[Federal Register Volume 60, Number 29 (Monday, February 13, 1995)]
[Notices]
[Page 8262]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-3496]
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SECURITIES AND EXCHANGE COMMISSION
Release No. 34-35334; File No. SR-NASD-94-63]
Self-Regulatory Organizations; Order Approving Proposed Rule
Change by National Association of Securities Dealers, Inc., Relating to
Numbering and Terminology of Rules and Correction of Cross References
February 6, 1995.
On December 13, 1994, the National Association of Securities
Dealers, Inc. (``NASD'' or ``Association'') filed a proposed rule
change\1\ that recognizes the NASD Manual with the Securities and
Exchange Commission (``SEC'' or ``Commission'') pursuant to Section
19(b)(1) of the Securities Exchange Act of 1934 (``Act'')\2\ and Rule
19b-4 thereunder.\3\ The Commission published notice of the proposed
rule change in the Federal Register on January 5, 1995.\4\ No comments
were received in response to the notice. For the reasons discussed
below, the Commission is approving the proposed rule change.
\1\The NASD originally submitted the proposed rule change on
November 28, 1994. On December 13, 1994, the NASD filed Amendment
No. 1 to its filing requesting that certain language be deleted and
substituted with the word ``unchanged''. This order reflects the
amendment.
\2\15 U.S.C. 78s(b)(1).
\3\17 CFR 240.19b-4.
\4\Securities Exchange Act Release No. 35150 (December 23,
1994), 60 FR 1808.
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The rule change amends Articles I, III, IV, V, VII, VIII, IX, XII
and XVII of the By-Laws; and Articles, I, II, III, IV and V of the
Rules of Fair Practice. The new language was included in the notice of
the proposed rule change. The amendments are part of a multi-phase
program in which the NASD is reorganizing the NASD Manual to make it
easier to use by members and other users. The amendments are a non-
substantive reordering of the existing rules, interpretations, and
other provisions of the Manual intended to establish a more logical
progression of rules within the Manual. All rules in the NASD Manual,
including not only the current Rules of Fair Practice, but also, for
example, such specialized rules as the Government Securities Rules,
Nasdaq Rules, and the Code of Arbitration Procedure will be numbered
consecutively throughout the Manual and considered together as ``Rules.
The amendments will require certain changes in numbering and
terminology in the By-Laws and Rules of the NASD. In addition, a common
numbering and naming scheme for subdivisions within a Rule will be
used. Discussion of the specific changes were included in the Federal
Register notice.
The Commission finds the proposed rule change consistent with the
provisions of Section 15A(b)(6) of the Act,\5\ in that the proposal
simplifies the terminology used for rules and corrects inadvertent
errors and omissions. The Commission believes that making the NASD
Manual easier to use may enhance the protection of investors and the
public interest.
\5\15 U.S.C. Sec. 78o-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-94-64 be, and hereby is,
approved, effective February 9, 1995.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\6\
\6\17 CFR 200.30-3(a)(12).
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[FR Doc. 95-3496 Filed 2-10-95; 8:45 am]
BILLING CODE 8010-01-M
