[Federal Register Volume 69, Number 120 (Wednesday, June 23, 2004)]
[Notices]
[Page 35090]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-14146]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-49875; File No. SR-NASD-2004-001]


Self-Regulatory Organizations; Order Granting Approval of 
Proposed Rule Change by the National Association of Securities Dealers, 
Inc. Relating to Arbitrator Training Fees

June 16, 2004.

I. Introduction

    On January 7, 2004, the National Association of Securities Dealers, 
Inc. (``NASD''), through its wholly owned subsidiary, NASD Dispute 
Resolution, 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 to revise the fees that are charged to its panel 
member arbitrators. On April 2, 2004, NASD filed Amendment No. 1 to the 
proposed rule change.\3\ Notice of the proposed rule change, as 
amended, was published for comment in the Federal Register on May 14, 
2004.\4\ No comments were received on the proposed rule change. This 
order approves the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See letter from Mignon McLemore, NASD, to Katherine England, 
Assistant Director, Division of Market Regulation, Commission, dated 
April 2, 2004.
    \4\ See Securities Exchange Act Release No. 49674 (May 10, 
2004), 69 FR 26909.
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II. Description of Proposed Rule Change

    The proposed rule change would amend the fees that are charged to 
its panel member arbitrators. Specifically, the proposal would raise 
the fee for panel member training from $100 to $125 for all applicants 
who register for the training after the proposed rule change becomes 
effective.

III. Discussion

    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 association.\5\ 
Specifically, the Commission believes that the increased fee that NASD 
proposes to charge for arbitrator training is consistent with Sections 
15A(b)(5) and 15A(b)(6) of the Act. Section 15A(b)(5) requires that the 
rules of a registered national securities association provide for the 
equitable allocation of reasonable dues, fees, and other charges among 
members and issuers and other persons using any facility or system 
which the association operates or controls. Section 15A(b)(6) requires, 
among other things, that the rules of a national securities association 
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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    \5\ In approving this proposal, the Commission has considered 
the proposed rule's impact on efficiency, competition, and capital 
formation. See 15 U.S.C. 78c(f).
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IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\6\ that the proposed rule change (SR-NASD-2004-001) be, and hereby 
is, approved.
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    \6\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 04-14146 Filed 6-22-04; 8:45 am]
BILLING CODE 8010-01-P