Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Amendments to Administrative Rules (Rules A-3(f) and A-6(c)) Relating to Board Member Compensation, 1781-1782 [E6-135]

Download as PDF Federal Register / Vol. 71, No. 7 / Wednesday, January 11, 2006 / Notices SECURITIES AND EXCHANGE COMMISSION [Release No. 34–53051; File No. SR–MSRB– 2005–17] Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Amendments to Administrative Rules (Rules A–3(f) and A–6(c)) Relating to Board Member Compensation January 4, 2006. 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 December 16, 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. rmajette on PROD1PC71 with NOTICES 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 amendments to Rules A– 3(f) and A–6(c) relating to Board member compensation. 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 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. 1 15 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). 2 17 VerDate Aug<31>2005 14:20 Jan 10, 2006 Jkt 208001 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The MSRB has been reviewing its Administrative Rules (‘‘A-Rules’’) to make sure that they are consistent with Virginia law (where the MSRB is incorporated) and current good corporate governance practices. Rule A– 3(f), on compensation and expenses, and Rule A–6(c), on committees of the Board, both pertain to Board member compensation practices. These two provisions are somewhat outdated and do not allow the Board appropriate administrative flexibility to implement improved compensation and reimbursement practices consistent with the Board’s corporate governance practices. To accomplish this goal, the Board determined that Rule A–6(c) should be deleted and Rule A–3(f) should be modeled on a provision found in the NASD and Nasdaq By-Laws 5 such that the Board has a general grant of authority to provide for reasonable compensation and/or reimbursement to Board and committee members. 2. Statutory Basis The MSRB believes that the proposed rule change is consistent with section 15B(b)(2)(I) of the Act,6 which provides that MSRB rules shall ‘‘provide for the operation and administration of the Board, including the selection of a Chairman from among the members of the Board, the compensation of the members of the Board, and the appointment and compensation of such employees, attorneys, and consultants as may be necessary or appropriate to carry out the Board’s functions under this section.’’ 7 The MSRB believes that the proposed rule change is consistent with these provisions in that it relates to the operation and administration of the Board and the compensation of members of the Board. 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 would apply 5 See NASD By-Law Sec. 9.1, on Compensation of Board, Council, and Committee Members (Amended by SR–NASD–97–71 eff. Jan 15, 1998.); and Nasdaq By-Law Sec. 6.1, on Compensation of Board, Council, and Committee Members (Amended by SR–NASD–97–71 eff. Jan 15, 1998.) 6 15 U.S.C. 78o–4(b)(2)(I). 7 Id. PO 00000 Frm 00051 Fmt 4703 Sfmt 4703 1781 solely to internal operational and administrative matters. 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 8 and Rule 19b–4(f)(3) thereunder 9 because it is concerned solely with the administration of the MSRB. 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.10 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–2005–17 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549–9303. All submissions should refer to File Number SR–MSRB–2005–17. 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 8 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(3). 10 See section 19(b)(3)(C) of the Act, 15 U.S.C. 78s(b)(3)(C). 9 17 E:\FR\FM\11JAN1.SGM 11JAN1 1782 Federal Register / Vol. 71, No. 7 / Wednesday, January 11, 2006 / Notices 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–2005–17 and should be submitted on or before February 1, 2006. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.11 Nancy M. Morris, Secretary. [FR Doc. E6–135 Filed 1–10–06; 8:45 am] BILLING CODE 8010–01–P DEPARTMENT OF TRANSPORTATION National Highway Traffic Safety Administration [U.S. DOT Docket Number NHTSA–2006– 23530] Reports, Forms, and Recordkeeping Requirements National Highway Traffic Safety Administration (NHTSA), Department of Transportation. ACTION: Request for public comment on proposed collection of information. AGENCY: Before a Federal agency can collect certain information from the public, it must receive approval from the Office of Management and Budget (OMB). Under procedures established by the Paperwork Reduction Act of 1995, before seeking OMB approval, Federal agencies must solicit public comment on proposed collections of information, including extensions and reinstatement of previously approved collections. This document describes one collection of information for which NHTSA intends to seek OMB approval. DATES: Comments must be received on or before March 13, 2006. rmajette on PROD1PC71 with NOTICES SUMMARY: 11 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 14:20 Jan 10, 2006 Jkt 208001 Comments must refer to the docket notice numbers cited at the beginning of this notice and be submitted to Docket Management, Room PL–401, 400 Seventh Street, SW., Washington, DC 20590. Please identify the proposed collection of information for which a comment is provided, by referencing its OMB clearance number. It is requested, but not required, that 2 copies of the comment be provided. The Docket Section is open on weekdays from 10 a.m. to 5 p.m. FOR FURTHER INFORMATION CONTACT: Gary Toth, Office of Data Acquisitions (NPO– 110), Room 6213, 400 Seventh Street, SW., Washington, DC 20590. Mr. Toth’s telephone number is (202) 366–5378. Please identify the relevant collection of information by referring to its OMB Control Number. SUPPLEMENTARY INFORMATION: Under the Paperwork Reduction Act of 1995, before an agency submits a proposed collection of information to OMB for approval, it must first publish a document in the Federal Register providing a 60-day comment period and otherwise consult with members of the public and affected agencies concerning each proposed collection of information. The OMB has promulgated regulations describing what must be included in such a document. Under OMB’s regulation (at 5 CFR 1320.8(d)), an agency must ask for public comment on the following: (i) Whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (ii) The accuracy of the agency’s estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used; (iii) How to enhance the quality, utility, and clarity of the information to be collected; (iv) How to minimize the burden of the collection of information on those who are to respond including the use of appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology, e.g. permitting electronic submission of responses. In compliance with these requirements, NHTSA asks for public comments on the following proposed collections of information: Title: National Automotive Sampling System (NASS). Type of Request: Extension of a currently approved collection. OMB Control Number: 2127–0021. Affected Public: Passenger Motor Vehicle Operators. ADDRESSES: PO 00000 Frm 00052 Fmt 4703 Sfmt 4703 Abstract: The collection of crash data that support the establishment and enforcement of motor vehicle regulations that reduce the severity of injury and property damage caused by motor vehicle crashes is authorized under the National Traffic and Motor Vehicle Safety Act of 1966 (Pub. L. 89– 563, Title 1, Sec. 106, 108, and 112). The National Automotive Sampling System (NASS) Crashworthiness Data System (CDS) of the National Highway Traffic Safety Administration investigates high severity crashes. Once a crash has been selected for investigation, researchers locate, visit, measure, and photograph the crash scene; locate, inspect, and photograph vehicles; conduct a telephone or personal interview with the involved individuals or surrogate; and obtain and record injury information received from various medical data sources. NASS CDS data are used to describe and analyze circumstances, mechanisms, and consequences of high severity motor vehicle crashes in the United States. The collection of interview data aids in this effort. Estimated Annual Burden: 5,807 hours. Number of Respondents: 13,500. Issued on: January 4, 2006. Joseph S. Carra, Associate Administrator, National Center for Statistics and Analysis. [FR Doc. E6–137 Filed 1–10–06; 8:45 am] BILLING CODE 4910–59–P DEPARTMENT OF TRANSPORTATION National Highway Traffic Safety Administration Petition for Exemption From the Vehicle Theft Prevention Standard; Mercedes-Benz National Highway Traffic Safety Administration (NHTSA) Department of Transportation (DOT). ACTION: Grant of petition for exemption. AGENCY: SUMMARY: This document grants in full the petition of Mercedes-Benz USA, LLC., (MBUSA) in accordance with § 543.9(c)(2) of 49 CFR Part 543, Exemption from the Theft Prevention Standard, for the S-Line Chassis vehicle line. This petition is granted because the agency has determined that the antitheft device to be placed on the line as standard equipment is likely to be as effective in reducing and deterring motor vehicle theft as compliance with the parts-marking requirements of the Theft Prevention Standard. MBUSA requested confidential treatment for E:\FR\FM\11JAN1.SGM 11JAN1

Agencies

[Federal Register Volume 71, Number 7 (Wednesday, January 11, 2006)]
[Notices]
[Pages 1781-1782]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-135]



[[Page 1781]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53051; File No. SR-MSRB-2005-17]


Self-Regulatory Organizations; Municipal Securities Rulemaking 
Board; Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change Relating to Amendments to Administrative Rules (Rules A-3(f) and 
A-6(c)) Relating to Board Member Compensation

January 4, 2006.
    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 December 16, 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).
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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 amendments to Rules A-3(f) and A-6(c) relating to Board 
member compensation. 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 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
    The MSRB has been reviewing its Administrative Rules (``A-Rules'') 
to make sure that they are consistent with Virginia law (where the MSRB 
is incorporated) and current good corporate governance practices. Rule 
A-3(f), on compensation and expenses, and Rule A-6(c), on committees of 
the Board, both pertain to Board member compensation practices. These 
two provisions are somewhat outdated and do not allow the Board 
appropriate administrative flexibility to implement improved 
compensation and reimbursement practices consistent with the Board's 
corporate governance practices. To accomplish this goal, the Board 
determined that Rule A-6(c) should be deleted and Rule A-3(f) should be 
modeled on a provision found in the NASD and Nasdaq By-Laws \5\ such 
that the Board has a general grant of authority to provide for 
reasonable compensation and/or reimbursement to Board and committee 
members.
---------------------------------------------------------------------------

    \5\ See NASD By-Law Sec. 9.1, on Compensation of Board, Council, 
and Committee Members (Amended by SR-NASD-97-71 eff. Jan 15, 1998.); 
and Nasdaq By-Law Sec. 6.1, on Compensation of Board, Council, and 
Committee Members (Amended by SR-NASD-97-71 eff. Jan 15, 1998.)
---------------------------------------------------------------------------

2. Statutory Basis
    The MSRB believes that the proposed rule change is consistent with 
section 15B(b)(2)(I) of the Act,\6\ which provides that MSRB rules 
shall ``provide for the operation and administration of the Board, 
including the selection of a Chairman from among the members of the 
Board, the compensation of the members of the Board, and the 
appointment and compensation of such employees, attorneys, and 
consultants as may be necessary or appropriate to carry out the Board's 
functions under this section.'' \7\ The MSRB believes that the proposed 
rule change is consistent with these provisions in that it relates to 
the operation and administration of the Board and the compensation of 
members of the Board.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78o-4(b)(2)(I).
    \7\ Id.
---------------------------------------------------------------------------

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 would apply solely to 
internal operational and administrative matters.

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 \8\ and Rule 19b-4(f)(3) thereunder \9\ because 
it is concerned solely with the administration of the MSRB. 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.\10\
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    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(3).
    \10\ See section 19(b)(3)(C) of the Act, 15 U.S.C. 78s(b)(3)(C).
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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-2005-17 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, Station Place, 100 F 
Street, NE., Washington, DC 20549-9303.

All submissions should refer to File Number SR-MSRB-2005-17. 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

[[Page 1782]]

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-2005-17 and should be submitted on or before February 1, 2006.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Nancy M. Morris,
Secretary.
[FR Doc. E6-135 Filed 1-10-06; 8:45 am]
BILLING CODE 8010-01-P