[Federal Register Volume 59, Number 232 (Monday, December 5, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-29789]
[[Page Unknown]]
[Federal Register: December 5, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35017; File No. SR-NASD-94-43]
Self-Regulatory Organizations; National Association of Securities
Dealers, Inc.; Order Approving Proposed Rule Change Relating to
Amendments to the Examination Question Bank, Specifications and Study
Outline for the Direct Participation Programs Limited Principal (Series
39) Examination
November 29, 1994.
On July 26, 1994, the National Association of Securities Dealers,
Inc. (``NASD'' or ``Association'') filed with the Securities and
Exchange Commission (``SEC'' or ``Commission'') a proposed rule
change\1\ pursuant to Section 19(b)(1) of the Securities Exchange Act
of 1934 (``Act'')\2\ and Rule 19b-4 thereunder.\3\ The rule change
amends the examination specifications and study outline for the Series
39 examination.
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\1\The NASD filed five amendments, four of which were filed
subsequent to the notice being published in the Federal Register. In
the first amendment, filed on August 1, 1994, the NASD provided the
amended examination specifications for the Series 39 exam. The
examination specifications were filed pursuant to a request by the
NASD for confidential treatment. In the second amendment, filed on
August 31, 1994, the NASD provided the question bank for the Series
39 exam. The question bank was filed pursuant to a request by the
NASD for confidential treatment. In the third amendment, filed via
facsimile on September 7, 1994, the NASD provided a one page summary
of the changes to the Series 39 specifications and study outline. In
the fourth amendment, filed on October 13, 1994, the NASD provided
more questions to be added to the question bank for the Series 39
exam. The test selection specifications were also amended.
Additionally, a technical change to the study outline was made. In
the fifth amendment, filed via facsimile on November 23, 1994, the
NASD made a technical change in one question from the Series 39
question bank.
\2\15 U.S.C. Sec. 78s(b)(1).
\3\17 CFR 240.19b-4.
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The NASD has revised materials pertaining to new products, and has
included new material pertaining to recently effective regulations
affecting direct participation programs. The number of questions per
examination and the examination time are unaffected by the amendments.
Notice of the proposed rule change, as amended, together with its
terms of substance was provided by issuance of a Commission release\4\
and by publication in the Federal Register.\5\ No comments were
received in response to the Notice. This order approves the proposed
rule change, which will be effective 60 days from the date of this
order.
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\4\Securities Exchange Act Rel. No. 34495 (August 5, 1994).
\5\59 FR 42625 (August 18, 1994).
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As the NASD indicated in its rule filing, the amendments to the
Series 39 examination are designed to reflect recent changes in the
products offered in the industry and to reflect changes in the rules
and regulations affecting direct participation programs. The Commission
finds that the proposed rule change is consistent with the requirements
of the Act and the rules and regulations thereunder applicable to the
NASD, including the requirements of Section 15A(g)(3) of the Act.\6\
Section 15A(g)(3) provides, among other things, that a registered
securities association may require that members and their associated
persons meet certain training, experience and competence standards. The
proposed changes to the examination will help ensure that persons
seeking registration in the securities industry have attained the
requisite levels of knowledge and competence.
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\6\15 U.S.C. Sec. 78o-3(g)(3).
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It is therefore ordered, pursuant to Section 19(b)(2) of the Act,
that the proposed rule change SR-NASD-94-43 be, and hereby is,
approved, effective on January 30, 1995.
For the Commission, by the Division of Market Regulation, pursuant
to delegated authority.\7\
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\7\17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-29789 Filed 12-2-94; 8:45 am]
BILLING CODE 8010-01-M
