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Federal Register / Vol. 86, No. 165 / Monday, August 30, 2021 / Notices Seal; Filing Acceptance Date: August 24, 2021; Filing Authority: 39 U.S.C. 3642, 39 CFR 3040.130 through 3040.135, and 39 CFR 3035.105; Public Representative:
Kenneth R. Moeller; Comments Due:
September 1, 2021.
This Notice will be published in the Federal Register.
Erica A. Barker, Secretary.

A. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
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SECURITIES AND EXCHANGE
COMMISSION

1. Purpose
Release No. 3492738; File No. SR
NASDAQ2021064

Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend General 9, Section 51, Research Analysts August 24, 2021.

Pursuant to Section 19b1 of the Securities Exchange Act of 1934
Act,1 and Rule 19b4 thereunder,2
notice is hereby given that on August 12, 2021, The Nasdaq Stock Market LLC
Nasdaq or Exchange filed with the Securities and Exchange Commission SEC or Commission the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
I. Self-Regulatory Organizations Statement of the Terms of Substance of the Proposed Rule Change
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The Exchange proposes to amend General 9, Section 51, Research Analysts.
The Exchange also proposes to amend General 9, Section 10, Recommendations to Customers Suitability.
The text of the proposed rule change is available on the Exchanges website at https listingcenter.nasdaq.com/
rulebook/nasdaq/rules, at the principal office of the Exchange, and at the Commissions Public Reference Room.
II. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements 1 15
2 17

U.S.C. 78sb1.
CFR 240.19b4.

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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 Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements.

The Exchange proposes to amend General 9, Section 51, Research Analysts. Specifically, the Exchange proposes to 1 remove references to FINRA Rules 1120 3 and 1250;4 and 2
add references to FINRA Rules 1240 and 1220a6, a14 and b6.
The Exchange also proposes to amend General 9, Section 10, Recommendations to Customers Suitability.
General 9, Section 51
By way of background, FINRA
previously deleted in their entirety the NASD Rule 1000 Series relating to registration of Principals and Representatives and adopted rules relating to qualification and registration requirements in the Consolidated FINRA Rulebook.5 In that rule change, 3 Nasdaq Rule 1050 subsequently renumbered as General 9, Section 51 originally referred to NASD
Rule 1120, Continuing Education Requirements.
See Securities Exchange Act Release Nos. 58069
June 30, 3008, 73 FR 39360 July 9, 2008 SR
NASDAQ2008054 Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Regarding Technical and Conforming Changes to Nasdaq Rules; and 87778 December 17, 2019, 84
FR 70590 December 23, 2019 SRNASDAQ
2019098 Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Relocate Rules From Its Current Rulebook Into Its New Rulebook Shell renumbering Nasdaq Rule 1050 as General 9, Section 51. The SEC approved the adoption of NASD Rule 1120 Continuing Education Requirements as new FINRA Rule 1250
Continuing Education Requirements subject to certain amendments, effective on October 17, 2011.
See Securities Exchange Act Release No. 64687
June 16, 2011; 76 FR 36586 June 22, 2011 SR
FINRA2011013 Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, Establishing a Registration Category, Qualification Examination and Continuing Education Requirements for Certain Operations Personnel, and Adopt FINRA Rule 1250
Continuing Education Requirements in the Consolidated FINRA Rulebook. See also note 5
below.
4 FINRA Rule 1250 was renumbered as FINRA
Rule 1240. See note 5 below.
5 See Securities Exchange Act Release No. 81098
July 7, 2017, 82 FR 32419 July 13, 2017 SR
FINRA2017007 Order Approving Proposed Rule Change To Adopt Consolidated Registration Rules,
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FINRA Rule 1250 was renumbered to FINRA Rule 1240.6 FINRA Rule 1240
describes continuing education requirements applicable to registered persons and consists of a Regulatory Element and a Firm Element.
Nasdaq subsequently filed a rule change 7 to amend, reorganize and enhance certain of its corresponding membership, registration and qualification requirements rules in part in response to the FINRA Rule Changes,8 and also in order to facilitate the adoption of similar membership, registration and qualification rules by Nasdaqs affiliated exchanges. In that rule change, Nasdaq amended its Rule 1050 now General 9, Section 51 to remove references to NASD Rules 2711, 1050, 1022 and 1120 and it replaced those references with FINRA Rules 1120, 1250, and 2241.9 The reference to FINRA Rule 1120 was in error because, at that time, FINRA Rule 1120 did not exist. NASD Rule 1120 was adopted as FINRA Rule 1250.10 Also, the references to FINRA Rule 1250 were in error because FINRA Rule 1250 was renumbered as FINRA Rule 1240.11 Of note, NASD Rules 1050 Registration of Research Analysts and 1022 Categories of Principal Registrations were superseded by the FINRA Rule 1200
Series but this was not reflected within SRFINRA2018078 sic.12
At this time, Nasdaq proposes to remove the incorrect references to FINRA Rules 1120 and 1250 as such rules do not exist. The Exchange proposes to update the reference to FINRA Rule 1250 with a reference to current FINRA Rule 1240. The Exchange also proposes to add references to FINRA Rules 1220a6, a14, and b6, because they correspond to previous NASD Rules 1050 and 1022.
These changes would reflect the current FINRA rules relating to research analysts.
The Exchange proposes to amend General 9, Section 10, Recommendations to Customers Restructure the Representative-Level Qualification Examination Program, Allow Permissive Registration, Establish Exam Waiver Process for Persons Working for Financial Services Affiliate of Member, and Amend the Continuing Education Requirements.
6 Id.
7 See Securities Exchange Act Release No. 84386
October 9, 2018, 83 FR 51988 October 15, 2018
SRNASDAQ2018078 Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend, Reorganize and Enhance Its Membership, Registration and Qualification Rules.
8 See note 5 above.
9 See note 7 above.
10 See note 3 above.
11 See notes 4 and 5 above.
12 See note 5 above.

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