Proposed Rule Change to Provide an Exemption from the Research Analyst Qualification Examination for Certain Associated Persons Who Prepare Technical Research Reports

NASD has filed with the Securities and Exchange Commission (“SEC” or “Commission”) a proposed rule change to amend NASD Rule 1050 to provide for an exemption from the analytical portion of the Research Analyst Qualification Examination (Series 86) for certain applicants who prepare only “technical research reports” and have passed Levels I and II of the Chartered Market Technician (“CMT”) certification Examination administered by the Market Technicians Association (“MTA”).