Yes, as Tom said the second hand is always running. It functions like a flyback chrono when you engage the timer. The movement is a cousin of the Lemania 5100 so some of the parts will swap but like the stem. I picked one up local for $300 bucks and brought it back from the dead last year. I don't know why but I sold it to a buddy and I've been trying to get it back since.

: I've recently bought a black PVD Regatta 134.601, it's running fine
: but the chrono 'discs' counter doesn't work (I knew this when I
: bought it), so it's gonna go off for a service.
: One thing I wondered.. a fully working model - does the central
: sweep hand run permanently or parked at 12 o'clock? Just
: wondered!

: PS. It's a surprising watch.. really 'under the Heuer radar', but a
: real tool watch, haven't taken it off since I got it - it's fast
: becoming a firm favourite.

: Thanks
: Stewart
: - Heuerville