[Federal Register Volume 67, Number 51 (Friday, March 15, 2002)]
[Notices]
[Page 11735]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-6259]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-45531; File No. SR-NASD-2002-05]


Self-Regulatory Organizations; National Association of Securities 
Dealers, Inc; Order Granting Approval to Proposed Rule Change Relating 
to Revisions to Form U-4 and Form U-5

March 11, 2002.
    On January 9, 2002, the National Association of Securities Dealers, 
Inc. (``NASD'' or the ``Association''), through its wholly owned 
subsidiary, NASD Regulation, Inc. (``NASD Regulation''), filed with the 
Securities and Exchange Commission (``SEC'' or ``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 
revising the Uniform Application for Securities Industry Registration 
or Transfer (``Form U-4'') and Uniform Termination Notice for 
Securities Industry Registration (``Form U-5'') (collectively, the 
``Forms''). On January 23, 2002, NASD Regulation submitted Amendment 
No. 1 to the proposed rule change.\3\ On January 31, 2002, NASD 
Regulation submitted Amendment No. 2 to the proposed rule change.\4\ On 
February 28, 2002, NASD Regulation submitted Amendment No. 3 to the 
proposed rule change.\5\
    The proposed rule change, as amended, was published for comment in 
the Federal Register on February 7, 2002.\6\ The Commission received no 
comments on the proposal.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See letter from Patrice M. Gliniecki, Vice President and 
Acting General Counsel, NASD Regulation, to Katherine A. England, 
Assistant Director, Division of Market Regulation (``Division''), 
SEC, dated January 22, 2002 (``Amendment No. 1'').
    \4\ See letter from Patrice M. Gliniecki, Vice President and 
Acting General Counsel, NASD Regulation, to Katherine A. England, 
Assistant Director, Division, SEC, dated January 31, 2002 
(``Amendment No. 2'').
    \5\ See letter from Patrice M. Gliniecki, Vice President and 
Acting General Counsel, NASD Regulation, to Katherine A. England, 
Assistant Director, Division, SEC, dated February 27, 2002 
(``Amendment No. 3''). In Amendment No. 3, NASD Regulation made 
various technical corrections to the proposed language changes to 
Form U-4 and Form U-5.
    \6\ See Securities Exchange Act Release No. 45385 (February 1, 
2002), 67 FR 5862.
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    After careful review, the Commission finds that the proposed rule 
change is consistent with the requirements of the Act and the rules and 
regulations thereunder,\7\ and, in particular, the requirements of 
Section 15A of the Act \8\ and the rules and regulations thereunder. 
The Commission finds specifically that the proposed rule change is 
consistent with Section 15A(b)(6) of the Act.\9\ Section 15A(b)(6) \10\ 
requires, among other things, that the NASD's rules be designed to 
prevent fraudulent and manipulative acts and practices, to promote just 
and equitable principles of trade, and, in general, to protect 
investors and the public interest.
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    \7\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. 15 U.S.C. 78c(f).
    \8\ 15 U.S.C. 78o-3.
    \9\ 15 U.S.C. 78o-3(b)(6).
    \10\ Id.
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    The Commission believes that the proposed rule change promotes the 
objectives of this section of the Act. Specifically, the proposed rule 
change will accomplish these ends by making technical changes to the 
Forms to accommodate the electronic submission of investment adviser 
filings on the Investment Adviser Registration Depository (``IARD'') 
system; establishing procedures that will enable broker/dealer firms 
and investment adviser firms employing dually registered persons to 
concur with information contained in the Forms; making certain 
formatting and technical changes to the Forms that would complete the 
transition from a paper-based filing model to an electronic-filing 
model; providing separate paper filing instructions for those filers 
that do not use the CRD or IARD systems; clarifying certain items that 
have been a source of confusion for Web CRD users; and updating the 
Form U-4 to add examination and registration categories that were not 
previously included. The proposed rule change also amends NASD IM-8310-
2, Release of Disciplinary Information, to refer to the newly numbered 
Item 14 of the Form U-4.
    It is therefore ordered, pursuant to section 19(b)(2) of the 
Act,\11\ that the proposed rule change (File No. SR-NASD-2002-05) be, 
and it hereby is, approved.


    \11\ 15 U.S.C. 78s(b)(2).
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    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 02-6259 Filed 3-14-02; 8:45 am]
BILLING CODE 8010-01-P