CFR 240. 19b–4(e) (2) and (4) (1994).
CFR 240. 15c3–1. 16 Proposed Rule 313(b) establishes the Series 27 examination as the qualification examination for a FINOP. The qualification examination for a CCO is the Series 14 examination. See proposed Rule 313(c) and Xxxxxx, p. 18; 75 FR 80091, at 80095. 17 See proposed Rule 313(c). 18 See proposed Supplementary Material to Rule 313.07. This requirement is consistent with FINRA’s registration requirement for Principals (NASD Rule 1021). Under XXX’s proposed rules, anyone functioning as a principal must register as such with the Exchange via a Form U4 through requirement is consistent with similar FINRA rules regarding principal registration.23 ISE is also proposing to allow a member that conducts only proprietary trading 24 and has 25 or fewer registered persons to have only FINRA’s Web CRD. (Generally, all principals must qualify as representatives before qualifying as principals.) ISE did not use the term ‘‘Principal’’ in the proposed rules to avoid confusion with existing terms, such as ‘‘Options Principal.’’ In this order the Commission refers to such persons as principals.
CFR 240. 19b–4(f)(6).
CFR 240. 19b-4. Commission (the ‘‘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 change from interested persons.
CFR 240. 15c3–1. 16 Proposed Rule 313(b) establishes the Series 27 examination as the qualification examination for a FINOP. The qualification examination for a CCO is the Series 14 examination. See proposed Rule 313(c) and Xxxxxx, p. 18; 75 FR 80091, at 80095. 17 See proposed Rule 313(c). 18 See proposed Supplementary Material to Rule 313.07. This requirement is consistent with FINRA’s registration requirement for Principals (NASD Rule 1021). Under XXX’s proposed rules, anyone functioning as a principal must register as such with the Exchange via a Form U4 through FINRA’s Web CRD. (Generally, all principals must qualify as representatives before qualifying as principals.) ISE did not use the term ‘‘Principal’’ in the proposed rules to avoid confusion with existing terms, such as ‘‘Options Principal.’’ In this order the Commission refers to such persons as principals.
CFR 240. 19b–4. 3 The Series 7 examination is a qualification examination for persons seeking registration as general securities representatives.
CFR 240. 17d–1. 8 Securities Exchange Act Release No. 12352 (April 20, 1976), 41 FR 18809 (May 3, 1976). 9 Securities Exchange Act Release No. 12935 (October 28, 1976), 41 FR 49093 (November 8, 1976). 10 Securities Exchange Act Release No. 42668 (April 11, 2000), 65 FR 21048 (April 19, 2000). 11 See Letter from Xxxxxx Xxxxxxx, Assistant General Counsel, NASD Regulation, to Xxxxxxx Xxxxxx, Associate Director, Division of Market Regulation, Commission, dated May 1, 2000 (‘‘Amendment No. 1’’). Amendment No. 1 makes non-substantive changes to the provisions of the plan regarding Advertising Materials and Regulatory Responsibility. ‘‘Options 17d–2 Plan’’) See Securities Exchange Act Release No. 20158 (September 8, 1983), 48 FR 41256 (September 14, 1983). On May 23, 2000, the Commission approved an amendment to the Options 17d–2 plan, which allows ISE to become a participant in the plan. See Securities Exchange Act Release No. 42816. The plan that is the subject of this approval order specifically excludes any obligation or responsibility by the NASD to examine common members for compliance with ISE rules for which the regulatory responsibility is allocated to an SRO under the Options Rule 17d– 2 plan. 34764 Federal Register / Vol. 65, No. 105 / Wednesday, May 31, 2000 / Notices For the Commission, by the Division of Market Regulation, pursuant to delegated authority.13 Xxxxxxxx X. XxXxxxxxx,
CFR 240. 10a–1. deposited securities will change based on the current market price of the deposited securities and upon the reconstitution events discussed below. Under no circumstances will a new security be added to the list of securities after a particular receipt program is established, nor will weightings of component securities be adjusted after they are initially set. If the portfolio of securities underlying the trust issued receipts drops to fewer than nine, Amex will consult with the Commission to confirm the appropriateness of continued listing of such trust issued receipts.
CFR 240. 19b–4. Commission (‘‘SEC’’ or ‘‘Commission’’) a proposal to amend CBOE Rule 12.3, ‘‘Margin Requirements’’ by adopting Interpretation and Policy .06, which will allow a clearing broker to adjust the equity in the account of a market maker whose net liquidating equity is in deficit and permit the clearing broker to extend credit for opening transactions. Specifically, Interpretation and Policy .06 will allow a clearing broker to adjust the equity in the account of a market maker whose account is in deficit because the dissemination of the last sale price of a stock after the options close at 3:02 p.m. 3 has resulted in a discrepancy between the last sale price of the stock and the closing quotes and last sale price of the overlying options series. Under these circumstances, Interpretation and Policy .06 will permit the clearing broker to recalculate the value of the options position in the market maker’s account to reflect the movement in the price of the underlying stock. On May 7, 1998, the CBOE filed Amendment No. 1 to the proposal. 4 On August 18, 1998, the CBOE filed Amendment No. 2 to the proposal. 5 In Amendment No. 2, the CBOE indicated that without the adjustment permitted under the proposal, Exchange Act Rule 15c3–1 would prohibit a clearing firm from extending credit to a market maker whose account is in deficit and would require the clearing firm to take steps to liquidate the positions in the market maker’s account. 6 In addition, the CBOE represented that the Exchange would ascertain at the end of the business day following the adjustment whether any market maker whose equity was adjusted pursuant to Interpretation and Policy .06 continued to experience 3 All time references are in Central Time.
CFR 240. 19b–4. 3 The CBOE has clarified that the name of the Index will be the Xxxxxx Xxxxxxx Multinational Company Index. See letter from Xxxxx Xxxxx, Research & Product Development, CBOE, to Xxxxxxx X. Xxxxx, Division of Market Regulation (‘‘Division’’), Commission, dated February 5, 1997 (‘‘Amendment No. 2’’).
