A B767-200 CLBS 900 FT ABOVE ASSIGNED ALT WHEN FLT IS GIVEN A SPD RESTR WITHOUT ANY ALT CHANGE.

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SWITCHED FREQS WHILE CLBING OUT TO 17000 FT. WHILE CLBING THROUGH APPROX 16200 FT; ATC ON NEW FREQ TOLD US TO SLOW TO 250 KTS BUT GAVE US NO FURTHER CLB CLRNC. I SET THE SPD FOR THE CAPT WHO WAS HAND FLYING; THEN LOOKED AWAY FROM THE MCP TO PERFORM ANOTHER TASK. GLANCED BACK AT INSTS AND NOTICED WE WERE CLBING RAPIDLY THROUGH 16900 FT. CALLED 'THERE'S 17000 FT.' CAPT PULLED OFF PWR AND STARTED TO ARREST CLB. WE REACHED 17900 FT BEFORE DSNDING BACK DOWN TO 17000 FT. DSNDING THROUGH 17700 FT; ATC CALLED AND TOLD US TO DSND TO 17000 FT. I REPLIED; 'LEVELING 17000 FT.' FACTORS INVOLVED IN THIS ALT EXCURSION: 1) EXPECTATION WAS FOR A CLB ABOVE 17000 FT; NOT A SPD REDUCTION. 2) CAPT USED A CLB TO BLEED OFF AIRSPD; HAVING FORGOTTEN THAT WE WERE SUPPOSED TO LEVEL AT 17000 FT. 3) I LOOKED AWAY AS HE BEGAN TO EXCHANGE ALT FOR AIRSPD; SO I DID NOT SEE THE EXCESSIVE RATE OF CLB UNTIL 16900 FT. SUPPLEMENTAL INFO FROM ACN 398748: I WAS HAND FLYING AND APPROX 310 KTS. I RAISED THE NOSE OF THE AIRPLANE AND PULLED THE THROTTLES TO IDLE TO ATTAIN 250 KTS; FORGETTING ABOUT THE 17000 FT RESTR. A MOMENTARY DISTR FROM ONE CLRNC TO ANOTHER CLRNC WAS A CONTRIBUTING FACTOR IN THE INCIDENT.