Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Amendment to Rule A-8(a), on Adoption of Proposed Rules and Submission to Commission, 56947-56948 [E5-5312]

Download as PDF Federal Register / Vol. 70, No. 188 / Thursday, September 29, 2005 / Notices not result in an automatic ban on business. The Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to the MSRB 15 and, in particular, the requirements of Section 15B(b)(2)(C) of the Act and the rules and regulations thereunder.16 Section 15B(b)(2)(C) of the Act requires, among other things, that the MSRB’s rules 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.17 In particular, the Commission finds that the proposed rule change is consistent with the Act because it will help inhibit practices that attempt, or create the appearance of attempting, to influence the awarding of municipal securities business through an indirect violation of Rule G–37. The Commission also finds that the Q&A guidance will facilitate dealer compliance with Rule G–27, on supervision, and Rule G–37(d)’s prohibitions on indirect rule violations. It is therefore ordered, pursuant to Section 19(b)(2) of the Act,18 that the proposed rule change (SR–MSRB–2005– 12) be, and hereby is, approved. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.19 Jonathan G. Katz, Secretary. [FR Doc. 05–19497 Filed 9–28–05; 8:45 am] BILLING CODE 8010–01–P 15 In approving this rule the Commission notes that it has considered the proposed rule’s impact on efficiency, competition and capital formation. 15 U.S.C. 78c(f). 16 15 U.S.C. 78o–4(b)(2)(C). 17 Id. 18 15 U.S.C. 78s(b)(2). 19 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 13:52 Sep 28, 2005 Jkt 205001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–52488; File No. SR–MSRB– 2005–14] Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Amendment to Rule A–8(a), on Adoption of Proposed Rules and Submission to Commission September 21, 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 September 12, 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 pursuant to Section 19(b)(3)(A)(iii) of the Act,3 and Rule 19b–4(f)(3) 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. 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 an amendment to Rule A– 8(a), on adoption of proposed rules and submission to Commission. The text of the proposed rule change is available on the MSRB’s Web site (https:// www.msrb.org), at the MSRB’s principal office, and at 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. U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(iii). 4 17 CFR 240.19b–4(f)(3). A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose In November 2004, the SEC’s Electronic Form 19b–4 Filing System became operative. Self-regulatory organizations are required to use this electronic filing system for submitting rule filings to the SEC instead of submitting paper filings. As part of the process for using this electronic filing system, the person submitting the filing is required to ‘‘sign’’ the filing with an electronic signature and such signature is associated with a particular computer. Due to the procedural steps involved in submitting filings to the SEC through its electronic system, the MSRB is revising Rule A–8(a) to delete the Chairman of the Board from the list of persons authorized to sign rule filings. Thus, rule filings will be signed by one of the staff members designated by the Board to perform this function. 2. Statutory Basis The MSRB believes that the proposed rule change is consistent with Section 15B(b)(2)(I) of the Act,5 which authorizes the MSRB to adopt rules that provide for the operation and administration of the MSRB. The proposed rule change is concerned solely with the operation and administration of the MSRB. 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 since it only applies to the operation and administration of the MSRB. 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. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 6 and Rule 19b–4(f)(3) thereunder.7 At any time within 60 days of the filing of the proposed rule change, the Commission may summarily 1 15 2 17 PO 00000 Frm 00062 Fmt 4703 Sfmt 4703 56947 5 15 U.S.C. 78o–4(b)(2)(I). U.S.C. 78s(b)(3)(A). 7 17 CFR 240.19b–4(f)(3). 6 15 E:\FR\FM\29SEN1.SGM 29SEN1 56948 Federal Register / Vol. 70, No. 188 / Thursday, September 29, 2005 / Notices 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 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 (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–MSRB–2005–14 on the subject line. be submitted on or before October 20, 2005. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.9 Jonathan G. Katz, Secretary. [FR Doc. E5–5312 Filed 9–28–05; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–52489; File No. SR–NASD– 2005–108] Self-Regulatory Organizations; National Association of Securities Dealers, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Rename The Nasdaq SmallCap Market September 21, 2005. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 • Send paper comments in triplicate notice is hereby given that on to Jonathan G. Katz, Secretary, September 8, 2005, the National Securities and Exchange Commission, Association of Securities Dealers, Inc. Station Place, 100 F Street, NE., (‘‘NASD’’), through its subsidiary, The Washington, DC 20549–9303. Nasdaq Stock Market, Inc. (‘‘Nasdaq’’), All submissions should refer to File filed with the Securities and Exchange Number SR–MSRB–2005–14. This file Commission (‘‘Commission’’) the number should be included on the subject line if e-mail is used. To help the proposed rule change as described in Items I, II, and III below, which Items Commission process and review your have been prepared by Nasdaq. Nasdaq comments more efficiently, please use only one method. The Commission will filed the proposal pursuant to Section 3 post all comments on the Commission’s 19(b)(3)(A)(iii) of the Act, and Rule 4 as one 19b–4(f)(3) thereunder, Internet Web site (https://www.sec.gov/ concerned solely with the rules/sro.shtml). Copies of the administration of Nasdaq, which submission, all subsequent renders the proposal effective upon amendments, all written statements filing with the Commission. The with respect to the proposed rule Commission is publishing this notice to change that are filed with the solicit comments on the proposed rule Commission, and all written change from interested persons. communications relating to the proposed rule change between the I. Self-Regulatory Organization’s Commission and any person, other than Statement of the Terms of the Substance those that may be withheld from the of the Proposed Rule Change public in accordance with the Nasdaq proposes to rename the provisions of 5 U.S.C. 552, will be Nasdaq SmallCap Market as the Nasdaq available for inspection and copying in Capital Market. Nasdaq will implement the Commission’s Public Reference the proposed rule change at the time of Room. Copies of such filing also will be issuance of a press release announcing available for inspection and copying at the change, to be issued not later than the principal office of the MSRB. All three weeks after the date of this filing. comments received will be posted The text of the proposed rule change without change; the Commission does is available on Nasdaq’s Web site not edit personal identifying (https://www.nasdaq.com), at NASD’s information from submissions. You principal office, and at the should submit only information that Commission’s Public Reference Room. you wish to make available publicly. All submissions should refer to File 9 17 CFR 200.30–3(a)(12). Number SR–MSRB–2005–14 and should 1 15 U.S.C. 78s(b)(1). Paper Comments 2 17 8 See Section 19(b)(3)(C) of the Act, 15 U.S.C. 78s(b)(3)(C). VerDate Aug<31>2005 13:52 Sep 28, 2005 Jkt 205001 CFR 240.19b–4. U.S.C. 78s(b)(3)(A)(iii). 4 17 CFR 240.19b–4(f)(3). 3 15 PO 00000 Frm 00063 Fmt 4703 Sfmt 4703 II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, Nasdaq 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. Nasdaq 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 rename the Nasdaq SmallCap Market as the Nasdaq Capital Market to better reflect the wide range of issuers eligible to list on that tier. 2. Statutory Basis Nasdaq believes that the proposed rule change is consistent with the provisions of Section 15A of the Act,5 in general and with Section 15A(b)(6) of the Act,6 in particular, in that the proposal is 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 securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. Nasdaq believes that changing the name to the Nasdaq Capital Market from the Nasdaq SmallCap Market will help market participants by clarifying that issuers of a wide range of capitalization sizes may list on that market.7 B. Self-Regulatory Organization’s Statement on Burden on Competition Nasdaq does not believe that the proposed rule change will result in any burden on competition that is not 5 15 U.S.C. 78o–3. U.S.C. 78o–3(b)(6). 7 The Commission has made a minor technical change to this notice with Nasdaq’s consent. See memorandum re telephone conversation between Katherine A. England, Assistant Director, Joseph P. Morra, Special Counsel, Jan Woo, Attorney, Division of Market Regulation, Commission, and Arnold Golub, Associate Vice President, Nasdaq, dated September 16, 2005. 6 15 E:\FR\FM\29SEN1.SGM 29SEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 70, Number 188 (Thursday, September 29, 2005)]
[Notices]
[Pages 56947-56948]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-5312]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-52488; File No. SR-MSRB-2005-14]


Self-Regulatory Organizations; Municipal Securities Rulemaking 
Board; Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change Relating to Amendment to Rule A-8(a), on Adoption of Proposed 
Rules and Submission to Commission

September 21, 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 September 12, 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 pursuant to Section 
19(b)(3)(A)(iii) of the Act,\3\ and Rule 19b-4(f)(3) 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.
---------------------------------------------------------------------------

    \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)(3).
---------------------------------------------------------------------------

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 an amendment to Rule A-8(a), on adoption of proposed 
rules and submission to Commission. The text of the proposed rule 
change is available on the MSRB's Web site (https://www.msrb.org), at 
the MSRB's principal office, and at 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
    In November 2004, the SEC's Electronic Form 19b-4 Filing System 
became operative. Self-regulatory organizations are required to use 
this electronic filing system for submitting rule filings to the SEC 
instead of submitting paper filings. As part of the process for using 
this electronic filing system, the person submitting the filing is 
required to ``sign'' the filing with an electronic signature and such 
signature is associated with a particular computer. Due to the 
procedural steps involved in submitting filings to the SEC through its 
electronic system, the MSRB is revising Rule A-8(a) to delete the 
Chairman of the Board from the list of persons authorized to sign rule 
filings. Thus, rule filings will be signed by one of the staff members 
designated by the Board to perform this function.
2. Statutory Basis
    The MSRB believes that the proposed rule change is consistent with 
Section 15B(b)(2)(I) of the Act,\5\ which authorizes the MSRB to adopt 
rules that provide for the operation and administration of the MSRB. 
The proposed rule change is concerned solely with the operation and 
administration of the MSRB.
---------------------------------------------------------------------------

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

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 since it only applies to the 
operation and administration of the MSRB.

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.

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

    The proposed rule change has become effective pursuant to Section 
19(b)(3)(A) of the Act \6\ and Rule 19b-4(f)(3) thereunder.\7\ At any 
time within 60 days of the filing of the proposed rule change, the 
Commission may summarily

[[Page 56948]]

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\
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 17 CFR 240.19b-4(f)(3).
    \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 (https://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-MSRB-2005-14 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-2005-14. 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 (https://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-2005-14 and should be submitted on or before 
October 20, 2005.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\9\
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Jonathan G. Katz,
Secretary.
 [FR Doc. E5-5312 Filed 9-28-05; 8:45 am]
BILLING CODE 8010-01-P

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.