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87-49 New $ 10 NYSE Series 7 Development Fee to Begin in August

TO: All NASD Members and Other Interested Persons

ATTENTION: REGISTRATION AND TRAINING PERSONNEL

EXECUTIVE SUMMARY

Beginning with the August 15, 1987, administration of the Series 7 General Securities Registered Representative Examination, the NASD will collect a $10 test-development fee from its members for the New York Stock Exchange (NYSE) for each Series 7 grade posted to a candidate's registration record. These fees will be collected for and transferred to the NYSE to defray the expenses incurred by the NYSE for the development and maintenance of the Series 7 question bank.

BACKGROUND

Under a long-standing agreement with the NASD, the NYSE has borne most of the costs to develop and maintain the Series 7 General Securities Registered Representative Examination question bank. The NYSE maintains five geographically dispersed industry committees of question writers and reviewers. Each committee meets several times a year to add new or improved questions to the Series 7. The NYSE maintains this question bank at the exchange and delivers future test forms to the NASD, which, in turn, prints, administers, and grades the tests. Over the years, the NYSE has paid most of the expenses of the industry committees and the NYSE test-assembly programs.

To help defray these expenses, beginning August 15, 1987, the NASD will collect a $10 test-development fee for the NYSE from all candidates who take a Series 7. The fees collected from NASD members will be transferred in their entirety to the NYSE.

The NASD is expecting SEC approval of an amendment to Schedule A to the NASD By-Laws that will incorporate this fee assessment. In this connection, the NASD will debit a member's registration account $10 for each Series 7 grade posted to a candidate's registration record.

Questions concerning this notice may be directed to David Uthe, Senior Qualifications Analyst, NASD Qualifications, at (301) 738-6695.

Sincerely,

John T. Wall
Executive Vice President
Member & Market Services


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