[Federal Register Volume 68, Number 140 (Tuesday, July 22, 2003)]
[Notices]
[Pages 43411-43412]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-18527]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-48161A; File No. SR-NASD-2003-57]


Self-Regulatory Organizations; National Association of Securities 
Dealers, Inc; Order Granting Approval of Proposed Rule Change and 
Amendment Nos. 1 and 2 Thereto, and Notice of Filing and Order Granting 
Accelerated Approval To Amendment No. 3 to the Proposed Rule Change 
Relating to Revisions to the Uniform Application for Securities 
Industry Registration or Transfer (Form U-4) and Uniform Termination 
Notice for Securities Industry Registration (Form U-5)

July 16, 2003.

Correction

    In Release No. 34-48161, issued on July 10, 2003 (``Approval 
Order''), an inaccurate reference to Question 14J of the Uniform 
Application for Securities Industry Registration or Transfer (``Form 
U4'') appeared. The Approval Order's Purpose Section contained the 
inaccurate reference due to a typographical, non-substantive error on 
the part of the National Association of Securities Dealers, Inc. 
(``NASD'') in the third amendment to the proposed rule change.\1\ 
Specifically, in footnote 11 of the Approval Order, Question 14J is 
inaccurately referenced in three instances, rather than Question 14M. 
The corrected text of footnote 11 of the

[[Page 43412]]

Approval Order appears below. Additions are in italics and deletions 
are in brackets.
---------------------------------------------------------------------------

    \1\ See letter from Patrice M. Gliniecki, Vice President and 
Deputy General Counsel, NASD, to Katherine A. England, Assistant 
Director, Division, Commission (July 1, 2003) (``Amendment No. 3'') 
(The Commission notes that the NASD inadvertently numbered Amendment 
No. 3 as Amendment No. 1). In Amendment No. 3, the NASD responded to 
comments submitted by the Association of Registration Management 
(``ARM'') arguing, primarily, that the information being sought by 
the additional questions being added to the Form U4 was already 
captured by pre-existing questions on the Form U4 and that the 
addition of such questions would create a monumental administrative 
burden for member firms.
---------------------------------------------------------------------------

* * * * *
Footnote 11:

    The CRD system will process such Form U4 filings as follows. If a 
registered person has a ``yes'' answer to any question in Questions 14A 
through [J]M in the Disclosure Section of the Form U-4 on or after July 
14, the CRD system will require that the firm filing an amended Form U-
4 enter a response (by selecting the appropriate ``yes'' or ``no'' 
radio button) to new disclosure Question 14D(2) and also obtain a 
completed Section 15D. If those questions are not answered, the filing 
will fail the CRD system completeness check. For the sake of clarity, 
NASD notes that an amendment to a Form U-4 filing on or after July 14, 
for the purpose of adding a ``yes'' answer to Questions 14A through 
[J]M, when previously there had been no ``yes'' answers, would require 
the firm filing the amendment to answer new disclosure Question 14D(2) 
and obtain a completed Section 15D.
    If a registered person does not have a ``yes'' answer to Questions 
14A through [J]M in the Disclosure Section of the Form U-4, the CRD 
system will default new disclosure Question 14D(2) with a ``no'' 
response for any filings prepared for submission after implementation 
of the new questions, and the firm will not be required to obtain a 
completed Section 15D for the purposes of answering Question 14D(2). 
Form U-4 amendments filed by the firm for such individuals will not 
fail the completeness check due to these new questions; however, by 
submitting the filing, firms will be representing that they are filing 
``no'' answers to the new questions, unless they affirmatively change 
the ``no'' answer to ``yes'' before submitting the filing. Similarly, 
as discussed above, registered persons who have not filed an amended 
Form U-4 reporting credit union regulatory proceedings within the 
specified 30-day period will be deemed to have represented that they 
have not been the subject of any such proceedings.
* * * * *

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\2\
---------------------------------------------------------------------------

    \2\ 17 CFR 200.30-2(a)(12).
---------------------------------------------------------------------------

Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 03-18527 Filed 7-21-03; 8:45 am]
BILLING CODE 8010-01-P