[Federal Register Volume 59, Number 162 (Tuesday, August 23, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-20566]
[[Page Unknown]]
[Federal Register: August 23, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-34534; File No. SR-NASD-94-42]
Self-Regulatory Organizations; Notice of Filing of Proposed Rule
Change by National Association of Securities Dealers, Inc. Relating to
Amendments to the Examination Specifications and Study Outline for the
Assistant Representative-Order Processing (Series 11) Examination
August 16, 1994.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''), 15 U.S.C. 78s(b)(1), notice is hereby given that on July 26,
1994, the National Association of Securities Dealers, Inc. (``NASD'' or
``Association'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I, II, and III below, which Items have been prepared by the NASD.
The Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The NASD is proposing amendments to the examination specifications
and study outline for the Assistant Representative-Order Processing
(``Series 11'') qualifications examination. The amendments revise
materials pertaining to appropriate job functions, and include new
material pertaining to recently effective rules and regulations
affecting the securities industry. The number of questions per
examination and the examination time are unaffected by the amendments.
The above-described amendments do not result in any textual changes
to the NASD By-Laws, Schedules to the By-Laws, Rules, practices or
procedures.
II. Self-Regulatory Organization's Statement of the Purpose of and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the NASD included 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. The NASD 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
The NASD periodically reviews the content of its qualification
examinations to determine whether amendments are necessary or
appropriate in view of changes pertaining to the subject matter covered
by the examinations. The amendments to the Series 11 examination are
designed to further test appropriate job functions and to reflect
changes in the rules and regulations affecting the securities industry.
The NASD is requesting that the proposed rule change be effective
within 45 days of SEC approval.
The NASD believes that the proposed rule change is consistent with
the provisions of Section 15A(g)(3) of the Act in that the proposed
changes to the examination are to ensure persons seeking registration
in the securities industry have attained the requisite levels of
knowledge and competence.
(B) Self-Regulatory Organization's Statement on Burden on Competition
The NASD 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
Written comments were neither solicited nor received.
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 self-regulatory organization 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.
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.
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 the
NASD. All submissions should refer to file number SR-NASD-94-42 and
should be submitted by September 13, 1994.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\1\
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\1\17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-20566 Filed 8-22-94; 8:45 am]
BILLING CODE 8010-01-M
