[Federal Register Volume 63, Number 6 (Friday, January 9, 1998)]
[Notices]
[Pages 1519-1520]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-496]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-39502; File No. SR-MSRB-97-13]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Municipal Securities
Rulemaking Board To Revise the Effective Date of the Revised Study
Outline for the Board's Municipal Securities Principal Qualification
Examination (Test Series 53)
December 30, 1997.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''), 15 U.S.C. Sec. 78s(b)(1), notice is hereby given that on
December 18, 1997, the Municipal Securities Rulemaking Board (``Board''
or ``MSRB'') filed with the Securities and Exchange Commission
(``Commission'' or ``SEC'') a proposed rule change (File No. SR-MSRB-
97-13). The proposed rule change is described in Items, I, II, and III
below, which Items have been prepared by the Board. 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 MSRB is filing herewith a proposed rule change to delay the
effective date of the revised study outline for the Board's Municipal
Securities Principal Qualification Examination (Test Series 53). The
effective date of the revised study outline is being changed from
January 1, 1998, to March 1, 1998.
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 Board 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
texts of these statements may be examined at the places specified in
Item IV below. The Board 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
On October 16, 1997, the Board filed with the Commission a proposed
rule
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change (File No. SR-MSRB-97-7) to revise the study outline for the
Municipal Securities Principal Qualification Examination (Test Series
53). The Board requested that the Commission delay the effectiveness of
the revised study outline until January 1, 1998, in order to provide
time to modify the examination to reflect the changes and for
information concerning the revised outline to be distributed to the
industry. The Commission approved the proposed rule change on November
12, 1997.\1\
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\1\ Securities Exchange Act Release No. 39320 (Nov. 12, 1997),
62 FR 61857 (Nov. 19, 1997).
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It has come to the Board's attention that the revised Series 53
examination cannot be implemented by January 1, 1998. The Board has
determined to delay implementation of the revised Series 53 examination
until March 1, 1998, in order to provide adequate time for the network
of Sylvan Technology Centers to prepare for administration of the
examination.\2\ This additional time will allow the Sylvan Technology
Centers to ensure that procedures for the implementation of the revised
Series 53 examination are in place, including an adequate supply of
exhibit books for the examination in each testing location.
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\2\ The Board has agreements with the National Association of
Securities Dealers, Inc. to administer the Board's examinations. In
1996, NASD Regulation, Inc. contracted with Sylvan Learning Systems,
Inc. to administer testing and continuing education to the
securities industry.
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It is the Board's responsibility under Section 15B(b)(2)(A) of the
Act to propose and adopt rules which:
Provide that no municipal securities broker or municipal
securities dealer shall effect any transaction in, or induce or
attempt to induce the purchase or sale of, any municipal security
unless * * * such municipal securities broker or municipal
securities dealer and every natural person associated with such
municipal securities broker or municipal securities dealer meets
such standards of training, experience, competence, and such other
qualifications as the Board finds necessary or appropriate in the
public interest or for the protection of investors.
Section 15B(b)(2)(A) of the Act also provides that the Board may
appropriately classify municipal securities brokers and municipal
securities dealers and their associated personnel and require persons
in any such class to pass tests prescribed by the Board.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Board does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
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
The Board has designated this proposed rule change as constituting
a stated policy, practice, or interpretation with respect to the
meaning, administration, or enforcement of an existing rule of the
Board under Section 19(b)(3)(A) of the Act, which renders the proposed
rule change effective upon receipt of this filing by the Commission. At
any time within 60 days of the filing of such proposed rule change, the
Commission may summarily abrogate such rule change if it appears to the
Commission that such action is necessary or appropriate in the public
interest, for the protection of investors, or otherwise in furtherance
of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
agruments concerning the foregoing. Persons making written submissions
should file six copies thereof with the Secretary, Securities and
Exchange Commission, 450 Fifth Street N.W., Washington, D.C. 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. Sec. 552, will be available for inspection and copying in
the Commission's Public Reference Room. Copies of the filing will also
be available for inspection and copying at the Board's principal
offices. All submissions should refer to File No. SR-MSRB-97-13 and
should be submitted by January 30, 1998.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\3\
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\3\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 98-496 Filed 1-8-98; 8:45 am]
BILLING CODE 8010-01-M