Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding Technical Amendment to Rule G-37, on Political Contributions and Prohibitions on Municipal Securities Business, 39836-39838 [E5-3616]

Download as PDF 39836 Federal Register / Vol. 70, No. 131 / Monday, July 11, 2005 / Notices become applicable to mutual fund advertisements. The MSRB is taking this suggestion under advisement pending final action by the SEC on the NASD rulemaking proposal. Effective Date Comments Received. CSF requests that the draft amendments have an effective date of 180 days after SEC approval. CSPN also requests a delayed effectiveness of 180 days if the MSRB maintains specific deadlines for making month-end information available. The ICI recommends coordination of the effective date for the draft amendments with the recent amendments, which were then pending with a proposed effective date of three months after approval. However, in a separate comment letter to the SEC on the recent amendments, the ICI requested that such amendments become effective 210 days after approval. The ICI noted that the SEC had provided a 210-day transition period when it had adopted extensive changes to its mutual fund advertising rule in 1988. MSRB Response. The MSRB agrees that the proposed rule change should have the same effective date as the performance data provisions of the recent amendments since the proposed rule change also relates to performance data and therefore is best implemented in tandem with the related provisions of the recent amendments. The MSRB observes that, under the recent amendments, the SEC provided that all advertisements for municipal fund securities submitted or caused to be submitted for publication on or after December 1, 2005 must come into compliance with Rule G–21(e)(ii) and certain other provisions relating to performance data.11 As a result, dealers also would be required to comply with the amendments to Rule G–21(e)(ii) effected by the proposed rule change for advertisements of municipal fund securities submitted or caused to be submitted for publication on or after December 1, 2005. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The MSRB proposes that dealers be required to comply with the proposed rule change for advertisements of municipal fund securities submitted or caused to be submitted for publication on or after December 1, 2005. Within 35 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the 11 See Exchange Act Release No. 51736 (May 24, 2005), 70 FR 31551 (June 1, 2005). VerDate jul<14>2003 16:03 Jul 08, 2005 Jkt 205001 Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: A. By order approve such proposed rule change, or B. Institute proceedings to determine whether the proposed rule change should be disapproved. 2005–09 and should be submitted on or before August 1, 2005. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: SECURITIES AND EXCHANGE COMMISSION Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–MSRB–2005–09 on the subject line. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.12 Jill M. Peterson, Assistant Secretary. [FR Doc. E5–3615 Filed 7–8–05; 8:45 am] BILLING CODE 8010–01–P [Release No. 34–51952; File No. SR–MSRB– 2005–10] Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding Technical Amendment to Rule G–37, on Political Contributions and Prohibitions on Municipal Securities Business June 30, 2005. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 Paper Comments notice is hereby given that on June 2, • Send paper comments in triplicate 2005, the Municipal Securities to Jonathan G. Katz, Secretary, Rulemaking Board (‘‘MSRB’’ or Securities and Exchange Commission, ‘‘Board’’), filed with the Securities and Station Place, 100 F Street, NE., Exchange Commission (‘‘Commission’’ Washington, DC 20549–9303. or ‘‘SEC’’) the proposed rule change as All submissions should refer to File described in Items I, II and III below, Number SR–MSRB–2005–09. This file which Items have been prepared by the number should be included on the MSRB. The MSRB has filed the proposal subject line if e-mail is used. To help the as a ‘‘non-controversial’’ rule change Commission process and review your pursuant to Section 19(b)(3)(A)(iii) of comments more efficiently, please use the Act,3 and Rule 19b–4(f)(6) only one method. The Commission will thereunder,4 which renders the proposal post all comments on the Commission’s effective upon filing with the Internet Web site (http://www.sec.gov/ Commission. The Commission is rules/sro.shtml). Copies of the publishing this notice to solicit submission, all subsequent comments on the proposed rule change amendments, all written statements from interested persons. with respect to the proposed rule I. Self-Regulatory Organization’s change that are filed with the Statement of the Terms of Substance of Commission, and all written the Proposed Rule Change communications relating to the proposed rule change between the The MSRB is filing with the Commission and any person, other than Commission a proposed rule change those that may be withheld from the consisting of a technical amendment to public in accordance with the Rule G–37, on political contributions provisions of 5 U.S.C. 552, will be and prohibitions on municipal available for inspection and copying in securities business. The MSRB has set the Commission’s Public Reference an effective date for the proposed rule Room. Copies of such filing also will be change of July 5, 2005. The text of the available for inspection and copying at proposed rule change is available on the the MSRB’s offices. All comments MSRB’s Web site (http://www.msrb.org), received will be posted without change; at the MSRB’s principal office, and at the Commission does not edit personal identifying information from 12 17 CFR 200.30–3(a)(12). submissions. You should submit only 1 15 U.S.C. 78s(b)(1). information that you wish to make 2 17 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(iii). available publicly. All submissions 4 17 CFR 240.19b-4(f)(6). should refer to File Number SR–MSRB– PO 00000 Frm 00122 Fmt 4703 Sfmt 4703 E:\FR\FM\11JYN1.SGM 11JYN1 Federal Register / Vol. 70, No. 131 / Monday, July 11, 2005 / Notices 2. Statutory Basis the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the MSRB included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The MSRB has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Rule G–37, on political contributions and prohibitions on municipal securities business, provides that contributions to officials of an issuer by a municipal finance professional (‘‘MFP’’) of a dealer can result in the dealer being banned from municipal securities business with such issuer for a period of two years. When a person first becomes an MFP, the rule imposes a ‘‘look back’’ in which certain contributions made by such person prior to becoming an MFP (in addition to contributions made after becoming an MFP) can result in the imposition of the ban. The nature of such look back varies depending on the type of MFP. In the case of persons who become MFPs solely as a result of their supervisory activities or firm leadership positions within the meaning of clause (C), (D) or (E) of Rule G–37(g)(iv) (‘‘supervisor MFPs’’), the look back period established in Rule G–37(b)(iii) is limited to the six month period prior to becoming an MFP. The MSRB has learned that some people may read the language in Rule G–37(b)(iii) literally to provide that the only contributions of supervisor MFPs that can result in a ban on business are those made during the six month look back period, and that contributions made after becoming such an MFP are excluded. This interpretation clearly was not the intent of this provision. The proposed rule change would clarify this language to ensure that those contributions made after becoming an MFP are also subject to the potential ban. VerDate jul<14>2003 16:03 Jul 08, 2005 Jkt 205001 The MSRB believes that the proposed rule change is consistent with Section 15B(b)(2)(C) of the Act,5 which provides that MSRB rules shall: Be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in municipal securities, to remove impediments to and perfect the mechanism of a free and open market in municipal securities, and, in general, to protect investors and the public interest * * * The MSRB believes that the proposed rule change clarifies the rule’s intent of ensuring that the high standards and integrity of the municipal securities industry are maintained. B. Self-Regulatory Organization’s Statement on Burden on Competition The MSRB does not believe that the proposed rule change will result in any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others Written comments were neither solicited nor received on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the proposed rule change: (i) Does not significantly affect the protection of investors or the public interest; (ii) does not impose any significant burden on competition; and (iii) does not become operative for 30 days from June 2, 2005, the date on which it was filed, and the MSRB provided the Commission with written notice of its intent to file the proposed rule change at least five business days prior to the filing date, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 6 and Rule 19b–4(f)(6) thereunder.7 At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, PO 00000 U.S.C. 78o–4(b)(2)(C). U.S.C. 78s(b)(3)(A). 7 17 CFR 240.19b–4(f)(6). 39837 or otherwise in furtherance of the purposes of the Act.8 IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–MSRB–2005–10 on the subject line. Paper Comments • Send paper comments in triplicate to Jonathan G. Katz, Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549–9303. All submissions should refer to File Number SR–MSRB–2005–10. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (http://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Room. Copies of such filing also will be available for inspection and copying at the principal office of the MSRB. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–MSRB–2005–10 and should be submitted on or before August 1, 2005. 5 15 6 15 Frm 00123 Fmt 4703 Sfmt 4703 8 See Section 19(b)(3)(C) of the Act, 15 U.S.C. 78s(b)(3)(C). E:\FR\FM\11JYN1.SGM 11JYN1 39838 Federal Register / Vol. 70, No. 131 / Monday, July 11, 2005 / Notices For the Commission, by the Division of Market Regulation, pursuant to delegated authority.9 Jill M. Peterson, Assistant Secretary. [FR Doc. E5–3616 Filed 7–8–05; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–51956; File No. SR–NASD– 2005–081] Self-Regulatory Organizations; National Association of Securities Dealers, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Expand Maximum Single Order Share Size Limits in Nasdaq’s Brut Facility June 30, 2005. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on June 22, 2005, the National Association of Securities Dealers, Inc. (‘‘NASD’’), through its subsidiary, The Nasdaq Stock Market, Inc. (‘‘Nasdaq’’), submitted to the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the NASD. NASD filed the proposed rule change pursuant to Section 19(b)(3)(A) of the Act 3 which renders it effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change Nasdaq proposes to expand the single order total dollar price limit in Nasdaq’s Brut Facility. The text of the proposed rule change is below. Proposed new language is in italics; proposed deletions are in brackets. * * * * * 4903. Order Entry Parameters (a)–(e) No Change. (f) Order Size—Any order in whole shares up to 1,000,099 shares may be entered into the System, subject to a dollar volume limitation of $[2]75,000,000. * * * * * 9 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A). II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the NASD included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The NASD has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A.Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Nasdaq proposes to expand the maximum single-order total dollar value parameter in Nasdaq’s Brut Facility. Currently, the dollar value of a single order entered into the Brut system may not exceed $25,000,000. Nasdaq proposes to expand that amount to $75,000,000. Nasdaq believes that expansion of the single-order total dollar value amount will provide additional flexibility for Brut system users trading more liquid, higher-priced securities, as well as facilitating trading in larger dollar amounts on days of increased market activity, such as index rebalance and options expiration days. 2. Statutory Basis NASD believes that the proposed rule change is consistent with Section 15A of the Act,4 in general, and with Section 15A(b)(6) of the Act,5 in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove impediments to a free and open market and a national market system, and, in general, to protect investors and the public interest. B.Self-Regulatory Organization’s Statement on Burden on Competition NASD does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C.Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others Written comments were neither solicited nor received. 1 15 VerDate jul<14>2003 16:03 Jul 08, 2005 4 15 5 15 Jkt 205001 PO 00000 U.S.C. 78o–3. U.S.C. 78o–3(b)(6). Frm 00124 Fmt 4703 Sfmt 4703 III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The proposed rule change has been filed by NASD as a ‘‘non-controversial’’ rule change pursuant to Section 19(b)(3)(A) of the Act 6 and subparagraph (f)(6) of Rule 19b–4 thereunder.7 Consequently, because the foregoing rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date of filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, it has become effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b– 4(f)(6) thereunder.8 A proposed rule change filed under Rule 19b–4(f)(6) normally does not become operative prior to 30 days after the date of filing. However, Rule 19b– 4(f)(6)(iii) permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. NASD has requested that the Commission waive the 30-day pre-operative period, which would make the proposed rule operative immediately. The Commission believes that it is consistent with the protection of investors and the public interest to waive the 30-day pre-operative period in this case.9 Allowing the rule change to become operative immediately should allow Brut system users to take advantage of additional trading flexibility without delay. Consequently, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 10 and Rule 19b–4(f)(6) thereunder.11 At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is 6 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 8 Rule 19b–4(f)(6) under the Act also requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The NASD complied with this requirement. 9 For purposes only of waiving the operative delay for this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 10 15 U.S.C. 78s(b)(3)(A). 11 17 CFR 240.19b–4(f)(6). 7 17 E:\FR\FM\11JYN1.SGM 11JYN1

Agencies

[Federal Register Volume 70, Number 131 (Monday, July 11, 2005)]
[Notices]
[Pages 39836-39838]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-3616]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-51952; File No. SR-MSRB-2005-10]


Self-Regulatory Organizations; Municipal Securities Rulemaking 
Board; Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change Regarding Technical Amendment to Rule G-37, on Political 
Contributions and Prohibitions on Municipal Securities Business

June 30, 2005.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on June 2, 2005, the Municipal Securities Rulemaking Board (``MSRB'' or 
``Board''), filed with the Securities and Exchange Commission 
(``Commission'' or ``SEC'') the proposed rule change as described in 
Items I, II and III below, which Items have been prepared by the MSRB. 
The MSRB has filed the proposal as a ``non-controversial'' rule change 
pursuant to Section 19(b)(3)(A)(iii) of the Act,\3\ and Rule 19b-
4(f)(6) thereunder,\4\ which renders the proposal effective upon filing 
with the Commission. The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The MSRB is filing with the Commission a proposed rule change 
consisting of a technical amendment to Rule G-37, on political 
contributions and prohibitions on municipal securities business. The 
MSRB has set an effective date for the proposed rule change of July 5, 
2005. The text of the proposed rule change is available on the MSRB's 
Web site (http://www.msrb.org), at the MSRB's principal office, and at

[[Page 39837]]

the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the MSRB included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The MSRB has prepared summaries, set forth in Sections 
A, B, and C below, of the most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    Rule G-37, on political contributions and prohibitions on municipal 
securities business, provides that contributions to officials of an 
issuer by a municipal finance professional (``MFP'') of a dealer can 
result in the dealer being banned from municipal securities business 
with such issuer for a period of two years. When a person first becomes 
an MFP, the rule imposes a ``look back'' in which certain contributions 
made by such person prior to becoming an MFP (in addition to 
contributions made after becoming an MFP) can result in the imposition 
of the ban. The nature of such look back varies depending on the type 
of MFP. In the case of persons who become MFPs solely as a result of 
their supervisory activities or firm leadership positions within the 
meaning of clause (C), (D) or (E) of Rule G-37(g)(iv) (``supervisor 
MFPs''), the look back period established in Rule G-37(b)(iii) is 
limited to the six month period prior to becoming an MFP.
    The MSRB has learned that some people may read the language in Rule 
G-37(b)(iii) literally to provide that the only contributions of 
supervisor MFPs that can result in a ban on business are those made 
during the six month look back period, and that contributions made 
after becoming such an MFP are excluded. This interpretation clearly 
was not the intent of this provision. The proposed rule change would 
clarify this language to ensure that those contributions made after 
becoming an MFP are also subject to the potential ban.
2. Statutory Basis
    The MSRB believes that the proposed rule change is consistent with 
Section 15B(b)(2)(C) of the Act,\5\ which provides that MSRB rules 
shall:

    \5\ 15 U.S.C. 78o-4(b)(2)(C).
---------------------------------------------------------------------------

    Be designed to prevent fraudulent and manipulative acts and 
practices, to promote just and equitable principles of trade, to 
foster cooperation and coordination with persons engaged in 
regulating, clearing, settling, processing information with respect 
to, and facilitating transactions in municipal securities, to remove 
impediments to and perfect the mechanism of a free and open market 
in municipal securities, and, in general, to protect investors and 
the public interest * * *

The MSRB believes that the proposed rule change clarifies the rule's 
intent of ensuring that the high standards and integrity of the 
municipal securities industry are maintained.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The MSRB does not believe that the proposed rule change will result 
in any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    Written comments were neither solicited nor received on the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the proposed rule change: (i) Does not significantly affect 
the protection of investors or the public interest; (ii) does not 
impose any significant burden on competition; and (iii) does not become 
operative for 30 days from June 2, 2005, the date on which it was 
filed, and the MSRB provided the Commission with written notice of its 
intent to file the proposed rule change at least five business days 
prior to the filing date, the proposed rule change has become effective 
pursuant to Section 19(b)(3)(A) of the Act \6\ and Rule 19b-4(f)(6) 
thereunder.\7\
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule 
change, the Commission may summarily abrogate such rule change if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or otherwise 
in furtherance of the purposes of the Act.\8\
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    \8\ See Section 19(b)(3)(C) of the Act, 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-MSRB-2005-10 on the subject line.

Paper Comments

     Send paper comments in triplicate to Jonathan G. Katz, 
Secretary, Securities and Exchange Commission, Station Place, 100 F 
Street, NE., Washington, DC 20549-9303.
    All submissions should refer to File Number SR-MSRB-2005-10. This 
file number should be included on the subject line if e-mail is used. 
To help the Commission process and review your comments more 
efficiently, please use only one method. The Commission will post all 
comments on the Commission's Internet Web site (http://www.sec.gov/
rules/sro.shtml). Copies of the submission, all subsequent amendments, 
all written statements with respect to the proposed rule change that 
are filed with the Commission, and all written communications relating 
to the proposed rule change between the Commission and any person, 
other than those that may be withheld from the public in accordance 
with the provisions of 5 U.S.C. 552, will be available for inspection 
and copying in the Commission's Public Reference Room. Copies of such 
filing also will be available for inspection and copying at the 
principal office of the MSRB. All comments received will be posted 
without change; the Commission does not edit personal identifying 
information from submissions. You should submit only information that 
you wish to make available publicly. All submissions should refer to 
File Number SR-MSRB-2005-10 and should be submitted on or before August 
1, 2005.


[[Page 39838]]


    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\9\
Jill M. Peterson,
Assistant Secretary.
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    \9\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E5-3616 Filed 7-8-05; 8:45 am]
BILLING CODE 8010-01-P