Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Eliminate the Securities Manager Examination (“Series 12”), 24350-24352 [E7-8311]

Download as PDF 24350 Federal Register / Vol. 72, No. 84 / Wednesday, May 2, 2007 / Notices submitted electronically over the Commission’s EDGAR system. Furthermore, the Electronic Disclosure submission system has been designed to be simple to operate. As such, Nasdaq does not believe that the required use of the Electronic Disclosure submission system will be a burden on companies. If a company repeatedly fails to either notify Nasdaq prior to the distribution of material news, or to use the electronic disclosure submission system when Nasdaq finds no emergency situation existed, Nasdaq may issue a Staff Determination, pursuant to the Nasdaq Rule 4800 Series,5 that is a public reprimand letter or, in extreme situations, a Staff Determination to delist the company’s securities. In determining whether to issue a public reprimand letter, Nasdaq will consider whether the issuer has demonstrated a pattern of failures, whether the issuer has been contacted concerning previous violations, and whether the issuer has taken steps to assure that future violations will not occur. 2. Statutory Basis Nasdaq believes that the proposed rule change is consistent with Section 6(b) of the Act,6 in general, and furthers the objectives of Section 6(b)(5) of the Act,7 in particular. Nasdaq believes that the proposed rule change would enhance its ability to timely review issuer disclosures, thereby facilitating the operation of a free and open market and protecting investors and the public interest. B. Self-Regulatory Organization’s Statement on Burden on Competition Nasdaq 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 Written comments were neither solicited nor received. mmaher on DSK3CLS3C1PROD with $$_JOB 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 See Amendment No. 1. 15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(5). 5 6 VerDate Mar 15 2010 03:08 Aug 19, 2011 Jkt 223001 publishes its reasons for so finding or (ii) as to which Nasdaq consents, the Commission will: (A) By order approve such proposed rule change, or (B) Institute proceedings to determine whether the proposed rule change should be disapproved. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.8 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–8313 Filed 5–1–07; 8:45 am] IV. Solicitation of Comments SECURITIES AND EXCHANGE COMMISSION 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 <bullet≤ Use the Commission’s Internet comment form https:// www.sec.gov/rules/sro.shtml; or <bullet≤ Send an e-mail to rulecomments@sec.gov. Please include File No. SR–NASDAQ–2007–029 on the subject line. BILLING CODE 8010–01–P [Release No. 34–55670; File No. SR–NYSE– 2007–41) Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Eliminate the Securities Manager Examination (‘‘Series 12’’) April 25, 2007. 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 April 19, 2007, the New York Stock Exchange LLC Paper Comments (‘‘NYSE’’ or ‘‘Exchange’’) filed with the <bullet≤ Send paper comments in Securities and Exchange Commission triplicate to Nancy M. Morris, Secretary, (‘‘Commission’’) the proposed rule Securities and Exchange Commission, change as described in Items I, II, and 100 F Street, NE, Washington, DC III below, which Items have been 20549–1090. substantially prepared by the Exchange. All submissions should refer to File No. The Exchange has designated the proposed rule change as constituting a SR–NASDAQ–2007–029. This file stated policy, practice, or interpretation number should be included on the subject line if e-mail is used. To help the with respect to the meaning, administration, or enforcement of an Commission process and review your existing rule pursuant to Section comments more efficiently, please use only one method. The Commission will 19(b)(3)(A)(i) of the Act 3 and Rule 19b– post all comments on the Commission’s 4(f)(1) thereunder,4 which renders the Internet Web site at https://www.sec.gov/ proposal effective upon filing with the Commission. The Commission is rules/sro.shtml. Copies of the publishing this notice to solicit submission, all subsequent comments on the proposed rule change amendments, all written statements from interested persons. with respect to the proposed rule change that are filed with the I. Self-Regulatory Organization’s Commission, and all written Statement of the Terms of Substance of communications relating to the the Proposed Rule Change proposed rule change between the The Exchange is filing this proposal to Commission and any person, other than eliminate the Securities Manager those that may be withheld from the qualification examination (‘‘Series 12’’). public in accordance with the provisions of 5 U.S.C. 552, will be II. Self-Regulatory Organization’s available for inspection and copying in Statement of the Purpose of, and the Commission’s Public Reference Statutory Basis for, the Proposed Rule Room. Copies of the filing also will be Change available for inspection and copying at In its filing with the Commission, the the principal office of Nasdaq. All Exchange included statements comments received will be posted concerning the purpose of and basis for without change; the Commission does the proposed rule change and discussed not edit personal identifying any comments it received on the information from submissions. You should submit only information that 8 17 CFR 200.30–3(a)(12). you wish to make available publicly. All 1 15 U.S.C. 78s(b)(1). submissions should refer to File No. 2 17 CFR 240.19b–4. SR–NASDAQ–2007–029 and should be 3 15 U.S.C. 78s(b)(3)(A)(i). submitted on or before May 23, 2007. 4 17 CFR 240.19b–4(f)(1). PO 00000 Frm 00087 Fmt 4703 Sfmt 4703 E:\FEDREG\02MYN1.LOC 02MYN1 Federal Register / Vol. 72, No. 84 / Wednesday, May 2, 2007 / Notices 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. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change mmaher on DSK3CLS3C1PROD with $$_JOB 1. Purpose The purpose of this filing is to rescind the Series 12 examination. The Series 12 is owned and maintained by the NYSE and administered through the National Association of Securities Dealers, Inc. Background. NYSE Rule 342 (‘‘Offices—Approval, Supervision and Control’’) requires that member organizations be appropriately supervised. NYSE Rule 342.13 prescribes specific qualification standards for supervisors.5 It requires that a Branch Office Manager (‘‘BOM’’) pass the General Securities Sales Supervisor examination (‘‘Series 9/10’’) or another examination acceptable to the Exchange. The Exchange currently accepts two alternatives to the Series 9/ 10 examination: The Series 12 examination and the General Securities Principal (‘‘Series 24’’) examination.6 Since the Series 12 examination qualifies a candidate as a Securities Manager, it has generally been utilized by individuals employed by a broker/ dealer whose business is limited solely to equity and non-municipal fixed income securities. Proposed Amendment. The Exchange is seeking to rescind the Series 12 examination 7 primarily because its 5 See also NYSE Rule 345 (‘‘Employees— Registration, Approval, Records’’), which requires supervisors of registered representatives to be registered. In addition, NYSE Rule 345.15 requires candidates for registration to meet training requirements and pass a qualification examination. 6 The Series 24 examination is only recognized by the Exchange if taken and passed on or after July 2, 2001. Further, unlike the Series 9/10 examination, which qualifies a person to supervise options and municipal business as well as equities business, the Series 24 examination only qualifies a person to supervise equities business. A BOM may qualify to supervise options and municipal securities business by passing the Registered Options Principal examination (‘‘Series 4’’) and the Municipal Securities Principal examination (‘‘Series 53’’), respectively. See also NYSE Information Memo 02–51 (November 12, 2002). 7 When originally introduced in 1964, the Series 12 was the standard BOM examination. The BOM examination was administered in this form until April 1984 when it was changed to the General Securities Sales Supervisor examination (‘‘Series 8’’), which was created from the Series 12, Series 24, Series 4 and Series 53 examinations. The twopart Series 8 examination later split into the Series 9⁄10 with the Web CRD conversion in August 1999. See also NYSE Information Memo 81–57 (December 1, 1981), which announced the approval of the Series 8 examination. VerDate Mar 15 2010 03:08 Aug 19, 2011 Jkt 223001 content is now covered by the Series 10 examination, which is the general securities portion of the Series 9⁄10 examination. The Series 12 consists of 100 multiple-choice questions covering the following four general areas of knowledge, which are also addressed in the Series 10: Sales Supervision; Account Supervision; Compliance, Recordkeeping and Financial Responsibility; and Regulations Affecting the Operation of Securities Markets. The primary difference between the Series 12 and the Series 10 is that the Series 12 does not cover municipal securities. Thus, candidates seeking a BOM and/or Securities Manager designation may qualify via the Series 10 examination (or the Series 24 examination) in lieu of the Series 12. Further, few candidates take the Series 12, and the number of candidates taking the exam annually has declined steadily over the past several years. For example, in 2000, 70 candidates took the Series 12. By 2003, only 20 candidates took the Series 12, and only 15 candidates took the exam in 2006. Maintenance of an examination program is a labor-intensive process because an exam must be reviewed and updated regardless of the number of candidates taking the exam. Rescission of the Series 12 will enable the Exchange to better allocate its resources to updating and administering the Series 10 examination. In order to notify candidates who are currently registering or preparing for the Series 12 examination, the Exchange published an Information Memo announcing the Exchange’s intention to file this proposed rescission with the Commission.8 In brief, it informed candidates who requested to take the Series 12 prior to April 23, 2007 that they will be registered to do so.9 If, however, a candidate requests registration for the Series 12 on or after that date, the candidate will automatically be registered to take the Series 10 examination. 2. Statutory Basis The Exchange believes that the proposed rescission is consistent with the requirements of Section 6(c)(3)(B) 10 24351 of the Act. The Exchange believes, pursuant to that section, it has a responsibility to prescribe standards of training, experience, and competence for persons associated with Exchange member organizations. The Exchange notes that proposed rescission of the Series 12 will not result in any diminution of Exchange competency standards because the content of the Series 12 is covered by the Series 10 examination, and the Exchange prospectively will require all candidates who would have otherwise taken the Series 12 to take the Series 10. 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 The Exchange has neither solicited nor received written comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The proposed rule change is effective upon filing pursuant to Section 19(b)(3)(A)(i) 11 of the Act and paragraph (f)(1) of Rule 19b–4 thereunder,12 in that it constitutes a stated policy, practice, or interpretation with respect to the meaning, administration, or enforcement of an existing rule of the Exchange. At any time within 60 days of the filing of such 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 See NYSE Information Memo 07–32 (April 11, 2007). 9 Individuals wishing to take the Series 12 examination were instructed to make the appropriate request through the Central Registration Depository on or before Friday, April 20, 2007. Individuals who made an appropriate request by April 20, 2007 have 120 days to take the Series 12 examination. NYSE will also continue to grant Securities Manager qualification to individuals who have passed the Series 24 on or after July 2, 2001, except for those individuals who supervise options or municipal securities sales activity. See NYSE Information Memo 02–51 (November 12, 2002). 10 15 U.S.C. 78f(c)(3)(B). PO 00000 8 Frm 00088 Fmt 4703 Sfmt 4703 Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: 11 12 15 U.S.C. 78s(b)(3)(A)(i). 17 CFR 240.19b–4(f)(1). E:\FEDREG\02MYN1.LOC 02MYN1 24352 Federal Register / Vol. 72, No. 84 / Wednesday, May 2, 2007 / Notices Electronic Comments <bullet≤ Use the Commission’s Internet comment form (https:// www.sec.gov/rules/sro.shtml); or <bullet≤ Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NYSE–2007–41 on the subject line. ACTION: Notice. SUMMARY: This is a Notice of the Presidential declaration of a major disaster for the State of New York (FEMA–1692–DR), dated 04/24/2007. Incident: Severe Storms and Inland and Coastal Flooding. Incident Period: 04/14/2007 through Paper Comments 04/18/2007. Effective Date: 04/24/2007. <bullet≤ Send paper comments in Physical Loan Application Deadline triplicate to Nancy M. Morris, Secretary, Date: 06/25/2007. Securities and Exchange Commission, Economic Injury (EIDL) Loan Station Place, 100 F Street, NE., Application Deadline Date: 01/24/2008. Washington, DC 20549–1090. ADDRESSES: Submit completed loan All submissions should refer to File applications to: U.S. Small Business Number SR–NYSE–2007–41. This file Administration, Processing and number should be included on the subject line if e-mail is used. To help the Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. Commission process and review your comments more efficiently, please use FOR FURTHER INFORMATION CONTACT: A. only one method. The Commission will Escobar, Office of Disaster Assistance, post all comments on the Commission’s U.S. Small Business Administration, Internet Web site (https://www.sec.gov/ 409 3rd Street, SW., Suite 6050, rules/sro.shtml). Copies of the Washington, DC 20416. submission, all subsequent SUPPLEMENTARY INFORMATION: Notice is amendments, all written statements hereby given that as a result of the with respect to the proposed rule President’s major disaster declaration on change that are filed with the 04/24/2007, applications for disaster Commission, and all written loans may be filed at the address listed communications relating to the above or other locally announced proposed rule change between the locations. Commission and any person, other than The following areas have been those that may be withheld from the determined to be adversely affected by public in accordance with the the disaster: provisions of 5 U.S.C. 552, will be Primary Counties (Physical Damage available for inspection and copying in and Economic Injury Loans): the Commission’s Public Reference Orange, Rockland, Westchester. Room. Copies of such filing also will be Contiguous Counties (Economic Injury available for inspection and copying at Loans Only): the principal office of the NYSE. All New York: Bronx, Dutchess, Putnam, comments received will be posted Sullivan, Ulster. without change; the Commission does Connecticut: Fairfield. not edit personal identifying New Jersey: Bergen, Passaic, Sussex. information from submissions. You Pennsylvania: Pike. should submit only information that The Interest Rates are: you wish to make available publicly. All submissions should refer to File Percent Number SR–NYSE–2007–41 and should be submitted on or before May 23, 2007. For Physical Damage:. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.13 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–8311 Filed 5–1–07; 8:45 am] BILLING CODE 8010–01–P mmaher on DSK3CLS3C1PROD with $$_JOB SMALL BUSINESS ADMINISTRATION Disaster Declaration ●10852 and ●10853; New York Disaster ●NY– 00045 U.S. Small Business Administration. AGENCY: 13 17 CFR 200.30–3(a)(12). VerDate Mar 15 2010 03:08 Aug 19, 2011 Jkt 223001 Federal Domestic Assistance Numbers 59002 and 59008) Jane M. Pease, Acting Associate Administrator for Disaster Assistance. [FR Doc. E7–8348 Filed 5–1–07; 8:45 am] BILLING CODE 8025–01–P DEPARTMENT OF TRANSPORTATION Federal Highway Administration Environmental Impact Statement: San Diego, CA Federal Highway Administration (FHWA), DOT. ACTION: Notice of intent. AGENCY: SUMMARY: The FHWA is issuing this notice to advise the public that an environmental impact statement will be prepared to identify a corridor for a future proposed highway and port of entry in San Diego County, California. FOR FURTHER INFORMATION CONTACT: Steve Healow, Project Development Engineer, Federal Highway Administration, 650 Capitol Mall, Suite 4–100, Sacramento, California 95814. Telephone: (916) 498–5849 or Susanne Glasgow, Deputy District Director, Environmental Division, California Department of Transportation, District 11, 4050 Taylor Street, MS–242, San Diego, CA 92110. Telephone: (619) 688– 0100. SUPPLEMENTARY INFORMATION: The FHWA, in cooperation with the California Department of Transportation (Caltrans) and the General Services Administration (GSA), will prepare a phased environmental impact statement (PEIS) on a proposal to identify and preserve a corridor for future State Route (SR) 11, identify an area for the future Otay Mesa East Port of Entry (POE), and study the functionality of the existing Commercial Vehicle Homeowners with Credit Available Elsewhere: ....................... 5.750 Enforcement Facility (CVEF) on eastern Otay Mesa in San Diego County. Homeowners without Credit Available Elsewhere: ............... 2.875 Identification and preservation of the Businesses with Credit Available highway corridor and port of entry will Elsewhere: ............................... 8.000 facilitate the application process for Other (Including Non-Profit Orgapresidential permit for the POE, land nizations) with Credit Available use planning by local jurisdictions, and Elsewhere: ............................... 5.250 right-of-way acquisition for the future Businesses and Non-Profit Orgaprojects. nizations without Credit AvailFuture SR11 would begin at able Elsewhere: ....................... 4.000 approximately the SR905/SR125 For Economic Injury:. interchange and proceed easterly Businesses & Small Agricultural approximately 2.7 miles to a new POE. Cooperatives without Credit Available Elsewhere: ............... 4.000 The completed PEIS will facilitate Caltrans, FHWA, and GSA proceeding The number assigned to this disaster independently with right-of-way for physical damage is 108526 and for acquisition, designation, and project economic injury is 108530. level environmental processing of their PO 00000 Frm 00089 Fmt 4703 Sfmt 4703 E:\FEDREG\02MYN1.LOC 02MYN1

Agencies

[Federal Register Volume 72, Number 84 (Wednesday, May 2, 2007)]
[Notices]
[Pages 24350-24352]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-8311]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55670; File No. SR-NYSE-2007-41)


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Eliminate the Securities Manager Examination (``Series 12'')

April 25, 2007.
    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 April 19, 2007, the New York Stock Exchange LLC (``NYSE'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I, II, 
and III below, which Items have been substantially prepared by the 
Exchange. The Exchange 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 
pursuant to Section 19(b)(3)(A)(i) of the Act \3\ and Rule 19b-4(f)(1) 
thereunder,\4\ which renders the proposal effective upon filing with 
the Commission. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \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 Exchange is filing this proposal to eliminate the Securities 
Manager qualification examination (``Series 12'').

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

[[Page 24351]]

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.

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

1. Purpose
    The purpose of this filing is to rescind the Series 12 examination. 
The Series 12 is owned and maintained by the NYSE and administered 
through the National Association of Securities Dealers, Inc.
    Background. NYSE Rule 342 (``Offices--Approval, Supervision and 
Control'') requires that member organizations be appropriately 
supervised. NYSE Rule 342.13 prescribes specific qualification 
standards for supervisors.\5\ It requires that a Branch Office Manager 
(``BOM'') pass the General Securities Sales Supervisor examination 
(``Series 9/10'') or another examination acceptable to the Exchange. 
The Exchange currently accepts two alternatives to the Series 9/10 
examination: The Series 12 examination and the General Securities 
Principal (``Series 24'') examination.\6\
---------------------------------------------------------------------------

    \5\ See also NYSE Rule 345 (``Employees--Registration, Approval, 
Records''), which requires supervisors of registered representatives 
to be registered. In addition, NYSE Rule 345.15 requires candidates 
for registration to meet training requirements and pass a 
qualification examination.
    \6\ The Series 24 examination is only recognized by the Exchange 
if taken and passed on or after July 2, 2001. Further, unlike the 
Series 9/10 examination, which qualifies a person to supervise 
options and municipal business as well as equities business, the 
Series 24 examination only qualifies a person to supervise equities 
business. A BOM may qualify to supervise options and municipal 
securities business by passing the Registered Options Principal 
examination (``Series 4'') and the Municipal Securities Principal 
examination (``Series 53''), respectively. See also NYSE Information 
Memo 02-51 (November 12, 2002).
---------------------------------------------------------------------------

    Since the Series 12 examination qualifies a candidate as a 
Securities Manager, it has generally been utilized by individuals 
employed by a broker/dealer whose business is limited solely to equity 
and non-municipal fixed income securities.
    Proposed Amendment. The Exchange is seeking to rescind the Series 
12 examination \7\ primarily because its content is now covered by the 
Series 10 examination, which is the general securities portion of the 
Series \9/10\ examination. The Series 12 consists of 100 multiple-
choice questions covering the following four general areas of 
knowledge, which are also addressed in the Series 10: Sales 
Supervision; Account Supervision; Compliance, Recordkeeping and 
Financial Responsibility; and Regulations Affecting the Operation of 
Securities Markets. The primary difference between the Series 12 and 
the Series 10 is that the Series 12 does not cover municipal 
securities. Thus, candidates seeking a BOM and/or Securities Manager 
designation may qualify via the Series 10 examination (or the Series 24 
examination) in lieu of the Series 12.
---------------------------------------------------------------------------

    \7\ When originally introduced in 1964, the Series 12 was the 
standard BOM examination. The BOM examination was administered in 
this form until April 1984 when it was changed to the General 
Securities Sales Supervisor examination (``Series 8''), which was 
created from the Series 12, Series 24, Series 4 and Series 53 
examinations. The two-part Series 8 examination later split into the 
Series \9/10\ with the Web CRD conversion in August 1999. See also 
NYSE Information Memo 81-57 (December 1, 1981), which announced the 
approval of the Series 8 examination.
---------------------------------------------------------------------------

    Further, few candidates take the Series 12, and the number of 
candidates taking the exam annually has declined steadily over the past 
several years. For example, in 2000, 70 candidates took the Series 12. 
By 2003, only 20 candidates took the Series 12, and only 15 candidates 
took the exam in 2006. Maintenance of an examination program is a 
labor-intensive process because an exam must be reviewed and updated 
regardless of the number of candidates taking the exam. Rescission of 
the Series 12 will enable the Exchange to better allocate its resources 
to updating and administering the Series 10 examination.
    In order to notify candidates who are currently registering or 
preparing for the Series 12 examination, the Exchange published an 
Information Memo announcing the Exchange's intention to file this 
proposed rescission with the Commission.\8\ In brief, it informed 
candidates who requested to take the Series 12 prior to April 23, 2007 
that they will be registered to do so.\9\ If, however, a candidate 
requests registration for the Series 12 on or after that date, the 
candidate will automatically be registered to take the Series 10 
examination.
---------------------------------------------------------------------------

    \8\ See NYSE Information Memo 07-32 (April 11, 2007).
    \9\ Individuals wishing to take the Series 12 examination were 
instructed to make the appropriate request through the Central 
Registration Depository on or before Friday, April 20, 2007. 
Individuals who made an appropriate request by April 20, 2007 have 
120 days to take the Series 12 examination. NYSE will also continue 
to grant Securities Manager qualification to individuals who have 
passed the Series 24 on or after July 2, 2001, except for those 
individuals who supervise options or municipal securities sales 
activity. See NYSE Information Memo 02-51 (November 12, 2002).
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rescission is consistent 
with the requirements of Section 6(c)(3)(B) \10\ of the Act. The 
Exchange believes, pursuant to that section, it has a responsibility to 
prescribe standards of training, experience, and competence for persons 
associated with Exchange member organizations. The Exchange notes that 
proposed rescission of the Series 12 will not result in any diminution 
of Exchange competency standards because the content of the Series 12 
is covered by the Series 10 examination, and the Exchange prospectively 
will require all candidates who would have otherwise taken the Series 
12 to take the Series 10.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78f(c)(3)(B).
---------------------------------------------------------------------------

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

    The Exchange has neither solicited nor received written comments on 
the proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The proposed rule change is effective upon filing pursuant to 
Section 19(b)(3)(A)(i) \11\ of the Act and paragraph (f)(1) of Rule 
19b-4 thereunder,\12\ in that it constitutes a stated policy, practice, 
or interpretation with respect to the meaning, administration, or 
enforcement of an existing rule of the Exchange. At any time within 60 
days of the filing of such 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.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(3)(A)(i).
    \12\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

[[Page 24352]]

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-NYSE-2007-41 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, Station Place, 100 F 
Street, NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSE-2007-41. 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 NYSE. 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-NYSE-2007-41 and should be submitted on or before May 
23, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-8311 Filed 5-1-07; 8:45 am]
BILLING CODE 8010-01-P
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