Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Order Granting Approval of Proposed Rule Change Relating to MSRB Rule G-34, CUSIP Numbers and New Issue Requirements, to Require Underwriter Registration and Testing with Depository Trust and Clearing Corporation's New Issue Information Dissemination System, 37518-37519 [E8-14857]
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37518
Federal Register / Vol. 73, No. 127 / Tuesday, July 1, 2008 / Notices
perfect the mechanisms of a free and
open market and a national market
system, and, in general, to protect
investors and the public interest. The
Exchange believes that the proposed
rules applicable to trading pursuant to
generic listing and trading criteria,
together with the Exchange’s
surveillance procedures applicable to
trading in the securities covered by the
proposed rules, serve to foster investor
protection.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
The Exchange states that written
comments on the proposed rule change
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 Exchange 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.
The CBOE has requested accelerated
approval of this proposed rule change
prior to the 30th day after the date of
publication of the notice of the filing
thereof. The Commission has
determined that a 15-day comment
period is appropriate in this case.
IV. Solicitation of Comments
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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:
Number SR–CBOE–2008–64 on the
subject line.
SECURITIES AND EXCHANGE
COMMISSION
Paper Comments
[Release No. 34–58016, File No. SR–MSRB–
2008–04]
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street, NE.,
Washington, DC 20549–1090.
Self-Regulatory Organizations;
Municipal Securities Rulemaking
Board; Order Granting Approval of
Proposed Rule Change Relating to
All submissions should refer to File
MSRB Rule G–34, CUSIP Numbers and
Number SR–CBOE–2008–64. This file
New Issue Requirements, to Require
number should be included on the
Underwriter Registration and Testing
subject line if e-mail is used. To help the with Depository Trust and Clearing
Commission process and review your
Corporation’s New Issue Information
comments more efficiently, please use
Dissemination System
only one method. The Commission will
post all comments on the Commission’s June 25, 2008.
On May 9, 2008, the Municipal
Internet Web site (https://www.sec.gov/
Securities Rulemaking Board (‘‘MSRB’’),
rules/sro.shtml). Copies of the
filed with the Securities and Exchange
submission, all subsequent
Commission (‘‘Commission’’), pursuant
amendments, all written statements
to Section 19(b)(1) of the Securities
with respect to the proposed rule
Exchange Act of 1934 (‘‘Act’’),1 and
change that are filed with the
Rule 19b–4 thereunder,2 a proposed rule
Commission, and all written
change consisting of changes to Rule G–
communications relating to the
34, CUSIP Numbers and New Issue
proposed rule change between the
Requirements. The proposed rule
Commission and any person, other than change was published for comment in
those that may be withheld from the
the Federal Register on May 22, 2008.3
public in accordance with the
The Commission received no comment
provisions of 5 U.S.C. 552, will be
letters about the proposed rule change.
available for inspection and copying in
This order approves the proposed rule
the Commission’s Public Reference
change.
The proposed rule change would
Room, 100 F Street, NE., Washington,
require underwriters to register and
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m. conduct tests with the Depository Trust
Copies of the filing also will be available and Clearing Corporation’s (‘‘DTCC’’)
New Issue Information Dissemination
for inspection and copying at the
System (‘‘NIIDS’’). The proposed rule
principal office of the Exchange. All
change would help ensure that dealers
comments received will be posted
are prepared for the September 30, 2008
without change; the Commission does
effective date of changes to other MSRB
not edit personal identifying
rules to require underwriters to
information from submissions. You
participate in NIIDS.4 Accordingly, the
should submit only information that
proposed rule change would require all
you wish to make available publicly. All
brokers, dealers and municipal
submissions should refer to File
securities dealers (collectively
Number SR–CBOE–2008–64 and should ‘‘dealers’’) that have acted as
be submitted on or before July 16, 2008. underwriter 5 in the last year on a new
issue of municipal securities with nine
For the Commission, by the Division of
months or greater effective maturity to
Trading and Markets, pursuant to delegated
register to use NIIDS with DTCC and
authority.8
successfully test NIIDS prior to
Florence E. Harmon,
September 15, 2008.6 On an ongoing
Acting Secretary.
[FR Doc. E8–14831 Filed 6–30–08; 8:45 am]
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8 17
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CFR 200.30–3(a)(12).
Frm 00112
Fmt 4703
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 57830
(May 16, 2008), 73 FR 29799 (May 22, 2008)
(‘‘Commission’s Notice’’).
4 See Securities Exchange Act Release No. 57750
(May 1, 2008), 73 FR 25815 (May 7, 2008).
5 Rule G–34 defines ‘‘underwriter’’ very broadly
to include a dealer acting as a placement agent as
well as any dealer purchasing new issue securities
from the issuer as principal. If there is an
underwriting syndicate, the lead manager is
considered to be the ‘‘underwriter’’ for purposes of
Rule G–34.
6 Many underwriters have already registered with
DTCC and initiated NIIDS testing. The proposed
2 17
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
1 15
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Federal Register / Vol. 73, No. 127 / Tuesday, July 1, 2008 / Notices
basis the proposed rule change would
require dealers to register to use NIIDS
with DTCC and successfully test NIIDS
prior to acting as underwriter on a new
issue of municipal securities with nine
months or greater effective maturity. A
full description of the proposal is
contained in the Commission’s Notice.
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.
It is therefore ordered, pursuant to
section 19(b)(2) of the Act,10 that the
proposed rule change (SR–MSRB–2008–
04), be, and it hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–14857 Filed 6–30–08; 8:45 am]
sroberts on PROD1PC70 with NOTICES
BILLING CODE 8010–01–P
rule change would place a deadline on underwriters
to register with DTCC and complete NIIDS testing.
Underwriters that have already satisfied the
requirements of the proposed rule change prior to
SEC approval are not required to re-register or retest.
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.
10 15 U.S.C. 78s(b)(2).
11 17 CFR 200.30–3(a)(12).
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58017; File No. SR–
NASDAQ–2008–056]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Regarding a
Clerical Change to a NASDAQ Rule
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on June 19,
2008, 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 substantially 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)(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
Nasdaq proposes to make a clerical
correction to the Nasdaq rulebook. The
text of the proposed rule change is
available at Nasdaq’s principal office,
the Commission’s Public Reference
Room, and https://www.complinet.com/
nasdaq.
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.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(2).
2 17
Frm 00113
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Nasdaq proposes to make a clerical
correction to the Nasdaq rulebook.
Specifically, Nasdaq proposes to
renumber Nasdaq Rule 7039 to Nasdaq
Rule 7041.5
2. Statutory Basis
June 25, 2008.
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Nasdaq believes that the proposed
rule change is consistent with the
requirements of Section 6(b) of the Act,6
in general, and Section 6(b)(5) of the
Act,7 in particular, in that it 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. The
proposed rule change makes a minor
clerical change to renumber an existing
Nasdaq rule.
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
necessary or appropriate in furtherance
of the purposes of the Act, as amended.
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 with respect to
the proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change is
effective upon filing pursuant to Section
19(b)(3)(A)(ii) of the Act 8 and Rule 19b–
4(f)(3) thereunder,9 because it is
5 Nasdaq is renumbering Nasdaq Rule 7039 to
Rule 7041 because Nasdaq has filed other proposed
rule changes that necessitate a renumbering of Rule
7039. See e-mail from Jonathan Cayne, Nasdaq, to
Joseph Morra, Special Counsel, Division of Trading
and Markets, Commission, dated June 20, 2008.
Nasdaq is making no changes to Rule 7039, other
than to change its number to 7041.
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(4).
8 15 U.S.C. 78s(b)(3)(A)(ii).
9 17 CFR 240.19b–4(f)(2).
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]]>Agencies
[Federal Register Volume 73, Number 127 (Tuesday, July 1, 2008)]
[Notices]
[Pages 37518-37519]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-14857]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-58016, File No. SR-MSRB-2008-04]
Self-Regulatory Organizations; Municipal Securities Rulemaking
Board; Order Granting Approval of Proposed Rule Change Relating to MSRB
Rule G-34, CUSIP Numbers and New Issue Requirements, to Require
Underwriter Registration and Testing with Depository Trust and Clearing
Corporation's New Issue Information Dissemination System
June 25, 2008.
On May 9, 2008, 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 changes to Rule G-34, CUSIP Numbers
and New Issue Requirements. The proposed rule change was published for
comment in the Federal Register on May 22, 2008.\3\ The Commission
received no comment letters about the proposed rule change. This order
approves the proposed rule change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 57830 (May 16,
2008), 73 FR 29799 (May 22, 2008) (``Commission's Notice'').
---------------------------------------------------------------------------
The proposed rule change would require underwriters to register and
conduct tests with the Depository Trust and Clearing Corporation's
(``DTCC'') New Issue Information Dissemination System (``NIIDS''). The
proposed rule change would help ensure that dealers are prepared for
the September 30, 2008 effective date of changes to other MSRB rules to
require underwriters to participate in NIIDS.\4\ Accordingly, the
proposed rule change would require all brokers, dealers and municipal
securities dealers (collectively ``dealers'') that have acted as
underwriter \5\ in the last year on a new issue of municipal securities
with nine months or greater effective maturity to register to use NIIDS
with DTCC and successfully test NIIDS prior to September 15, 2008.\6\
On an ongoing
[[Page 37519]]
basis the proposed rule change would require dealers to register to use
NIIDS with DTCC and successfully test NIIDS prior to acting as
underwriter on a new issue of municipal securities with nine months or
greater effective maturity. A full description of the proposal is
contained in the Commission's Notice.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 57750 (May 1, 2008),
73 FR 25815 (May 7, 2008).
\5\ Rule G-34 defines ``underwriter'' very broadly to include a
dealer acting as a placement agent as well as any dealer purchasing
new issue securities from the issuer as principal. If there is an
underwriting syndicate, the lead manager is considered to be the
``underwriter'' for purposes of Rule G-34.
\6\ Many underwriters have already registered with DTCC and
initiated NIIDS testing. The proposed rule change would place a
deadline on underwriters to register with DTCC and complete NIIDS
testing. Underwriters that have already satisfied the requirements
of the proposed rule change prior to SEC approval are not required
to re-register or re-test.
---------------------------------------------------------------------------
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.
---------------------------------------------------------------------------
\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-2008-04), 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,
Acting Secretary.
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E8-14857 Filed 6-30-08; 8:45 am]
BILLING CODE 8010-01-P
