SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
SECURITIES EXCHANGE ACT OF 1934
Rel. No. 40238 / July, 21, 1998
Admin. Proc. File No. 3-9480
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In the Matter of the Application of |
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FRANK R. RUBBA |
14 Willow Way |
Seabright, NJ 07760 |
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For Review of Action Taken by the |
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NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.|
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OPINION OF THE COMMISSION
REGISTERED SECURITIES ASSOCIATION -- REVIEW OF ASSOCIATION ACTION DENYING
RE-ENTRY TO SECURITIES INDUSTRY WITHOUT REQUALIFICATION BY EXAMINATION
AFTER SUMMARY REVOCATION OF REGISTRATION
Registered securities association denied the request of a former registered
representative, whose registration had been revoked for failure to pay an
$8,000 fine, to re-enter the securities industry upon full payment of the
fine, without requalifying for registration by examination. Held, since
association's rules do not require requalification by examination under
these circumstances, association's action is set aside.
APPEARANCES:
Frank R. Rubba, pro se.
Alden S. Adkins and Norman Sue, Jr., for NASD
Regulation, Inc.
Appeal Filed: September 18, 1997
Briefing Completed: January 30, 1998
I.
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
REGISTERED SECURITIES ASSOCIATION -- REVIEW OF ASSOCIATION ACTION DENYING RE-ENTRY TO
Frank R. Rubba, pro se.
Alden S. Adkins and Norman Sue, Jr., for NASD Regulation, Inc.
Frank R. Rubba, a former registered representative of Americorp Securities Inc., a member of
The NASD had previously summarily revoked Rubba's registration pursuant to NASD Complaints,
Rubba seeks review of the NASD's subsequent denial of Rubba's request to reenter the
On April 23, 1996, Rubba signed a letter of Acceptance, Waiver and Consent in which he
Rubba thereafter applied to the NASD for a payment plan to pay the fine in installments.
The NASD subsequently responded to Rubba's request for a payment plan, by certified mail, to
During ensuing discussions with the NASD, Rubba asserted that he had not paid the fine
Rubba contended that the outdated information on his Form U-4 resulted from Americorp's
In a letter dated September 8, 1997, the NASD denied Rubba's request to re-enter the
Section 19of the Securities Exchange Act of 1934 delineates the scope of our authority to
We may review any action of the NASD that imposes a final disciplinary action on a person
The association contends that it merely maintained the "status quo ante" by denying Rubba's
Section 19of the Exchange Act requires the Commission to set aside any action of the NASD
:/Rule 8320 provides that the NASD may, on seven days written notice, "summarily revoke the
No. 36028, 59 S.E.C. Docket 2693, 2697 ("Registered representatives are required to sign and
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