80 FR 55407 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish an Administration and Delivery Fee for the Municipal Advisor Representative Examination (“Series 50 Examination”)
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 178 (September 15, 2015)
Federal Register Volume 80, Issue 178 (September 15, 2015)
| Page Range | 55407-55410 | |
| FR Document | 2015-23095 |
[Federal Register Volume 80, Number 178 (Tuesday, September 15, 2015)] [Notices] [Pages 55407-55410] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-23095] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75865; File No. SR-FINRA-2015-031] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish an Administration and Delivery Fee for the Municipal Advisor Representative Examination (``Series 50 Examination'') September 9, 2015. 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 September 1, 2015, 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, II, and III below, which Items have been prepared by FINRA. 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. --------------------------------------------------------------------------- [[Page 55408]] I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change FINRA is proposing to amend Section 4(c) of Schedule A to the FINRA By-Laws to establish an administration and delivery fee for the new Municipal Advisor Representative Examination (``Series 50 examination''). Below is the text of the proposed rule change. Proposed new language is in italics; proposed deletions are in brackets. * * * * * SCHEDULE A TO THE BY-LAWS OF THE CORPORATION * * * * * Section 4--Fees (a) through (b) No Change. (c) The following fees shall be assessed to each individual who registers to take an examination as described below. These fees are in addition to the registration fee described in paragraph (b) and any other fees that the owner of an examination that FINRA administers may assess. Series 4--Registered Options Principal--$105 Series 6--Investment Company Products/Variable Contracts Representative--$100 Series 7--General Securities Representative--$305 Series 9--General Securities Sales Supervisor--Options Module--$80 Series 10--General Securities Sales Supervisor--General Module--$125 Series 11--Assistant Representative--Order Processing--$80 Series 14--Compliance Official--$350 Series 16--Supervisory Analyst--$240 Series 17--Limited Registered Representative--$80 Series 22--Direct Participation Programs Representative--$100 Series 23--General Securities Principal Sales Supervisor Module--$100 Series 24--General Securities Principal--$120 Series 26--Investment Company Products/Variable Contracts Principal-- $100 Series 27--Financial and Operations Principal--$120 Series 28--Introducing Broker-Dealer Financial and Operations Principal--$100 Series 37--Canada Module of S7 (Options Required)--$185 Series 38--Canada Module of S7 (No Options Required)--$185 Series 39--Direct Participation Programs Principal--$95 Series 42--Registered Options Representative--$75 Series 50--Municipal Advisor Representative--$115 Series 51--Municipal Fund Securities Limited Principal--$105 Series 52--Municipal Securities Representative--$130 Series 53--Municipal Securities Principal--$115 Series 55--Limited Representative--Equity Trader--$110 Series 62--Corporate Securities Limited Representative--$95 Series 72--Government Securities Representative--$110 Series 79--Investment Banking Qualification Examination--$305 Series 82--Limited Representative--Private Securities Offering--$95 Series 86--Research Analyst--Analysis--$185 Series 87--Research Analyst--Regulatory--$130 Series 99--Operations Professional--$130 (1) through (4) No Change. (d) through (i) No Change. * * * * * 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 FINRA is proposing amendments to Schedule A to the FINRA By-Laws to establish an administration and delivery fee for the Series 50 examination. On February 26, 2015, the Commission approved amendments to Municipal Securities Rulemaking Board (``MSRB'') Rule G-3 to establish two new registration classifications for municipal advisors: \3\ (1) Municipal advisor representatives (i.e., those individuals who engage in municipal advisory activities); and (2) municipal advisor principals (i.e., those individuals who engage in the management, direction or supervision of the municipal advisory activities of the municipal advisor or its associated persons).\4\ To qualify as a municipal advisor representative or municipal advisor principal, an individual must pass an appropriate qualification examination (the Series 50 examination) before his or her registration can become effective. --------------------------------------------------------------------------- \3\ The term ``municipal advisor'' is defined to mean a person that: (i) Provides advice to or on behalf of a municipal entity or obligated person with respect to municipal financial products or the issuance of municipal securities, including advice with respect to the structure, timing, terms, and other similar matters concerning such financial products or issues; or (ii) undertakes a solicitation of a municipal entity. The definition includes financial advisors, guaranteed investment contract brokers, third-party marketers, placement agents, solicitors, finders, and swap advisors that are engaged in municipal advisory activities, unless they are statutorily excluded. The definition does not include a municipal entity or an employee of a municipal entity. See 15 U.S.C. 78o- 4(e)(4). \4\ See Securities Exchange Act Release No. 74384 (February 26, 2015), 80 FR 11706 (March 4, 2015) (Order Approving File No. SR- MSRB-2014-08). --------------------------------------------------------------------------- Because the Series 50 examination is a new examination for two new registration classifications for municipal advisors, the MSRB plans to launch a pilot test of the examination in early 2016 to validate its bank of test questions and set the passing score for the permanent examination. A permanent Series 50 examination is expected to be in place in 2016. FINRA develops, maintains and delivers all FINRA qualification examinations for individuals who are registered or seeking registration with FINRA. FINRA also administers and delivers examinations developed by the MSRB and other self-regulatory organizations.\5\ The SEC has designated FINRA to administer and deliver the Series 50 examination for municipal advisors.\6\ --------------------------------------------------------------------------- \5\ In this regard, the Exchange Act provides that a registered securities association shall administer required qualification examinations for municipal securities brokers and municipal securities dealers who are members of the association. See 15 U.S.C. 78o-4(c)(7)(A)(i). \6\ See Securities Exchange Act Release No. 75714 (August 17, 2015), 80 FR 50883 (August 21, 2015) (Designation of the Financial Industry Regulatory Authority to Administer Professional Qualification Tests for Associated Persons of Registered Municipal Advisors). Section 15B(c)(7)(A)(iii) of the Exchange Act requires that the SEC or its designee administer qualification examinations for municipal advisors. The SEC previously designated FINRA to examine FINRA members' activities as registered municipal advisors and evaluate compliance by such members with federal securities laws, SEC rules and regulations, and MSRB rules applicable to municipal advisors. See Securities Exchange Act Release No. 70462 (September 23 [sic], 2013), 78 FR 67467 (November 12, 2013) (Registration of Municipal Advisors). --------------------------------------------------------------------------- FINRA currently administers examinations electronically through the PROCTOR[supreg] system \7\ at testing centers operated by vendors under contract [[Page 55409]] with FINRA. For qualification examinations sponsored by a FINRA client and administered by FINRA, FINRA charges an administration and delivery fee that represents either a portion of or the entire examination fee. Consistent with this practice, FINRA will charge an administration and delivery fee of $115 for the Series 50 examination.\8\ The proposed administration and delivery fee will offset FINRA's costs associated with the administration and delivery of the Series 50 examination and contribute to FINRA's overall revenue. The administration and delivery fee charged by FINRA for the Series 50 examination will be used, in part, to cover the fees that vendors charge FINRA for delivering qualification examinations through their networks of test delivery centers and PROCTOR system maintenance and enhancement expenses. --------------------------------------------------------------------------- \7\ PROCTOR is a computer system that is specifically designed for the administration and delivery of computer-based testing and training. \8\ The administration and delivery fee represents a portion of the entire examination fee when a FINRA client has established an additional fee for an examination that it sponsors. The fee to take the Series 50 examination will be $265. Of this amount, $115 is the FINRA administration and delivery fee, and $150 is the development fee determined by the FINRA client, the MSRB. See MSRB Rule A-16. --------------------------------------------------------------------------- FINRA has filed the proposed rule change for immediate effectiveness. FINRA is proposing that the implementation date of the proposed rule change will be September 21, 2015. 2. Statutory Basis FINRA believes that the proposed rule change is consistent with the provisions of Section 15A(b)(5) of the Act,\9\ 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. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78o-3(b)(5). --------------------------------------------------------------------------- FINRA believes that the proposed rule change constitutes an equitable allocation of fees as the administration and delivery fee, in part, will be used to cover FINRA's costs in administering and delivering the examination and will be assessed only on those individuals who take the Series 50 examination. FINRA further believes that the proposed administration and delivery fee for the Series 50 examination is reasonable because it is aligned with the overall cost associated with the Series 50 examination program. Accordingly, FINRA believes that the proposed administration and delivery fee for the Series 50 examination is equitably allocated and reasonable. 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. FINRA believes that the establishment of the administration and delivery fee for the Series 50 examination will have a limited economic impact on the industry. FINRA would administer this examination as a service provider to the MSRB as designated by the SEC. In providing this service, FINRA is not exercising regulatory discretion and therefore is not itself imposing burdens on those individuals who may choose to sit for the examination. FINRA does exercise discretion in establishing the administration and delivery fee. However, in establishing an administration and delivery fee of $115 for the Series 50 examination, FINRA applied the same criteria as it does for establishing the fees for other examinations with similar characteristics related to test length and projected volume. The MSRB has indicated that approximately 3,900 individuals will be taking the examination for the initial round of testing. Based on FINRA's experience with other industry tests, FINRA projects that the annual testing volumes will be approximately five to ten percent of the total registrant volume. The administration and delivery fees may be paid by the individuals taking the examination or their associated firms. The proposed administration and delivery fee will also offset FINRA's costs associated with the administration and delivery of the Series 50 examination and contribute to FINRA's overall revenue. The Series 50 examination is anticipated to have the same number of questions (and thus seat time at test centers) as the Series 53 (Municipal Securities Principal) examination, which is sponsored by the MSRB and administered and delivered by FINRA for a fee of $115. Economic Impact Assessment Need for the Rule This proposal is in response to amendments to MSRB Rule G-3. As discussed above, the Commission approved amendments to MSRB Rule G-3 to establish two new registration classifications for municipal advisors: Municipal advisor representatives and municipal advisor principals. To qualify as a municipal advisor representative or municipal advisor principal, an individual must pass an appropriate qualification examination before his or her registration can become effective. The SEC has designated FINRA to administer and deliver the examination for municipal advisors. Accordingly, FINRA needs to establish the administration and delivery fee for the examination. Regulatory Objective FINRA aims to establish an administration and delivery fee that would allow FINRA to recover its costs for providing this service and to contribute to FINRA's overall revenue. Economic Baseline The Series 50 examination is a new examination for two new registration classifications for municipal advisors established by amendments to MSRB Rule G-3. The economic impact of the amendments depends on the current classifications and qualification requirements for municipal advisor professionals engaging in or supervising municipal advisory activities. As noted above, FINRA would administer this examination as a service provider to the MSRB as designated by the SEC. Accordingly, the scope of the economic impact assessment of this proposal is limited to the impact of the establishment of the administration and delivery fee. Economic Impacts The impact of the proposed administration and delivery fee on the industry will depend on the demand for the examination. The MSRB has indicated that approximately 3,900 individuals will be taking the examination for the initial round of testing. Based on FINRA's experience with other industry tests, FINRA projects that the anticipated annual testing volumes will be approximately five to ten percent of the total registrant volume. The administration and delivery fees may be paid by the individuals taking the examination or their associated firms. The proposed administration and delivery fee will offset FINRA's costs associated with the administration and delivery of the Series 50 examination and contribute to FINRA's overall revenue. FINRA has based its administration and delivery fee on costs related to test delivery (which are primarily driven by the length of the testing appointment), annual testing volumes, operational support costs and a nominal margin. The pricing was also evaluated against testing programs of comparable test length, annual projected testing volumes and support services to ensure comparability. FINRA staff [[Page 55410]] review revenue and expenses annually to determine if any adjustments should be made to account for changes in expenses associated with the delivery and support of all testing programs. 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 \10\ and paragraph (f)(2) of Rule 19b-4 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 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. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A). \11\ 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 CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to rule-comments@sec.gov. Please include File Number SR-FINRA-2015-031 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-FINRA-2015-031. This file number should be included on the subject line if email 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 (http://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 10:00 a.m. and 3:00 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-2015-031, and should be submitted on or before October 6, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-23095 Filed 9-14-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 178 / Tuesday, September 15, 2015 / Notices 55407
of an IPO security at stated prices in the increments. The Exchange believes that Accordingly, the Commission believes
IPO Cross.20 The proposal would also the IPO Book Viewer would, among that the proposed rule change to add the
require that the aggregated information other things, allow the stabilizing agent IPO Book Viewer to the IPO Indicator
provided through the IPO Book Viewer to respond in a more informed way to Service is designed to protect investors
would be available solely for display on questions from its customers and other and the public interest by providing the
the screen of a computer for which an market participants regarding Exchange member acting as stabilizing
entitlement has been provided by the expectations that an order to buy or sell agent with additional information that
Exchange and under no circumstances with a stated price and size may be could, among things, assist the
may a member redirect aggregated executable in the IPO Cross and would stabilizing agent in responding to
information to another computer or assist the stabilizing agent in making questions from customers and market
reconfigure it for use in a non-displayed decisions about the appropriate level of participants regarding expectations that
format, including, without limitation, in capital to commit to support the IPO a particular order may execute in the
any trading algorithm.21 Finally, the security once trading commences.26 The IPO Cross.
Exchange proposes that if a member Exchange proposes to provide access to
the IPO Book Viewer only to the IV. Conclusion
became aware of any violation of the
restrictions contained in the proposed Exchange member acting as stabilizing It is therefore ordered, pursuant to
rule, it must report the violation agent for the IPO security because of the Section 19(b)(2) of the Act,31 that the
promptly to the Exchange.22 unique role played by the stabilizing proposed rule change (SR–NASDAQ–
agent on the day of an IPO.27 2015–082) be, and it hereby is,
III. Discussion and Commission The Commission notes that the approved.
Findings Exchange has proposed a number of
For the Commission, by the Division of
After careful review, the Commission safeguards to help ensure that the Trading and Markets, pursuant to delegated
finds that the proposed rule change is aggregated information is not misused, authority.32
consistent with the requirements of the including that the stabilizing agent Robert W. Errett,
Act and the rules and regulations maintain and enforce written policies
Deputy Secretary.
thereunder applicable to a national and procedures restricting electronic
[FR Doc. 2015–23096 Filed 9–14–15; 8:45 am]
securities exchange.23 In particular, the access to the information only to certain
persons, preventing the retention of the BILLING CODE 8011–01–P
Commission finds that the proposed
rule change is consistent with Section information, and preventing those with
6(b)(5) of the Act,24 which requires, access to the information from trading
in the IPO security, except in limited SECURITIES AND EXCHANGE
among other things, that the rules of a COMMISSION
national securities exchange be circumstances.28 In addition, the
designed to prevent fraudulent and Commission notes that the information
[Release No. 34–75865; File No. SR–FINRA–
manipulative acts and practices, to provided through the IPO Book Viewer 2015–031]
promote just and equitable principles of would be available solely for display on
trade, to remove impediments to and the screen of a computer for which an Self-Regulatory Organizations;
perfect the mechanism of a free and entitlement has been provided by the Financial Industry Regulatory
open market and a national market Exchange, access to the IPO Book Authority, Inc.; Notice of Filing and
system, and, in general, to protect Viewer will terminate immediately Immediate Effectiveness of a Proposed
investors and the public interest, and upon the completion of IPO Cross, and Rule Change To Establish an
Section 6(b)(8) of the Act,25 which an Exchange member must report Administration and Delivery Fee for the
requires that the rules of the exchange promptly to the Exchange any violation Municipal Advisor Representative
do not impose any burden on of the restrictions contained in proposed Examination (‘‘Series 50 Examination’’)
competition not necessary or Exchange Rule 7015(j). The Commission
also notes that the proposed rule change September 9, 2015.
appropriate in furtherance of the
purposes of the Act. is similar to an existing rule on another Pursuant to Section 19(b)(1) of the
As described above, the proposed rule exchange,29 but is generally more Securities Exchange Act of 1934
change would provide the Exchange restrictive with respect to the use of (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
member acting as stabilizing agent for information about orders.30 notice is hereby given that on
an IPO security with access to the IPO September 1, 2015, Financial Industry
Book Viewer, which would display
26 See Notice, supra note 3, at 45569. Regulatory Authority, Inc. (‘‘FINRA’’)
27 See id. (noting that the stabilizing agent stands
aggregated buying and selling interest filed with the Securities and Exchange
ready during the course of the day to commit its
information for the IPO security, capital in support of the IPO security and thereby
Commission (‘‘SEC’’ or ‘‘Commission’’)
grouped in $0.05, $0.10, or $0.25 price serves to dampen volatility in the IPO security and the proposed rule change as described
promote the maintenance of a fair and orderly in Items I, II, and III below, which Items
20 See proposed Exchange Rule 7015(j)(1)(D). See
market. Nasdaq believes that providing additional have been prepared by FINRA. The
information about the pre-opening interest in the
also Notice, supra note 3, at 45570. stock to the stabilizing agent will help it to optimize Commission is publishing this notice to
21 See proposed Exchange Rule 7015(j)(1)(B). See
the opening of the stock and manage its own risk, solicit comments on the proposed rule
also Notice, supra note 3, at 45570. which will assist it in promoting a fair and orderly change from interested persons.
22 See proposed Exchange Rule 7015(j)(1)(C). See
market for the IPO security).
also Notice, supra note 3, at 45570. The Exchange 28 See supra note 19 and accompanying text.
also proposes to define the terms ‘‘IPO security,’’ 29 See NYSE Rule 104. See also Securities inquiry in the normal course of business. See id. at
mstockstill on DSK4VPTVN1PROD with NOTICES
‘‘stabilizing,’’ ‘‘stabilizing agent,’’ ‘‘IPO Indicator 79538. In contrast, the Exchange’s proposal would
Exchange Act Release No. 71175 (December 23,
Service,’’ and ‘‘IPO Book Viewer.’’ See proposed only permit the stabilizing agent to access
2013), 78 FR 79534 (December 30, 2013) (SR–
Exchange Rule 7015(j)(2). NYSE–2013–21 and SR–NYSEMKT–2013–25). aggregated order information and share such
23 In approving this proposal, the Commission has
30 For example, NYSE Rule 104 permits
aggregated information with others in response to
considered the proposed rule’s impact on inquiries. See proposed Exchange Rule 7015(j).
Designated Market Makers to access disaggregated 31 15 U.S.C. 78s(b)(2).
efficiency, competition, and capital formation. See information about the price and size of any
15 U.S.C. 78c(f). individual order and to disclose disaggregated
32 17 CFR 200.30–3(a)(12).
24 15 U.S.C. 78f(b)(5). 1 15 U.S.C. 78s(b)(1).
information about the price and size of any
25 15 U.S.C. 78f(b)(8). individual order to floor brokers in response to an 2 17 CFR 240.19b–4.
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![55408 Federal Register / Vol. 80, No. 178 / Tuesday, September 15, 2015 / Notices
I. Self-Regulatory Organization’s Series 50—Municipal Advisor representatives (i.e., those individuals
Statement of the Terms of Substance of Representative—$115 who engage in municipal advisory
the Proposed Rule Change Series 51—Municipal Fund Securities activities); and (2) municipal advisor
FINRA is proposing to amend Section Limited Principal—$105 principals (i.e., those individuals who
Series 52—Municipal Securities engage in the management, direction or
4(c) of Schedule A to the FINRA By-
Representative—$130 supervision of the municipal advisory
Laws to establish an administration and
Series 53—Municipal Securities activities of the municipal advisor or its
delivery fee for the new Municipal
Principal—$115 associated persons).4 To qualify as a
Advisor Representative Examination
Series 55—Limited Representative— municipal advisor representative or
(‘‘Series 50 examination’’).
Equity Trader—$110 municipal advisor principal, an
Below is the text of the proposed rule Series 62—Corporate Securities Limited individual must pass an appropriate
change. Proposed new language is in Representative—$95 qualification examination (the Series 50
italics; proposed deletions are in Series 72—Government Securities examination) before his or her
brackets. Representative—$110 registration can become effective.
* * * * * Series 79—Investment Banking Because the Series 50 examination is
SCHEDULE A TO THE BY-LAWS OF Qualification Examination—$305 a new examination for two new
THE CORPORATION Series 82—Limited Representative— registration classifications for municipal
Private Securities Offering—$95 advisors, the MSRB plans to launch a
* * * * * Series 86—Research Analyst— pilot test of the examination in early
Section 4—Fees Analysis—$185 2016 to validate its bank of test
Series 87—Research Analyst— questions and set the passing score for
(a) through (b) No Change. Regulatory—$130 the permanent examination. A
(c) The following fees shall be Series 99—Operations Professional— permanent Series 50 examination is
assessed to each individual who $130 expected to be in place in 2016.
registers to take an examination as (1) through (4) No Change. FINRA develops, maintains and
described below. These fees are in (d) through (i) No Change. delivers all FINRA qualification
addition to the registration fee described examinations for individuals who are
in paragraph (b) and any other fees that * * * * *
registered or seeking registration with
the owner of an examination that FINRA II. Self-Regulatory Organization’s FINRA. FINRA also administers and
administers may assess. Statement of the Purpose of, and delivers examinations developed by the
Series 4—Registered Options Statutory Basis for, the Proposed Rule MSRB and other self-regulatory
Principal—$105 Change organizations.5 The SEC has designated
Series 6—Investment Company In its filing with the Commission, FINRA to administer and deliver the
Products/Variable Contracts FINRA included statements concerning Series 50 examination for municipal
Representative—$100 the purpose of and basis for the advisors.6
Series 7—General Securities proposed rule change and discussed any FINRA currently administers
Representative—$305 comments it received on the proposed examinations electronically through the
Series 9—General Securities Sales rule change. The text of these statements PROCTOR® system 7 at testing centers
Supervisor—Options Module—$80 may be examined at the places specified operated by vendors under contract
Series 10—General Securities Sales in Item IV below. FINRA has prepared
Supervisor—General Module—$125 summaries, set forth in sections A, B, brokers, third-party marketers, placement agents,
Series 11—Assistant Representative— and C below, of the most significant solicitors, finders, and swap advisors that are
Order Processing—$80 engaged in municipal advisory activities, unless
aspects of such statements. they are statutorily excluded. The definition does
Series 14—Compliance Official—$350 not include a municipal entity or an employee of
Series 16—Supervisory Analyst—$240 A. Self-Regulatory Organization’s a municipal entity. See 15 U.S.C. 78o–4(e)(4).
Series 17—Limited Registered Statement of the Purpose of, and 4 See Securities Exchange Act Release No. 74384
Representative—$80 Statutory Basis for, the Proposed Rule (February 26, 2015), 80 FR 11706 (March 4, 2015)
Series 22—Direct Participation Change (Order Approving File No. SR–MSRB–2014–08).
5 In this regard, the Exchange Act provides that
Programs Representative—$100 1. Purpose a registered securities association shall administer
Series 23—General Securities Principal required qualification examinations for municipal
Sales Supervisor Module—$100 FINRA is proposing amendments to securities brokers and municipal securities dealers
Series 24—General Securities Schedule A to the FINRA By-Laws to who are members of the association. See 15 U.S.C.
Principal—$120 establish an administration and delivery 78o–4(c)(7)(A)(i).
6 See Securities Exchange Act Release No. 75714
Series 26—Investment Company fee for the Series 50 examination. On
(August 17, 2015), 80 FR 50883 (August 21, 2015)
Products/Variable Contracts February 26, 2015, the Commission (Designation of the Financial Industry Regulatory
Principal—$100 approved amendments to Municipal Authority to Administer Professional Qualification
Series 27—Financial and Operations Securities Rulemaking Board (‘‘MSRB’’) Tests for Associated Persons of Registered
Rule G–3 to establish two new Municipal Advisors). Section 15B(c)(7)(A)(iii) of the
Principal—$120 Exchange Act requires that the SEC or its designee
Series 28—Introducing Broker-Dealer registration classifications for municipal administer qualification examinations for
Financial and Operations Principal— advisors: 3 (1) Municipal advisor municipal advisors. The SEC previously designated
$100 FINRA to examine FINRA members’ activities as
3 The term ‘‘municipal advisor’’ is defined to registered municipal advisors and evaluate
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Series 37—Canada Module of S7
mean a person that: (i) Provides advice to or on compliance by such members with federal
(Options Required)—$185 behalf of a municipal entity or obligated person securities laws, SEC rules and regulations, and
Series 38—Canada Module of S7 (No with respect to municipal financial products or the MSRB rules applicable to municipal advisors. See
Options Required)—$185 issuance of municipal securities, including advice Securities Exchange Act Release No. 70462
Series 39—Direct Participation with respect to the structure, timing, terms, and (September 23 [sic], 2013), 78 FR 67467 (November
other similar matters concerning such financial 12, 2013) (Registration of Municipal Advisors).
Programs Principal—$95 products or issues; or (ii) undertakes a solicitation 7 PROCTOR is a computer system that is
Series 42—Registered Options of a municipal entity. The definition includes specifically designed for the administration and
Representative—$75 financial advisors, guaranteed investment contract delivery of computer-based testing and training.
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![55410 Federal Register / Vol. 80, No. 178 / Tuesday, September 15, 2015 / Notices
review revenue and expenses annually amendments, all written statements The Commission is of the opinion that
to determine if any adjustments should with respect to the proposed rule the public interest and the protection of
be made to account for changes in change that are filed with the investors require a suspension of trading
expenses associated with the delivery Commission, and all written in the securities of NMI Health, Inc.
and support of all testing programs. communications relating to the Therefore, it is ordered, pursuant to
proposed rule change between the Section 12(k) of the Securities Exchange
C. Self-Regulatory Organization’s
Commission and any person, other than Act of 1934, that trading in the
Statement on Comments on the
those that may be withheld from the securities of NMI Health, Inc. is
Proposed Rule Change Received From
public in accordance with the suspended for the period from 9:30 a.m.
Members, Participants, or Others
provisions of 5 U.S.C. 552, will be EDT on September 11, 2015, through
Written comments were neither available for Web site viewing and 11:59 p.m. EDT on September 24, 2015.
solicited nor received. printing in the Commission’s Public By the Commission.
III. Date of Effectiveness of the Reference Room, 100 F Street NE., Jill M. Peterson,
Proposed Rule Change and Timing for Washington, DC 20549 on official
Assistant Secretary.
Commission Action business days between the hours of
[FR Doc. 2015–23238 Filed 9–11–15; 11:15 am]
10:00 a.m. and 3:00 p.m. Copies of such
The foregoing rule change has become filing also will be available for BILLING CODE 8011–01–P
effective pursuant to Section 19(b)(3)(A) inspection and copying at the principal
of the Act 10 and paragraph (f)(2) of Rule office of FINRA. All comments received
19b–4 thereunder.11 At any time within SECURITIES AND EXCHANGE
will be posted without change; the
60 days of the filing of the proposed rule COMMISSION
Commission does not edit personal
change, the Commission summarily may identifying information from
temporarily suspend such rule change if submissions. You should submit only [File No. 500–1]
it appears to the Commission that such information that you wish to make
action is necessary or appropriate in the Order of Suspension of Trading
available publicly. All submissions
public interest, for the protection of should refer to File Number SR–FINRA– September 11, 2015.
investors, or otherwise in furtherance of 2015–031, and should be submitted on In the Matter of American Smooth Wave
the purposes of the Act. If the or before October 6, 2015. Ventures Inc., ASA International Ltd., Baker
Commission takes such action, the Manufacturing Co., Center For Wound
Commission shall institute proceedings For the Commission, by the Division of
Healing, Inc. (The), China Interactive
Trading and Markets, pursuant to delegated
to determine whether the proposed rule authority.12
Education, Inc., China Now, Inc., China
should be approved or disapproved. Prosperous Clean Energy Corp., Cleopatra
Robert W. Errett, International Group, Inc., Craft College, Inc.,
IV. Solicitation of Comments Deputy Secretary. Denia Enterprises, Inc., English Language
Interested persons are invited to [FR Doc. 2015–23095 Filed 9–14–15; 8:45 am] Learning & Instruction System, Inc., Garman
submit written data, views, and BILLING CODE 8011–01–P
Cabinet & Millwork, Inc., KBK Capital Corp.,
LeapLab Corp., Lee Fine Arts, Inc. (a/k/a
arguments concerning the foregoing,
Commerce Holdings, Inc.), Maplex Alliance,
including whether the proposed rule Ltd., Obsidian Enterprises, Inc., Octavian
change is consistent with the Act. SECURITIES AND EXCHANGE
Global Technologies, Inc., Ostashkov
Comments may be submitted by any of COMMISSION Industrial, Inc., Single Source Investment
the following methods: Group, Inc., Tupper, Inc., UBK Resources
[File No. 500–1] Co., Vomart International Auto Parts, Inc.,
Electronic Comments Wilson Creek Mining Corp., Yuanwang Rich
• Use the Commission’s Internet In the Matter of NMI Health, Inc., Order Selenium Agricultural Products Group
comment form (http://www.sec.gov/ of Suspension of Trading Holding Co., Zhongbao International, Inc.
rules/sro.shtml); or It appears to the Securities and
• Send an email to rule-comments@ September 11, 2015. Exchange Commission that there is a
sec.gov. Please include File Number SR– It appears to the Securities and lack of current and accurate public
FINRA–2015–031 on the subject line. Exchange Commission that there is a information concerning the securities of
lack of current and accurate information each of the issuers detailed below
Paper Comments concerning the securities of NMI Health, because questions have arisen as to their
• Send paper comments in triplicate Inc. (CIK No. 1088213), a Nevada operating status, if any. Each of the
to Brent J. Fields, Secretary, Securities corporation with its principal place of issuers below is quoted on OTC Link
and Exchange Commission, 100 F Street business listed as Reno, Nevada with operated by OTC Markets Group, Inc.
NE., Washington, DC 20549–1090. stock quoted on OTC Link (previously, The staff of the Securities and Exchange
All submissions should refer to File ‘‘Pink Sheets’’) operated by OTC Commission has independently
Number SR–FINRA–2015–031. This file Markets Group, Inc. (‘‘OTC Link’’) under endeavored to determine whether any of
number should be included on the the ticker symbol NANM, because it has the issuers below are operating. Each of
subject line if email is used. To help the not filed any periodic reports since it the issuers below either confirmed they
Commission process and review your filed a Form 10–K for the period ended were now private companies or failed to
comments more efficiently, please use December 31, 2013. On August 15, 2014, respond to the staff’s inquiry about their
a delinquency letter was sent by the
mstockstill on DSK4VPTVN1PROD with NOTICES
only one method. The Commission will operating status, did not have an
post all comments on the Commission’s Division of Corporation Finance to NMI operational address, or failed to provide
Internet Web site (http://www.sec.gov/ Health, Inc. requesting compliance with their registered agent with an
rules/sro.shtml). Copies of the their periodic filing obligations, and the operational address. The staff of the
submission, all subsequent letter was received by NMI Health, Inc. Securities and Exchange Commission
on August 18, 2014. also determined that none of the issuers
10 15 U.S.C. 78s(b)(3)(A). below has filed any information with
11 17 CFR 240.19b–4(f)(2). 12 17 CFR 200.30–3(a)(12). OTC Markets Group, Inc. or the
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Document Created: 2015-12-15 10:10:05
Document Modified: 2015-12-15 10:10:05
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 55407 |
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