[Federal Register Volume 66, Number 183 (Thursday, September 20, 2001)]
[Notices]
[Page 48502]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-23437]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 44789; File No. SR-NYSE-2001-11]


Self-Regulatory Organizations; New York Stock Exchange, Inc.; 
Order Granting Approval to Proposed Rule Change Amending New York Stock 
Exchange Rule 342 (``Offices--Approval, Supervision and Control'')

September 13, 2001.
    On May 15, 2001, the New York Stock Exchange, Inc. filed with the 
Securities and Exchange Commission (``Commission''), pursuant to 
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ 
and Rule 19b-4 thereunder,\2\ a proposed rule change amending New York 
Stock Exchange Rule 342 to rescind the prerequisite that Compliance 
Official candidates from members or member organizations doing a public 
business be required to take the General Securities Sales Supervisor 
Qualification Examination (Series 9/10).
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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    The proposed rule change was published for comment in the Federal 
Register on August 1, 2001.\3\ The Commission received no comments on 
the proposal.
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    \3\ See Securities Exchange Act Release No. 44588 (August 1, 
2001), 66 FR 39808.
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    The Commission finds that the proposed rule change is consistent 
with the requirements of the Act and the rules and regulations 
thereunder applicable to a national securities exchange,\4\ and, in 
particular, the requirements of Section 6 of the Act \5\ and the rules 
and regulations thereunder. The Commission finds specifically that the 
proposed rule change is consistent with Sections 6(b)(5) and 6(c)(3)(B) 
of the Act.\6\ Section 6(b)(5) \7\ requires, among other things, that 
the rules of an exchange be designed to promote just and equitable 
principles of trade, to remove impediments to and perfect the mechanism 
of a free and open market and a national market system, and, in 
general, to protect investors and the public interest. Under Section 
6(c)(3)(B) of the Act,\8\ it the Exchange's responsibility to prescribe 
standards of training, experience and competence for persons associated 
with Exchange members and member organizations.
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    \4\ In approving this proposed rule change, the Commission notes 
that it has considered the rule's impact on efficiency, competition, 
and capital formation. 15 U.S.C. 78c(f).
    \5\ 15 U.S.C. 78f.
    \6\ 15 U.S.C. 78f(b)(5) and 15 U.S.C. 78f(c)(3)(B).
    \7\ 15 U.S.C. 78f(b)(5).
    \8\ 15 U.S.C. 78f(c)(3)(B).
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    The Commission believes that the proposed rule change promotes the 
objectives of these sections of the Act by removing duplicative 
examination requirements. Specifically, the proposed rule change 
rescinds the prerequisite that Compliance Official candidates from 
members or member organizations doing a public business take the 
General Securities Sales Supervisor Qualification Examination (Series 
9/10), because that exam contains substantially similar material to the 
required Compliance Official Qualification Examination (Series 14).
    It is Therefore Ordered, pursuant to Section 19(b)(2) of the 
Act,\9\ that the proposed rule change (File No. SR-NYSE-2001-11) be, 
and it hereby is, approved.
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    \9\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-23437 Filed 9-19-01; 8:45 am]
BILLING CODE 8010-01-M