Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto Relating to Revisions to the Series 9/10 Examination Program, 74083-74085 [E5-7306]
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Federal Register / Vol. 70, No. 239 / Wednesday, December 14, 2005 / Notices
they will now direct the Exchange to
make on their behalf those payment for
order flow payments to the order flow
providers. The Exchange also proposes
to specifically request that books and
records regarding the rate (for example,
$0.25 per contract or a flat monthly rate)
that is paid to order flow providers and
the basis for the amount that Directed
ROTs, specialists, and specialist units
direct the Exchange to pay to order flow
providers be maintained.
2. Statutory Basis
The Exchange believes the proposal is
consistent with section 6(b) of the Act 7,
in general, and furthers the objectives of
section 6(b)(1) of the Act,8 in particular,
in that it assist the Exchange in
determining and enforcing compliance
with its rules assist the Exchange in
determining an enforcing compliance
with its rules (i.e., the specific terms of
the Exchange’s payment for order flow
program). By enabling the Exchange to
verify that the payment for order flow
program is being administered in
accordance with the terms thereof as
approved by the Exchange and set forth
in its filing with the Commission, this
proposal also promotes just and
equitable principles of trade consistent
with section 6(b)(1) of the Act.9
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
No written comments were solicited
or received by the Exchange on this
proposal.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding, or
(ii) as to which the Exchange consents,
the Commission will:
A. By order approve the proposed rule
change, or
7 15
U.S.C. 78f(b).
U.S.C. 78f(b)(1).
9 15 U.S.C. 78f(b)(1).
8 15
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15:29 Dec 13, 2005
B. Institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change, as amended, is consistent with
the Act. Comments may be submitted by
any of the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–Phlx–2005–67 on the
subject line.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Jonathan G. Katz,
Secretary.
[FR Doc. E5–7299 Filed 12–13–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52916; File No. SR–Phlx–
2005–71]
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change and Amendment No. 1 Thereto
Relating to Revisions to the Series 9/
10 Examination Program
December 7, 2005.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
• Send paper comments in triplicate
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on November
to Jonathan G. Katz, Secretary,
16, 2005, the Philadelphia Stock
Securities and Exchange Commission,
Exchange, Inc. (‘‘Phlx’’ or ‘‘Exchange’’)
100 F Street, NE., Washington, DC
filed with the Securities and Exchange
20549–9303.
Commission (‘‘SEC’’ or ‘‘Commission’’)
All submissions should refer to File
the proposed rule change as described
Number SR–Phlx–2005–67. This file
in Items I, II, and III below, which Items
number should be included on the
have been prepared by the Phlx. On
subject line if e-mail is used. To help the November 29, 2005, Phlx filed
Commission process and review your
Amendment No. 1 to the proposed rule
comments more efficiently, please use
change. Phlx has designated the
only one method. The Commission will proposed rule change as constituting a
post all comments on the Commission’s stated policy, practice, or interpretation
Internet Web site (https://www.sec.gov/
with respect to the meaning,
rules/sro.shtml). Copies of the
administration, or enforcement of an
submission, all subsequent
existing rule of the self-regulatory
amendments, all written statements
organization pursuant to section
with respect to the proposed rule
19(b)(3)(A)(i) of the Act 3 and Rule 19b–
change that are filed with the
4(f)(1) thereunder,4 which renders the
proposal effective upon filing with the
Commission, and all written
Commission. The Commission is
communications relating to the
publishing this notice to solicit
proposed rule change between the
Commission and any person, other than comments on the proposed rule change,
as amended, from interested persons.
those that may be withheld from the
public in accordance with the
I. Self-Regulatory Organization’s
provisions of 5 U.S.C. 552, will be
Statement of the Terms of Substance of
available for inspection and copying in
the Proposed Rule Change
the Commission’s Public Reference
The Phlx proposes to file revisions to
Room. Copies of the filing also will be
the study outline and selection
available for inspection and copying at
specifications for the Limited
the principal office of the Exchange. All Principal—General Securities
comments received will be posted
Supervisor (Series 9/10) examination
without change; the Commission does
(‘‘Series 9/10 Examination’’), which is
not edit personal identifying
administered by the National
information from submissions. You
Association of Securities Dealers, Inc.
should submit only information that
(‘‘NASD’’). The proposed revisions
you wish to make available publicly. All
10 17 CFR 200.30–3(a)(12).
submissions should refer to File
1 15 U.S.C. 78s(b)(1).
Number SR–Phlx–2005–67 and should
2 17 CFR 240.19b–4.
be submitted on or before January 4,
3 15 U.S.C. 78s(b)(3)(A)(i).
2006.
4
Paper Comments
17 CFR 240.19b–4(f)(1).
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74083
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74084
Federal Register / Vol. 70, No. 239 / Wednesday, December 14, 2005 / Notices
update the material to reflect changes to
the laws, rules, and regulations covered
by the Series 9/10 Examination, as well
as modify the content of the
examination program to track more
closely the functional workflow of a
Series 9/10 limited principal. Phlx is
not proposing any textual changes to its
rules.
The revised Series 9/10 Examination
study outline is available on Phlx’s Web
site (https://www.phlx.com), at the Phlx,
and at the Commission.5
However, The Exchange has omitted
the Series 9/10 Examination selection
specifications from this filing and has
submitted the specifications under
separate cover to the Commission with
a request for confidential treatment
pursuant to Rule 24b–2 under the Act.6
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Phlx included statements concerning
the purpose of and basis for the
proposed rule change and discussed any
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. The Phlx 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
The Series 9/10 Examination tests a
candidate’s knowledge of securities
industry rules and regulations and
certain statutory provisions pertinent to
the supervision of sales activities. The
Series 9/10 Examination is shared by
Phlx and the following SROs: The
NASD, the American Stock Exchange
LLC , the Chicago Board Options
Exchange, Inc., the Municipal Securities
Rule Making Board (‘‘MSRB’’) , the New
York Stock Exchange, Inc. (‘‘NYSE’’),
and the Pacific Exchange, Inc.
A committee of industry
representatives, together with the staff
of NASD and the other SROs, recently
undertook a periodic review of the
Series 9/10 examination program. As a
result of this review, the NASD has filed
a rule change proposal with the
5 The Series 9/10 Examination study outline is
also available on NASD’s Web site (https://
www.nasd.com).
6 17 CFR 240.24b–2.
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15:29 Dec 13, 2005
Jkt 208001
Commission 7 and Phlx is proposing a
similar rule change to update the
content of the examination to cover
Regulation S–P,8 MSRB Rules G–37/G–
38, SRO research analyst and antimoney laundering rules, municipal fund
securities (e.g., 529 college savings
plans), and exchange traded funds. Phlx
is further proposing revisions to the
study outline to reflect the
Commission’s short sale requirements.
In addition, as part of an ongoing effort
to align the examination more closely to
the supervisory duties of a Series 9/10
limited principal, the proposal would
modify the content of the examination
to track the functional workflow of a
Series 9/10 limited principal, and
would include questions related to
parallel rules of NASD, the options
exchanges, the MSRB, and the NYSE in
the same section of the exam.
As a result of the revisions, Phlx is
proposing to modify the main section
headings and the number of questions
on each section of the Series 9/10 study
outline as follows: Section 1—Hiring,
Qualifications, and Continuing
Education, 9 questions; section 2—
Supervision of Accounts and Sales
Activities, 94 questions; section 3—
Conduct of Associated Persons, 14
questions; section 4—Recordkeeping
Requirements, 8 questions; section 5—
Municipal Securities Regulation, 20
questions; section 6—Options
Regulation, 55 questions. Sections 1
through 5 constitute the Series 10
portion of the examination. Section 6
constitutes the Series 9 portion of the
examination. Series 10 covers general
securities and municipal securities, and
Series 9 covers options. The revised
examination continues to cover the
areas of knowledge required for the
supervision of sales activities.
Phlx is proposing these changes to the
entire content of the Series 9/10
examination, including the selection
specifications and question bank. The
number of questions on the Series 9/10
examination will remain at 200, and
candidates will continue to have four
hours to complete the Series 10 portion
and one and one-half hours to complete
the Series 9 portion. Also, each question
will continue to count one point, and
each candidate must correctly answer
70 percent of the questions on each
series, 9 and 10, to receive a passing
grade. Phlx believes that the other SROs
are filing similar proposals.
7 See Securities Exchange Act Release No. 52548
(September 30, 2005), 70 FR 59111 (October 11,
2005) (SR-NASD–2005–111). In the filing, the
NASD proposes an implementation date of no later
than November 30, 2005.
8 17 CFR 248.1–18; 17 CFR 248.30; and 17 CFR
248, Appendix A.
PO 00000
Frm 00097
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As further discussed below, the
Exchange is filing the proposed rule
change for immediate effectiveness. The
Exchange will announce the proposed
revisions in a Notice to Members to be
published prior to the implementation
date.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with section 6(b)
of the Actl9 in general and furthers the
objectives of section 6(c)(3),10 which
authorize Phlx to prescribe standards of
training, experience and competence for
members of the Exchange or persons
associated with them.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Phlx does not believe that the
proposed rule change, as amended, will
impose any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The proposed rule change, as
amended, has become effective pursuant
to section 19(b)(3)(A)(i) 11 of the Act and
Rule 19b-4(f)(1) thereunder,12 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.
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.13
9 15
U.S.C. 78f(b).
U.S.C. 78f(c)(3).
11 15 U.S.C. 78s(b)(3)(A)(i).
12 17 CFR 240.19b–4(f)(1).
13 The effective date of the original proposed rule
is November 16, 2005. The effective date of
Amendment No. 1 is November 29, 2005. For
purposes of calculating the 60-day period within
which the Commission may summarily abrogate the
proposed rule change under section 19(b)(3)(C) of
the Act, the Commission considers the period to
commence on November 29, 2005, the date on
which Phlx submitted Amendment No. 1. See 15
U.S.C. 78s(b)(3)(C).
10 15
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Federal Register / Vol. 70, No. 239 / Wednesday, December 14, 2005 / Notices
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change, as amended, is consistent with
the Act. Comments may be submitted by
any of the following methods:
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.14
Jonathan G. Katz,
Secretary.
[FR Doc. E5–7306 Filed 12–13–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR-Phlx-2005–71 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–9303.
All submissions should refer to File
Number SR-Phlx-2005–71. 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 (https://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
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room. Copies of such filing also will be
available for inspection and copying at
the principal office of the Phlx.
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 File
Number SR-Phlx-2005–71 and should
be submitted on or before January 4,
2006.
[Release No. 34–52919; File No. SR–Phlx–
2005–66]
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change and Amendment No. 1 Thereto
Relating to Revisions to the Series 4
Examination Program
December 7, 2005.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on November
9, 2005, the Philadelphia Stock
Exchange, Inc. (‘‘Phlx’’ or ‘‘Exchange’’)
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 Phlx. On
November 28, 2005, Phlx filed
Amendment No. 1 to the proposed rule
change. Phlx has designated the
proposed rule change as constituting a
stated policy, practice, or interpretation
with respect to the meaning,
administration, or enforcement of an
existing rule of the self-regulatory
organization 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,
as amended, from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Phlx is filing revisions to the study
outline and selection specifications for
the Limited Principal—Registered
Options (Series 4) examination program
(‘‘Series 4 Examination’’), which is
administered by the National
Association of Securities Dealers, Inc.
(‘‘NASD’’). The proposed revisions
update the material to reflect changes to
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(i).
4 17 CFR 240.19b–4(f)(1).
1 15
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15:29 Dec 13, 2005
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74085
the laws, rules, and regulations covered
by the Series 4 Examination, as well as
to modify the content of the
examination program to track more
closely the functional workflow of a
Series 4 limited principal. Phlx is not
proposing any textual changes to its
rules.
The revised Series 4 Examination
study outline is available on Phlx’s Web
site (https://www.phlx.com), at the Phlx,
and at the Commission. However, the
Exchange has omitted the Series 4
Examination selection specifications
from this filing and has submitted the
specifications under separate cover to
the Commission with a request for
confidential treatment pursuant to Rule
24b–2 under the Act.5
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
Phlx included statements concerning
the purpose of and basis for the
proposed rule change and discussed any
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. Phlx 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
Phlx Rule 1024 states that a member
organization shall not transact any
business with the public in option
contracts unless those persons engaged
in the management of the member
organization’s business pertaining to
option contracts are registered with and
approved by the Exchange as Options
Principals. Additionally, the rule states
that no individual member shall
transact any business directly with the
public in option contracts unless he is
registered with and approved by the
Exchange as an Options Principal. The
Series 4 examination, an industry-wide
examination, qualifies an individual to
function as a Registered Options and
Security Futures Principal, but only for
purposes of supervising a member firm’s
options activities.6
The Series 4 Examination tests a
candidate’s knowledge of options
5 17
CFR 240.24b–2.
Registered Options and Security Futures
Principal must complete an additional continuing
education program before such person can
supervise security futures activities.
6A
E:\FR\FM\14DEN1.SGM
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]]>Agencies
[Federal Register Volume 70, Number 239 (Wednesday, December 14, 2005)]
[Notices]
[Pages 74083-74085]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-7306]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52916; File No. SR-Phlx-2005-71]
Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
and Amendment No. 1 Thereto Relating to Revisions to the Series 9/10
Examination Program
December 7, 2005.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on November 16, 2005, the Philadelphia Stock Exchange, Inc. (``Phlx''
or ``Exchange'') 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 the Phlx.
On November 29, 2005, Phlx filed Amendment No. 1 to the proposed rule
change. Phlx has designated the proposed rule change as constituting a
stated policy, practice, or interpretation with respect to the meaning,
administration, or enforcement of an existing rule of the self-
regulatory organization 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, as
amended, from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(i).
\4\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Phlx proposes to file revisions to the study outline and
selection specifications for the Limited Principal--General Securities
Supervisor (Series 9/10) examination (``Series 9/10 Examination''),
which is administered by the National Association of Securities
Dealers, Inc. (``NASD''). The proposed revisions
[[Page 74084]]
update the material to reflect changes to the laws, rules, and
regulations covered by the Series 9/10 Examination, as well as modify
the content of the examination program to track more closely the
functional workflow of a Series 9/10 limited principal. Phlx is not
proposing any textual changes to its rules.
The revised Series 9/10 Examination study outline is available on
Phlx's Web site (https://www.phlx.com), at the Phlx, and at the
Commission.\5\
---------------------------------------------------------------------------
\5\ The Series 9/10 Examination study outline is also available
on NASD's Web site (https://www.nasd.com).
---------------------------------------------------------------------------
However, The Exchange has omitted the Series 9/10 Examination
selection specifications from this filing and has submitted the
specifications under separate cover to the Commission with a request
for confidential treatment pursuant to Rule 24b-2 under the Act.\6\
---------------------------------------------------------------------------
\6\ 17 CFR 240.24b-2.
---------------------------------------------------------------------------
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Phlx included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Phlx 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
The Series 9/10 Examination tests a candidate's knowledge of
securities industry rules and regulations and certain statutory
provisions pertinent to the supervision of sales activities. The Series
9/10 Examination is shared by Phlx and the following SROs: The NASD,
the American Stock Exchange LLC , the Chicago Board Options Exchange,
Inc., the Municipal Securities Rule Making Board (``MSRB'') , the New
York Stock Exchange, Inc. (``NYSE''), and the Pacific Exchange, Inc.
A committee of industry representatives, together with the staff of
NASD and the other SROs, recently undertook a periodic review of the
Series 9/10 examination program. As a result of this review, the NASD
has filed a rule change proposal with the Commission \7\ and Phlx is
proposing a similar rule change to update the content of the
examination to cover Regulation S-P,\8\ MSRB Rules G-37/G-38, SRO
research analyst and anti-money laundering rules, municipal fund
securities (e.g., 529 college savings plans), and exchange traded
funds. Phlx is further proposing revisions to the study outline to
reflect the Commission's short sale requirements. In addition, as part
of an ongoing effort to align the examination more closely to the
supervisory duties of a Series 9/10 limited principal, the proposal
would modify the content of the examination to track the functional
workflow of a Series 9/10 limited principal, and would include
questions related to parallel rules of NASD, the options exchanges, the
MSRB, and the NYSE in the same section of the exam.
---------------------------------------------------------------------------
\7\ See Securities Exchange Act Release No. 52548 (September 30,
2005), 70 FR 59111 (October 11, 2005) (SR-NASD-2005-111). In the
filing, the NASD proposes an implementation date of no later than
November 30, 2005.
\8\ 17 CFR 248.1-18; 17 CFR 248.30; and 17 CFR 248, Appendix A.
---------------------------------------------------------------------------
As a result of the revisions, Phlx is proposing to modify the main
section headings and the number of questions on each section of the
Series 9/10 study outline as follows: Section 1--Hiring,
Qualifications, and Continuing Education, 9 questions; section 2--
Supervision of Accounts and Sales Activities, 94 questions; section 3--
Conduct of Associated Persons, 14 questions; section 4--Recordkeeping
Requirements, 8 questions; section 5--Municipal Securities Regulation,
20 questions; section 6--Options Regulation, 55 questions. Sections 1
through 5 constitute the Series 10 portion of the examination. Section
6 constitutes the Series 9 portion of the examination. Series 10 covers
general securities and municipal securities, and Series 9 covers
options. The revised examination continues to cover the areas of
knowledge required for the supervision of sales activities.
Phlx is proposing these changes to the entire content of the Series
9/10 examination, including the selection specifications and question
bank. The number of questions on the Series 9/10 examination will
remain at 200, and candidates will continue to have four hours to
complete the Series 10 portion and one and one-half hours to complete
the Series 9 portion. Also, each question will continue to count one
point, and each candidate must correctly answer 70 percent of the
questions on each series, 9 and 10, to receive a passing grade. Phlx
believes that the other SROs are filing similar proposals.
As further discussed below, the Exchange is filing the proposed
rule change for immediate effectiveness. The Exchange will announce the
proposed revisions in a Notice to Members to be published prior to the
implementation date.
2. Statutory Basis
The Exchange believes that its proposal is consistent with section
6(b) of the Act--\9\ in general and furthers the objectives of section
6(c)(3),\10\ which authorize Phlx to prescribe standards of training,
experience and competence for members of the Exchange or persons
associated with them.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(c)(3).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Phlx does not believe that the proposed rule change, as
amended, will impose any burden on competition not necessary or
appropriate in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The proposed rule change, as amended, has become effective pursuant
to section 19(b)(3)(A)(i) \11\ of the Act and Rule 19b-4(f)(1)
thereunder,\12\ 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.
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\11\ 15 U.S.C. 78s(b)(3)(A)(i).
\12\ 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.\13\
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\13\ The effective date of the original proposed rule is
November 16, 2005. The effective date of Amendment No. 1 is November
29, 2005. For purposes of calculating the 60-day period within which
the Commission may summarily abrogate the proposed rule change under
section 19(b)(3)(C) of the Act, the Commission considers the period
to commence on November 29, 2005, the date on which Phlx submitted
Amendment No. 1. See 15 U.S.C. 78s(b)(3)(C).
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[[Page 74085]]
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change, as amended, is consistent with the Act. Comments may be
submitted by any of the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-Phlx-2005-71 on the subject line.
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-9303.
All submissions should refer to File Number SR-Phlx-2005-71. 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 (https://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 provisions of 5 U.S.C. 552, will be available for inspection
and copying in the Commission's Public Reference Room. Copies of such
filing also will be available for inspection and copying at the
principal office of the Phlx.
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 File Number SR-Phlx-2005-71
and should be submitted on or before January 4, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
Jonathan G. Katz,
Secretary.
[FR Doc. E5-7306 Filed 12-13-05; 8:45 am]
BILLING CODE 8010-01-P
