[Federal Register Volume 59, Number 225 (Wednesday, November 23, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-28865]


[[Page Unknown]]

[Federal Register: November 23, 1994]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-34979; File No. SR-NASD-94-42]

 

Self-Regulatory Organizations; Order Approving 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

November 16, 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 specification and study outline for the 
Assistant Representative-Order-Processing (``Series 11'') 
qualifications examinations. Specifically, the filing revises materials 
pertaining to appropriate job functions, and includes 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.
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    \1\The NASD subsequently filed two amendments to its original 
filing. In the first amendment, filed on August 1, 1994, the NASD 
filed amended examination specifications for this registration 
category. On August 31, 1994, the NASD provided the examination 
question bank for the Series 11 examination. Both filings were made 
pursuant to a NASD request for non-public treatment.
    \2\15 U.S.C. 78s(b)(1).
    \3\17 CFR 240.19b-4.
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    The Commission published notice of the proposed rule change in the 
Federal Register on August 23, 1994.\4\ No comments were received in 
response to the Notice. For the reasons discussed below, the Commission 
is approving the proposed rule change.
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    \4\Securities Exchange Act Release No. 34534 (August 16, 1994), 
59 FR 43367.
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    The NASD periodically reviews the content of its qualification 
examination specifications, and study outline 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 specifications, and study outline are 
designed to further test appropriate job functions and to reflect 
changes in the rules and regulations affecting the securities industry. 
The proposed rule change will be effective 60 days from the date of 
this order.
    The Commission finds the proposed rule change consistent with the 
provisions of Section 15A(g)(3) of the Act.\5\ Section 15A(g)(3) 
provides, among other things, that a registered securities association 
may require that its members and their associated persons meet certain 
training, experience and competence standards. The Commission finds 
that the proposed changes to the examination specification and study 
outline will help ensure that persons seeking registration in the 
securities industry have attained the requisite levels of knowledge and 
competence.
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    \5\15 U.S.C. 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-94-42 be, and hereby is, 
approved, effective on January 17, 1995.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\6\
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    \6\17 CFR 200.30-3(a)(12).
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Jonathan G. Katz,
Secretary.
[FR Doc. 94-28865 Filed 11-22-94; 8:45 am]
BILLING CODE 8010-01-M