83 FR 51720 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Change Relating to Provision of Test Result Information to Candidates Who Pass a FINRA Qualification Examination
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 198 (October 12, 2018)
Federal Register Volume 83, Issue 198 (October 12, 2018)
| Page Range | 51720-51722 | |
| FR Document | 2018-22205 |
[Federal Register Volume 83, Number 198 (Friday, October 12, 2018)] [Notices] [Pages 51720-51722] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-22205] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84376; File No. SR-FINRA-2018-036] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Change Relating to Provision of Test Result Information to Candidates Who Pass a FINRA Qualification Examination October 5, 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, 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. FINRA has designated the proposed rule change as ``constituting a stated policy, practice, or interpretation with respect to the meaning, administration, or enforcement of an existing rule'' under Section 19(b)(3)(A)(i) of the Act \3\ and Rule 19b-4(f)(1) thereunder,\4\ which renders the proposal effective upon receipt of this filing by the Commission. 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. \3\ 15 U.S.C. 78s(b)(3)(A)(i). \4\ 17 CFR 240.19b-4(f)(1). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change FINRA is proposing revisions relating to test results information on the content outlines of certain FINRA representative- and principal- level qualification examinations. FINRA is not proposing any textual changes to the By-Laws, Schedules to the By-Laws or Rules of FINRA. The text of the proposed rule change [sic] is available on FINRA's website at http://www.finra.org, at the principal office of FINRA and at the Commission's Public Reference Room. 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 Each FINRA representative- and principal-level qualification examination has a minimum score threshold that is necessary for passing the examination (also referred to as a ``passing score''). For instance, the passing score for the current General Securities Representative (Series 7) examination is 72. FINRA determines the passing score for each examination based on a process known as standard setting, which assesses a number of factors, including industry trends, historical examination performance and evaluations of content difficulty by a committee of industry professionals who have passed the related examination. The passing score for an examination reflects the minimum level of knowledge necessary to perform the functions for which a candidate is registering. A candidate's numerical score on an examination is necessary to determine whether the candidate has satisfied the minimum score threshold for passing the examination. In addition, if a candidate fails to meet the minimum score threshold for passing an examination, the candidate's numerical score is relevant in evaluating the extent to which the candidate needs additional study time and training and whether the candidate should retake the examination.\5\ --------------------------------------------------------------------------- \5\ A candidate who fails an examination is eligible to retake that examination after 30 calendar days. However, if a candidate fails an examination three or more times in succession within a two- year period, the candidate is prohibited from retaking that examination until 180 calendar days from the date of the candidate's last attempt to pass it. --------------------------------------------------------------------------- Currently, candidates who take a FINRA qualification examination receive a test results report of their [[Page 51721]] performance at the end of their test session. The test results report will indicate a pass or fail status. Further, the report will indicate a total score and a score profile for each major section of the content outline. Several FINRA representative- and principal-level examination content outlines currently include information relating to the test results.\6\ This information appears in different places in the content outlines. For instance, in the Series 99 examination outline, the information appears under the ``Candidates' Test Results'' heading; whereas, in the Series 22 examination outline, the information is under the ``Introduction'' heading. --------------------------------------------------------------------------- \6\ These representative-level examinations are the current Investment Company and Variable Contracts Products Representative (Series 6), General Securities Representative (Series 7), Order Processing Assistant Representative (Series 11), United Kingdom Securities Representative (Series 17), Direct Participation Programs Representative (Series 22), Canadian Securities Representative (Series 37 and Series 38), Options Representative (Series 42), Securities Trader (Series 57), Corporate Securities Representative (Series 62), Government Securities Representative (Series 72), Investment Banking Representative (Series 79), Private Securities Offerings Representative (Series 82) and Operations Professional (Series 99) examinations. These examinations are available to candidates who open an examination window in the Central Registration Depository (``CRD[supreg]'') system prior to October 1, 2018. The revised Series 6, 7, 22, 57, 79, 82 and 99 examinations, which will be available to candidates who open an examination window on or after October 1, 2018, do not include information relating to examination results. In addition, the current Series 11, 17, 37, 38, 42, 62 and 72 will not be available to candidates who open an examination window on or after October 1, 2018. The principal-level examinations are the Registered Options Principal (Series 4), General Securities Sales Supervisor (Series 9 and Series 10), Supervisory Analyst (Series 16), General Securities Principal Sales Supervisor Module (Series 23), General Securities Principal (Series 24), Investment Company and Variable Contracts Products Principal (Series 26), Financial and Operations Principal (Series 27), Introducing Broker-Dealer Financial and Operations Principal (Series 28) and Direct Participation Programs Principal (Series 39) examinations. --------------------------------------------------------------------------- Effective October 1, 2018, FINRA is restructuring its representative-level qualification examination program.\7\ In conjunction with the restructuring, starting on October 1, 2018, FINRA will no longer provide a total score and a score profile for each major section of the content outline to candidates who pass a qualification examination. FINRA believes that providing such information is unnecessary once a candidate has met the minimum score threshold for passing an examination.\8\ However, FINRA will continue to provide a total score and a score profile for each major section of the content outline to a candidate who fails an examination. As noted above, such information is relevant in evaluating whether the candidate needs additional study time and training and whether the candidate should retake the examination. --------------------------------------------------------------------------- \7\ See Regulatory Notice 17-30 (October 2017). \8\ Unlike FINRA qualification examinations, some examinations, such as the SAT, do not have a minimum score threshold for passing the examination (i.e., they do not have a passing score). For such an examination, an individual's total score and breakdown of the score is necessary in evaluating the individual's performance compared to other individuals who took the examination. --------------------------------------------------------------------------- Consistent with this administrative change, FINRA is reformatting the content outlines for the current Series 6, 7, 11, 17, 22, 37, 38, 42, 57, 62, 72, 79, 82 and 99 examinations as well as for the Series 4, 9, 10, 16, 23, 24, 26, 27, 28 and 39 examinations to remove references to information relating to test results. Instead, such information will be available on a dedicated location on FINRA's website. Availability of Content Outlines The revised content outlines will be available on FINRA's website on the date of this filing. FINRA is filing the proposed rule change for immediate effectiveness. The implementation date will be October 1, 2018, to coincide with the implementation of the restructured representative- level examination program. 2. Statutory Basis FINRA believes that the proposed changes to the examination content outlines are consistent with the provisions of Section 15A(b)(6) of the Act,\9\ which requires, among other things, that FINRA rules must be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, and, in general, to protect investors and the public interest, and Section 15A(g)(3) of the Act,\10\ which authorizes FINRA to prescribe standards of training, experience, and competence for persons associated with FINRA members. FINRA is proposing an administrative change relating to test results information on the content outlines, without compromising the qualification standards. In addition, the proposed rule change streamlines the content outlines by moving test results information, which currently appears in different places on the outlines, to a dedicated location on the FINRA website. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78o-3(b)(6). \10\ 15 U.S.C. 78o-3(g)(3). --------------------------------------------------------------------------- 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. Economic Impact Assessment Economic Baseline Currently, candidates who take a FINRA qualification examination receive a total score and score break down regardless of whether they pass or fail their examination. These examinations are designed to demonstrate basic proficiency around a subject matter. Anecdotally, FINRA is aware that candidates approach the test with different objectives; specifically, some candidates seek to achieve the highest possible score while others seek only to ensure that they achieve a score sufficient to pass the examination. Economic Impact Beginning on October 1, 2018, FINRA will no longer provide score information to candidates who pass a qualification examination. A candidate will receive score information only if the candidate did not pass the examination. In conjunction with this change, the proposed rule change revises the impacted content outlines to remove references to information relating to score information. Impact on Individuals The absence of score information for candidates who pass a qualification examination neither imposes additional costs on, nor provides additional benefits to, non-passing candidates. The continued availability of the failing scores and score profiles will continue to benefit candidates who want to use this information to decide whether to retake the examination and if so, what areas they should focus on when studying for future examinations. For passing candidates, the lack of score information affects the information set available to them, and thus may impact them in different ways. For example, candidates may use the information provided today in a variety of contexts related to their employment, including negotiating compensation, seeking future employment or demonstrating areas of particular strength. However, FINRA knows of no established evidence that these scores reliably predict future outcomes related to employment success.\11\ Further, [[Page 51722]] FINRA qualification examinations are not designed to provide information beyond demonstration of basic proficiency. For these reasons, comparisons of test scores across candidates may not be appropriate.\12\ --------------------------------------------------------------------------- \11\ In Do Investors Have Valuable Information About Brokers?, Qureshi and Sokobin demonstrate that examination scores are not informative for predicting future customer harm when used in conjunction with other relevant public data (available at: http://www.finra.org/industry/chief-economist). \12\ The Standard for Educational and Psychological Testing published by the American Education Research Association, American Psychological Association, and National Council on Measurement in Education have established that ``[i]f validity for some common or likely interpretation for a given use has not been evaluated, or if such an interpretation is inconsistent with available evidence, that fact should be made clear and potential users should be strongly cautioned about making unsupported interpretations.'' --------------------------------------------------------------------------- Nevertheless, to the extent that test scores are used by individuals and others today, restricting the information may impose certain costs. For individuals, these costs can vary from time and effort to differentiate themselves, to direct monetary costs if a test score would have improved their compensation or position. Regardless of its predictive ability, where parties today rely on the details of passing scores to make decisions and would make a different judgment in the absence of such information, the change may result in an economic transfer away from high-scoring individuals towards others. Impact on Other Users of the Information The economic impact to others is fundamentally related to the extent to which candidates share passing score information with current or prospective employers and the reliability of such scores as a signal in the contexts for which they are being used. In situations where passing scores are misleading and cause users to make inefficient or ineffective decisions, the elimination of this information may lead to benefits through better decision making. In situations where passing scores are not misleading but are uninformative, they add noise to the decision-making process. However, noisy information should not cause consistent bias in the aggregate. Finally, in situations where passing scores are viewed as providing valuable information in decision making, the elimination of this information may result in the need for an alternative process and, in turn, result in additional costs. 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 \13\ and paragraph (f)(1) of Rule 19b-4 thereunder.\14\ 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. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(3)(A). \14\ 17 CFR 240.19b-4(f)(1). --------------------------------------------------------------------------- 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-FINRA-2018-036 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-FINRA-2018-036. 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 a.m. and 3 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. Persons submitting comments are cautioned that we do not redact or edit 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- FINRA-2018-036 and should be submitted on or before November 2, 2018. --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-22205 Filed 10-11-18; 8:45 am] BILLING CODE 8011-01-P
![51720 Federal Register / Vol. 83, No. 198 / Friday, October 12, 2018 / Notices
accelerated approval of the proposed For the Commission, by the Division of office of FINRA and at the
rule change pursuant to Section Trading and Markets, pursuant to delegated Commission’s Public Reference Room.
19(b)(2)(C)(iii) of the Exchange Act.27 authority.37
Eduardo A. Aleman, II. Self-Regulatory Organization’s
Under Section 19(b)(2)(C)(iii) of the Statement of the Purpose of, and
Act,28 the Commission may grant Assistant Secretary.
Statutory Basis for, the Proposed Rule
accelerated approval of a proposed rule [FR Doc. 2018–22204 Filed 10–11–18; 8:45 am]
Change
change if the Commission finds good BILLING CODE 8011–01–P
In its filing with the Commission,
cause for doing so. ICE Clear Europe
FINRA included statements concerning
believes that accelerated approval is the purpose of and basis for the
warranted because the proposed rule SECURITIES AND EXCHANGE
COMMISSION proposed rule change and discussed any
change, as modified by Amendment No. comments it received on the proposed
1, is required to comply with [Release No. 34–84376; File No. SR–FINRA– rule change. The text of these statements
requirements under the European 2018–036]
may be examined at the places specified
Market Infrastructure Regulation that in Item IV below. FINRA has prepared
Self-Regulatory Organizations;
ICE Clear Europe have the ability to call summaries, set forth in sections A, B,
Financial Industry Regulatory
for intraday margin for relevant F&O and C below, of the most significant
Authority, Inc.; Notice of Filing and
contracts, and ICE Clear Europe is Immediate Effectiveness of a Proposed aspects of such statements.
seeking to comply with those Change Relating to Provision of Test A. Self-Regulatory Organization’s
requirements as soon as possible.29 Result Information to Candidates Who Statement of the Purpose of, and
The Commission finds good cause, Pass a FINRA Qualification Statutory Basis for, the Proposed Rule
pursuant to Section 19(b)(2)(C)(iii) of Examination Change
the Act,30 for approving the proposed
October 5, 2018. 1. Purpose
rule change, as modified by Amendment
No. 1, on an accelerated basis, prior to Pursuant to Section 19(b)(1) of the Each FINRA representative- and
Securities Exchange Act of 1934 principal-level qualification
the 30th day after the date of
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 examination has a minimum score
publication of notice in the Federal
notice is hereby given that on threshold that is necessary for passing
Register, because the proposed rule September 27, 2018, Financial Industry the examination (also referred to as a
change is required as soon as possible Regulatory Authority, Inc. (‘‘FINRA’’) ‘‘passing score’’). For instance, the
in order to facilitate ICE Clear Europe’s filed with the Securities and Exchange passing score for the current General
efforts to comply with the Commission (‘‘SEC’’ or ‘‘Commission’’) Securities Representative (Series 7)
aforementioned requirements.31 the proposed rule change as described examination is 72. FINRA determines
Additionally, the Commission notes that in Items I, II, and III below, which Items the passing score for each examination
the proposed changes do not impede have been prepared by FINRA. FINRA based on a process known as standard
compliance with relevant U.S. law, has designated the proposed rule change setting, which assesses a number of
including Section 17A(b)(3)(F) of the as ‘‘constituting a stated policy, factors, including industry trends,
Act.32 practice, or interpretation with respect historical examination performance and
to the meaning, administration, or evaluations of content difficulty by a
VI. Conclusion
enforcement of an existing rule’’ under committee of industry professionals
On the basis of the foregoing, the Section 19(b)(3)(A)(i) of the Act 3 and who have passed the related
Commission finds that the proposal is Rule 19b–4(f)(1) thereunder,4 which examination. The passing score for an
consistent with the requirements of the renders the proposal effective upon examination reflects the minimum level
Act, and in particular, with the receipt of this filing by the Commission. of knowledge necessary to perform the
requirements of Section 17A(b)(3)(F) of The Commission is publishing this functions for which a candidate is
notice to solicit comments on the registering.
the Act 33 and Rules 17Ad–22(e)(6)(ii) A candidate’s numerical score on an
proposed rule change from interested
and 17Ad–22(e)(16) thereunder.34 examination is necessary to determine
persons.
It is therefore ordered pursuant to whether the candidate has satisfied the
Section 19(b)(2) of the Act 35 that the I. Self-Regulatory Organization’s minimum score threshold for passing
proposed rule change (SR–ICEEU–2018– Statement of the Terms of Substance of the examination. In addition, if a
012), as modified by Amendment No. 1, the Proposed Rule Change candidate fails to meet the minimum
be, and hereby is, approved on an FINRA is proposing revisions relating score threshold for passing an
accelerated basis.36 to test results information on the examination, the candidate’s numerical
content outlines of certain FINRA score is relevant in evaluating the extent
representative- and principal-level to which the candidate needs additional
27 15 U.S.C. 78s(b)(2)(C)(iii). qualification examinations. FINRA is study time and training and whether the
28 15 U.S.C. 78s(b)(2)(C)(iii). not proposing any textual changes to the candidate should retake the
29 See supra note 5. By-Laws, Schedules to the By-Laws or examination.5
30 15 U.S.C. 78s(b)(2)(C)(iii). Rules of FINRA. Currently, candidates who take a
31 See id. The text of the proposed rule change FINRA qualification examination
khammond on DSK30JT082PROD with NOTICES
32 15 U.S.C. 78q–1(b)(3)(F). [sic] is available on FINRA’s website at receive a test results report of their
33 Id. http://www.finra.org, at the principal
34 17 CFR 240.17Ad–22(e)(6)(ii) and (e)(16). 5 A candidate who fails an examination is eligible
35 15 U.S.C. 78s(b)(2). 37 17 to retake that examination after 30 calendar days.
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
However, if a candidate fails an examination three
36 In approving the proposed rule change, the
or more times in succession within a two-year
Commission considered the proposal’s impact on 2 17 CFR 240.19b–4.
period, the candidate is prohibited from retaking
efficiency, competition, and capital formation. 15 3 15 U.S.C. 78s(b)(3)(A)(i).
that examination until 180 calendar days from the
U.S.C. 78c(f). 4 17 CFR 240.19b–4(f)(1). date of the candidate’s last attempt to pass it.
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![51722 Federal Register / Vol. 83, No. 198 / Friday, October 12, 2018 / Notices
FINRA qualification examinations are C. Self-Regulatory Organization’s Commission and any person, other than
not designed to provide information Statement on Comments on the those that may be withheld from the
beyond demonstration of basic Proposed Rule Change Received From public in accordance with the
proficiency. For these reasons, Members, Participants, or Others provisions of 5 U.S.C. 552, will be
comparisons of test scores across Written comments were neither available for website viewing and
candidates may not be appropriate.12 solicited nor received. printing in the Commission’s Public
Reference Room, 100 F Street NE,
Nevertheless, to the extent that test III. Date of Effectiveness of the Washington, DC 20549, on official
scores are used by individuals and Proposed Rule Change and Timing for business days between the hours of 10
others today, restricting the information Commission Action a.m. and 3 p.m. Copies of such filing
may impose certain costs. For The foregoing rule change has become also will be available for inspection and
individuals, these costs can vary from effective pursuant to Section 19(b)(3)(A) copying at the principal office of
time and effort to differentiate of the Act 13 and paragraph (f)(1) of Rule FINRA. All comments received will be
themselves, to direct monetary costs if 19b–4 thereunder.14 At any time within posted without change. Persons
a test score would have improved their 60 days of the filing of the proposed rule submitting comments are cautioned that
compensation or position. Regardless of change, the Commission summarily may we do not redact or edit personal
its predictive ability, where parties temporarily suspend such rule change if identifying information from comment
today rely on the details of passing it appears to the Commission that such submissions. You should submit only
scores to make decisions and would action is necessary or appropriate in the information that you wish to make
make a different judgment in the public interest, for the protection of available publicly. All submissions
absence of such information, the change investors, or otherwise in furtherance of should refer to File Number SR–FINRA–
may result in an economic transfer away the purposes of the Act. If the 2018–036 and should be submitted on
from high-scoring individuals towards Commission takes such action, the or before November 2, 2018.
others. Commission shall institute proceedings For the Commission, by the Division of
to determine whether the proposed rule Trading and Markets, pursuant to delegated
Impact on Other Users of the should be approved or disapproved. authority.15
Information
IV. Solicitation of Comments Eduardo A. Aleman,
The economic impact to others is Interested persons are invited to Assistant Secretary.
fundamentally related to the extent to submit written data, views and [FR Doc. 2018–22205 Filed 10–11–18; 8:45 am]
which candidates share passing score arguments concerning the foregoing, BILLING CODE 8011–01–P
information with current or prospective including whether the proposed rule
employers and the reliability of such change is consistent with the Act.
scores as a signal in the contexts for Comments may be submitted by any of SECURITIES AND EXCHANGE
which they are being used. the following methods: COMMISSION
In situations where passing scores are Electronic Comments
misleading and cause users to make [Release No. 34–84374; File No. SR–FINRA–
• Use the Commission’s internet 2018–032]
inefficient or ineffective decisions, the comment form (http://www.sec.gov/
elimination of this information may lead rules/sro.shtml); or Self-Regulatory Organizations;
to benefits through better decision • Send an email to rule-comments@ Financial Industry Regulatory
making. In situations where passing sec.gov. Please include File Number SR– Authority, Inc.; Order Approving
scores are not misleading but are FINRA–2018–036 on the subject line. Proposed Rule Change to FINRA Rule
uninformative, they add noise to the 6710 To Modify the Dissemination
Paper Comments
decision-making process. However, Protocols for Agency Debt Securities
noisy information should not cause • Send paper comments in triplicate
consistent bias in the aggregate. Finally, to Secretary, Securities and Exchange October 5, 2018.
in situations where passing scores are Commission, 100 F Street NE,
Washington, DC 20549–1090. I. Introduction
viewed as providing valuable
information in decision making, the All submissions should refer to File On August 16, 2018, the Financial
elimination of this information may Number SR–FINRA–2018–036. This file Industry Regulatory Authority, Inc.
result in the need for an alternative number should be included on the (‘‘FINRA’’) filed with the Securities and
process and, in turn, result in additional subject line if email is used. To help the Exchange Commission (‘‘Commission’’),
costs. Commission process and review your pursuant to Section 19(b)(1) of the
comments more efficiently, please use Securities Exchange Act of 1934
only one method. The Commission will (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a
(available at: http://www.finra.org/industry/chief- post all comments on the Commission’s proposed rule change to modify the
economist). internet website (http://www.sec.gov/ dissemination protocols for Agency
12 The Standard for Educational and rules/sro.shtml). Copies of the Debt Securities. The proposed rule
Psychological Testing published by the American submission, all subsequent change was published for comment in
Education Research Association, American amendments, all written statements the Federal Register on August 23,
khammond on DSK30JT082PROD with NOTICES
Psychological Association, and National Council on with respect to the proposed rule
Measurement in Education have established that
2018.3 The Commission received no
change that are filed with the comment letters on the proposed rule
‘‘[i]f validity for some common or likely
interpretation for a given use has not been
Commission, and all written
evaluated, or if such an interpretation is communications relating to the 15 17 CFR 200.30–3(a)(12).
inconsistent with available evidence, that fact proposed rule change between the 1 15 U.S.C. 78s(b)(1).
should be made clear and potential users should be 2 17 CFR 240.19b–4.
strongly cautioned about making unsupported 13 15 U.S.C. 78s(b)(3)(A). 3 See Securities Exchange Act Release No. 83882
interpretations.’’ 14 17 CFR 240.19b–4(f)(1). (August 17, 2018), 83 FR 42732 (‘‘Notice’’).
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Document Created: 2018-10-13 10:09:32
Document Modified: 2018-10-13 10:09:32
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