Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing of Proposed Rule Change Relating to Restated Articles of Incorporation and By-Laws, 19571-19573 [E6-5529]
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Federal Register / Vol. 71, No. 72 / Friday, April 14, 2006 / Notices
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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 offices of the Exchange.
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–CBOE–2006–32 and should
be submitted on or before May 5, 2006.
IV. Commission’s Findings and Order
Granting Accelerated Approval of the
Proposed Rule Change
The Commission finds that the
proposed rule change, as amended, is
consistent with the requirements of the
Act and the rules and regulations
thereunder applicable to a national
securities exchange.15 In particular, the
Commission finds that the proposed
rule change, as amended, is consistent
with section 6(b)(5) of the Act,16 which
requires that an exchange have rules
designed, among other things, to
promote just and equitable principles of
trade, 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.
The listing of the Fund Options does
not satisfy CBOE Rule 5.3.06(A), which
requires that: ‘‘any non-U.S. component
securities of the index or portfolio on
which the Units are based that are not
subject to comprehensive surveillance
agreements do not in the aggregate
represent more than 50% of the weight
of the index or portfolio.’’ Although the
Commission has been willing to allow
an exchange to rely on a memorandum
of understanding entered into between
regulators where the listing SRO finds it
impossible to enter into an information
15 In approving this rule change, the Commission
notes that it has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
16 15 U.S.C. 78f(b)(5).
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sharing agreement, it is not clear that
that CBOE has exhausted all avenues of
discussion with foreign markets,
including Bolsa, in order to obtain such
an agreement. Indeed, with regard to
Bolsa, conditions may have changed in
the time period since CBOE last raised
the issue with Bolsa in 1995 such that
Bolsa now would be able to enter a
comprehensive surveillance agreement
with CBOE.
Consequently, the Commission has
determined to approve CBOE’s listing
and trading of Fund Options for a sixtyday pilot period during which time
CBOE may rely on the MOU with
respect to Fund components trading on
Bolsa. During this period, the Exchange
has agreed to use its best efforts to
obtain a comprehensive surveillance
agreement with Bolsa, which shall
reflect the following: (i) Express
language addressing market trading
activity, clearing activity, and customer
identity; (ii) Bolsa’s reasonable ability to
obtain access to and produce requested
information; and (iii) based on the
comprehensive surveillance agreement
and other information provided by
Bolsa, the absence of existing rules,
laws, or practices that would impede
the Exchange from obtaining foreign
information relating to market activity,
clearing activity, or customer identity,
or, in the event such rules, laws, or
practices exist, they would not
materially impede the production of
customer or other information. The
Exchange also represents that it will
regularly update the Commission on the
status of its negotiations with Bolsa. In
approving the proposed rule change, the
Commission notes that CBOE currently
has in place surveillance agreements
with foreign exchanges that cover
49.76% of the securities in the Fund
and that the Index upon which the Fund
is based appears to be a broad-based
index.
The Exchange has requested
accelerated approval of the proposed
rule change. The Commission finds
good cause, consistent with Section
19(b)(2) of the Act,17 for approving this
proposed rule change before the
thirtieth day after the publication of
notice thereof in the Federal Register.
The Exchange has agreed to use its best
efforts to obtain a comprehensive
surveillance agreement with the Bolsa
during a sixty-day pilot period in which
the Exchange will rely on the MOU.
V. Conclusion
It is therefore ordered, pursuant to
section 19(b)(2) of the Act,18 that the
proposed rule change (SR–CBOE–2006–
32), as amended, is approved on an
accelerated basis for a sixty-day pilot
period ending on June 9, 2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.19
Nancy M. Morris,
Secretary.
[FR Doc. E6–5548 Filed 4–13–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53616; File No. SR–MSRB–
2006–02]
Self-Regulatory Organizations;
Municipal Securities Rulemaking
Board; Notice of Filing of Proposed
Rule Change Relating to Restated
Articles of Incorporation and By-Laws
April 7, 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 March 20,
2006, the Municipal Securities
Rulemaking Board (‘‘MSRB’’ or
‘‘Board’’) filed with the Securities and
Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the MSRB. 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 the MSRB’s Restated
Articles of Incorporation and By-Laws.
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
19 19
17 CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
17 15
U.S.C. 78s(b)(2).
18 18 Id.
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Federal Register / Vol. 71, No. 72 / Friday, April 14, 2006 / Notices
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.
wwhite on PROD1PC65 with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The MSRB is a Virginia nonstock
corporation. Currently, MSRB Rule A–
11 (and By-Law Article 11) contains an
indemnification provision for Board
members and employees. The Board is
filing Restated Articles of Incorporation
to include an expanded indemnification
provision and to make other technical
revisions. New Article 8 will permit the
MSRB to indemnify directors, officers
and employees or any person serving at
the request of the Board as a director,
trustee, officer, employee or agent of
another corporation or of a partnership,
joint venture, trust, or other enterprise,
including service with respect to an
employee benefit plan, to the fullest
extent authorized under Virginia law.
This provision also requires the
advancement of expenses under certain
circumstances. This indemnification
provision must be included in the
Articles of Incorporation to be effective.
Once the proposed rule change is
approved and the MSRB files and
obtains approval for the Restated
Articles of Incorporation by the State of
Virginia, the MSRB will file with the
SEC to delete Rule A–11 (and By-Law
Article 11), for immediate effectiveness.
The technical revisions to the Articles
also include deleting reference to the
initial directors of the Board, moving
language from Article 5(c) to 5(a),
updating the Board’s Registered Agent
and Registered Office, and clarifying
that the limitation on liability of officers
and directors will be to the fullest extent
permitted by Virginia law, which
prohibits limitation on liability of an
officer or director if he engaged in
willful misconduct or a knowing
violation of criminal law.
The MSRB is also filing revisions to
its By-Laws. In Article 2, Powers of
Board, the MSRB is adding that the
Board has powers granted by Virginia
law, as well as by the Act. In addition,
the article clarifies that no delegation of
authority lessens Board power. In
Article 6, Committees of the Board, the
MSRB is clarifying that: (i) No Board
committees shall have the authority to
exercise any power specifically required
to be exercised by the entire Board
under Virginia law, as well as under the
Act or any Board rule; and (ii) the last
two sentences refer to any of the Board’s
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committees. The revisions to the ByLaws also clarify in Article 14 the
responsibilities of the Secretary,
Treasurer, Assistant Secretary and
Assistant Treasurer.
The first 11 By-Laws are
Administrative Rules of the MSRB
previously filed with and approved by
the Commission. With this proposed
rule change, the revisions to Articles 2
and 6 of the By-Laws include
conforming changes to MSRB Rules A–
2 and A–6.
2. Statutory Basis
The MSRB believes that the proposed
rule change is consistent with section
15B(b)(2)(C) of the Act,3 which provides
that the MSRB’s 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 also believes that the
proposed rule change is consistent with
the requirements of section 15B(b)(2)(I)
of the Act,4 which authorizes the MSRB
to adopt rules that provide for 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.
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
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the 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:
3 15
4 15
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U.S.C. 78o–4(b)(2)(C).
U.S.C. 78o–4(b)(2)(I).
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A. By order approve such proposed
rule change, or
B. Institute proceedings to determine
whether the proposed rule change
should be disapproved.
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–2006–02 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 20549–1090.
All submissions should refer to File
Number SR–MSRB–2006–02. 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 MSRB’s offices. 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–
2006–02 and should be submitted on or
before May 5, 2006.
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Federal Register / Vol. 71, No. 72 / Friday, April 14, 2006 / Notices
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.5
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E6–5529 Filed 4–13–06; 8:45 am]
Commission is publishing this notice to
solicit comments on the proposed rule
change, as amended, from interested
persons.
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53583; File No. SR–
NASDAQ–2006–001]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing of Proposed Rule Change and
Amendment No. 1 Thereto Relating to
the Nasdaq Market Center
March 31, 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 February
7, 2006, The NASDAQ Stock Market
LLC (‘‘Nasdaq’’), filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by Nasdaq. On March 29,
2006, Nasdaq submitted Amendment
No. 1 to the proposed rule change.3 The
5 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Amendment No. 1 makes the following
substantive and technical changes to the original
proposal: (1) Eliminates from the original filing
Nasdaq Rule 4611(d), Nasdaq’s proposal to prohibit
members from charging access fees triggered by the
execution of a quotation within the System; (2)
clarifies in Nasdaq Rules 4751(f)(6), 4755(a)(4) and
4757(a) that members must designate orders as
Intermarket Sweep Orders (‘‘ISOs’’) rather than
have the system automatically default to treat
orders as ISOs absent other designation and
enumerates in Nasdaq Rule 4751(f)(6) members’
obligations when entering ISOs into the system; (3)
amends Nasdaq Rule 4613(e), Nasdaq’s rule for
implementing the locked and crossed markets
provisions of Rule 610 of Regulation NMS under
the Act, to track more closely the language
developed by the Commission staff in consultation
with other exchanges; (4) modifies several examples
of system processing throughout the filing; (5)
groups within Nasdaq Rule 4751(d) all definitions
related to system quotation functionality; (6)
modifies Nasdaq Rule 4756(c) to clarify the display
and non-display of trading interest within the
system and adds language in Nasdaq Rule
4756(c)(4) to the effect that Nasdaq has procedures
in place to identify its quotes as manual or
automated and to notify its members of the status
of its quotations; (7) modifies Nasdaq Rule
4751(h)(5) to clarify the processing of MIOC Orders;
(8) states that the Nasdaq Board has approved the
submission of this proposed rule change; (9)
eliminates the requirement in Nasdaq Rule 4612(d)
that Participants append a geographic identifier for
their separate trading locations; (10) inserts Nasdaq
Rule 4620(b)(4) to clarify that Nasdaq will reveal
contra party information at the end of the day when
a member trades change, with its own quote or
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I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Nasdaq is proposing to integrate the
operations of the existing Nasdaq
Market Center, along with Nasdaq’s Brut
Facility and Nasdaq’s INET Facility to
create the fairest, fastest, most efficient
and most transparent system in
Nasdaq’s 35-year history. This
integration will benefit investors by
creating a single pool of liquidity from
three, thereby increasing order
interaction, and execution speed and fill
rates. Integration will enable Nasdaq to
further reduce the cost to investors of
executing trades on Nasdaq by, for
example, reducing the cost for
subscriber connectivity and increasing
the efficiency of the resulting facility.
Nasdaq is currently on schedule to
launch the proposed integrated system
timely to comply with the requirements
of the Fair Access and Order Protection
rules, Rules 610 and 611 of Regulation
NMS under the Act (‘‘Regulation
NMS’’). The integrated system will be
designed to enable Nasdaq to operate its
execution system as that of a national
securities exchange rather than as an
association, pursuant to the Commission
order, dated January 13, 2006,
approving Nasdaq’s application to
register as a national securities
exchange.4 Below is the text of the
proposed rule change. Proposed new
language is italicized and proposed
deletions are in [brackets].
*
*
*
*
*
4120. Trading Halts
(a) Authority To Initiate Trading Halts
In circumstances in which Nasdaq
deems it necessary to protect investors
and the public interest, Nasdaq may,
pursuant to the procedures set forth in
paragraph (b):
(1) Halt trading on Nasdaq of a
Nasdaq-listed security to permit the
dissemination of material news; or
(2) Halt trading on Nasdaq of a
security listed on another national
securities exchange during a trading halt
imposed by such exchange to permit the
dissemination of material news; or
(3) Halt trading [by] on Nasdaq: (i)
[ITS/CAES Market Makers] in a security
order, unless the member requests not to receive
that information; and (11) makes various
grammatical and syntactic modifications.
4 See Securities Exchange Act Release No. 53128
(January 13, 2006), 71 FR 3550 (January 23, 2006)
(‘‘January 13, 2006 Order’’).
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19573
listed on another national securities
exchange when such exchange imposes
a trading halt in that security because of
an order imbalance or influx
(‘‘operational trading halt’’); or (ii)
[Nasdaq market makers] in a security
listed on Nasdaq, when the security is
a derivative or component of a security
listed on another national securities
exchange and such exchange imposes
an operational trading halt in that
security. [ITS/CAES Market Makers and]
In the event that Nasdaq halts trading,
Nasdaq Participants [Market Makers]
may commence quotations and trading
at any time following initiation of
operational trading halts, without regard
to procedures for resuming trading set
forth in paragraph (b); or
(4) Halt trading in an American
Depository Receipt (‘‘ADR’’) or other
security listed on Nasdaq, when the
Nasdaq-listed security or the security
underlying the ADR is listed on or
registered with another national or
foreign securities exchange or market,
and the national or foreign securities
exchange or market, or regulatory
authority overseeing such exchange or
market, halts trading in such security for
regulatory reasons; or
(5) Halt trading in a security listed on
Nasdaq when Nasdaq requests from the
issuer information relating to:
(A) Material news;
(B) The issuer’s ability to meet Nasdaq
listing qualification requirements, as set
forth in the Rule 4300, 4400, and 4800
Series; or
(C) Any other information which is
necessary to protect investors and the
public interest.
(6) Halt trading in a security listed on
Nasdaq when
(A) Extraordinary market activity in
the security is occurring, such as the
execution of a series of transactions for
a significant dollar value at prices
substantially unrelated to the current
market for the security, as measured by
the national best bid and offer, and
(B) Nasdaq determines that such
extraordinary market activity is likely to
have a material effect on the market for
the security; and
(C)(i) Nasdaq believes that such
extraordinary market activity is caused
by the misuse or malfunction of an
electronic quotation, communication,
reporting, or execution system operated
by, or linked to, Nasdaq;
(ii) After consultation with another
national securities exchange trading the
security on an unlisted trading
privileges basis, Nasdaq believes that
such extraordinary market activity is
caused by the misuse or malfunction of
an electronic quotation, communication,
reporting, or execution system operated
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]]>Agencies
[Federal Register Volume 71, Number 72 (Friday, April 14, 2006)]
[Notices]
[Pages 19571-19573]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-5529]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53616; File No. SR-MSRB-2006-02]
Self-Regulatory Organizations; Municipal Securities Rulemaking
Board; Notice of Filing of Proposed Rule Change Relating to Restated
Articles of Incorporation and By-Laws
April 7, 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 March 20, 2006, the Municipal Securities Rulemaking Board (``MSRB''
or ``Board'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I, II, and III below, which Items have been prepared by the MSRB.
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.
---------------------------------------------------------------------------
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 the MSRB's Restated Articles of Incorporation and By-
Laws. 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
[[Page 19572]]
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 is a Virginia nonstock corporation. Currently, MSRB Rule
A-11 (and By-Law Article 11) contains an indemnification provision for
Board members and employees. The Board is filing Restated Articles of
Incorporation to include an expanded indemnification provision and to
make other technical revisions. New Article 8 will permit the MSRB to
indemnify directors, officers and employees or any person serving at
the request of the Board as a director, trustee, officer, employee or
agent of another corporation or of a partnership, joint venture, trust,
or other enterprise, including service with respect to an employee
benefit plan, to the fullest extent authorized under Virginia law. This
provision also requires the advancement of expenses under certain
circumstances. This indemnification provision must be included in the
Articles of Incorporation to be effective. Once the proposed rule
change is approved and the MSRB files and obtains approval for the
Restated Articles of Incorporation by the State of Virginia, the MSRB
will file with the SEC to delete Rule A-11 (and By-Law Article 11), for
immediate effectiveness.
The technical revisions to the Articles also include deleting
reference to the initial directors of the Board, moving language from
Article 5(c) to 5(a), updating the Board's Registered Agent and
Registered Office, and clarifying that the limitation on liability of
officers and directors will be to the fullest extent permitted by
Virginia law, which prohibits limitation on liability of an officer or
director if he engaged in willful misconduct or a knowing violation of
criminal law.
The MSRB is also filing revisions to its By-Laws. In Article 2,
Powers of Board, the MSRB is adding that the Board has powers granted
by Virginia law, as well as by the Act. In addition, the article
clarifies that no delegation of authority lessens Board power. In
Article 6, Committees of the Board, the MSRB is clarifying that: (i) No
Board committees shall have the authority to exercise any power
specifically required to be exercised by the entire Board under
Virginia law, as well as under the Act or any Board rule; and (ii) the
last two sentences refer to any of the Board's committees. The
revisions to the By-Laws also clarify in Article 14 the
responsibilities of the Secretary, Treasurer, Assistant Secretary and
Assistant Treasurer.
The first 11 By-Laws are Administrative Rules of the MSRB
previously filed with and approved by the Commission. With this
proposed rule change, the revisions to Articles 2 and 6 of the By-Laws
include conforming changes to MSRB Rules A-2 and A-6.
2. Statutory Basis
The MSRB believes that the proposed rule change is consistent with
section 15B(b)(2)(C) of the Act,\3\ which provides that the MSRB's
rules shall:
---------------------------------------------------------------------------
\3\ 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 also believes that the proposed rule change is consistent
with the requirements of section 15B(b)(2)(I) of the Act,\4\ which
authorizes the MSRB to adopt rules that provide for the operation and
administration of the MSRB.
---------------------------------------------------------------------------
\4\ 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.
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
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the 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.
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-2006-02 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 20549-1090.
All submissions should refer to File Number SR-MSRB-2006-02. 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 MSRB's
offices. 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-2006-02 and should be submitted on or before May 5, 2006.
[[Page 19573]]
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\5\
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\5\ 17 CFR 200.30-3(a)(12).
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J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E6-5529 Filed 4-13-06; 8:45 am]
BILLING CODE 8010-01-P
