Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a Session Fee Increase for the Regulatory Element of the Continuing Education Program, 5390-5391 [E6-1304]
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Federal Register / Vol. 71, No. 21 / Wednesday, February 1, 2006 / Notices
from operations and less than 2% from
investment securities.
6. HTI thus asserts that it satisfies the
standards for an order under section
3(b)(2) of the Act.
Applicant’s Conditions
1. HTI will continue to allocate and
utilize its accumulated cash and
investments for bona fide business
purposes.
2. HTI will refrain from investing or
trading in securities for short-term
speculative purposes.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Nancy M. Morris,
Secretary.
[FR Doc. E6–1226 Filed 1–31–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53181; File No. SR–CHX–
2005–40]
Self-Regulatory Organizations;
Chicago Stock Exchange, Inc.; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change Relating to
a Session Fee Increase for the
Regulatory Element of the Continuing
Education Program
January 26, 2006.
cchase on PROD1PC60 with NOTICES
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 December
30, 2005, the Chicago Stock Exchange,
Inc. (‘‘CHX’’ or ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II and III below, which Items
have been prepared by the CHX. The
Exchange has designated this proposal
as one establishing or changing a due,
fee, or other charge imposed by CHX
under section 19(b)(3)(A)(ii) of the Act,3
and Rule 19b–4(f)(2) thereunder,4 which
renders the proposal effective upon
filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The CHX proposes to amend its
Participant Fee Schedule (the ‘‘Fee
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
2 17
VerDate Aug<31>2005
17:49 Jan 31, 2006
Schedule’’) to incorporate the session
fee for the Regulatory Element of the
continuing education requirements set
out in CHX rules. The text of this
proposed rule change is available on the
Exchange’s Web site at https://
www.chx.com/rules/
proposed_rules.htm, at the CHX, and at
the Commission’s Public Reference
Room.
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
CHX included statements concerning
the purpose of and basis for the
proposed rule change and discussed any
comments it received regarding the
proposal. The text of these statements
may be examined at the places specified
in Item IV below. The CHX 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
Changes
1. Purpose
The Exchange is proposing to
incorporate, in its Fee Schedule, the
session fee paid by Exchange
participants for the Regulatory Element
of the continuing education program
required by CHX Rules. Under Exchange
rules, registered persons associated with
CHX participant firms are required to
complete the Regulatory Element of the
continuing education program on the
second anniversary of their registration
and every three years after that date, or
as otherwise prescribed by the
Exchange.5 The Regulatory Element is a
computer-based education program
administered by the National
Association of Securities Dealers
(‘‘NASD’’) that is designed to help
ensure that registered persons are kept
up-to-date on regulatory, compliance
and sales practice matters in the
industry. The Regulatory Element is a
component of the Securities Industry
Continuing Education Program (the
‘‘Program’’). The Securities Industry/
Regulatory Council on Continuing
Education (the ‘‘Council’’) was
organized in 1995 to facilitate
cooperative industry and regulatory
coordination of the administration and
future development of the Program in
keeping with applicable industry
regulations and changing industry
needs. Its roles include recommending
5 See
Jkt 208001
PO 00000
CHX Article VI, Rule 9.
Frm 00159
Fmt 4703
Sfmt 4703
and helping develop specific content
and questions for the Regulatory
Element, defining minimum core
curricula for the Firm Element
component of the Program and
developing and updating information
about the Program for industry-wide
dissemination.
The Exchange understands that it is
the Council’s responsibility to maintain
the Program on a revenue neutral basis
while maintaining adequate reserves for
unanticipated future expenditures.6 In
December 2003, the Council voted to
reduce the Regulatory Element session
fee from $65 to $60, effective January 1,
2004. Although there was no change to
the fee for 2005, the Council has
decided to increase the Regulatory
Element session fee from $60 to $75,
effective January 1, 2006, in order to
meet costs and maintain an adequate
reserve in 2006.7 Through this filing, the
Exchange proposes to incorporate the
$75 fee into its Fee Schedule.
2. Statutory Basis
The Exchange believes this proposed
rule change is consistent with section
6(b)(4) of the Act 8 in that it provides for
the equitable allocation of reasonable
dues, fees and other charges among its
members.
B. Self-Regulatory Organization’s
Statement of Burden on Competition
The Exchange does not believe that
the proposed rule changes will impose
any burden on competition.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Changes Received From
Members, Participants or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Changes and Timing for
Commission Action
The foregoing proposed rule change
has been designated as a fee change
pursuant to section 19(b)(3)(A)(ii) of the
Act 9 and Rule 19b–4(f)(2) thereunder,10
because it establishes or changes a due,
fee or other charge imposed by the
6 The Council currently consists of 20
individuals, including six representatives of selfregulatory organizations and 14 persons who are
associated with NASD member firms. The
Commission and the North American Securities
Administrators Association have liaisons to the
Council. The Exchange does not have a
representative serving on the Council.
7 See Securities Exchange Act Release No. 52947
(December 13, 2005), 70 FR 75517 (December 20,
2005) (SR–NASD–2005–132).
8 15 U.S.C. 78(f)(b)(4).
9 15 U.S.C. 78s(b)(3)(A)(ii).
10 17 CFR 240.19b–4(f)(2).
E:\FR\FM\01FEN1.SGM
01FEN1
Federal Register / Vol. 71, No. 21 / Wednesday, February 1, 2006 / Notices
Exchange. Accordingly, the proposal
will take effect upon filing with the
Commission. At any time within 60
days of the filing of the proposed rule
change, the Commission may summarily
abrogate such rule change if it appears
to the Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposal is
consistent with the Act. Comments may
be submitted by any of the following
methods:
cchase on PROD1PC60 with 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
No. SR–CHX–2005–40 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–9303.
All submissions should refer to File
No. SR–CHX–2005–40. 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 will also be
available for inspection and copying at
the principal office of the CHX. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
VerDate Aug<31>2005
17:49 Jan 31, 2006
Jkt 208001
you wish to make available publicly. All
submissions should refer to File No.
SR–CHX–2005–40 and should be
submitted on or before February 22,
2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.11
Nancy M. Morris,
Secretary.
[FR Doc. E6–1304 Filed 1–31–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53182; File No. SR–NASD–
2005–135]
Self-Regulatory Organizations;
National Association of Securities
Dealers, Inc.; Order Approving a
Proposed Rule Change Relating to the
Status of Former Registered Persons
Serving in the Armed Forces of the
United States
January 26, 2006.
I. Introduction
On November 15, 2005, the National
Association of Securities Dealers, Inc.
(‘‘NASD’’) filed with the Securities and
Exchange Commission (‘‘Commission’’),
pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’)1 and Rule 19b–4 thereunder,2 a
proposal to amend NASD IM–1000–2 to
toll the two-year expiration provisions
for qualification examination
requirements set forth in NASD Rules
1021(c), 1031(c), and 1041(c) for certain
former registered persons serving in the
Armed Forces of the United States,
including persons who commence their
active military duty within two years
after they have ceased to be registered
with a member and persons who
terminate their registration with a
member while on active military duty.
The proposed rule change was
published for comment in the Federal
Register on December 27, 2005.3 The
Commission received one comment
letter on the proposal.4 This order
approves the proposed rule change.
11 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 52979
(December 19, 2005), 70 FR 76483.
4 See e-mail from John C. Vallier dated January
18, 2006. The comment narrowly addresses the
commenter’s personal situation as a registered
person serving in the Armed Forces of the United
States and does not directly address the subject of
this proposal.
1 15
PO 00000
Frm 00160
Fmt 4703
Sfmt 4703
5391
II. Description of the Proposal
The filing proposes to amend NASD
IM–1000–2 to toll the ‘‘two-year
licensing expiration provisions’’ for a
person previously registered with a
member who commences his active
military duty within two years after he
has ceased to be registered with the
member. Under the proposal, the tolling
would start on the date such person
enters active military service and would
terminate 90 days following the person’s
completion of active service in the
Armed Forces of the United States. The
proposal requires that NASD be
properly notified of the person’s period
of active military service within 90 days
following his completion of active
service or upon his re-registration with
a member, whichever occurs first. The
proposal also provides that if such
person does not re-register with a
member within 90 days following his
completion of active service in the
Armed Forces of the United States, the
amount of time in which the person
must become re-registered with a
member without being subject to the
‘‘two-year licensing expiration
provisions’’ will consist of the standard
two-year period reduced by the period
of time between the person’s
termination of registration and
beginning of active service in the Armed
Forces of the United States.
In addition, NASD is proposing to
amend NASD IM–1000–2 to toll the
‘‘two-year licensing expiration
provisions’’ for a person placed upon
‘‘inactive’’ status pursuant to NASD IM–
1000–2 who while serving in the Armed
Forces of the United States ceases to be
registered with a member.5 Under the
proposal, the tolling would start on the
date such person ceases to be registered
with the member and would terminate
90 days following the person’s
completion of active service in the
Armed Forces of the United States. The
proposal requires that NASD be
properly notified of the person’s period
of active military service within two
years following his completion of active
service or upon his re-registration with
a member, whichever occurs first.
NASD is proposing to toll the ‘‘two-year
licensing expiration provisions’’ for
such persons based on available
information in the Central Registration
Depository (CRD) regarding their active
military status. The proposal further
provides that if such person does not re5 Persons on ‘‘inactive’’ status due to active
military duty who do not cease their registration
with a member while serving in the Armed Forces
of the United States are not subject to the ‘‘two-year
licensing expiration provisions’’ because they are
considered registered for purposes of NASD Rules.
See NASD IM–1000–2.
E:\FR\FM\01FEN1.SGM
01FEN1
]]>Agencies
[Federal Register Volume 71, Number 21 (Wednesday, February 1, 2006)]
[Notices]
[Pages 5390-5391]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-1304]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53181; File No. SR-CHX-2005-40]
Self-Regulatory Organizations; Chicago Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to a Session Fee Increase for the Regulatory Element of the
Continuing Education Program
January 26, 2006.
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 December 30, 2005, the Chicago Stock Exchange, Inc. (``CHX'' or
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II
and III below, which Items have been prepared by the CHX. The Exchange
has designated this proposal as one establishing or changing a due,
fee, or other charge imposed by CHX under section 19(b)(3)(A)(ii) of
the Act,\3\ and Rule 19b-4(f)(2) thereunder,\4\ which renders the
proposal effective upon filing with the Commission. The Commission is
publishing this notice to solicit comments on the proposed rule change
from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The CHX proposes to amend its Participant Fee Schedule (the ``Fee
Schedule'') to incorporate the session fee for the Regulatory Element
of the continuing education requirements set out in CHX rules. The text
of this proposed rule change is available on the Exchange's Web site at
https://www.chx.com/rules/proposed_rules.htm, at the CHX, and at the
Commission's Public Reference Room.
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 CHX included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received regarding the proposal. The text of
these statements may be examined at the places specified in Item IV
below. The CHX 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 Changes
1. Purpose
The Exchange is proposing to incorporate, in its Fee Schedule, the
session fee paid by Exchange participants for the Regulatory Element of
the continuing education program required by CHX Rules. Under Exchange
rules, registered persons associated with CHX participant firms are
required to complete the Regulatory Element of the continuing education
program on the second anniversary of their registration and every three
years after that date, or as otherwise prescribed by the Exchange.\5\
The Regulatory Element is a computer-based education program
administered by the National Association of Securities Dealers
(``NASD'') that is designed to help ensure that registered persons are
kept up-to-date on regulatory, compliance and sales practice matters in
the industry. The Regulatory Element is a component of the Securities
Industry Continuing Education Program (the ``Program''). The Securities
Industry/Regulatory Council on Continuing Education (the ``Council'')
was organized in 1995 to facilitate cooperative industry and regulatory
coordination of the administration and future development of the
Program in keeping with applicable industry regulations and changing
industry needs. Its roles include recommending and helping develop
specific content and questions for the Regulatory Element, defining
minimum core curricula for the Firm Element component of the Program
and developing and updating information about the Program for industry-
wide dissemination.
---------------------------------------------------------------------------
\5\ See CHX Article VI, Rule 9.
---------------------------------------------------------------------------
The Exchange understands that it is the Council's responsibility to
maintain the Program on a revenue neutral basis while maintaining
adequate reserves for unanticipated future expenditures.\6\ In December
2003, the Council voted to reduce the Regulatory Element session fee
from $65 to $60, effective January 1, 2004. Although there was no
change to the fee for 2005, the Council has decided to increase the
Regulatory Element session fee from $60 to $75, effective January 1,
2006, in order to meet costs and maintain an adequate reserve in
2006.\7\ Through this filing, the Exchange proposes to incorporate the
$75 fee into its Fee Schedule.
---------------------------------------------------------------------------
\6\ The Council currently consists of 20 individuals, including
six representatives of self-regulatory organizations and 14 persons
who are associated with NASD member firms. The Commission and the
North American Securities Administrators Association have liaisons
to the Council. The Exchange does not have a representative serving
on the Council.
\7\ See Securities Exchange Act Release No. 52947 (December 13,
2005), 70 FR 75517 (December 20, 2005) (SR-NASD-2005-132).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes this proposed rule change is consistent with
section 6(b)(4) of the Act \8\ in that it provides for the equitable
allocation of reasonable dues, fees and other charges among its
members.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78(f)(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement of Burden on Competition
The Exchange does not believe that the proposed rule changes will
impose any burden on competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Changes Received From Members, Participants or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Changes and Timing for
Commission Action
The foregoing proposed rule change has been designated as a fee
change pursuant to section 19(b)(3)(A)(ii) of the Act \9\ and Rule 19b-
4(f)(2) thereunder,\10\ because it establishes or changes a due, fee or
other charge imposed by the
[[Page 5391]]
Exchange. Accordingly, the proposal will take effect upon filing with
the Commission. 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.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A)(ii).
\10\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposal 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 No. SR-CHX-2005-40 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-9303.
All submissions should refer to File No. SR-CHX-2005-40. 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 will also be available for inspection and copying at the
principal office of the CHX. 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 No. SR-CHX-2005-40 and should be submitted on or before February
22, 2006.
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\11\
Nancy M. Morris,
Secretary.
[FR Doc. E6-1304 Filed 1-31-06; 8:45 am]
BILLING CODE 8010-01-P
