Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Order Granting Approval of Proposed Rule Change as Modified by Amendment No. 1 Thereto Relating to Rule G-8, Books and Records, Rule G-9, Preservation of Records, and Rule G-34, CUSIP Numbers and New Issue Requirements, To Improve Transaction Reporting of New Issues, 25815-25816 [E8-10024]
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Federal Register / Vol. 73, No. 89 / Wednesday, May 7, 2008 / Notices
necessary or appropriate in furtherance
of the purposes of the Act.
sroberts on PROD1PC70 with NOTICES
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received from
Members, Participants or Others
No written comments were solicited
or received with respect to the proposed
rule change.
you wish to make available publicly. All
submissions should refer to File
Number SR–CBOE–2008–44 and should
be submitted on or before May 28, 2008.
IV. Commission’s Findings and Order
Granting Accelerated Approval of the
Proposed Rule Change
After careful consideration, the
Commission finds that the proposed
rule change is consistent with the
III. Solicitation of Comments
requirements of the Act and the rules
Interested persons are invited to
and regulations thereunder applicable to
submit written data, views, and
a national securities exchange.9 In
arguments concerning the foregoing,
particular, the Commission finds that
including whether the proposed rule
the proposed rule change is consistent
change is consistent with the Act.
with section 6(b)(5) of the Act,10 which
Comments may be submitted by any of
requires that the rules of an exchange be
the following methods:
designed, among other things, to
Electronic Comments
prevent fraudulent and manipulative
acts and practices, to promote just and
• Use the Commission’s Internet
equitable principles of trade, to remove
comment form (https://www.sec.gov/
impediments to and perfect the
rules/sro.shtml); or
mechanism of a free and open market
• Send an e-mail to ruleand a national market system, and, in
comments@sec.gov. Please include File
general, to protect investors and the
Number SR–CBOE–2008–44 on the
public interest.
subject line.
The Commission finds good cause for
Paper Comments
approving this proposal before the 30th
• Send paper comments in triplicate
day after the publication of notice
to Nancy M. Morris, Secretary,
thereof in the Federal Register. The
Securities and Exchange Commission,
proposal seeks to clarify that the
100 F Street, NE., Washington, DC
Exchange’s listing and trading of ELTNs
20549–1090.
is subject to Rule 19b–4(e) under the
All submissions should refer to File
Act. Therefore, the Commission does
Number SR–CBOE–2008–44. This file
not believe that the Exchange’s proposal
number should be included on the
raises any novel regulatory issues. The
subject line if e-mail is used. To help the Commission believes that accelerating
Commission process and review your
approval of this proposal would ensure
comments more efficiently, please use
that the Exchange’s rules clearly reflect
only one method. The Commission will the standards for listing and trading of
post all comments on the Commission’s ELTNs and conform the rules to those
Internet Web site (https://www.sec.gov/
of other Exchanges without undue
rules/sro.shtml). Copies of the
delay.11
submission, all subsequent
V. Conclusion
amendments, all written statements
with respect to the proposed rule
It is therefore ordered, pursuant to
change that are filed with the
section 19(b)(2) of the Act,12 that the
Commission, and all written
proposed rule change, as amended (SR–
communications relating to the
CBOE–2008–44), be, and it hereby is,
proposed rule change between the
Commission and any person, other than approved on an accelerated basis.
For the Commission, by the Division of
those that may be withheld from the
Trading and Markets, pursuant to delegated
public in accordance with the
authority.13
provisions of 5 U.S.C. 552, will be
Florence E. Harmon,
available for inspection and copying in
Deputy Secretary.
the Commission’s Public Reference
Room, 100 F Street, NE., Washington,
[FR Doc. E8–10071 Filed 5–6–08; 8:45 am]
DC 20549, on official business days
BILLING CODE 8010–01–P
between the hours of 10 a.m. and 3 p.m.
Copies of the filing also will be available
9 In approving this rule change, the Commission
notes that it has considered the proposed rule’s
for inspection and copying at the
impact on efficiency, competition, and capital
principal office of the Exchange. All
formation. See 15 U.S.C. 78c(f).
comments received will be posted
10 15 U.S.C. 78f(b)(5).
without change; the Commission does
11 See e.g., International Securities Exchange Rule
not edit personal identifying
2130 and NYSE Arca Rule 5.2(j)(2).
12 15 U.S.C. 78s(b)(2).
information from submissions. You
13 17 CFR 200.30–3(a)(12).
should submit only information that
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25815
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57750, File No. SR–MSRB–
2007–08]
Self-Regulatory Organizations;
Municipal Securities Rulemaking
Board; Order Granting Approval of
Proposed Rule Change as Modified by
Amendment No. 1 Thereto Relating to
Rule G–8, Books and Records, Rule G–
9, Preservation of Records, and Rule
G–34, CUSIP Numbers and New Issue
Requirements, To Improve Transaction
Reporting of New Issues
May 1, 2008.
On November 27, 2007, the Municipal
Securities Rulemaking Board (‘‘MSRB’’),
filed with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’),1 and
Rule 19b–4 thereunder,2 a proposed rule
change consisting of an amendment of
its Rule G–8, Books and Records, Rule
G–9, Preservation of Records, and Rule
G–34, CUSIP Numbers and New Issue
Requirements. The proposed rule
change was published for comment in
the Federal Register on January 17,
2008.3 The Commission received two
comment letters about the proposed rule
change.4 The MSRB also forwarded to
the Commission a comment letter about
the proposed rule change received by
the MSRB.5 On April 22, 2008, the
MSRB filed Amendment No. 1 to the
proposed rule change.6 This order
approves the proposed rule change as
modified by Amendment No. 1.
The proposed rule change is designed
to improve transaction reporting of new
issues and would accelerate the timing
for CUSIP number assignment and, with
the exception of new issues of shortterm instruments with less than nine
months in effective maturity, require
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 57131
(January 11, 2008), 73 FR 3295 (January 17, 2008)
(‘‘Commission’s Notice’’).
4 See letter from Leslie M. Norwood, Managing
Director and Associate General Counsel, Securities
Industry and Financial Markets Association
(‘‘SIFMA’’), dated March 28, 2008, and letter from
Mary Lee Corrigan, Executive Vice President &
Chief Financial Officer and Janis C. Brennan, Vice
President & Operations Manager, Griffin, Kubik,
Stephens & Thompson, Inc. (‘‘GKST’’), dated April
3, 2008.
5 See letter from Michael Decker and Michael
Nicholas, Co-Chief Executive Officers, Regional
Bond Dealers Association (‘‘RBDA’’), dated April 1,
2008.
6 In Amendment No. 1, the MSRB responded to
the three comment letters and, in response to the
comment letters, postponed the effective date of the
proposed rule change from June 30, 2008 to
September 30, 2008. This is a technical amendment
and is not subject to notice and comment.
2 17
E:\FR\FM\07MYN1.SGM
07MYN1
sroberts on PROD1PC70 with NOTICES
25816
Federal Register / Vol. 73, No. 89 / Wednesday, May 7, 2008 / Notices
underwriters to: (i) Submit certain
information about a new issue of
municipal securities to Depository Trust
and Clearing Corporation’s New Issue
Information Dissemination System
(‘‘NIIDS’’) within set timeframes; and
(ii) set and disseminate a ‘‘Time of First
Execution’’ that allows time for market
participants to access necessary
information in preparation for trade
reporting prior to beginning trade
executions in the issue. A full
description of the proposal is contained
in the Commission’s Notice.
SIFMA stated in its comment letter
that it fully supports increased price
transparency in the municipal
marketplace and strongly supports the
development of the Depository Trust
and Clearing Corporation’s New Issue
Information Dissemination System.
However, SIFMA recommended that the
proposal not be effective on June 30,
2008 because firms have not had
sufficient time to review and test the
system and because current unexpected
market issues and issuance volume
related to auction-rate securities have
significantly increased the time
demands on the operations staff at the
various firms. GKST also supported
increased price transparency and the
proposal but believed that if the
Depository Trust and Clearing
Corporation cannot fix the problems
that have already been identified, the
cost of complying with the proposed
directive will be a severe burden to all
firms but relatively more so to smaller
firms. The RBDA also supported the
development and implementation of the
New Issue Information Dissemination
System as a way to enhance the overall
level of transparency in the municipal
market, but did not believe the June 30
deadline offered the market enough time
to fully test and implement the system.
All three commentators suggested
postponing the originally-proposed June
30, 2008 implementation date.
In Amendment No. 1, the MSRB
postponed the effective date of the
proposed rule change from June 30,
2008 to September 30, 2008. The MSRB
believes that the new effective date will
address commentators concerns and
will allow for the additional time
necessary for implementation of NIIDS.
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 7 and, in
particular, the requirements of Section
7 In
approving this proposed rule change, the
commission notes that it has considered the
proposed rule’s impact on efficiency, competition
and capital formation. 15 U.S.C. 78c(f).
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21:00 May 06, 2008
Jkt 214001
15B(b)(2)(C) of the Act 8 and the rules
and regulations thereunder. 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.9 In particular, the
Commission finds that the proposed
rule change is consistent with the Act
because it will allow the municipal
securities industry to produce more
accurate trade reporting and
transparency. The proposal will be
effective on September 30, 2008, as
requested by the MSRB.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,10 that the
proposed rule change (SR–MSRB–2007–
08), as modified by Amendment No. 1,
be, and it hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–10024 Filed 5–6–08; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57746; File No. SR–NYSE–
2008–34]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to
Exchange Rule 36 (Communication
Between Exchange and Exchange
Members’ Offices)
April 30, 2008.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on April 29,
2008, the New York Stock Exchange
LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
8 15
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange seeks to extend its
current portable phone pilot (the
‘‘Pilot’’) operating pursuant to Exchange
Rule 36 from its scheduled April 30,
2008 expiration date to no later than the
approval of SR–NYSE–2008–20 5 or June
30, 2008, the earlier thereof.
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
Exchange 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
Exchange 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 Exchange seeks to extend the
Pilot operating pursuant to Exchange
Rule 36 from the Pilot’s scheduled April
30, 2008 expiration date to no later than
the approval of SR–NYSE–2008–20 or
June 30, 2008, the earlier thereof.
Pursuant to the Pilot, Floor brokers
and Registered Competitive Market
Makers (‘‘RCMMs’’) are permitted to use
an Exchange authorized and provided
portable telephone on the Exchange
Floor provided certain conditions are
met. Such usage has been permitted on
a pilot basis. The current Pilot expires
on April 30, 2008. Through the rule
filing SR–NYSE–2008–20, the Exchange
seeks to have the amendment to
Exchange Rule 36 made permanent.
U.S.C. 78o–4(b)(2)(C).
9 Id.
3 15
10 15
U.S.C. 78s(b)(2).
11 17 CFR 200.30–3(a)(12).
1 15 U.S.C.78s(b)(1).
2 17 CFR 240.19b–4.
PO 00000
Items I and II below, which Items have
been substantially prepared by the
Exchange. The Exchange filed the
proposed rule change pursuant to
Section 19(b)(3)(A) 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.
Frm 00176
Fmt 4703
Sfmt 4703
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
5 See Securities Exchange Act Release No. 57611
(April 3, 2008), 73 FR 19274 (April 9, 2008). The
comment period expires on April 30, 2008.
4 17
E:\FR\FM\07MYN1.SGM
07MYN1
]]>Agencies
[Federal Register Volume 73, Number 89 (Wednesday, May 7, 2008)]
[Notices]
[Pages 25815-25816]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-10024]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57750, File No. SR-MSRB-2007-08]
Self-Regulatory Organizations; Municipal Securities Rulemaking
Board; Order Granting Approval of Proposed Rule Change as Modified by
Amendment No. 1 Thereto Relating to Rule G-8, Books and Records, Rule
G-9, Preservation of Records, and Rule G-34, CUSIP Numbers and New
Issue Requirements, To Improve Transaction Reporting of New Issues
May 1, 2008.
On November 27, 2007, the Municipal Securities Rulemaking Board
(``MSRB''), filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change consisting of an amendment of its Rule G-8, Books
and Records, Rule G-9, Preservation of Records, and Rule G-34, CUSIP
Numbers and New Issue Requirements. The proposed rule change was
published for comment in the Federal Register on January 17, 2008.\3\
The Commission received two comment letters about the proposed rule
change.\4\ The MSRB also forwarded to the Commission a comment letter
about the proposed rule change received by the MSRB.\5\ On April 22,
2008, the MSRB filed Amendment No. 1 to the proposed rule change.\6\
This order approves the proposed rule change as modified by Amendment
No. 1.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 57131 (January 11,
2008), 73 FR 3295 (January 17, 2008) (``Commission's Notice'').
\4\ See letter from Leslie M. Norwood, Managing Director and
Associate General Counsel, Securities Industry and Financial Markets
Association (``SIFMA''), dated March 28, 2008, and letter from Mary
Lee Corrigan, Executive Vice President & Chief Financial Officer and
Janis C. Brennan, Vice President & Operations Manager, Griffin,
Kubik, Stephens & Thompson, Inc. (``GKST''), dated April 3, 2008.
\5\ See letter from Michael Decker and Michael Nicholas, Co-
Chief Executive Officers, Regional Bond Dealers Association
(``RBDA''), dated April 1, 2008.
\6\ In Amendment No. 1, the MSRB responded to the three comment
letters and, in response to the comment letters, postponed the
effective date of the proposed rule change from June 30, 2008 to
September 30, 2008. This is a technical amendment and is not subject
to notice and comment.
---------------------------------------------------------------------------
The proposed rule change is designed to improve transaction
reporting of new issues and would accelerate the timing for CUSIP
number assignment and, with the exception of new issues of short-term
instruments with less than nine months in effective maturity, require
[[Page 25816]]
underwriters to: (i) Submit certain information about a new issue of
municipal securities to Depository Trust and Clearing Corporation's New
Issue Information Dissemination System (``NIIDS'') within set
timeframes; and (ii) set and disseminate a ``Time of First Execution''
that allows time for market participants to access necessary
information in preparation for trade reporting prior to beginning trade
executions in the issue. A full description of the proposal is
contained in the Commission's Notice.
SIFMA stated in its comment letter that it fully supports increased
price transparency in the municipal marketplace and strongly supports
the development of the Depository Trust and Clearing Corporation's New
Issue Information Dissemination System. However, SIFMA recommended that
the proposal not be effective on June 30, 2008 because firms have not
had sufficient time to review and test the system and because current
unexpected market issues and issuance volume related to auction-rate
securities have significantly increased the time demands on the
operations staff at the various firms. GKST also supported increased
price transparency and the proposal but believed that if the Depository
Trust and Clearing Corporation cannot fix the problems that have
already been identified, the cost of complying with the proposed
directive will be a severe burden to all firms but relatively more so
to smaller firms. The RBDA also supported the development and
implementation of the New Issue Information Dissemination System as a
way to enhance the overall level of transparency in the municipal
market, but did not believe the June 30 deadline offered the market
enough time to fully test and implement the system. All three
commentators suggested postponing the originally-proposed June 30, 2008
implementation date.
In Amendment No. 1, the MSRB postponed the effective date of the
proposed rule change from June 30, 2008 to September 30, 2008. The MSRB
believes that the new effective date will address commentators concerns
and will allow for the additional time necessary for implementation of
NIIDS.
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 \7\ and, in particular, the
requirements of Section 15B(b)(2)(C) of the Act \8\ and the rules and
regulations thereunder. 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.\9\ In particular, the
Commission finds that the proposed rule change is consistent with the
Act because it will allow the municipal securities industry to produce
more accurate trade reporting and transparency. The proposal will be
effective on September 30, 2008, as requested by the MSRB.
---------------------------------------------------------------------------
\7\ In approving this proposed rule change, the commission notes
that it has considered the proposed rule's impact on efficiency,
competition and capital formation. 15 U.S.C. 78c(f).
\8\ 15 U.S.C. 78o-4(b)(2)(C).
\9\ Id.
---------------------------------------------------------------------------
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\10\ that the proposed rule change (SR-MSRB-2007-08), as modified
by Amendment No. 1, be, and it hereby is, approved.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
Florence E. Harmon,
Deputy Secretary.
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
[FR Doc. E8-10024 Filed 5-6-08; 8:45 am]
BILLING CODE 8010-01-P
