Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Fee for the Operations Professional Examination, 55441-55443 [2011-22764]

Download as PDF Federal Register / Vol. 76, No. 173 / Wednesday, September 7, 2011 / Notices Act in that it seeks to assure fair competition among brokers and dealers and among exchange markets. The Exchange believes that the proposed rule change meets these requirements because it conforms the rule text to reflect the recent expansion of the underlying individual stock trading pause pilot to cover all NMS stocks, which pilot promotes uniformity across markets concerning decisions to pause trading in a stock when there are significant price movements. Additionally, the proposed rule change should provide clarity on the existing operation of the pilot. 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. 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: emcdonald on DSK5VPTVN1PROD with NOTICES Jkt 223001 SECURITIES AND EXCHANGE COMMISSION August 30, 2011. All submissions should refer to File No. SR–C2–2011–019. 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 the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File No. SR–C2–2011– 17:37 Sep 06, 2011 BILLING CODE 8011–01–P Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Fee for the Operations Professional Examination III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act 8 and Rule 19b–4(f)(6) thereunder.9 Because the proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative prior to 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 10 and Rule 19b–4(f)(6)(iii) thereunder.11 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 VerDate Mar<15>2010 [FR Doc. 2011–22776 Filed 9–6–11; 8:45 am] • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File No. SR–C2–2011–019 on the subject line. • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. U.S.C. 78s(b)(3)(A)(iii). CFR 240.19b–4(f)(6). 10 15 U.S.C. 78s(b)(3)(A). 11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6)(iii) requires the Exchange to give the Commission written notice of the Exchange’s intent to file the proposed rule change along with a brief description and text of 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. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 Elizabeth M. Murphy, Secretary. [Release No. 34–65221; File No. SR–FINRA– 2011–04] Paper Comments 9 17 019 and should be submitted on or before September 28, 2011. Electronic Comments C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange neither solicited nor received comments on the proposal. 8 15 55441 PO 00000 Frm 00097 Fmt 4703 Sfmt 4703 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 22, 2011, 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 and II 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.5 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 Operations Professional Examination (‘‘Series 99’’). Specifically, the proposed rule change would amend Section 4 of Schedule A to the FINRA By-Laws to establish a fee of $125 for a person to take the Series 12 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). 5 The proposed rule change is related to FINRA’s recently established registration category and qualification examination requirement for Operations Professionals. See Securities Exchange Act Release No. 64687 (June 16, 2011), 76 FR 36586 (June 22, 2011) (Order Approving File No. SR– FINRA–2011–013). 1 15 E:\FR\FM\07SEN1.SGM 07SEN1 55442 Federal Register / Vol. 76, No. 173 / Wednesday, September 7, 2011 / Notices 99 examination. The fee is based on the costs to FINRA to develop and administer the exam. 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 emcdonald on DSK5VPTVN1PROD with NOTICES On June 16, 2011, the Commission approved FINRA Rule 1230(b)(6), which establishes a registration category and qualification examination requirement for certain operations personnel— Operations Professionals.6 FINRA is expanding its registration provisions to require registration of certain individuals (‘‘covered persons’’) who are engaged in, responsible for or supervising certain member operations functions (‘‘covered functions’’) to enhance the regulatory structure surrounding these areas.7 FINRA Rule 1230(b)(6) is intended, among other things, to increase covered persons’ awareness and knowledge that they are operating in a regulated environment designed to protect investors’ interests and the integrity of the operations of a broker-dealer. FINRA has developed the Series 99 examination program to provide reasonable assurance that covered 6 See Securities Exchange Act Release No. 64687 (June 16, 2011), 76 FR 36586 (June 22, 2011) (Order Approving File No. SR–FINRA–2011–013). In addition to adopting FINRA Rule 1230(b)(6), the rule change adopted NASD Rule 1120 (Continuing Education Requirements) as new FINRA Rule 1250 (Continuing Education Requirements) with certain changes, including expanding the scope of ‘‘covered registered persons’’ subject to the Firm Element to include persons registered as Operations Professionals. See also Regulatory Notice 11–33 (July 2011). 7 See Regulatory Notice 11–33 (July 2011) for information regarding the implementation period for Operations Professionals subject to FINRA Rule 1230(b)(6). VerDate Mar<15>2010 17:37 Sep 06, 2011 Jkt 223001 persons understand their professional responsibilities, including key regulatory and control themes, as well as the importance of identifying and escalating red flags that may harm a firm, its customers, the integrity of the marketplace or the public. The examination will test applicants on general securities industry knowledge and its associated regulations and rules.8 On August 19, 2011, [sic] FINRA filed with the Commission the Series 99 selection specifications and content outline.9 The examination will be implemented on October 17, 2011.10 The proposed rule change would amend Section 4 of Schedule A to the FINRA By-Laws to establish a fee of $125 for a person to take the Series 99 examination. The fee is based on the costs to FINRA to develop and administer the exam.11 FINRA has filed the proposed rule change for immediate effectiveness. The implementation date of the proposed rule change and corresponding FINRA Rule 1230(b)(6) will be October 17, 2011. 2. Statutory Basis FINRA believes that the proposed rule change is consistent with the provisions of Section 15A(b)(5) of the Act,12 which requires, among other things, that FINRA rules provide for the equitable 8 FINRA Rule 1230(b)(6)(D) sets forth an exception to the Operations Professional qualification examination requirement for persons who currently hold certain registrations (each an ‘‘eligible registration’’) or have held one during the two years immediately prior to registering as an Operations Professional. The exception also applies to persons who do not hold an eligible registration, but prefer an alternative to taking the Operations Professional examination. Such persons may register in an eligible registration category (subject to passing the corresponding qualification examination or obtaining a waiver) and use such registration to qualify for Operations Professional registration. 9 See SR–FINRA–2011–041. 10 See Regulatory Notice 11–33 (July 2011). 11 Candidates for the Series 99 examination will be able to schedule and take the examination starting on October 17, 2011. Because this is a new examination for a new registration category, FINRA will be assessing the effectiveness of the examination by, in part, evaluating the candidates’ performance during the first 60 days of the administration of the examination. Therefore, candidates who take the examination within the first 60 days (between October 17, 2011 and December 16, 2011) will not receive their test results on the day that they take the examination. Instead, such candidates’ firms will be notified of test results (i.e., the candidate’s score and whether the candidate has passed or failed the examination) on or shortly after December 16, 2011. The test results will be posted to the Central Registration Depository system (‘‘CRD® system’’) at that time. Candidates who fail the examination during the initial 60-day rollout will be provided an opportunity to retake the examination at no additional cost. 12 15 U.S.C. 78o–3(b)(5). PO 00000 Frm 00098 Fmt 4703 Sfmt 4703 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 by means of a reasonable examination fee 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 13 and paragraph (f)(2) of Rule 19b–4 thereunder.14 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. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. 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–FINRA–2011–042 on the subject line. 13 15 14 17 E:\FR\FM\07SEN1.SGM U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(2). 07SEN1 Federal Register / Vol. 76, No. 173 / Wednesday, September 7, 2011 / Notices Paper Comments • 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 [Release No. 34–65222; File No. SR–FINRA– 2011–041] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and All submissions should refer to File Number SR–FINRA–2011–042. This file Immediate Effectiveness of Proposed Rule Change To Adopt the Selection number should be included on the subject line if e-mail is used. To help the Specifications and Study Outline for the Operations Professional (‘‘Series Commission process and review your 99’’) Examination Program comments more efficiently, please use only one method. The Commission will August 30, 2011. post all comments on the Commission’s Pursuant to Section 19(b)(1) of the Internet Web site (https://www.sec.gov/ Securities Exchange Act of 1934 rules/sro.shtml). Copies of the (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 submission, all subsequent notice is hereby given that on August amendments, all written statements 22, 2011, Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’) filed with the with respect to the proposed rule Securities and Exchange Commission change that are filed with the (‘‘SEC’’ or ‘‘Commission’’) the proposed Commission, and all written rule change as described in Items I and communications relating to the II below, which Items have been proposed rule change between the Commission and any person, other than prepared by FINRA. FINRA has designated the proposed rule change as those that may be withheld from the constituting a ‘‘non-controversial’’ rule public in accordance with the change under paragraph (f)(6) of Rule provisions of 5 U.S.C. 552, will be 19b–4 under the Act,3 which renders available for Web site viewing and the proposal effective upon receipt of printing in the Commission’s Public this filing by the Commission. The Reference Room, 100 F Street, NE., Commission is publishing this notice to Washington, DC 20549, on official solicit comments on the proposed rule business days between the hours of 10 change from interested persons. a.m. and 3 p.m. Copies of such filing also will be available for inspection and I. Self-Regulatory Organization’s Statement of the Terms of Substance of copying at the principal office of the Proposed Rule Change FINRA. All comments received will be posted without change; the Commission FINRA is proposing to adopt the does not edit personal identifying selection specifications and content information from submissions. You outline for the Operations Professional (‘‘Series 99’’) examination program.4 should submit only information that The Series 99 examination program is you wish to make available publicly. All proposed in connection with FINRA submissions should refer to File Rule 1230(b)(6), a new representative Number SR–FINRA–2011–042 and registration category and qualification should be submitted on or before examination requirement for certain September 28, 2011. operations personnel. FINRA is not For the Commission, by the Division of proposing any textual changes to its ByTrading and Markets, pursuant to delegated Laws, Schedules to the By-Laws or 15 authority. rules. Elizabeth M. Murphy, A description of the Series 99 examination is included in the attached Secretary. content outline. Additional information [FR Doc. 2011–22764 Filed 9–6–11; 8:45 am] on the examination is included in the BILLING CODE 8011–01–P 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 17 CFR 240.19b–4(f)(6). 4 Based upon instruction from the Commission staff, FINRA is submitting SR–FINRA–2011–041 for immediate effectiveness pursuant to Section 19(b)(3)(A) of the Act and Rule 19b–4(f)(6) thereunder, and is not filing the question bank for Commission review. See Letter from Belinda Blaine, Associate Director, Division of Market Regulation, SEC, to Alden S. Adkins, Senior Vice President and General Counsel, NASD Regulation, dated July 24, 2000. The question bank is available for Commission review. emcdonald on DSK5VPTVN1PROD with NOTICES 2 17 15 17 CFR 200.30–3(a)(12). VerDate Mar<15>2010 17:37 Sep 06, 2011 Jkt 223001 PO 00000 Frm 00099 Fmt 4703 Sfmt 4703 55443 Series 99 selection specifications, which FINRA has submitted under separate cover with a request for confidential treatment to the Commission’s Secretary pursuant to Rule 24b–2 under the Act.5 II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, 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 June 16, 2011, the Commission approved FINRA Rule 1230(b)(6), which establishes a registration category and qualification examination requirement for certain operations personnel— Operations Professionals.6 FINRA is expanding its registration provisions to require registration of certain individuals (‘‘covered persons’’) who are engaged in, responsible for or supervising certain member operations functions (‘‘covered functions’’) to enhance the regulatory structure surrounding these areas.7 FINRA Rule 1230(b)(6) is intended, among other things, to increase covered persons’ awareness and knowledge that they are operating in a regulated environment designed to protect investors’ interests and the integrity of the operations of a broker-dealer. Pursuant to Section 15A(g)(3)(B) of the Act,8 FINRA is authorized to prescribe standards of training, experience, and competence for persons associated with FINRA members. The 5 17 CFR 240.24b–2. Securities Exchange Act Release No. 64687 (June 16, 2011), 76 FR 36586 (June 22, 2011) (Order Approving File No. SR–FINRA–2011–013). In addition to adopting FINRA Rule 1230(b)(6), the rule change adopted NASD Rule 1120 (Continuing Education Requirements) as new FINRA Rule 1250 (Continuing Education Requirements) with certain changes, including expanding the scope of ‘‘covered registered persons’’ subject to the Firm Element to include persons registered as Operations Professionals. See Regulatory Notice 11–33 (July 2011). 7 See Regulatory Notice 11–33 (July 2011) for information regarding the implementation period for Operations Professionals subject to FINRA Rule 1230(b)(6). 8 15 U.S.C. 78o–3(g)(3)(B). 6 See E:\FR\FM\07SEN1.SGM 07SEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 76, Number 173 (Wednesday, September 7, 2011)]
[Notices]
[Pages 55441-55443]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-22764]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65221; File No. SR-FINRA-2011-04]

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

August 30, 2011.
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 22, 2011, 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 and
II 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.\5\
---------------------------------------------------------------------------

\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).
\5\ The proposed rule change is related to FINRA's recently
established registration category and qualification examination
requirement for Operations Professionals. See Securities Exchange
Act Release No. 64687 (June 16, 2011), 76 FR 36586 (June 22, 2011)
(Order Approving File No. SR-FINRA-2011-013).
---------------------------------------------------------------------------

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 Operations Professional Examination
(``Series 99''). Specifically, the proposed rule change would amend
Section 4 of Schedule A to the FINRA By-Laws to establish a fee of $125
for a person to take the Series

[[Page 55442]]

99 examination. The fee is based on the costs to FINRA to develop and
administer the exam.
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 June 16, 2011, the Commission approved FINRA Rule 1230(b)(6),
which establishes a registration category and qualification examination
requirement for certain operations personnel--Operations
Professionals.\6\ FINRA is expanding its registration provisions to
require registration of certain individuals (``covered persons'') who
are engaged in, responsible for or supervising certain member
operations functions (``covered functions'') to enhance the regulatory
structure surrounding these areas.\7\ FINRA Rule 1230(b)(6) is
intended, among other things, to increase covered persons' awareness
and knowledge that they are operating in a regulated environment
designed to protect investors' interests and the integrity of the
operations of a broker-dealer.
---------------------------------------------------------------------------

\6\ See Securities Exchange Act Release No. 64687 (June 16,
2011), 76 FR 36586 (June 22, 2011) (Order Approving File No. SR-
FINRA-2011-013). In addition to adopting FINRA Rule 1230(b)(6), the
rule change adopted NASD Rule 1120 (Continuing Education
Requirements) as new FINRA Rule 1250 (Continuing Education
Requirements) with certain changes, including expanding the scope of
``covered registered persons'' subject to the Firm Element to
include persons registered as Operations Professionals. See also
Regulatory Notice 11-33 (July 2011).
\7\ See Regulatory Notice 11-33 (July 2011) for information
regarding the implementation period for Operations Professionals
subject to FINRA Rule 1230(b)(6).
---------------------------------------------------------------------------

FINRA has developed the Series 99 examination program to provide
reasonable assurance that covered persons understand their professional
responsibilities, including key regulatory and control themes, as well
as the importance of identifying and escalating red flags that may harm
a firm, its customers, the integrity of the marketplace or the public.
The examination will test applicants on general securities industry
knowledge and its associated regulations and rules.\8\ On August 19,
2011, [sic] FINRA filed with the Commission the Series 99 selection
specifications and content outline.\9\ The examination will be
implemented on October 17, 2011.\10\
---------------------------------------------------------------------------

\8\ FINRA Rule 1230(b)(6)(D) sets forth an exception to the
Operations Professional qualification examination requirement for
persons who currently hold certain registrations (each an ``eligible
registration'') or have held one during the two years immediately
prior to registering as an Operations Professional. The exception
also applies to persons who do not hold an eligible registration,
but prefer an alternative to taking the Operations Professional
examination. Such persons may register in an eligible registration
category (subject to passing the corresponding qualification
examination or obtaining a waiver) and use such registration to
qualify for Operations Professional registration.
\9\ See SR-FINRA-2011-041.
\10\ See Regulatory Notice 11-33 (July 2011).
---------------------------------------------------------------------------

The proposed rule change would amend Section 4 of Schedule A to the
FINRA By-Laws to establish a fee of $125 for a person to take the
Series 99 examination. The fee is based on the costs to FINRA to
develop and administer the exam.\11\
---------------------------------------------------------------------------

\11\ Candidates for the Series 99 examination will be able to
schedule and take the examination starting on October 17, 2011.
Because this is a new examination for a new registration category,
FINRA will be assessing the effectiveness of the examination by, in
part, evaluating the candidates' performance during the first 60
days of the administration of the examination. Therefore, candidates
who take the examination within the first 60 days (between October
17, 2011 and December 16, 2011) will not receive their test results
on the day that they take the examination. Instead, such candidates'
firms will be notified of test results (i.e., the candidate's score
and whether the candidate has passed or failed the examination) on
or shortly after December 16, 2011. The test results will be posted
to the Central Registration Depository system (``CRD[supreg]
system'') at that time. Candidates who fail the examination during
the initial 60-day rollout will be provided an opportunity to retake
the examination at no additional cost.
---------------------------------------------------------------------------

FINRA has filed the proposed rule change for immediate
effectiveness. The implementation date of the proposed rule change and
corresponding FINRA Rule 1230(b)(6) will be October 17, 2011.
2. Statutory Basis
FINRA believes that the proposed rule change is consistent with the
provisions of Section 15A(b)(5) of the Act,\12\ 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 by means of a reasonable
examination fee the costs associated with developing and administering
the examination program.
---------------------------------------------------------------------------

\12\ 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 \13\ and paragraph (f)(2) of Rule 19b-4
thereunder.\14\ 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. If
the Commission takes such action, the Commission shall institute
proceedings to determine whether the proposed rule should be approved
or disapproved.
---------------------------------------------------------------------------

\13\ 15 U.S.C. 78s(b)(3)(A).
\14\ 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:

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-2011-042 on the subject line.

[[Page 55443]]

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-2011-042. 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 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 available
publicly. All submissions should refer to File Number SR-FINRA-2011-042
and should be submitted on or before September 28, 2011.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
---------------------------------------------------------------------------

\15\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-22764 Filed 9-6-11; 8:45 am]
BILLING CODE 8011-01-P

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