Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto Relating to Revisions to the Series 4 Examination Program, 74382-74384 [E5-7365]
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74382
Federal Register / Vol. 70, No. 240 / Thursday, December 15, 2005 / Notices
Services to individual members of the
Jerome Family.1
4. Applicant states that only 16
percent of the total estimated hours
worked by all of its employees are spent
providing Advisory Services to
Advisory Clients. Applicant also
provides non-advisory services to
members of the Jerome Family, Jerome
Family Entities, and other controlled
Jerome Family businesses. Applicant’s
non-advisory services include: direct
management of real estate parcels
owned by the Jerome Family’s real
estate limited partnerships; direct
management of auto dealerships owned
by the Jerome Family and two key
employees; tax planning; trust
administration; cash flow planning;
estate planning; coordination of banking
and other financial accounts; and
miscellaneous bookkeeping and
administrative services.
5. Applicant represents that the fees
received for Advisory Services are not
designed to generate a profit.
6. Applicant is owned exclusively by
members of the Jerome Family, and its
Board of Directors is composed
exclusively of members of the Jerome
Family.
7. Applicant represents that it will not
hold itself out to the public as an
investment adviser. Applicant
represents that it is not listed in any
phone book or any other directory as an
investment adviser. Applicant further
represents that it does not engage in
advertising or marketing activities, and
that it will not solicit or accept as an
advisory client any person who is not a
member of the Jerome Family or a
Jerome Family Entity.
Applicant’s Legal Analysis
1. Section 202(a)(11) of the Advisers
Act defines the term ‘‘investment
adviser’’ to mean ‘‘any person who, for
compensation, engages in the business
of advising others, either directly or
through publications or writings, as to
the value of securities or as to the
advisability of investing in, purchasing,
or selling securities, or who, for
compensation and as part of a regular
business, issues or promulgates analyses
or reports concerning securities * * *.’’
Section 202(a)(11)(F) of the Advisers
Act authorizes the SEC to exclude from
the definition of ‘‘investment adviser’’
1 Applicant states that each of the family
investment partnerships that is a Jerome Family
Entity is and will be owned by not more than 100
persons, will not make a public offering of its
securities, and will come within the exception to
the definition of ‘‘investment company’’ provided
in section 3(c)(1) of the Investment Company Act
of 1940.
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17:24 Dec 14, 2005
Jkt 208001
persons not within the intent of section
202(a)(11).
2. Section 203(b) of the Advisers Act
provides exemptions from registration
under section 203(a). Applicant
represents that it does not qualify for
any of the exemptions from registration
provided by section 203(b) and that it is
not prohibited from registering with the
SEC under section 203A.
3. Applicant requests that the SEC
issue an order pursuant to section
202(a)(11)(F) declaring it, and its
employees acting within the scope of
their employment, to be persons not
within the intent of section 202(a)(11).
4. Applicant asserts that there is no
public interest in requiring Applicant to
be registered under the Advisers Act
because there is substantial overlap
between the persons who control
Applicant and the persons who receive
Advisory Services from Applicant and
because there are no members of the
general public who will be receiving
Advisory Services and whose interests
need protection. Applicant states that it
is a private organization that was
formed to provide ‘‘family office’’
services for clients, consisting
exclusively of members of the Jerome
Family and Jerome Family controlled
entities. Applicant further states that all
of its outstanding stock is owned by
members of the Jerome Family and that
its Board of Directors consists of five
persons who are members of the Jerome
Family. Applicant also states that: it
does not hold itself out to the public as
an investment adviser; does not engage
in any advertising; will not offer or
provide Advisory Services to persons
other than Advisory Clients, all of
whom are either members of the Jerome
Family or Jerome Family Entities; and
its services as a ‘‘family office’’ will
remain its exclusive function.
For the SEC, by the Division of Investment
Management, under delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. E5–7363 Filed 12–14–05; 8:45 am]
An additional closed meeting has
been scheduled for Tuesday, December
13, 2005 at 11:45 a.m.
Commissioners and certain staff
members who have an interest in the
matter will attend the closed meeting.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(5), (7), (9)(B) and (10)
and 17 CFR 200.402(a)(5), (7), 9(ii) and
(10) permit consideration of the
scheduled matter at the closed meeting.
Commissioner Campos, as duty
officer, voted to consider the item listed
for the closed meeting in closed session
and that no earlier notice thereof was
possible.
The subject matter of the closed
meeting scheduled for Tuesday,
December 13, 2005 will be: Institution
and settlement of injunctive actions.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items. For further
information and to ascertain what, if
any, matters have been added, deleted
or postponed, please contact:
The Office of the Secretary at (202) 551–
5400.
Dated: December 12, 2005.
Jonathan G. Katz,
Secretary.
[FR Doc. 05–24134 Filed 12–13–05; 11:09
am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52912; File No. SR–Amex–
2005–120]
Self-Regulatory Organizations;
American Stock Exchange LLC; 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.
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting
FEDERAL REGISTER CITATION OF PREVIOUS
ANNOUNCEMENT: [70 FR 72318,
December 2, 2005].
Closed meeting.
PLACE: 100 F Street, NE., Washington,
DC.
STATUS:
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
21, 2005, the American Stock Exchange
LLC (‘‘Amex’’ 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 Amex. On
November 23, 2005, Amex filed
ANNOUNCEMENT OF ADDITIONAL MEETING:
1 15
Additional meeting.
2 17
PO 00000
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U.S.C. 78s(b)(1).
CFR 240.19b–4.
15DEN1
Federal Register / Vol. 70, No. 240 / Thursday, December 15, 2005 / Notices
Amendment No. 1 to the proposed rule
change. Amex 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
Amex is filing revisions to the study
outline and selection specifications for
the Limited Principal—Registered
Options (Series 4) examination program
(‘‘Series 4 Examination’’). The proposed
revisions update the material to reflect
changes to the laws, rules, and
regulations covered by the Series 4
Examination, as well as modify the
content of the Series 4 Examination to
track more closely the functional
workflow of a Series 4 limited principal.
The revisions that Amex is submitting
with this filing supersede all prior
revisions to the Series 4 Examination
submitted by Amex.
The revised study outline is available
on the National Association of
Securities Dealers, Inc.’s (‘‘NASD’’) Web
site (https://www.nasd.com), at Amex,
and at the Commission. However, Amex
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,
Amex 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. Amex has prepared
summaries, set forth in Sections A, B,
and C below, of the most significant
aspects of such statements.
3 15
U.S.C. 78s(b)(3)(A)(i).
CFR 240.19b–4(f)(1).
5 17 CFR 240.24b–2.
4 17
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Jkt 208001
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Amex Rule 920 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, 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 tests a candidate’s
knowledge of options trading generally,
the Amex rules applicable to the trading
of option contracts, and the rules of
registered clearing agencies for options.
The Series 4 Examination covers, among
other things, equity options, foreign
currency options, index options, and
options on government and mortgagebacked securities.
The Series 4 Examination is shared by
Amex and the following SROs: The
NASD, the Chicago Board Options
Exchange, Inc., the New York Stock
Exchange, Inc., the Pacific Exchange,
Inc., and the Philadelphia Stock
Exchange, Inc.
A committee of industry
representatives, together with the staff
of Amex and the SROs, recently
undertook a periodic review of the
Series 4 Examination. As a result of this
review and as part of an ongoing effort
to align the examination more closely to
the supervisory duties of a Series 4
limited principal, Amex is proposing to
modify the content of the Series 4
Examination to track the functional
workflow of a Series 4 limited principal.
More specifically, Amex is proposing to
revise the main section headings and
the number of questions on each section
of the Series 4 Examination study
outline as follows: Options Investment
Strategies, decreased from 35 to 34
questions; Supervision of Sales
Activities and Trading Practices,
increased from 71 to 75 questions; and
Supervision of Employees, Business
Conduct, and Recordkeeping and
Reporting Requirements, decreased from
19 to 16 questions. Amex is further
proposing revisions to the Series 4
Examination study outline to reflect the
SEC short sale requirements. The
revised Series 4 Examination continues
to cover the areas of knowledge required
to supervise options activities.
PO 00000
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Fmt 4703
Sfmt 4703
74383
Amex is proposing these changes to
the entire content of the Series 4
Examination, including the selection
specifications and question bank. The
number of questions on the Series 4
Examination will remain at 125, and
candidates will continue to have three
hours to complete the exam. Also, each
question will continue to count one
point, and each candidate must
correctly answer 70 percent of the
questions to receive a passing grade.
On April 8, 2005, Amex filed with the
Commission for immediate effectiveness
similar revisions to the Series 4
Examination.6 NASD originally had
proposed to implement the revised
Series 4 Examination by April 29,
2005.7 However, due to administrative
issues, NASD delayed the
implementation date of the revisions
until no later than November 30, 2005
and Amex filed with the Commission
for immediate effectiveness a proposed
rule change delaying the
implementation date until such time.8
In the interim, the SROs that share the
Series 4 Examination recommended
additional revisions to the Series 4
Examination. These additional revisions
are reflected in the examination material
that Amex is submitting with this filing.
As noted below, NASD has filed with
the Commission similar proposed rule
change reflecting the revisions to the
Series 4 Examination 9 and Amex
understands that the other SROs will
file similar proposed rule changes.
2. Statutory Basis
Amex believes that the proposed rule
change is consistent with Section 6 of
the Act 10 in general and furthers the
objectives of Section 6(c)(3) 11 which
authorizes Amex to prescribe standards
of training, experience and competence
for persons associated with Amex
members.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The proposed rule change, as
amended, does not impose any burden
on competition that is not necessary or
appropriate in furtherance of the
purposes of the Act.
6 See Securities Exchange Act Release No. 51689
(May 12, 2005), 70 FR 28965 (May 19, 2005) (SR–
Amex–2005–039).
7 See Securities Exchange Act Release No. 51216
(February 16, 2005), 70 FR 8866 (February 23, 2005)
(SR–NASD–2005–025).
8 See Securities Exchange Act Release No. 51690
(May 12, 2005), 70 FR 28967 (May 19, 2005) (SR–
Amex–2005–045).
9 See Securities Exchange Act Release No. 52546
(September 30, 2005), 70 FR 59109 (October 11,
2005) (SR–NASD–2005–109).
10 15 U.S.C. 78f.
11 15 U.S.C. 78f(c)(3).
E:\FR\FM\15DEN1.SGM
15DEN1
74384
Federal Register / Vol. 70, No. 240 / Thursday, December 15, 2005 / Notices
100 F Street, NE., Washington, DC
20549–9303.
All submissions should refer to File
Number SR–Amex–2005–120. 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
III. Date of Effectiveness of the
only one method. The Commission will
Proposed Rule Change and Timing for
post all comments on the Commission’s
Commission Action
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
The proposed rule change, as
amended, has become effective pursuant submission, all subsequent
to Section 19(b)(3)(A)(i) of the Act 12 and amendments, all written statements
with respect to the proposed rule
Rule 19b–4(f)(1) thereunder,13 in that
change that are filed with the
the proposed rule change constitutes a
stated policy, practice, or interpretation Commission, and all written
communications relating to the
with respect to the meaning,
proposed rule change between the
administration, or enforcement of an
Commission and any person, other than
existing rule of Amex. While the Series
those that may be withheld from the
4 Examination is co-owned by certain
public in accordance with the
SROs, the NASD administers the Series
4 Examination. Amex will announce the provisions of 5 U.S.C. 552, will be
available for inspection and copying in
implementation date in a Notice to
the Commission’s Public Reference
Members to be published no later than
Room. Copies of such filing also will be
60 days after SEC Notice of this filing.
available for inspection and copying at
At any time within 60 days of the
the principal office of the Amex. All
filing of the proposed rule change, the
comments received will be posted
Commission may summarily abrogate
without change; the Commission does
such rule change if it appears to the
not edit personal identifying
Commission that such action is
information from submissions. You
necessary or appropriate in the public
should submit only information that
interest, for the protection of investors,
you wish to make available publicly. All
or otherwise in furtherance of the
submissions should refer to File
purposes of the Act.14
Number SR–Amex–2005–120 and
IV. Solicitation of Comments
should be submitted on or before
January 5, 2006.
Interested persons are invited to
submit written data, views, and
For the Commission, by the Division of
Market Regulation, pursuant to delegated
arguments concerning the foregoing,
authority.15
including whether the proposed rule
Jonathan G. Katz,
change, as amended, is consistent with
the Act. Comments may be submitted by Secretary.
any of the following methods:
[FR Doc. E5–7365 Filed 12–14–05; 8:45 am]
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 with respect to the proposed
rule change.
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–Amex–2005–120 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
12 15
U.S.C. 78s(b)(3)(A)(i).
CFR 240.19b–4(f)(1).
14 The effective date of the original proposed rule
is November 21, 2005. The effective date of
Amendment No. 1 is November 23, 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 23, 2005, the date on
which Amex submitted Amendment No. 1. See 15
U.S.C. 78s(b)(3)(C).
13 17
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17:24 Dec 14, 2005
Jkt 208001
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52917; File No. SR–Amex–
2005–121]
Self-Regulatory Organizations;
American Stock Exchange LLC; 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
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
21, 2005, the American Stock Exchange
LLC (‘‘Amex’’ 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 Amex. On
November 23, 2005, Amex filed
Amendment No. 1 to the proposed rule
change. Amex 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
Amex is filing revisions to the study
outline and selection specifications for
the Limited Principal—General
Securities Sale Supervisor (Series 9/10)
examination program (‘‘Series 9/10
Examination’’). The proposed revisions
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 Series 9/10
Examination to track more closely the
functional workflow of a Series 9/10
limited principal.
The revised study outline is available
on Amex’s Web site (https://
www.amex.com), at Amex, and at the
Commission. However, Amex 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.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,
Amex 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. Amex has prepared
summaries, set forth in sections A, B,
15 17
3 15
1 15
4 17
PO 00000
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Fmt 4703
Sfmt 4703
U.S.C. 78s(b)(3)(A)(i).
CFR 240.19b–4(f)(1).
5 17 CFR 240.24b–2.
E:\FR\FM\15DEN1.SGM
15DEN1
]]>Agencies
[Federal Register Volume 70, Number 240 (Thursday, December 15, 2005)]
[Notices]
[Pages 74382-74384]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-7365]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52912; File No. SR-Amex-2005-120]
Self-Regulatory Organizations; American Stock Exchange LLC;
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 21, 2005, the American Stock Exchange LLC (``Amex'' 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 Amex. On
November 23, 2005, Amex filed
[[Page 74383]]
Amendment No. 1 to the proposed rule change. Amex 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
Amex is filing revisions to the study outline and selection
specifications for the Limited Principal--Registered Options (Series 4)
examination program (``Series 4 Examination''). The proposed revisions
update the material to reflect changes to the laws, rules, and
regulations covered by the Series 4 Examination, as well as modify the
content of the Series 4 Examination to track more closely the
functional workflow of a Series 4 limited principal. The revisions that
Amex is submitting with this filing supersede all prior revisions to
the Series 4 Examination submitted by Amex.
The revised study outline is available on the National Association
of Securities Dealers, Inc.'s (``NASD'') Web site (https://
www.nasd.com), at Amex, and at the Commission. However, Amex 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\
---------------------------------------------------------------------------
\5\ 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, Amex 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. Amex 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
Amex Rule 920 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, 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 tests a candidate's
knowledge of options trading generally, the Amex rules applicable to
the trading of option contracts, and the rules of registered clearing
agencies for options. The Series 4 Examination covers, among other
things, equity options, foreign currency options, index options, and
options on government and mortgage-backed securities.
The Series 4 Examination is shared by Amex and the following SROs:
The NASD, the Chicago Board Options Exchange, Inc., the New York Stock
Exchange, Inc., the Pacific Exchange, Inc., and the Philadelphia Stock
Exchange, Inc.
A committee of industry representatives, together with the staff of
Amex and the SROs, recently undertook a periodic review of the Series 4
Examination. As a result of this review and as part of an ongoing
effort to align the examination more closely to the supervisory duties
of a Series 4 limited principal, Amex is proposing to modify the
content of the Series 4 Examination to track the functional workflow of
a Series 4 limited principal. More specifically, Amex is proposing to
revise the main section headings and the number of questions on each
section of the Series 4 Examination study outline as follows: Options
Investment Strategies, decreased from 35 to 34 questions; Supervision
of Sales Activities and Trading Practices, increased from 71 to 75
questions; and Supervision of Employees, Business Conduct, and
Recordkeeping and Reporting Requirements, decreased from 19 to 16
questions. Amex is further proposing revisions to the Series 4
Examination study outline to reflect the SEC short sale requirements.
The revised Series 4 Examination continues to cover the areas of
knowledge required to supervise options activities.
Amex is proposing these changes to the entire content of the Series
4 Examination, including the selection specifications and question
bank. The number of questions on the Series 4 Examination will remain
at 125, and candidates will continue to have three hours to complete
the exam. Also, each question will continue to count one point, and
each candidate must correctly answer 70 percent of the questions to
receive a passing grade.
On April 8, 2005, Amex filed with the Commission for immediate
effectiveness similar revisions to the Series 4 Examination.\6\ NASD
originally had proposed to implement the revised Series 4 Examination
by April 29, 2005.\7\ However, due to administrative issues, NASD
delayed the implementation date of the revisions until no later than
November 30, 2005 and Amex filed with the Commission for immediate
effectiveness a proposed rule change delaying the implementation date
until such time.\8\ In the interim, the SROs that share the Series 4
Examination recommended additional revisions to the Series 4
Examination. These additional revisions are reflected in the
examination material that Amex is submitting with this filing. As noted
below, NASD has filed with the Commission similar proposed rule change
reflecting the revisions to the Series 4 Examination \9\ and Amex
understands that the other SROs will file similar proposed rule
changes.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 51689 (May 12,
2005), 70 FR 28965 (May 19, 2005) (SR-Amex-2005-039).
\7\ See Securities Exchange Act Release No. 51216 (February 16,
2005), 70 FR 8866 (February 23, 2005) (SR-NASD-2005-025).
\8\ See Securities Exchange Act Release No. 51690 (May 12,
2005), 70 FR 28967 (May 19, 2005) (SR-Amex-2005-045).
\9\ See Securities Exchange Act Release No. 52546 (September 30,
2005), 70 FR 59109 (October 11, 2005) (SR-NASD-2005-109).
---------------------------------------------------------------------------
2. Statutory Basis
Amex believes that the proposed rule change is consistent with
Section 6 of the Act \10\ in general and furthers the objectives of
Section 6(c)(3) \11\ which authorizes Amex to prescribe standards of
training, experience and competence for persons associated with Amex
members.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78f.
\11\ 15 U.S.C. 78f(c)(3).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change, as amended, does not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act.
[[Page 74384]]
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 with respect to the
proposed rule change.
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) of the Act \12\ and Rule 19b-4(f)(1)
thereunder,\13\ 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 Amex. While the
Series 4 Examination is co-owned by certain SROs, the NASD administers
the Series 4 Examination. Amex will announce the implementation date in
a Notice to Members to be published no later than 60 days after SEC
Notice of this filing.
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\12\ 15 U.S.C. 78s(b)(3)(A)(i).
\13\ 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.\14\
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\14\ The effective date of the original proposed rule is
November 21, 2005. The effective date of Amendment No. 1 is November
23, 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 23, 2005, the date on which Amex submitted
Amendment No. 1. See 15 U.S.C. 78s(b)(3)(C).
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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-Amex-2005-120 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-Amex- 2005-120. 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 Amex. 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-Amex-2005-120 and should be submitted on or before
January 5, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\15\
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\15\ 17 CFR 200.30-3(a)(12).
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Jonathan G. Katz,
Secretary.
[FR Doc. E5-7365 Filed 12-14-05; 8:45 am]
BILLING CODE 8010-01-P
