Commission will not grant

accelerated approval at this time, the

Commission will consider granting

accelerated approval of the proposal at

the close of an abbreviated comment

period of 15 days from the date of

publication of the proposal in the

Federal Register.

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views and

arguments concerning the foregoing,

including whether the proposed rule

change is consistent with the Act.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, NW.,

Washington, DC 20549–0609. 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 Nasdaq. All

submissions should refer to file number

SR–NASD–2001–36 and should be

submitted by July 5, 2001.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.12

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–15363 Filed 6–18–01; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Notice of Membership of a National

Parks Overflights Advisory Group

AGENCY: National Park Service, Interior,

Federal Aviation Administration, DOT.

ACTION: Notice.

SUMMARY: The National Park Service

(NPS) and Federal Aviation

Administration (FAA) in accordance

with the National Parks Air Tour

Management Act of 2000, announce the

membership of the National Parks