[Federal Register: January 9, 1998 (Volume 63, Number 6)] [Notices] [Page 1519-1520] From the Federal Register Online via GPO Access [wais.access.gpo.gov] [DOCID:fr09ja98-108] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-39502; File No. SR-MSRB-97-13] Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by the Municipal Securities Rulemaking Board To Revise the Effective Date of the Revised Study Outline for the Board's Municipal Securities Principal Qualification Examination (Test Series 53) December 30, 1997. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''), 15 U.S.C. Sec. 78s(b)(1), notice is hereby given that on December 18, 1997, the Municipal Securities Rulemaking Board (``Board'' or ``MSRB'') filed with the Securities and Exchange Commission (``Commission'' or ``SEC'') a proposed rule change (File No. SR-MSRB- 97-13). The proposed rule change is described in Items, I, II, and III below, which Items have been prepared by the Board. 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 MSRB is filing herewith a proposed rule change to delay the effective date of the revised study outline for the Board's Municipal Securities Principal Qualification Examination (Test Series 53). The effective date of the revised study outline is being changed from January 1, 1998, to March 1, 1998. 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 Board 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 texts of these statements may be examined at the places specified in Item IV below. The Board 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 On October 16, 1997, the Board filed with the Commission a proposed rule [[Page 1520]] change (File No. SR-MSRB-97-7) to revise the study outline for the Municipal Securities Principal Qualification Examination (Test Series 53). The Board requested that the Commission delay the effectiveness of the revised study outline until January 1, 1998, in order to provide time to modify the examination to reflect the changes and for information concerning the revised outline to be distributed to the industry. The Commission approved the proposed rule change on November 12, 1997.\1\ --------------------------------------------------------------------------- \1\ Securities Exchange Act Release No. 39320 (Nov. 12, 1997), 62 FR 61857 (Nov. 19, 1997). --------------------------------------------------------------------------- It has come to the Board's attention that the revised Series 53 examination cannot be implemented by January 1, 1998. The Board has determined to delay implementation of the revised Series 53 examination until March 1, 1998, in order to provide adequate time for the network of Sylvan Technology Centers to prepare for administration of the examination.\2\ This additional time will allow the Sylvan Technology Centers to ensure that procedures for the implementation of the revised Series 53 examination are in place, including an adequate supply of exhibit books for the examination in each testing location. --------------------------------------------------------------------------- \2\ The Board has agreements with the National Association of Securities Dealers, Inc. to administer the Board's examinations. In 1996, NASD Regulation, Inc. contracted with Sylvan Learning Systems, Inc. to administer testing and continuing education to the securities industry. --------------------------------------------------------------------------- It is the Board's responsibility under Section 15B(b)(2)(A) of the Act to propose and adopt rules which: Provide that no municipal securities broker or municipal securities dealer shall effect any transaction in, or induce or attempt to induce the purchase or sale of, any municipal security unless * * * such municipal securities broker or municipal securities dealer and every natural person associated with such municipal securities broker or municipal securities dealer meets such standards of training, experience, competence, and such other qualifications as the Board finds necessary or appropriate in the public interest or for the protection of investors. Section 15B(b)(2)(A) of the Act also provides that the Board may appropriately classify municipal securities brokers and municipal securities dealers and their associated personnel and require persons in any such class to pass tests prescribed by the Board. B. Self-Regulatory Organization's Statement on Burden on Competition The Board 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 Written comments were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The Board has designated this proposed rule change as constituting a stated policy, practice, or interpretation with respect to the meaning, administration, or enforcement of an existing rule of the Board under Section 19(b)(3)(A) of the Act, which renders the proposed rule change effective upon receipt of this filing by the Commission. At any time within 60 days of the filing of such 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 agruments 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. Sec. 552, will be available for inspection and copying in the Commission's Public Reference Room. Copies of the filing will also be available for inspection and copying at the Board's principal offices. All submissions should refer to File No. SR-MSRB-97-13 and should be submitted by January 30, 1998. For the Commission by the Division of Market Regulation, pursuant to delegated authority.\3\ --------------------------------------------------------------------------- \3\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Margaret H. McFarland, Deputy Secretary. [FR Doc. 98-496 Filed 1-8-98; 8:45 am] BILLING CODE 8010-01-M