Self-Regulatory Organizations; Filing of Proposed Rule Change by National Association of Securities Dealers, Inc. Relating to Amendments to the Examination Specifications and Study Outline for the Investment Company/Variable Contracts Products Limited Representative (Series 6) Examination

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-34535; File No. SR-NASD-94-40]

Self-Regulatory Organizations; Filing of Proposed Rule Change by

National Association of Securities Dealers, Inc. Relating to Amendments

to the Examination Specifications and Study Outline for the Investment

Company/Variable Contracts Products Limited Representative (Series 6)

Examination

August 16, 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 Investment Company/Variable Contracts

Products Limited Representative (``Series 6'') qualifications

examination. The amendments revise materials pertaining to new

products, and include new material pertaining to recently effective

regulations affecting mutual funds and variable contracts products. 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 6 examination are

designed to reflect recent changes in the products offered in industry

and to reflect changes in the rules and regulations affecting mutual

funds and variable contracts products.

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, N.W., Washington, D.C. 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-94-40 and

should be submitted by September 13, 1994.

For the Commission, by the Division of Market Regulation,

pursuant to delegated authority.\1\

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\1\17 CFR 200.30-3(a)(12).

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Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 94-20565 Filed 8-22-94; 8:45 am]

BILLING CODE 8010-01-M