NASD Qualification Examinations Revisions;

Effective Date: May 1, 1995

The Securities and Exchange Commission has recently approved revisions to several NASD qualification examinations. These changes become effective May 1, 1995. The revised examinations include the following.

Investment Company Products/Variable Contracts Representative Examination (Series 6)—The examination has been revised to reflect regulatory and business changes in this segment of the industry, emphasizing the sales and marketing aspect of a registered representative's daily tasks. The number of questions on the examination remains at 100, with two hours and 15 minutes of testing time.

Assistant Representative—Order Processing (Series 11)—The examination has been revised by updating the securities products covered on this test and applicable rules and regulations to reflect more accurately the limited scope of the job functions of the assistant representative—order processing. The number of questions on the Series 11 remains at 50 with one hour of testing time.

Direct Participation Programs Limited Representative Qualification Examination (Series 22)—The revised examination reflects changes to rules and regulations and current industry trends that affect duties and functions of this type of registered representative. The number of questions on the Series 22 remains at 100 with two hours and 15 minutes of testing time.

Direct Participation Programs Limited Principal Qualification Examination (Series 39)—

Revisions to the Series 39 examination reflect recent rule changes that affect this area of the industry. The number of questions remains at 100 with two hours of testing time. This examination is still graded on the basis of two passing scores. Candidates must achieve 70 percent on Section 3, Compliance with Financial Responsibility Rules, and 70 percent on the remaining sections to pass the test. Those who fail either part of the test must re-take the Series 39 in its entirety.

Availability Of Study Outlines

Study outlines for the revised examination programs may be purchased from NASD MediaSource^SM, 9513 Key West Avenue, Rockville, MD 20850, or from any of the NASD's District Offices. The study outlines are $5 each; please add 20 percent if the outlines are to be shipped first class.

Questions about this Notice may be directed to David Frandina at (301) 208-2787, Carole Hartzog at (301) 590-6696, or Elaine Warren at (301) 590-6135 in the NASD Qualifications Department in Rockville, MD.