[Federal Register Volume 59, Number 228 (Tuesday, November 29, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-29358]


[[Page Unknown]]

[Federal Register: November 29, 1994]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-34997; File No. SR-NASD-94-40]

 

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 
Investment Company/Variable Contracts Products Limited Representative 
(Series 6) Examination

November 22, 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 29b-4 thereunder.\3\ The rule change 
amends the examination specification and study outline for the 
Investment Company/Variable Contracts Products Limited Representative 
(Series 6) Examination. Specifically, the filing revises materials 
pertaining to new products, and includes new material pertaining to 
recently effective regulations affecting mutual funds and variable 
contracts products. The examination question bank, number of questions 
per examination and the examination time are unaffected by the 
amendments.
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    \1\The NASD subsequently filed four 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. These two filings were 
made pursuant to a NASD request for non-public treatment. On 
November 14 and 17, 1994, the NASD filed revised Series 6 study 
outlines. Copies of the study outlines were made available for 
public inspection and copying in the Commission's Public Reference 
Room.
    \2\15 U.S.C. 78s(b)(1).
    \3\17 C.F.R. 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 
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 6 examination are 
designed to reflect changes in the rules and regulations affecting 
mutual funds and variable contracts products. 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-94-40 be, and hereby is, 
approved, effective on January 20, 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. 94-29358 Filed 11-28-94; 8:45 am]
BILLING CODE 8010-01-M