83 FR 50705 - Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rules Relating to Registration and Qualification Examinations Required for Participants That Engage in Trading Activities on the Exchange
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 195 (October 9, 2018)
Federal Register Volume 83, Issue 195 (October 9, 2018)
| Page Range | 50705-50708 | |
| FR Document | 2018-21787 |
[Federal Register Volume 83, Number 195 (Tuesday, October 9, 2018)] [Notices] [Pages 50705-50708] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-21787] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84338; File No. SR-BOX-2018-32] Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rules Relating to Registration and Qualification Examinations Required for Participants That Engage in Trading Activities on the Exchange October 2, 2018. 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 27, 2018, BOX Exchange LLC (the ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend its rules relating to registration and respective qualification examinations required for Participants that engage in trading activities on the Exchange. The text of the proposed rule change is available from the principal office of the Exchange, at the Commission's Public Reference Room and also on the Exchange's internet website at http://boxoptions.com. 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 self-regulatory organization 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 self-regulatory organization 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 The SEC recently approved a proposed rule change to restructure the FINRA representative-level qualification examination program.\3\ The rule change, which will become effective on October 1, 2018, restructures the examination program into a more efficient format whereby all new representative-level applicants will be required to take a general knowledge examination (the Securities Industry Essentials Examination (``SIE'')) and a tailored, specialized knowledge examination (a revised representative-level qualification examination) for their particular registered role. Individuals are not required to be associated with an Exchange or any other self-regulatory organization (``SRO'') member to be eligible to take the SIE. However, passing the SIE alone will not qualify an individual for registration with the [[Page 50706]] Exchange. To be eligible for registration, an individual must also be associated with a firm, pass an appropriate qualification examination for a representative or principal and satisfy the other requirements relating to the registration process. --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 81098 (July 7, 2017), 82 FR 32419 (July 13, 2017) (Order Approving File No. SR- FINRA-2017-007). --------------------------------------------------------------------------- The SIE would assess basic product knowledge; the structure and function of the securities industry markets, regulatory agencies and their functions; and regulated and prohibited practices. In particular, the SIE will cover four major areas. The first, ``Knowledge of Capital Markets,'' focuses on topics such as types of markets and offerings, broker-dealers and depositories, and economic cycles. The second, ``Understanding Products and Their Risks,'' covers securities products at a high level as well as associated investment risks. The third, ``Understanding Trading, Customer Accounts and Prohibited Activities,'' focuses on accounts, orders, settlement and prohibited activities. The final area, ``Overview of the Regulatory Framework,'' encompasses topics such as SROs, registration requirements and specified conduct rules. It's anticipated that the SIE would include 75 scored questions plus an additional 10 unscored pretest questions. The passing score would be determined through methodologies compliant with testing industry standards used to develop examinations and set passing standards. The restructured program eliminates duplicative testing of general securities knowledge on the current representative-level qualification examinations by moving such content into the SIE. The SIE will test fundamental securities related knowledge, including knowledge of basic products, the structure and function of the securities industry, the regulatory agencies and their functions and regulated and prohibited practices, whereas the revised representative-level qualification examinations will test knowledge relevant to day-to-day activities, responsibilities and job functions of representatives. The SIE was developed in consultation with a committee of industry representatives and representatives of several other SROs. Each of the current representative-level examinations covers general securities knowledge, with the exception of the Research Analyst (Series 86 and 87) examinations. The Exchange proposes to require that effective October 1, 2018, new applicants seeking to register in a representative capacity with the Exchange must pass the SIE before their registrations can become effective. The Exchange proposes to make the requirement operative on October 1, 2018 to coincide with the effective date of FINRA's requirement. The Exchange notes that individuals who are registered as of October 1, 2018 are eligible to maintain their registrations without being subject to any additional requirements. Individuals who had been registered within the past two years prior to October 1, 2018, would also be eligible to maintain those registrations without being subject to any additional requirements, provided they register within two years from the date of their last registration. However, with respect to an individual who is not registered on the effective date of the proposed rule change but was registered within the past two years prior to the effective date of the proposed rule change, the individual's SIE status in the CRD system would be administratively terminated if such individual does not register with the Exchange within four years from the date of the individual's last registration. The Exchange also notes that consistent with IM-2040-2, the Exchange will consider waivers of the SIE alone or the SIE and the representative or principal-level examination(s) for Participants who are seeking registration in a representative-or principal-level registration category.\4\ --------------------------------------------------------------------------- \4\ Pursuant to a Regulatory Services Agreement between FINRA and BOX, FINRA provides BOX certain exam waiver services in responding to exam waiver requests from BOX Participants. --------------------------------------------------------------------------- Lastly, the Exchange proposes to eliminate references in its rules to alternative foreign examination modules. Particularly, the Exchange notes that FINRA recently announced it was eliminating the United Kingdom Securities Representative and the Canadian Securities Representative registration categories, along with the respective associated exams (i.e., Series 17, Series 37 and Series 38).\5\ FINRA also stated that it intended to provide individuals who are associated persons of firms and who hold foreign registrations an alternative, more flexible, process to obtain an Exchange representative-level registration.\6\ The Exchange believes that there is sufficient overlap between the SIE and foreign qualification requirements to permit them to act as exemptions to the SIE. As such, the Exchange proposes to provide that individuals who are in good standing as representatives with the Financial Conduct Authority in the United Kingdom or with a Canadian stock exchange or securities regulator would be exempt from the requirement to pass the SIE, and thus would be required only to pass a specialized knowledge examination to register with the Exchange as a representative. The proposed approach would provide individuals with a United Kingdom or Canadian qualification more flexibility to obtain an Exchange representative-level registration. The Exchange notes that FINRA has adopted a similar rule.\7\ --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 81098 (July 7, 2017), 82 FR 32419 (July 13, 2017) (Order Approving File No. SR- FINRA-2017-007). \6\ Id. \7\ See Securities Exchange Act Release No. 81098 (July 7, 2017), 82 FR 32419 (July 13, 2017) (Order Approving File No. SR- FINRA-2017-007). --------------------------------------------------------------------------- The Exchange also proposes to remove the last sentence from Rule 2020(b)(1) and also remove Rule 2020(b)(3) and Rule 2020(c)(5) in their entirety. The Exchange is making these changes in order to conform to FINRA's rules regarding registration requirements. The Exchange proposes to make a non-substantive conforming changes to the term ``Form U-4'' and ``Form U-5'' throughout the BOX Rulebook. Specifically, BOX proposes to change the term ``Form U-4'' to ``Form U4'' and ``Form U-5'' to ``Form U5'' in order to conform to both the BOX Rules and FINRA rules.\8\ Lastly, the Exchange is proposing to amend BOX Rule 2020(d)(1) regarding Principal Status. Currently, the rule states that a representative whose duties are changed as to require registration as a Principal shall be allowed a period of 90 calendar days following such change to pass the appropriate qualification examination. The Exchange proposes to change the number of calendar days from 90 to 120 in order to conform to FINRA's rules. Similarly, the Exchange proposes to change the number of calendar days from 90 to 120 in Rule 2020(d)(2) as well. --------------------------------------------------------------------------- \8\ See FINRA Rule 1010(c). --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the ``Act'') and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.\9\ Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \10\ requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, [[Page 50707]] and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \11\ requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f(b). \10\ 15 U.S.C. 78f(b)(5). \11\ Id. --------------------------------------------------------------------------- The Exchange believes that the proposed rule change will improve the efficiency of the Exchange's examination requirements, without compromising the qualification standards, by eliminating duplicative testing of general securities knowledge on examinations. FINRA has indicated that the SIE was developed in an effort to adopt an examination that would assess basic product knowledge; the structure and function of the securities industry markets, regulatory agencies and their functions; and regulated and prohibited practices. The Exchange also notes that the introduction of the SIE and expansion of the pool of individuals who are eligible to take the SIE, has the potential of enhancing the pool of prospective securities industry professionals by introducing them to securities laws, rules and regulations and appropriate conduct before they join the industry in a registered capacity. Lastly, the Exchange notes adopting the SIE requirement is consistent with the requirement recently adopted by FINRA.\12\ --------------------------------------------------------------------------- \12\ See Securities Exchange Act Release No. 81098 (July 7, 2017), 82 FR 32419 (July 13, 2017) (Order Approving File No. SR- FINRA-2017-007). --------------------------------------------------------------------------- The Exchange believes that the changes to the term ``Form U4'' and ``Form U5'' are reasonable as the changes will conform to FINRA's rules and reduce investor confusion. The Exchange also believes that removing and amending certain language from Rule 2020(b)(1), Rule 2020(b)(3), Rule 2020(c)(5) and Rule 2020(d)(1) is reasonable as the changes conform to FINRA's rules regarding registration requirements and will reduce investor confusion. 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. The Exchange believes that the proposed rule change, which harmonizes its rules with recent rule changes adopted by FINRA and which is being filed in conjunction with similar filings by the other national securities exchanges, will reduce the regulatory burden placed on market participants engaged in trading activities across different markets. The Exchange believes that the harmonization of these registration requirements across the various markets will reduce burdens on competition by removing impediments to participation in the national market system and promoting competition among participants across the multiple national securities exchanges. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has neither solicited nor received comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing 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 for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act \13\ and Rule 19b- 4(f)(6) thereunder. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(3)(A). --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) normally does not become operative for 30 days from the date of filing. However, Rule 19b-4(f)(6)(iii) \14\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative on October 1, 2018 to coincide with the effective date of FINRA's proposed rule change on which the proposal is based.\15\ The waiver of the operative delay would make the Exchange's qualification requirements consistent with those of FINRA, as of October 1, 2018. Therefore, the Commission believes that the waiver of the 30-day operative delay is consistent with the protection of investors and the public interest and hereby waives the 30-day operative delay and designates the proposal operative on October 1, 2018.\16\ --------------------------------------------------------------------------- \14\ 17 CFR 240.19b-4(f)(6)(iii). \15\ See supra note 3. \16\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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. 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 [email protected]. Please include File Number SR-BOX-2018-32 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File Number SR-BOX-2018-32. 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 website (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 website 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 the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit [[Page 50708]] personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-BOX-2018-32 and should be submitted on or before October 30, 2018. --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-21787 Filed 10-5-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 195 / Tuesday, October 9, 2018 / Notices 50705
In order to calculate and provide mandatory. One response is requested of Abstract: Section 6 of the Railroad
payments, the Railroad Retirement each respondent. The Previous Requests Retirement Act provides for a lump-sum
Board (RRB) must collect and maintain for Comments: The RRB has already payment to an employee or the
records of separation allowances and published the initial 60-day notice (83 employee’s survivor equal to the Tier II
severance payments which were subject FR 35032 on July 24, 2018) required by taxes paid by the employee on a
to Tier II taxation from railroad 44 U.S.C. 3506(c)(2). That request separation allowance or severance
employers. The RRB uses Form BA–9, elicited no comments. payment for which the employee did
Report of Separation Allowance or not receive credits toward retirement.
Severance Pay, to obtain information Information Collection Request (ICR)
The collection obtains information
from railroad employers concerning the Title: Railroad Separation Allowance
concerning the separation allowances
separation allowances and severance or Severance Pay Report.
and severance payments paid from
payments made to railroad employees OMB Control Number: 3220–0173.
and/or the survivors of railroad Form(s) submitted: BA–9. railroad employers.
employees. Employers currently have Type of request: Extension without Changes proposed: The RRB proposes
the option of submitting their reports on change of a currently approved no changes to Form BA–9.
paper Form BA–9, (or in like format) on collection. The burden estimate for the ICR is as
a CD–ROM, or by File Transfer Protocol Affected public: Private Sector; follows:
(FTP), or Secure Email. Completion is Businesses or other for profits.
Annual Time Burden
Form No. responses (minutes) (hours)
BA–9 (Paper) ............................................................................................................................... 100 76 127
BA–9 (CD–ROM) ......................................................................................................................... 40 76 51
BA–9 (Secure Email) ................................................................................................................... 60 76 76
BA–9 (FTP) .................................................................................................................................. 160 76 203
Total ...................................................................................................................................... 360 ........................ 457
Additional Information or Comments: (‘‘Act’’),1 and Rule 19b–4 thereunder,2 on the proposed rule change. The text
Copies of the forms and supporting notice is hereby given that on of these statements may be examined at
documents can be obtained from Dana September 27, 2018, BOX Exchange LLC the places specified in Item IV below.
Hickman at (312) 751–4981 or (the ‘‘Exchange’’) filed with the The self-regulatory organization has
Dana.Hickman@RRB.GOV. Securities and Exchange Commission prepared summaries, set forth in
Comments regarding the information (‘‘Commission’’) the proposed rule Sections A, B, and C below, of the most
collection should be addressed to Brian change as described in Items I and II significant aspects of such statements.
Foster, Railroad Retirement Board, 844 below, which Items have been prepared
by the self-regulatory organization. The A. Self-Regulatory Organization’s
North Rush Street, Chicago, Illinois Statement of the Purpose of, and
60611–1275 or Brian.Foster@rrb.gov and Commission is publishing this notice to
solicit comments on the proposed rule Statutory Basis for, the Proposed Rule
to the OMB Desk Officer for the RRB, Change
Fax: 202–395–6974, Email address: from interested persons.
OIRA_Submission@omb.eop.gov. I. Self-Regulatory Organization’s 1. Purpose
Statement of the Terms of Substance of The SEC recently approved a
Brian Foster,
the Proposed Rule Change proposed rule change to restructure the
Clearance Officer.
The Exchange proposes to amend its FINRA representative-level qualification
[FR Doc. 2018–21835 Filed 10–5–18; 8:45 am]
rules relating to registration and examination program.3 The rule change,
BILLING CODE 7905–01–P
respective qualification examinations which will become effective on October
required for Participants that engage in 1, 2018, restructures the examination
trading activities on the Exchange. The program into a more efficient format
text of the proposed rule change is whereby all new representative-level
SECURITIES AND EXCHANGE
available from the principal office of the applicants will be required to take a
COMMISSION
Exchange, at the Commission’s Public general knowledge examination (the
Reference Room and also on the Securities Industry Essentials
[Release No. 34–84338; File No. SR–BOX– Exchange’s internet website at http:// Examination (‘‘SIE’’)) and a tailored,
2018–32] specialized knowledge examination (a
boxoptions.com.
revised representative-level
Self-Regulatory Organizations; BOX II. Self-Regulatory Organization’s qualification examination) for their
Exchange LLC; Notice of Filing and Statement of the Purpose of, and particular registered role. Individuals
Immediate Effectiveness of a Proposed Statutory Basis for, the Proposed Rule are not required to be associated with an
Rule Change To Amend Rules Relating Change
Exchange or any other self-regulatory
to Registration and Qualification In its filing with the Commission, the organization (‘‘SRO’’) member to be
amozie on DSK3GDR082PROD with NOTICES1
Examinations Required for self-regulatory organization included eligible to take the SIE. However,
Participants That Engage in Trading statements concerning the purpose of, passing the SIE alone will not qualify an
Activities on the Exchange and basis for, the proposed rule change individual for registration with the
October 2, 2018. and discussed any comments it received
3 See Securities Exchange Act Release No. 81098
Pursuant to Section 19(b)(1) of the 1 15 U.S.C. 78s(b)(1). (July 7, 2017), 82 FR 32419 (July 13, 2017) (Order
Securities Exchange Act of 1934 2 17 CFR 240.19b–4. Approving File No. SR–FINRA–2017–007).
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![50708 Federal Register / Vol. 83, No. 195 / Tuesday, October 9, 2018 / Notices
personal identifying information from N–8B–2.1 The Commission staff SECURITIES AND EXCHANGE
comment submissions. You should estimates that approximately one COMMISSION
submit only information that you wish respondent files one Form N–8B–2 [Release No. 34–84341; File No. SR–MSRB–
to make available publicly. All filing annually with the Commission.2 2018–07]
submissions should refer to File Staff estimates that the burden for
Number SR–BOX–2018–32 and should compliance with Form N–8B–2 is Self-Regulatory Organizations;
be submitted on or before October 30, approximately 10 hours per filing. The Municipal Securities Rulemaking
2018. total hour burden for the Form N–8B– Board; Notice of Filing of a Proposed
For the Commission, by the Division of 2 filing requirement therefore is 10 Rule Change To Amend MSRB Rule G–
Trading and Markets, pursuant to delegated hours in the aggregate (1 respondent × 3, on Professional Qualification
authority.17
one filing per respondent × 10 hours per Requirements, To Require Municipal
Eduardo A. Aleman, filing). Advisor Principals To Become
Assistant Secretary. Appropriately Qualified by Passing the
Estimates of the burden hours are Municipal Advisor Principal
[FR Doc. 2018–21787 Filed 10–5–18; 8:45 am]
made solely for the purposes of the PRA Qualification Examination
BILLING CODE 8011–01–P
and are not derived from a
comprehensive or even a representative October 2, 2018.
SECURITIES AND EXCHANGE survey or study of the costs of SEC rules Pursuant to Section 19(b)(1) of the
COMMISSION and forms. The information provided on Securities Exchange Act of 1934 (the
Form N–8B–2 is mandatory. The ‘‘Exchange Act’’ or ‘‘Act’’) 1 and Rule
Submission for OMB Review; information provided on Form N–8B–2 19b–4 thereunder,2 notice is hereby
Comment Request will not be kept confidential. An agency given that on September 19, 2018 the
Municipal Securities Rulemaking Board
Upon Written Request, Copies Available may not conduct or sponsor, and a
(the ‘‘MSRB’’ or ‘‘Board’’) filed with the
From: Securities and Exchange person is not required to respond to, a
Securities and Exchange Commission
Commission, Office of FOIA Services, collection of information unless it (the ‘‘SEC’’ or ‘‘Commission’’) the
100 F Street NE, Washington, DC displays a currently valid OMB control proposed rule change as described in
20549–2736 number. Items I, II, and III below, which Items
Extension: The public may view the background have been prepared by the MSRB. The
Form N–8B–2; SEC File No. 270–186, OMB documentation for this information Commission is publishing this notice to
Control No. 3235–0186 collection at the following website, solicit comments on the proposed rule
Notice is hereby given that, pursuant www.reginfo.gov. Comments should be change from interested persons.
to the Paperwork Reduction Act of 1995 directed to: (i) Desk Officer for the I. Self-Regulatory Organization’s
(44 U.S.C. 3501 et seq.), the Securities Securities and Exchange Commission, Statement of the Terms of Substance of
and Exchange Commission (the Office of Information and Regulatory the Proposed Rule Change
‘‘Commission’’) has submitted to the Affairs, Office of Management and
Office of Management and Budget a The MSRB filed with the Commission
Budget, Room 10102, New Executive a proposed rule change to amend Rule
request for extension of the previously Office Building, Washington, DC 20503,
approved collection of information G–3, on professional qualification
or by sending an email to: Shagufta_ requirements, to (i) require persons who
discussed below. Ahmed@omb.eop.gov; and (ii) Charles
Form N–8B–2 (17 CFR 274.12) is the meet the definition of a municipal
Riddle, Acting Director/Chief advisor principal, as defined under Rule
form used by unit investment trusts
(‘‘UITs’’) other than separate accounts Information Officer, Securities and G–3(e)(i), to pass the Municipal Advisor
that are currently issuing securities, Exchange Commission, c/o Candace Principal Qualification Examination
including UITs that are issuers of Kenner, 100 F Street NE, Washington, (‘‘Series 54 examination’’) in order to
periodic payment plan certificates and DC 20549 or send an email to: PRA_ become appropriately qualified as a
UITs of which a management Mailbox@sec.gov. Comments must be municipal advisor principal; (ii) specify
investment company is the sponsor or submitted to OMB within 30 days of that such persons who cease to be
depositor, to comply with the filing and this notice. associated with a municipal advisor for
disclosure requirements imposed by Dated: October 3, 2018. two or more years at any time after
section 8(b) of the Investment Company having qualified as a municipal advisor
Eduardo A. Aleman,
Act of 1940 (15 U.S.C. 80a–8(b)). Form principal must requalify by examination
N–8B–2 requires disclosure about the Assistant Secretary. unless a waiver is granted; (iii) add the
organization of a UIT, its securities, the [FR Doc. 2018–21830 Filed 10–5–18; 8:45 am] Series 54 examination to the list of
personnel and affiliated persons of the BILLING CODE 8011–01–P qualification examinations for which a
depositor, the distribution and waiver can be sought; (iv) provide that
redemption of securities, the trustee or municipal advisor representatives may
custodian, and financial statements. The function as a principal for 120 calendar
Commission uses the information days without being qualified with the
provided in the collection of Series 54 examination; and (v) make a
information to determine compliance technical amendment to Rule G–3(e) to
1 Post-effective amendments are filed with the
with section 8(b) of the Investment clarify that a municipal advisor
amozie on DSK3GDR082PROD with NOTICES1
Commission on the UIT’s Form S–6. Hence,
Company Act. principal must pass the Municipal
respondents only file Form N–8B–2 for their initial
Each registrant subject to the Form N– registration statement and not for post-effective Advisor Representative Qualification
8B–2 filing requirement files Form N– amendments. Examination (‘‘Series 50 examination’’)
8B–2 for its initial filing and does not 2 In 2015 the Commission received 3 filings, as a prerequisite to becoming qualified
file post-effective amendments on Form while in 2016 and 2017, the Commission received
0 filings, respectively. The cumulative 3-year 1 15 U.S.C. 78s(b)(1).
17 17 CFR 200.30–3(a)(12). average is, therefore, 1 filing per year. 2 17 CFR 240.19b–4.
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Document Created: 2018-10-06 00:59:06
Document Modified: 2018-10-06 00:59:06
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 83 FR 50705 |
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