The new licensing requirements abolishing Morse code testing in the Amateur Service go into effect 30 days after being published in the Federal Register today, The FCC's December 15th Report and Order (R&O) in the “Morse code proceeding,” WT Docket 05-235, appeared in the Federal Register on Wednesday, January 24, and the new Part 97 rules deleting any Morse code examination requirement for Amateur Radio license applicants goes into effect Friday, February 23, 2007.
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Text (.txt) http://a257.g.akamaitech.net/7/257/2422/01jan20071800/edocket.access.gpo.gov/2007/E7-729.htm

On or after February 23rd, 2007 an applicant holding a valid Certificate of Successful Completion of Examination (CSCE) for a higher license class will be able to redeem it for an upgrade. For example, a Technician licensee holding a valid CSCE for Element 3 (General) may apply at a VE exam session, pay the application fee and receive an instant upgrade. A Technician with a CSCE for Element 3 need only pass the 50 question Element 4 to upgrade to Extra Class. A CSCE is valid only for 365 days from the date of issuance. Applicants must be retested if their CSCE is dated before February 23, 2006.

As previously was the case, Technician Class applicants with an old Technician Class operator license dated before March 21, 1987 automatically qualify for a General Class ticket without further testing. But it does not happen automatically. They must bring their old license document (or other evidence) to a VE exam session and the VEs will upgrade them without examination.

Even a currently unlicensed applicant who held a Technician Class license before March 21, 1987 can become a General Class licensee by passing only Element 2. Sec. 97.505(a)(4) grants Element 3 credit even though the license is expired.

The new rules also mean that all Technician licensees, whether or not they've passed a Morse code examination, will gain HF privileges identical to those of current Novice and Tech Plus (or Technician with Element 1 credit) licensees without having to apply for an upgrade. New Sec. 97.301(e) grants Novices, Technicians and Tech Plus operators CW privileges on 80, 40, 15 meters and CW, RTTY, data and SSB privileges on 10 meters.

The exact frequencies are (CW only) 3525-3600 kHz, 7025-7125 kHz; 21.025-21.200 MHz; ...(CW, RTTY and Data) 28.0-28.3 MHz ...and (CW and SSB) 28.3-28.5 MHz. The power limit is 200 W PEP output for Novice and Technician operators. The R&O does not change the operating privileges of Novice, Tech Plus, General, Advanced and Amateur Extra Class licensees.

The new updated Element Credit regulations (Sec. 97.505) that are effective February 23, 2007:

§97.505 Element credit.

(a) The administering VEs must give credit as specified below to an examinee holding any of the following license grants or license documents:

(1) An unexpired (or expired but within the grace period for renewal) FCC-granted Advanced Class operator license grant: Elements 2 and 3.

(2) An unexpired (or expired but within the grace period for renewal) FCC-granted General Class operator license grant: Elements 2 and 3.

(3) An unexpired (or expired but within the grace period for renewal) FCC-granted Technician or Technician Plus Class operator (including a Technician Class operator license granted before February 14, 1991) license grant: Element 2.

(4) An expired FCC-issued Technician Class operator license document granted before March 21, 1987: Element 3.

(5) A CSCE: Each element the CSCE indicates the examinee passed within the previous 365 days.

(b) No examination credit, except as herein provided, shall be allowed on the basis of holding or having held any other license grant or document.