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, 74384-74386 [E5-7366]
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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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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
Frm 00096
Fmt 4703
Sfmt 4703
U.S.C. 78s(b)(3)(A)(i).
CFR 240.19b–4(f)(1).
5 17 CFR 240.24b–2.
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Federal Register / Vol. 70, No. 240 / Thursday, December 15, 2005 / Notices
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 341 prohibits members
from permitting a direct supervisor of a
Registered Representative 6 to perform
his duties in such capacity until the
direct supervisor is registered with,
qualified by and approved by the
Exchange. Pursuant to Commentary .06
to Amex Rule 320, a Registered
Representative supervisor’s
responsibilities include approving new
accounts and reviewing correspondence
of Registered Representatives,
transactions and customer accounts.
The only examination that qualifies a
Registered Representative supervisor is
the Series 9/10 Examination. 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 Amex and the following SROs: the
National Association of Securities
Dealers, Inc. (‘‘NASD’’), the Chicago
Board Options Exchange, Inc., the New
York Stock Exchange, Inc. (‘‘NYSE’’),
the Municipal Securities Rule Making
Board (‘‘MSRB’’), the Pacific Exchange,
Inc., and the Philadelphia Stock
Exchange, Inc.
A committee of industry
representatives, together with the staff
of Amex and the other SROs, recently
undertook a periodic review of the
Series 9/10 Examination. As a result of
this review, Amex is proposing to
update the content of the Series 9/10
Examination to cover Regulation S–P,7
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. Amex is further
proposing revisions to the Series 9/10
Examination study outline to reflect the
SEC short sale requirements. In
addition, as part of an ongoing effort to
6 A ‘‘Registered Representative’’ engages in the
solicitation of orders for the purchase or sale of
securities or other similar instruments for the
account of customers; or in the solicitation of
subscriptions to investment advisory or to
investment management services furnished on a fee
basis. The term Registered Representative does not
apply to individuals who are engaged solely in the
solicitation or handling of business in, or the sale
of, commodity contracts or who are engaged solely
as securities traders or securities arbitrageurs. See
Amex Definition 8.
7 17 CFR 248.1–18; 17 CFR 248.30; and 17 CFR
248, Appendix A.
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17:24 Dec 14, 2005
Jkt 208001
align the Series 9/10 Examination more
closely to the supervisory duties of a
Series 9/10 limited principal, Amex is
proposing to modify the content of the
Series 9/10 Examination to track the
functional workflow of a Series 9/10
limited principal. Also, Amex is
proposing to 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, Amex is
proposing to modify the main section
headings and the number of questions
on each section of the Series 9/10
Examination 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 Series 9/10 Examination.
Section 6 constitutes the Series 9
portion of the Series 9/10 Examination.
Series 10 covers general securities and
municipal securities, and Series 9
covers options. The revised Series 9/10
Examination continues to cover the
areas of knowledge required for the
supervision of sales activities.
Amex 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.
As noted below, NASD has filed with
the Commission a similar proposed rule
change reflecting the revisions to the
Series 9/10 Examination 8 and Amex
understands that the other SROs also
will file similar proposed rule changes.
2. Statutory Basis
Amex believes that the proposed rule
change is consistent with section 6 of
the Act 9 in general and furthers the
objectives of section 6(c)(3) 10 which
authorizes Amex to prescribe standards
8 See Securities Exchange Act Release No. 52548
(September 30, 2005), 70 FR 59111 (October 11,
2005) (SR–NASD–2005–111).
9 15 U.S.C. 78f.
10 15 U.S.C. 78f(c)(3).
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74385
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.
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 11 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 of Amex. While the Series
9/10 Examination is co-owned by
certain SROs, NASD administers the
Series 9/10 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.
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
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:
11 15
U.S.C. 78s(b)(3)(A)(i).
CFR 240.19b–4(f)(1).
13 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).
12 17
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74386
Federal Register / Vol. 70, No. 240 / Thursday, December 15, 2005 / Notices
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–2005–121 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–2005–121. 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–2005–121 and
should be submitted on or before
January 5, 2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.14
Jonathan G. Katz,
Secretary.
[FR Doc. E5–7366 Filed 12–14–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52929; File No. SR–BSE–
2005–56]
Self-Regulatory Organizations; Boston
Stock Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change and
Amendment No. 1 Thereto Relating to
the Initial Listing and Maintenance To
List Options on Certain Securities
December 8, 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
30, 2005, the Boston Stock Exchange,
Inc. (‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. On December 6, 2005,
the Exchange filed Amendment No. 1 to
the proposed rule change.3 The
Exchange filed the proposed rule change
as a ‘‘non-controversial’’ rule change
under Rule 19b–4(f)(6) under the Act,4
which rendered 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
The Exchange proposes to amend
section 3 (Criteria for Underlying
Securities) and section 4 (Withdrawal of
Approval of Underlying Securities) of
Chapter IV of the Rules of the Boston
Options Exchange (‘‘BOX’’). Below is
the text of the proposed rule change.
Proposed additions are in italics and
proposed deletions are in [brackets].
*
*
*
*
*
Rules of the Boston Options Exchange
Facility
Chapter IV. Securities Traded On The
Boston Options Exchange Facility
Sec. 3 Criteria for Underlying Securities
(a) Underlying securities with respect
to which put or call options contracts
are approved for listing and trading on
BOX must meet the following criteria:
i. The security must be registered with
the SEC and be an ‘‘NMS stock’’ as
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 In Amendment No. 1, the Exchange made nonsubstantive changes to the text of the proposed rule
change.
4 17 CFR 240.19b–4(f)(6).
2 17
14 17
CFR 200.30–3(a)(12).
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defined in Rule 600 of Regulation NMS
under the Exchange Act
(1) Listed on a national securities
exchange; or
(2) Traded through the facilities of a
national securities association and
reported as a ‘‘national market system’’
(‘‘NMS’’) security as set forth in Rule
11Aa3–1 under the Exchange Act]; and
ii. The security shall be characterized
by a substantial number of outstanding
shares that are widely held and actively
traded.
Subsections (b) through (j) No Change.
Sec. 4 Withdrawal of Approval of
Underlying Securities
Subsection (a) No Change.
(b) An underlying security will not be
deemed to meet BOXR’s requirements
for continued approval whenever any of
the following occur: i. through iv. No
Change.
v. {Reserved}[The issuer has failed to
make timely reports as required by
applicable requirements of the Exchange
Act or Rules thereunder, and such
failure has not been corrected within
thirty (30) days after the date the report
was due to be filed.]
vi. The underlying security ceases to
be an ‘‘NMS stock’’ as defined in Rule
600 of Regulation NMS under the
Exchange Act. [The issue, in the case of
an underlying security that is
principally traded on a national
securities exchange, is delisted from
trading on that exchange and neither
meets NMS criteria nor is traded
through the facilities of a national
securities association, or the issue, in
the case of an underlying security that
is principally traded through the
facilities of a national securities
association, is no longer designated as
an NMS security.]
vii. No Change.
Subsection (c) through (j) No Change.
*
*
*
*
*
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
Exchange 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
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
E:\FR\FM\15DEN1.SGM
15DEN1
]]>Agencies
[Federal Register Volume 70, Number 240 (Thursday, December 15, 2005)]
[Notices]
[Pages 74384-74386]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-7366]
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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 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.
---------------------------------------------------------------------------
\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--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\
---------------------------------------------------------------------------
\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,
[[Page 74385]]
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 341 prohibits members from permitting a direct supervisor
of a Registered Representative \6\ to perform his duties in such
capacity until the direct supervisor is registered with, qualified by
and approved by the Exchange. Pursuant to Commentary .06 to Amex Rule
320, a Registered Representative supervisor's responsibilities include
approving new accounts and reviewing correspondence of Registered
Representatives, transactions and customer accounts. The only
examination that qualifies a Registered Representative supervisor is
the Series 9/10 Examination. 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.
---------------------------------------------------------------------------
\6\ A ``Registered Representative'' engages in the solicitation
of orders for the purchase or sale of securities or other similar
instruments for the account of customers; or in the solicitation of
subscriptions to investment advisory or to investment management
services furnished on a fee basis. The term Registered
Representative does not apply to individuals who are engaged solely
in the solicitation or handling of business in, or the sale of,
commodity contracts or who are engaged solely as securities traders
or securities arbitrageurs. See Amex Definition 8.
---------------------------------------------------------------------------
The Series 9/10 Examination is shared by Amex and the following
SROs: the National Association of Securities Dealers, Inc. (``NASD''),
the Chicago Board Options Exchange, Inc., the New York Stock Exchange,
Inc. (``NYSE''), the Municipal Securities Rule Making Board (``MSRB''),
the Pacific Exchange, Inc., and the Philadelphia Stock Exchange, Inc.
A committee of industry representatives, together with the staff of
Amex and the other SROs, recently undertook a periodic review of the
Series 9/10 Examination. As a result of this review, Amex is proposing
to update the content of the Series 9/10 Examination to cover
Regulation S-P,\7\ 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. Amex is further proposing
revisions to the Series 9/10 Examination study outline to reflect the
SEC short sale requirements. In addition, as part of an ongoing effort
to align the Series 9/10 Examination more closely to the supervisory
duties of a Series 9/10 limited principal, Amex is proposing to modify
the content of the Series 9/10 Examination to track the functional
workflow of a Series 9/10 limited principal. Also, Amex is proposing to
include questions related to parallel rules of NASD, the options
exchanges, the MSRB, and the NYSE in the same section of the exam.
---------------------------------------------------------------------------
\7\ 17 CFR 248.1-18; 17 CFR 248.30; and 17 CFR 248, Appendix A.
---------------------------------------------------------------------------
As a result of the revisions, Amex is proposing to modify the main
section headings and the number of questions on each section of the
Series 9/10 Examination 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 Series 9/10
Examination. Section 6 constitutes the Series 9 portion of the Series
9/10 Examination. Series 10 covers general securities and municipal
securities, and Series 9 covers options. The revised Series 9/10
Examination continues to cover the areas of knowledge required for the
supervision of sales activities.
Amex 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.
As noted below, NASD has filed with the Commission a similar
proposed rule change reflecting the revisions to the Series 9/10
Examination \8\ and Amex understands that the other SROs also will file
similar proposed rule changes.
---------------------------------------------------------------------------
\8\ See Securities Exchange Act Release No. 52548 (September 30,
2005), 70 FR 59111 (October 11, 2005) (SR-NASD-2005-111).
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2. Statutory Basis
Amex believes that the proposed rule change is consistent with
section 6 of the Act \9\ in general and furthers the objectives of
section 6(c)(3) \10\ which authorizes Amex to prescribe standards of
training, experience and competence for persons associated with Amex
members.
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\9\ 15 U.S.C. 78f.
\10\ 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.
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 \11\ 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 of Amex. While the
Series 9/10 Examination is co-owned by certain SROs, NASD administers
the Series 9/10 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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\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 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:
[[Page 74386]]
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-2005-121 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-2005-121. 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-2005-121 and should be submitted on or before
January 5, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\14\
Jonathan G. Katz,
Secretary.
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\14\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E5-7366 Filed 12-14-05; 8:45 am]
BILLING CODE 8010-01-P
