# Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change by National Association of Securities Dealers, Inc. Relating to Amendments to the Examination Specifications and Study Outline for the Direct Participation Programs Limited Principal (Series 39) Examination > Briefs, arguments, decisions, and more. URL: https://www.frixlaw.com/law-library/documents/fr%3A94-20313 ## Record - **Collection:** Federal Register - **Document type:** Uncategorized Document - **Published:** August 18, 1994 ## Text SECURITIES AND EXCHANGE COMMISSION [Release No. 34-34495; File No. SR-NASD-94-43] Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change by National Association of Securities Dealers, Inc. Relating to Amendments to the Examination Specifications and Study Outline for the Direct Participation Programs Limited Principal (Series 39) Examination August 5, 1994. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''), 15 U.S.C. 78s(b)(1), notice is hereby given that on July 26, 1994, the National Association of Securities Dealers, Inc. (``NASD'' or ``Association'') 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 the NASD. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The NASD is proposing amendments to the examination specifications and study outline for the Direct Participation Programs Limited Principal (``Series 39'') qualifications examination. The amendments revise materials pertaining to new products, and include new material pertaining to recently effective regulations affecting direct participation programs. The number of questions per examination and the examination time are unaffected by the amendments. The above-described amendments do not result in any textual changes to the NASD By-Laws, Schedules to the By-Laws, Rules, practices or procedures. 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 NASD 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 NASD 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 The NASD periodically reviews the content of its qualification examinations to determine whether amendments are necessary or appropriate in view of changes pertaining to the subject matter covered by the examinations. The amendments to the Series 39 examination are designed to reflect recent changes in the products offered in the industry and to reflect changes in the rules and regulations affecting direct participation programs. The NASD is requesting that the proposed rule change be effective within 45 days of SEC approval. The NASD believes that the proposed rule change is consistent with the provisions of Section 15A(g)(3) of the Act in that the proposed changes to the examination are to ensure persons seeking registration in the securities industry have attained the requisite levels of knowledge and competence. (B) Self-Regulatory Organization's Statement on Burden on Competition The NASD 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, as amended. (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 Within 35 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: A. By order approve such proposed rule change, or B. Institute proceedings to determine whether the proposed rule change should be disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing. Persons making written submissions should file six copies thereof with the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549. Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission's Public Reference Room. Copies of such filing will also be available for inspection and copying at the principal office of the NASD. All submissions should refer to file number SR-NASD-94-43 and should be submitted by September 8, 1994. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.\1\ --------------------------------------------------------------------------- \1\17 CFR 200.30-3(a)(12) --------------------------------------------------------------------------- Margaret H. McFarland, Deputy Secretary. [FR Doc. 94-20313 Filed 8-17-94; 8:45 am] BILLING CODE 8010-01-M --- Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/fr%3A94-20313. Public record. Not legal advice.