[Federal Register Volume 70, Number 96 (Thursday, May 19, 2005)]
[Notices]
[Pages 28970-28972]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-2505]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-51688; File No. SR-NASD-2005-053]


Self-Regulatory Organizations; National Association of Securities 
Dealers, Inc.; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change To Delay Implementation Date of Revisions to the Series 4 
Examination Program

May 12, 2005.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934

[[Page 28971]]

(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on April 18, 2005, the National Association of Securities Dealers, Inc. 
(``NASD'') filed with the Securities and Exchange Commission (``SEC'' 
or ``Commission'') the proposed rule change as described in items I, 
II, and III below, which items have been prepared by NASD. NASD has 
designated the proposed rule change as one constituting a stated 
policy, practice, or interpretation with respect to the meaning, 
administration, or enforcement of an existing rule of NASD pursuant to 
section 19(b)(3)(A)(i) of the Act \3\ and Rule 19b-4(f)(1) 
thereunder,\4\ which renders the proposal effective upon filing with 
the Commission. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 5 U.S.C. 78s(b)(3)(A)(i).
    \4\ 17 CFR 240.19b-4(f)(1).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    NASD proposes to delay until no later than November 30, 2005 the 
implementation date of the recent revisions to the Limited Principal--
Registered Options (Series 4) examination program, including the study 
outline and selection specifications (the ``Series 4 Examination''). 
NASD is not proposing any textual changes to the By-Laws, Schedules to 
the By-Laws, or Rules of NASD.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, NASD included statements 
concerning the purpose of and basis for the proposed rule change. The 
text of these statements may be examined at the places specified in 
item IV below. NASD 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

1. Purpose
    On February 9, 2005, NASD filed with the SEC for immediate 
effectiveness revisions to the Series 4 Examination.\5\ The Series 4 
Examination is an industry-wide examination that qualifies an 
individual to function as a Registered Options Principal. The Series 4 
Examination is shared by NASD and the following SROs: The American 
Stock Exchange LLC (``Amex''), the Chicago Board Options Exchange, 
Incorporated, the New York Stock Exchange, Inc., the Pacific Exchange, 
Inc. (``PCX''), and the Philadelphia Stock Exchange, Inc. Amex and PCX 
filed with the SEC similar revisions to the Series 4 Examination.\6\ 
NASD originally had proposed to implement the Series 4 Examination 
revisions by no later than April 29, 2005. However, due to 
administrative issues, NASD is proposing to delay until no later than 
November 30, 2005, the implementation date of the revisions. NASD will 
announce the revisions to the Series 4 Examination and the 
implementation date in a Notice to Members to be published no later 
than October 31, 2005.
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    \5\ See Securities Exchange Act Release No. 51216 (February 16, 
2005), 70 FR 8866 (February 23, 2005) (SR-NASD-2005-025).
    \6\ See Securities Exchange Act Release No. 51688 (May 12, 2005) 
(SR-Amex-2005-039); SR-PCX-2005-51.
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    NASD understands that Amex and PCX also will file with the SEC 
similar proposed rule changes to delay until no later than November 30, 
2005, the implementation date of the revisions to the Series 4 
Examination.
2. Statutory Basis
    NASD believes that the proposed rule change is consistent with the 
provisions of sections 15A(b)(6) \7\ and 15A(g)(3) of the Act,\8\ which 
authorize NASD to prescribe standards of training, experience, and 
competence for persons associated with NASD members.
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    \7\ 15 U.S.C. 78o-3(b)(6).
    \8\ 15 U.S.C. 78o-3(g)(3).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    NASD does not believe that the proposed rule change will result in 
any burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act, as amended.

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 proposed rule change has become effective pursuant to section 
19(b)(3)(A)(i) of the Act \9\ and Rule 19b-4(f)(1) thereunder,\10\ in 
that the proposed rule change constitutes a stated policy, practice, or 
interpretation with respect to the meaning, administration, or 
enforcement of an existing rule of NASD. NASD proposes to implement the 
Series 4 Examination revisions by no later than November 30, 2005. NASD 
will announce the revisions to the Series 4 Examination and the 
implementation date in a Notice to Members to be published no later 
than October 31, 2005.
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    \9\ 15 U.S.C. 78s(b)(3)(A)(i).
    \10\ 17 CFR 240.19b-4(f)(1).
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    At any time within 60 days of the filing of the 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 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to [email protected]. Please include 
File Number SR-NASD-2005-053 on the subject line.

Paper Comments

     Send paper comments in triplicate to Jonathan G. Katz, 
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW., 
Washington, DC 20549-0609.

All submissions should refer to File Number SR-NASD-2005-053. This file 
number should be included on the subject line if e-mail is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). 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

[[Page 28972]]

provisions of 5 U.S.C. 552, will be available for inspection and 
copying at the principal office of NASD. All comments received will be 
posted without change; the Commission does not edit personal 
identifying information from submissions. You should submit only 
information that you wish to make available publicly. All submissions 
should refer to the File Number SR-NASD-2005-053 and should be 
submitted on or before June 9, 2005.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5-2505 Filed 5-18-05; 8:45 am]
BILLING CODE 8010-01-P