Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Proprietary Traders Qualification Examination (“Series 56”), 49805-49807 [2011-20356]
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Federal Register / Vol. 76, No. 155 / Thursday, August 11, 2011 / Notices
Dated: August 8, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–20415 Filed 8–10–11; 8:45 am]
[FR Doc. 2011–20414 Filed 8–10–11; 8:45 am]
BILLING CODE 8011–01–P
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
[Release No. 34–65039; File No. SR–BX–
2011–052]
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213.
Extension:
Regulation S–T; OMB Control No.
3235–424; SEC File No. 270–375.
srobinson on DSK4SPTVN1PROD with NOTICES
Dated: August 8, 2011.
Elizabeth M. Murphy,
Secretary.
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change Relating to the
Proprietary Traders Qualification
Examination (‘‘Series 56’’)
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget this
request for extension of the previously
approved collection of information
discussed below.
Regulation S–T (17 CFR 232.10
through 232.903) sets forth the filing
requirements relating to the electronic
submission of documents on the
Electronic Data Gathering, Analysis and
Retrieval (‘‘EDGAR’’) system. Regulation
S–T is assigned one burden hour for
administrative convenience because it
does not directly impose any
information collection requirements.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid
control number.
The public may view the background
documentation for this information
collection at the following Web site,
https://www.reginfo.gov. Comments
should be directed to: (i) Desk Officer
for the Securities and Exchange
Commission, Office of Information and
Regulatory Affairs, Office of
Management and Budget, Room 10102,
New Executive Office Building,
Washington, DC 20503, or by sending an
e-mail to:
Shagufta_Ahmed@omb.eop.gov; and (ii)
Thomas Bayer, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way,
Alexandria, VA 22312 or send an e-mail
to: PRA_Mailbox@sec.gov. Comments
must be submitted to OMB within 30
days of this notice.
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the most significant aspects of such
statements.
August 5, 2011.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1, and Rule 19b–4 2 thereunder,
notice is hereby given that on August 2,
2011, NASDAQ OMX BX, Inc.
(‘‘Exchange’’ or ‘‘BX’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I and
II, below, which Items have been
prepared by the Exchange. 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
BX is filing with the Commission the
content outline and selection
specifications for the Proprietary
Traders Qualification Examination
(‘‘Series 56’’) program. BX will
implement the proposal upon notice to
its membership.
The text of the proposed rule change
is available at https://nasdaqomxbx.
cchwallstreet.com, at BX’s principal
office, 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
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
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00081
Fmt 4703
Sfmt 4703
49805
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Recently, BX filed a proposed rule
change to recognize a new category of
limited representative registration for
proprietary traders.3 Specifically, BX
will recognize the new registration
category ‘‘Proprietary Trader’’ and the
new examination, the Series 56. The
new Proprietary Trader category would
be limited to persons engaged solely in
proprietary trading.
The Exchange has been working with
the Financial Industry Regulatory
Authority (‘‘FINRA’’) and certain other
exchanges, many of which have recently
enhanced their registration
requirements to require the registration
of associated persons,4 to develop the
content outline and qualification
examination that would be applicable to
proprietary traders. The Series 56
examination program is shared by BX
and the following self-regulatory
organizations (‘‘SROs’’): Boston Options
Exchange; C2 Options Exchange,
Incorporated; Chicago Board Options
Exchange, Incorporated; Chicago Stock
Exchange, Incorporated; International
Securities Exchange, LLC; The
NASDAQ Stock Market LLC; NASDAQ
OMX PHLX LLC; National Stock
Exchange, Incorporated; New York
Stock Exchange, LLC; NYSE AMEX,
Incorporated; and NYSE ARCA,
Incorporated. Upon request by the SROs
referenced above, FINRA staff convened
a committee of industry representatives,
BX staff and staff from the other SROs
referenced above, to develop the criteria
for the Series 56 examination program.
This new qualification examination, the
Series 56, was recently filed with the
Commission.5
The Series 56 examination tests a
candidate’s knowledge of proprietary
trading generally and the industry rules
applicable to trading of equity securities
and listed options contracts. The Series
56 examination covers, among other
things, recordkeeping and recording
3 See
SR–BX–2011–051.
e.g., Securities Exchange Act Release Nos.
63843 (February 4, 2011), 76 FR 7884 (February 11,
2011) (SR–ISE–2010–115); and 63314 (November
12, 2010), 75 FR 70957 (November 19, 2010)(SR–
CBOE–2010–084).
5 Two exchanges have thus far filed a proposed
rule change respecting the Series 56, which has
become effective. See Securities Exchange Act
Release No. 64699 (June 17, 2011), 76 FR 36945
(June 23, 2011)(SR–CBOE–2011–056) and SR–
NASDAQ–2011–108.
4 See
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49806
Federal Register / Vol. 76, No. 155 / Thursday, August 11, 2011 / Notices
requirements, types and characteristics
of securities and investments, trading
practices and display execution and
trading systems. While the examination
is primarily dedicated to topics related
to proprietary trading, the Series 56
examination also covers a few general
concepts relating to customers.6
The qualification examination
consists of 100 multiple choice
questions. Candidates will have 150
minutes to complete the exam. The
content outline describes the following
topical sections comprising the
examination: Personnel, Business
Conduct and Recordkeeping and
Reporting Requirements, 9 questions;
Markets, Market Participants,
Exchanges, and Self Regulatory
Organizations, 8 questions; Types and
Characteristics of Securities and
Investments, 20 questions; Trading
Practices and Prohibited Acts, 50
questions; and Display, Execution, and
Trading Systems, 13 questions.
Representatives from the applicable
SROs intend to meet on a periodic basis
to evaluate and, as necessary, update,
the Series 56 examination program.
The Exchange understands that the
other applicable SROs will also file with
the Commission similar filings
regarding the Series 56 examination
program. The Exchange proposes to
implement the Series 56 examination
program upon availability in WebCRD
and notification to its membership.
srobinson on DSK4SPTVN1PROD with NOTICES
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 7 in general, and furthers the
objectives of Section 6(c)(3)(B) of the
Act,8 pursuant to which a national
securities exchange prescribes standards
of training, experience and competence
for members and their associated
persons, in particular, by offering a new,
qualification examination for
proprietary traders. This filing provides
the content outline and relevant
specifications for the Series 56
examination program, which should
help ensure that all associated persons
engaged in a securities business are, and
will continue to be, properly trained
and qualified to perform their functions.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
BX does not believe that the proposed
rule change will impose any burden on
competition not necessary or
appropriate in furtherance of the
purposes of the Act.
6 Proprietary
trading firms do not have customers.
U.S.C. 78f(b).
8 15 U.S.C. 78(c)(3)(B) [sic].
7 15
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C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Pursuant to Section 19(b)(3)(A) of the
Act 9 and Rule 19b–4(f)(6) 10 thereunder,
the Exchange has designated this
proposal as one that effects a change
that: (i) Does not significantly affect the
protection of investors or the public
interest; (ii) does not impose any
significant burden on competition; and
(iii) by its terms, does not become
operative for 30 days after the date of
the filing, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest. Rule 19b–4(f)(6) 11
requires a self-regulatory organization to
give the Commission written notice of
its intent to file the proposed rule
change at least five business days prior
to the date of filing of the proposed rule
change, or such shorter time as
designated by the Commission. The
Exchange has satisfied this requirement.
Under Rule 19b–4(f)(6) of the Act,12 a
proposal does not become operative for
30 days after the date of its filing, or
such shorter time as the Commission
may designate if consistent with the
protection of investors and the public
interest. The Exchange requests that the
Commission waive the 30 day operative
period for this filing so that it may
become effective and operative upon
filing with the Commission pursuant to
Section 19(b)(3)(A) 13 of the Act and
subparagraph (f)(6) thereunder. The
Exchange believes waiving the 30-day
operative delay is consistent with the
protection of investors and the public
interest as the waiver will allow the
Exchange to make the examination
available as soon as possible to coincide
with availability on another exchange.
For the reason stated above, the
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest and designates the
proposal as operative upon filing.14
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
11 Id.
12 Id.
13 15 U.S.C. 78s(b)(3)(A).
14 For purposes only of waiving the operative
delay of this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f). See also 17 CFR 200.30–3(a)(59).
10 17
PO 00000
Frm 00082
Fmt 4703
Sfmt 4703
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend 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:
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–BX–2011–052 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–BX–2011–052. 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 Web site viewing and
printing 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 BX. 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
E:\FR\FM\11AUN1.SGM
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Federal Register / Vol. 76, No. 155 / Thursday, August 11, 2011 / Notices
submissions should refer to File
Number SR–BX–2011–052 and should
be submitted on or before September 1,
2011.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–20356 Filed 8–10–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–65042; File No. SR–BX–
2011–051]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change Relating to the
Proprietary Trader Examination
August 5, 2011.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 2 thereunder,
notice is hereby given that on August 2,
2011, NASDAQ OMX BX, Inc.
(‘‘Exchange’’ or ‘‘BX’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I and
II, below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
srobinson on DSK4SPTVN1PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
BX is filing with the Commission a
proposed rule change to amend its Rule
1032, Categories of Representative
Registration, to adopt a new limited
category of representative registration
for proprietary traders, as described
further below. BX will implement the
proposal upon notice to its membership.
The text of the proposed rule change
is available at http:/
nasdaqomxbx.cchwallstreet.com, at
BX’s principal office, 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
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
15 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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15:59 Aug 10, 2011
Jkt 223001
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.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to recognize a new category of
limited representative registration for
proprietary traders. Currently, under BX
rules, persons performing proprietary
trading functions fall within the
definition of representative in Rule
1011, because Rule 1011 includes
persons who are engaged in the
investment banking or securities
business of a member. A
‘‘Representative’’ means an Associated
Person 3 of a registered broker or dealer
who is engaged in the investment
banking or securities business for the
member including the functions of
supervision, solicitation or conduct of
business in securities or who is engaged
in the training of persons associated
with a broker or dealer for any of these
functions are designated as
representatives. As provided in Rule
1031, all Representatives of BX
members are required to be registered
with the Exchange, and Representatives
that are so registered are referred to as
‘‘Registered Representatives.’’
BX has been working with FINRA and
certain other exchanges, many of which
have recently enhanced their
registration requirements to require the
registration of associated persons,4 to
develop the content outline and
qualification examination that would be
applicable to proprietary traders. This
new qualification examination, the
Series 56, was recently filed with the
Commission; 5 BX expects to file the
3 Pursuant to Rule 1011(b), the term ‘‘Associated
Person’’ means any partner, officer, director, or
branch manager of a BX member or Applicant (or
person occupying a similar status or performing
similar functions), any person directly or indirectly
controlling, controlled by, or under common
control with such BX member or Applicant, or any
employee of such BX member or Applicant, except
that any person associated with a BX member or
Applicant whose functions are solely clerical or
ministerial shall not be included in the meaning of
such term for purposes of the BX Equity Rules.
4 See e.g., Securities Exchange Act Release Nos.
63843 (February 4, 2011), 76 FR 7884 (February 11,
2011) (SR–ISE–2010–115); and 63314 (November
12, 2010), 75 FR 70957 (November 19, 2010)(SR–
CBOE–2010–084).
5 One exchange has thus far filed a proposed rule
change respecting the Series 56 content outline,
PO 00000
Frm 00083
Fmt 4703
Sfmt 4703
49807
content outline with the Commission as
well and make it available upon
availability in WebCRD. Accordingly,
BX is amending its rules to recognize
the new registration category
‘‘Proprietary Trader’’ and, separately,
the new examination, the Series 56.
Specifically, BX proposes to adopt
new subparagraph (b) to Rule 1032 to
recognize the ‘‘Proprietary Trader’’
category of registration. The new
Proprietary Trader category would be
limited to persons performing the
functions specified in new Rule 1032(b),
which is proprietary trading. Persons
who deal with the public do not fit in
this registration category and must
continue to register as General
Securities Representatives. BX believes
that the new limited registration
category and qualification examination
are appropriate, because they are
tailored to proprietary trading functions.
Today, these persons are required to
register as a General Securities
Representative and pass the Series 7
examination, which the Exchange
believes covers a great deal of material
that is not relevant to proprietary
trading functions. Instead, the Series 56
covers both equities and options trading
rules, but not all of the rules applicable
to firms and persons conducting a
public business. As stated above, BX
will describe the Series 56 in greater
detail in a separate proposed rule
change.
Of course, persons registered in the
new category would be subject to the
continuing education requirements of
Rule 1120.6 In addition, the process for
registering continues to be covered by
Rule 1140, which provides that
WebCRD must be used.
Today, because BX rules require it,
persons associated with BX members
are already registered as General
Securities Representatives and have
passed the Series 7 examination.7 This
proposal does not require proprietary
traders who have already registered as
General Securities Representatives and
have passed the Series 7 examination to
register under the new category as
Proprietary Traders or to pass the Series
56, because BX believes this would be
redundant. Persons who are registered
as General Securities Representatives
and have passed the Series 7 may, of
course, perform the functions of a
Proprietary Trader, because the new
Proprietary Trader registration category
is a limited registration category. This
which has become effective. See Securities
Exchange Act Release No. 64699 (June 17, 2011), 76
FR 36945 (June 23, 2011)(SR–CBOE–2011–056).
6 See BX Rule 1120(a)(5).
7 See BX Rule 1031.
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]]>Agencies
[Federal Register Volume 76, Number 155 (Thursday, August 11, 2011)]
[Notices]
[Pages 49805-49807]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-20356]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-65039; File No. SR-BX-2011-052]
Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
the Proprietary Traders Qualification Examination (``Series 56'')
August 5, 2011.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\, and Rule 19b-4 \2\ thereunder, notice is hereby given
that on August 2, 2011, NASDAQ OMX BX, Inc. (``Exchange'' or ``BX'')
filed with the Securities and Exchange Commission (``SEC'' or
``Commission'') the proposed rule change as described in Items I and
II, below, which Items have been prepared by the Exchange. 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
BX is filing with the Commission the content outline and selection
specifications for the Proprietary Traders Qualification Examination
(``Series 56'') program. BX will implement the proposal upon notice to
its membership.
The text of the proposed rule change is available at https://nasdaqomxbx.cchwallstreet.com, at BX's principal office, 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 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.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
Recently, BX filed a proposed rule change to recognize a new
category of limited representative registration for proprietary
traders.\3\ Specifically, BX will recognize the new registration
category ``Proprietary Trader'' and the new examination, the Series 56.
The new Proprietary Trader category would be limited to persons engaged
solely in proprietary trading.
---------------------------------------------------------------------------
\3\ See SR-BX-2011-051.
---------------------------------------------------------------------------
The Exchange has been working with the Financial Industry
Regulatory Authority (``FINRA'') and certain other exchanges, many of
which have recently enhanced their registration requirements to require
the registration of associated persons,\4\ to develop the content
outline and qualification examination that would be applicable to
proprietary traders. The Series 56 examination program is shared by BX
and the following self-regulatory organizations (``SROs''): Boston
Options Exchange; C2 Options Exchange, Incorporated; Chicago Board
Options Exchange, Incorporated; Chicago Stock Exchange, Incorporated;
International Securities Exchange, LLC; The NASDAQ Stock Market LLC;
NASDAQ OMX PHLX LLC; National Stock Exchange, Incorporated; New York
Stock Exchange, LLC; NYSE AMEX, Incorporated; and NYSE ARCA,
Incorporated. Upon request by the SROs referenced above, FINRA staff
convened a committee of industry representatives, BX staff and staff
from the other SROs referenced above, to develop the criteria for the
Series 56 examination program. This new qualification examination, the
Series 56, was recently filed with the Commission.\5\
---------------------------------------------------------------------------
\4\ See e.g., Securities Exchange Act Release Nos. 63843
(February 4, 2011), 76 FR 7884 (February 11, 2011) (SR-ISE-2010-
115); and 63314 (November 12, 2010), 75 FR 70957 (November 19,
2010)(SR-CBOE-2010-084).
\5\ Two exchanges have thus far filed a proposed rule change
respecting the Series 56, which has become effective. See Securities
Exchange Act Release No. 64699 (June 17, 2011), 76 FR 36945 (June
23, 2011)(SR-CBOE-2011-056) and SR-NASDAQ-2011-108.
---------------------------------------------------------------------------
The Series 56 examination tests a candidate's knowledge of
proprietary trading generally and the industry rules applicable to
trading of equity securities and listed options contracts. The Series
56 examination covers, among other things, recordkeeping and recording
[[Page 49806]]
requirements, types and characteristics of securities and investments,
trading practices and display execution and trading systems. While the
examination is primarily dedicated to topics related to proprietary
trading, the Series 56 examination also covers a few general concepts
relating to customers.\6\
---------------------------------------------------------------------------
\6\ Proprietary trading firms do not have customers.
---------------------------------------------------------------------------
The qualification examination consists of 100 multiple choice
questions. Candidates will have 150 minutes to complete the exam. The
content outline describes the following topical sections comprising the
examination: Personnel, Business Conduct and Recordkeeping and
Reporting Requirements, 9 questions; Markets, Market Participants,
Exchanges, and Self Regulatory Organizations, 8 questions; Types and
Characteristics of Securities and Investments, 20 questions; Trading
Practices and Prohibited Acts, 50 questions; and Display, Execution,
and Trading Systems, 13 questions. Representatives from the applicable
SROs intend to meet on a periodic basis to evaluate and, as necessary,
update, the Series 56 examination program.
The Exchange understands that the other applicable SROs will also
file with the Commission similar filings regarding the Series 56
examination program. The Exchange proposes to implement the Series 56
examination program upon availability in WebCRD and notification to its
membership.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \7\ in general, and furthers the objectives of Section
6(c)(3)(B) of the Act,\8\ pursuant to which a national securities
exchange prescribes standards of training, experience and competence
for members and their associated persons, in particular, by offering a
new, qualification examination for proprietary traders. This filing
provides the content outline and relevant specifications for the Series
56 examination program, which should help ensure that all associated
persons engaged in a securities business are, and will continue to be,
properly trained and qualified to perform their functions.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78(c)(3)(B) [sic].
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
BX does not believe that the proposed rule change will impose any
burden on competition 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 either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Pursuant to Section 19(b)(3)(A) of the Act \9\ and Rule 19b-4(f)(6)
\10\ thereunder, the Exchange has designated this proposal as one that
effects a change that: (i) Does not significantly affect the protection
of investors or the public interest; (ii) does not impose any
significant burden on competition; and (iii) by its terms, does not
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate if consistent with the
protection of investors and the public interest. Rule 19b-4(f)(6) \11\
requires a self-regulatory organization to give the Commission written
notice of its intent to file the proposed rule change at least five
business days prior to the date of filing of the proposed rule change,
or such shorter time as designated by the Commission. The Exchange has
satisfied this requirement.
Under Rule 19b-4(f)(6) of the Act,\12\ a proposal does not become
operative for 30 days after the date of its filing, or such shorter
time as the Commission may designate if consistent with the protection
of investors and the public interest. The Exchange requests that the
Commission waive the 30 day operative period for this filing so that it
may become effective and operative upon filing with the Commission
pursuant to Section 19(b)(3)(A) \13\ of the Act and subparagraph (f)(6)
thereunder. The Exchange believes waiving the 30-day operative delay is
consistent with the protection of investors and the public interest as
the waiver will allow the Exchange to make the examination available as
soon as possible to coincide with availability on another exchange.
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\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6).
\11\ Id.
\12\ Id.
\13\ 15 U.S.C. 78s(b)(3)(A).
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For the reason stated above, the Commission believes that waiving
the 30-day operative delay is consistent with the protection of
investors and the public interest and designates the proposal as
operative upon filing.\14\
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\14\ For purposes only of waiving the operative delay of this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. See 15 U.S.C.
78c(f). See also 17 CFR 200.30-3(a)(59).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend 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:
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-BX-2011-052 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-BX-2011-052. 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 Web site viewing and
printing 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 BX. 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
[[Page 49807]]
submissions should refer to File Number SR-BX-2011-052 and should be
submitted on or before September 1, 2011.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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\15\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-20356 Filed 8-10-11; 8:45 am]
BILLING CODE 8011-01-P
