Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Fee for Investment Banking Representative Examination, 47633-47634 [E9-22246]

Download as PDF Federal Register / Vol. 74, No. 178 / Wednesday, September 16, 2009 / Notices should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–ISE–2009–61 and should be submitted on or before October 7, 2009. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–22245 Filed 9–15–09; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–60640; File No. SR–FINRA– 2009–056] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Fee for Investment Banking Representative Examination September 9, 2009. srobinson on DSKHWCL6B1PROD 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 August 26, 2009, Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’) 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 FINRA. FINRA has designated the proposed rule change as ‘‘establishing or changing a due, fee or other charge’’ 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 receipt of this filing by 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 FINRA is proposing to amend Schedule A to the FINRA By-Laws to establish a fee for the new Investment Banking Representative Examination (‘‘Series 79’’). The text of the proposed rule change is available on FINRA’s Web site at https://www.finra.org, at the principal office of FINRA and at the Commission’s Public Reference Room. 8 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(ii). 4 17 CFR 240.19b–4(f)(2). 1 15 VerDate Nov<24>2008 17:40 Sep 15, 2009 Jkt 217001 II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, FINRA 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. FINRA 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 On April 13, 2009, the Commission approved NASD Rule 1032(i), which establishes a new limited representative category—Limited RepresentativeInvestment Banking—for persons whose activities are limited to investment banking and those who supervise such activities.5 FINRA has developed the Series 79 program to ensure that persons associated with FINRA members seeking to register as investment banking representatives have attained specified levels of competence and knowledge. On July 28, 2009, FINRA filed with the Commission the Series 79 selection specifications and content outline.6 The examination will be implemented on November 2, 2009.7 The proposed rule change would amend Section 4 of Schedule A to FINRA By-Laws to establish a fee of $265 for an associated person to take the Series 79 exam. The fee is the same as that for the General Securities Representative exam (‘‘Series 7’’) 8 and is based on the costs to FINRA to develop and administer the exam. FINRA has filed the proposed rule change for immediate effectiveness. The 5 See Securities Exchange Act Release No. 59757 (April 13, 2009), 74 FR 18268 (April 21, 2009) (Order Approving File No. SR–FINRA–2009–006). 6 See Securities Exchange Act Release No. 60424 (August 4, 2009), 74 FR 39984 (August 10, 2009) (Notice of Filing and Immediate Effectiveness; File No. SR–FINRA–2009–049). 7 See Regulatory Notice 09–41 (July 2009). 8 Within the six-month period following the implementation of Rule 1032(i), individuals who are registered as a General Securities Representative and function in a member’s investment banking business line as described in Rule 1032(i) may opt in to the Limited Representative-Investment Banking registration category. After the six-month opt-in period, individuals who perform the job functions set out in Rule 1032(i) will be required to pass the Series 79 exam in lieu of the General Securities Representative (‘‘Series 7’’) exam (or equivalent exams), unless subject to an exception in the Rule. PO 00000 Frm 00084 Fmt 4703 Sfmt 4703 47633 implementation date will be November 2, 2009, to coincide with the implementation date of NASD Rule 1032(i). 2. Statutory Basis FINRA believes that the proposed rule change is consistent with the Act, including Section 15A(b)(5) of the Act,9 which requires, among other things, that FINRA rules provide for the equitable allocation of reasonable dues, fees, and other charges among members and issuers and other persons using any facility or system that FINRA operates or controls. FINRA believes the proposed rule change is designed to accomplish these ends by equitably assessing the costs associated with developing and administering the examination program. B. Self-Regulatory Organization’s Statement on Burden on Competition FINRA does not believe that the proposed rule change will result in 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. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 10 and subparagraph (f)(2) of Rule 19b–4 thereunder.11 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 proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: 9 15 U.S.C. 78o–3(b)(5). U.S.C. 78s(b)(3)(A). 11 17 CFR 240.19b–4(f)(2). 10 15 E:\FR\FM\16SEN1.SGM 16SEN1 47634 Federal Register / Vol. 74, No. 178 / Wednesday, September 16, 2009 / 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–FINRA–2009–056 on the subject line. Paper Comments srobinson on DSKHWCL6B1PROD with NOTICES • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. SECURITIES AND EXCHANGE COMMISSION the most significant aspects of such statements. [Release No. 34–60637; File No. SR–Phlx– 2009–77] A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change by NASDAQ OMX PHLX, Inc. Regarding Listing Certain Options at $1 Strike Price Intervals Below $200 and Listing Certain Options at $2.50 Strike Price Intervals Below $200 September 9, 2009. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’)1, and Rule 19b–4 2 thereunder, All submissions should refer to File notice is hereby given that on Number SR–FINRA–2009–056. This file September 4, 2009, NASDAQ OMX number should be included on the PHLX, Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed subject line if e-mail is used. To help the with the Securities and Exchange Commission process and review your Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described comments more efficiently, please use only one method. The Commission will in Items I, II, and III below, which Items post all comments on the Commission’s have been prepared by the Exchange. The Commission is publishing this Internet Web site (https://www.sec.gov/ notice to solicit comments on the rules/sro.shtml). Copies of the proposed rule change from interested submission, all subsequent persons. amendments, all written statements with respect to the proposed rule I. Self-Regulatory Organization’s change that are filed with the Statement of the Terms of Substance of Commission, and all written the Proposed Rule Change communications relating to the The Exchange proposes to amend proposed rule change between the Phlx Rules 1012 (Series of Options Commission and any person, other than Open for Trading) and 1101A (Terms of those that may be withheld from the Option Contracts) regarding listing public in accordance with the certain options at $1 strike price provisions of 5 U.S.C. 552, will be intervals below $200. The proposal also available for inspection and copying in amends Rule 1101A regarding listing the Commission’s Public Reference certain options on indexes at $2.50 Room, 100 F Street, NE., Washington, strike price intervals below $200. DC 20549, on official business days The text of the proposed rule change between the hours of 10 a.m. and 3 p.m. is available on the Exchange’s Web site Copies of such filing also will be at https:// available for inspection and copying at nasdaqomxphlx.cchwallstreet.com/ NASDAQOMXPHLX/Filings/, at the the principal office of FINRA. All principal office of the Exchange, and at comments received will be posted the Commission’s Public Reference without change; the Commission does Room. not edit personal identifying information from submissions. You II. Self-Regulatory Organization’s should submit only information that Statement of the Purpose of, and you wish to make publicly available. All Statutory Basis for, the Proposed Rule submissions should refer to File Change Number SR–FINRA–2009–056 and In its filing with the Commission, the should be submitted on or before Exchange included statements October 7, 2009. concerning the purpose of and basis for For the Commission, by the Division of the proposed rule change and discussed Trading and Markets, pursuant to delegated any comments it received on the authority.12 proposed rule change. The text of these statements may be examined at the Florence E. Harmon, places specified in Item IV below. The Deputy Secretary. Exchange has prepared summaries, set [FR Doc. E9–22246 Filed 9–15–09; 8:45 am] forth in sections A, B, and C below, of BILLING CODE 8010–01–P 1 15 12 17 CFR 200.30–3(a)(12). VerDate Nov<24>2008 17:40 Sep 15, 2009 2 17 Jkt 217001 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00085 Fmt 4703 Sfmt 4703 1. Purpose The rule changes proposed herein are consistent with existing rules and practices that allow Phlx and other options exchanges to list and trade Mini-NDX (MNX) and other index options at $1 strike price intervals,3 and to trade index options at $2.50 strike price intervals.4 The purpose of the proposed rule change is to amend Phlx Rules 1012 and 1101A so that the Exchange may list eight index options at $1 strike price intervals below $200. The purpose is also to amend Rule 1101A so that the Exchange may list options on two indexes at $2.50 strike price intervals below $200. The indexes underlying options in respect of which the Exchange is proposing $1 strike price intervals in this filing, which are also known as sector indexes, are: PHLX Gold/Silver Index (option symbol XAU), PHLX Housing Index (option symbol HGX), PHLX Oil Service Index (option symbol OSX), SIG Oil Exploration & Production IndexTM (option symbol EPXSM),5 PHLX Semiconductor Index (option symbol SOX), KBW Bank Index (option symbol BKX),6 SIG Energy MLP IndexSM (option 3 Regarding $1 strike price intervals for MNX, see Securities Exchange Act Release Nos. 58924 (November 10, 2008), 73 FR 68464 (November 18, 2008) (SR–CBOE–2008–96) (approval order); 58997 (November 21, 2008), 73 FR 72887 (December 1, 2008) (SR–ISE–2008–88) (notice of filing and immediate effectiveness); 59129 (December 22, 2008), 73 FR 79945 (December 30, 2008) (SR–BSE– 2008–57) (notice of filing and immediate effectiveness); and 60156 (June 22. 2009), 74 FR 31077 (June 29, 2009) (SR–Phlx-2009–46) (notice of filing and immediate effectiveness). Regarding $1 and smaller strike price intervals for other index options, see Securities Exchange Act Release Nos. 39011 (September 3, 1997), 62 FR 47840 (September 11, 1997) (SR–CBOE–1997–26) (approval order regarding $0.50 strike price intervals for DJIA options); and 58207 (July 29, 2008), 73 FR 43963 (July 22, 2008) (SR–CBOE–2008–26) (approval order regarding $1 strike price intervals for BXM options). 4 Regarding $2.50 strike price intervals, see Securities Exchange Act Release Nos. 35993 (July 19, 1995), 60 FR 38073 (July 25, 1995) (approving File Nos. SR–Phlx-95–08, SR–Amex-95–12, SR– PSE–95–07, SR–CBOE–95–19, and SR–NYSE–95– 12 and approving the $2.50 pilot program); and 40662 (November 12, 1998), 63 FR 64297 (November 19, 1998) (approving File Nos. SR– Amex-98–21, SR–CBOE–98–29, SR–PCX–98–31, and SR–Phlx-98–26 and permanently approving the $2.50 pilot). 5 The SIG Indexes noted herein are trademarks of SIG Indices, LLLP. 6 The KBW Bank Index is also known as the PHLX/KBW Bank Index. See SR–Phlx-2009–58 (clarifying the name as KBW Bank Index). E:\FR\FM\16SEN1.SGM 16SEN1

Agencies

[Federal Register Volume 74, Number 178 (Wednesday, September 16, 2009)]
[Notices]
[Pages 47633-47634]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-22246]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60640; File No. SR-FINRA-2009-056]


Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Notice of Filing and Immediate Effectiveness of 
Proposed Rule Change Relating to Fee for Investment Banking 
Representative Examination

September 9, 2009.
    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 August 26, 2009, Financial Industry Regulatory Authority, Inc. 
(``FINRA'') 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 FINRA. FINRA has 
designated the proposed rule change as ``establishing or changing a 
due, fee or other charge'' 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 receipt of this filing by 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).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    FINRA is proposing to amend Schedule A to the FINRA By-Laws to 
establish a fee for the new Investment Banking Representative 
Examination (``Series 79'').
    The text of the proposed rule change is available on FINRA's Web 
site at https://www.finra.org, at the principal office of FINRA 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, FINRA 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. FINRA 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
    On April 13, 2009, the Commission approved NASD Rule 1032(i), which 
establishes a new limited representative category--Limited 
Representative-Investment Banking--for persons whose activities are 
limited to investment banking and those who supervise such 
activities.\5\ FINRA has developed the Series 79 program to ensure that 
persons associated with FINRA members seeking to register as investment 
banking representatives have attained specified levels of competence 
and knowledge. On July 28, 2009, FINRA filed with the Commission the 
Series 79 selection specifications and content outline.\6\ The 
examination will be implemented on November 2, 2009.\7\
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 59757 (April 13, 
2009), 74 FR 18268 (April 21, 2009) (Order Approving File No. SR-
FINRA-2009-006).
    \6\ See Securities Exchange Act Release No. 60424 (August 4, 
2009), 74 FR 39984 (August 10, 2009) (Notice of Filing and Immediate 
Effectiveness; File No. SR-FINRA-2009-049).
    \7\ See Regulatory Notice 09-41 (July 2009).
---------------------------------------------------------------------------

    The proposed rule change would amend Section 4 of Schedule A to 
FINRA By-Laws to establish a fee of $265 for an associated person to 
take the Series 79 exam. The fee is the same as that for the General 
Securities Representative exam (``Series 7'') \8\ and is based on the 
costs to FINRA to develop and administer the exam.
---------------------------------------------------------------------------

    \8\ Within the six-month period following the implementation of 
Rule 1032(i), individuals who are registered as a General Securities 
Representative and function in a member's investment banking 
business line as described in Rule 1032(i) may opt in to the Limited 
Representative-Investment Banking registration category. After the 
six-month opt-in period, individuals who perform the job functions 
set out in Rule 1032(i) will be required to pass the Series 79 exam 
in lieu of the General Securities Representative (``Series 7'') exam 
(or equivalent exams), unless subject to an exception in the Rule.
---------------------------------------------------------------------------

    FINRA has filed the proposed rule change for immediate 
effectiveness. The implementation date will be November 2, 2009, to 
coincide with the implementation date of NASD Rule 1032(i).
2. Statutory Basis
    FINRA believes that the proposed rule change is consistent with the 
Act, including Section 15A(b)(5) of the Act,\9\ which requires, among 
other things, that FINRA rules provide for the equitable allocation of 
reasonable dues, fees, and other charges among members and issuers and 
other persons using any facility or system that FINRA operates or 
controls. FINRA believes the proposed rule change is designed to 
accomplish these ends by equitably assessing the costs associated with 
developing and administering the examination program.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78o-3(b)(5).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    FINRA does not believe that the proposed rule change will result in 
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.

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A) of the Act \10\ and subparagraph (f)(2) of Rule 19b-4 
thereunder.\11\ 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.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 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 proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

[[Page 47634]]

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-FINRA-2009-056 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-FINRA-2009-056. 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, 100 F Street, 
NE., Washington, DC 20549, on official business days between the hours 
of 10 a.m. and 3 p.m. Copies of such filing also will be available for 
inspection and copying at the principal office of FINRA. 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 publicly available. All 
submissions should refer to File Number SR-FINRA-2009-056 and should be 
submitted on or before October 7, 2009.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

    \12\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-22246 Filed 9-15-09; 8:45 am]
BILLING CODE 8010-01-P
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