Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Revisions to the Series 51 Examination Program, 50850-50852 [E8-19944]

Download as PDF 50850 Federal Register / Vol. 73, No. 168 / Thursday, August 28, 2008 / Notices Exchange believes the proposed rule change will further the Exchange’s goal of introducing new products to the marketplace that are competitively priced. (b) Basis—The Exchange believes that the proposed rule change is consistent with the objectives of section 6 of the Act,14 in general, and furthers the objectives of section 6(b)(4),15 in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its members and other persons using its facilities. B. Self-Regulatory Organization’s Statement on Burden on Competition The proposed rule change does not 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 has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to section 19(b)(3) of the Act 16 and Rule 19b–4(f)(2) 17 thereunder. At any time within 60 days of the filing of such 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. jlentini on PROD1PC65 with NOTICES 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: Number SR–ISE–2008–65 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–ISE–2008–65. 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, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of the filing will also be available for inspection and copying at the principal office of the self-regulatory organization. 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–ISE– 2008–65 and should be submitted on or before September 18, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.18 Florence E. Harmon, Acting Secretary. [FR Doc. E8–19985 Filed 8–27–08; 8:45 am] BILLING CODE 8010–01–P 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 14 15 U.S.C. 78f. U.S.C. 78f(b)(4). 16 15 U.S.C. 78s(b)(3)(A). 17 17 CFR 19b–4(f)(2). 15 15 VerDate Aug<31>2005 17:36 Aug 27, 2008 18 17 Jkt 214001 PO 00000 CFR 200.30–3(a)(12). Frm 00095 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–58406; File No. SR–MSRB– 2008–06] Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Revisions to the Series 51 Examination Program August 21, 2008. 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 August 18, 2008, 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 designated the proposed rule change as constituting a stated policy, practice, or interpretation with respect to the meaning, administration, or enforcement of an existing rule of the self-regulatory organization pursuant to Section 19(b)(3)(A)(i) of the Act,3 and Rule 19b– 4(f)(1) thereunder,4 which renders the proposal effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The MSRB is filing with the Commission revisions to the study outline and selection specifications for the Municipal Fund Securities Limited Principal Qualification Examination (Series 51) program.5 The proposed revisions consolidate certain job responsibilities (such as the recordkeeping functions) and regroup others in order to allow more detailed testing of particular rule requirements. 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(i). 4 17 CFR 240.19b–4(f)(1). 5 The MSRB is also proposing corresponding revisions to the Series 51 question bank, but based upon instructions from the Commission staff, the MSRB is submitting SR–MSRB–2008–06 for immediate effectiveness pursuant to Section 19(b)(3)(A)(i) of the Act and Rule 19b–4(f)(1) thereunder, and is not filing the question bank for Commission review. See letter to Diane G. Klinke, General Counsel, MSRB, from Belinda Blaine, Associate Director, Division of Market Regulation, SEC, dated July 24, 2000. The question bank is available for Commission review. 2 17 E:\FR\FM\28AUN1.SGM 28AUN1 Federal Register / Vol. 73, No. 168 / Thursday, August 28, 2008 / Notices The MSRB is not proposing any textual changes to its rules. The revised study outline is available on the MSRB’s Web site (https:// www.msrb.org), at the MSRB’s principal office, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the MSRB included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The MSRB has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change jlentini on PROD1PC65 with NOTICES 1. Purpose Section 15B(b)(2)(A) of the Act 6 authorizes the MSRB to prescribe standards of training, experience, competence, and such other qualifications as the Board finds necessary or appropriate in the public interest or for the protection of investors. The MSRB has developed examinations that are designed to establish that persons associated with brokers, dealers and municipal securities dealers that effect transactions in municipal securities have attained specified levels of competence and knowledge. The MSRB periodically reviews the content of the examinations to determine whether revisions are necessary or appropriate in view of changes pertaining to the subject matter covered by the examinations. MSRB Rule G–3(b)(iv) states that the municipal fund securities limited principal has responsibility to oversee the municipal securities activities of a securities firm or bank dealer solely as such activities relate to transactions in municipal fund securities. In this capacity, the municipal fund securities limited principal manages, directs or supervises one or more of the following activities relating to municipal fund securities: underwriting, trading or selling municipal fund securities; rendering financial advisory or consultant services to issuers of municipal fund securities; research or investment advice, or communications 6 15 17:36 Aug 27, 2008 Part Three—General Supervision • The topic ‘‘Restrictions on apprentices’’ was moved to this major heading from the major heading Sales Supervision (Part Five) to be grouped with the qualification requirements for apprentices. • A reference to ‘‘Supervisory Controls’’ under Rule G–27 was added. • Technical changes to rule citations were made to reflect amendments to Rule G–27. Part Five—Sales Supervision • Reference to ‘‘Restrictions on apprentices’’ was moved to Part Three to be grouped with the qualification requirements for apprentices. • Technical changes to rule citations were made to reflect amendments to Rule G–27. • ‘‘Records of agency transactions’’ was moved to Part Seven to be grouped with similar requirements for the maintenance of books and records. • The topic ‘‘Books and records maintained by transfer agents’’ was moved to Part Seven to be grouped with similar requirements for the maintenance of books and records. 7 A municipal securities principal (Series 53) is also qualified to supervise these responsibilities. U.S.C. 78o–4(b)(2)(A). VerDate Aug<31>2005 with customers, about any of the activities named heretofore; maintaining records on activities in municipal fund securities; processing, clearing, and (in the case of securities firms) safekeeping of municipal fund securities; and training of principals and representatives.7 The only examination that qualifies a municipal fund securities limited principal is the Municipal Fund Securities Limited Principal Qualification Examination. A committee of industry members and MSRB staff (the Series 51 Committee) recently undertook a review of the Series 51 examination program. As a result of this review, the MSRB is proposing to make revisions to the study outline to consolidate certain job responsibilities (such as the recordkeeping functions) and regroup others in order to allow more detailed testing of particular rule requirements. In addition, the detail on some existing topics is being expanded to include specific cites to rules that had been amended since the last update of the outline. The revised examination continues to cover areas of knowledge required for effective supervision of municipal fund securities activities. A summary of the changes to the content outline for the Series 51 Examination, detailed by major topic heading, is provided below. Jkt 214001 PO 00000 Frm 00096 Fmt 4703 Sfmt 4703 50851 Part Six—Underwriting and Disclosure Obligations • The sub-heading ‘‘Obligations of Municipal Underwriters under SEC Rules’’ was changed to ‘‘Obligations of Municipal Underwriters’’ in order to include relevant MSRB rules under the sub-heading. Part Seven—Operations • The topic ‘‘Records of agency transactions’’ was moved under this major heading from Part Five to be grouped with similar requirements for the maintenance of books and records. • The topic ‘‘Books and records maintained by transfer agents’’ was moved under this major heading from Part Five to be grouped with similar topics on the maintenance of books and records. The MSRB is proposing similar changes to the Series 51 selection specifications and question bank. The examination will continue to consist of 60 multiple choice-questions assigned to the seven areas of the examination as shown below. The percentages given for each section are rounded to an even number. Percent Regulatory Structure ..................... Product Knowledge ...................... General Supervision ..................... Fair Practice and Conflicts of Interest ......................................... Sales Supervision ......................... Underwriting and Disclosure Obligations ....................................... Operations .................................... 5 27 17 17 18 6 10 Candidates will continue to be allowed one and one-half hours for each testing session. Each question will continue to count one point, and each candidate must correctly answer 70 percent of the questions in order to receive a passing grade. A candidate for the Series 51 must also pass the General Securities Principal Examination (Series 24) or the Investment Company Products/Variable Contracts Limited Principal Examination (Series 26). The Series 51 Committee considered subject matter that would be covered in either of these examinations when developing the specifications for the Series 51 Examination. 2. Statutory Basis The MSRB believes that the proposed revisions to the Series 51 examination program are consistent with the provisions of Section 15B(b)(2)(A) of the E:\FR\FM\28AUN1.SGM 28AUN1 50852 Federal Register / Vol. 73, No. 168 / Thursday, August 28, 2008 / Notices Act,8 which authorizes the MSRB to prescribe standards of training, experience, competence, and such other qualifications as the Board finds necessary or appropriate in the public interest or for the protection of investors. Section 15B(b)(2)(A) of the Act also provides that the Board may appropriately classify municipal securities brokers and municipal securities dealers and their associated personnel and require persons in any such class to pass tests prescribed by the Board. B. Self-Regulatory Organization’s Statement on Burden on Competition The MSRB 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, 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. 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)(i) of the Act 9 and Rule 19b–4(f)(1) thereunder,10 in that the proposed rule change constitutes a stated policy, practice, or interpretation with respect to the meaning, administration, or enforcement of an existing rule of the self-regulatory organization. The MSRB proposes to implement the revised Series 51 examination program on November 1, 2008. 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.11 IV. Solicitation of Comments jlentini on PROD1PC65 with NOTICES 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: 8 15 U.S.C. 78o–4(b)(2)(A). U.S.C. 78s(b)(3)(A)(i). 10 17 CFR 240.19b–4(f)(1). 11 See Section 19(b)(3)(C) of the Act, 15 U.S.C. 78s(b)(3)(C). Electronic Comments DEPARTMENT OF TRANSPORTATION • 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–2008–06 on the subject line. Federal Aviation Administration Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–MSRB–2008–06. 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, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 am and 3 pm. 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–2008–06 and should be submitted on or before September 18, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 Florence E. Harmon, Acting Secretary. [FR Doc. E8–19944 Filed 8–27–08; 8:45 am] BILLING CODE 8010–01–P 9 15 VerDate Aug<31>2005 17:36 Aug 27, 2008 Jkt 214001 12 17 PO 00000 CFR 200.30–3(a)(12). Frm 00097 Fmt 4703 Sfmt 4703 Notice of Intent To Rule on Request To Release Airport Property at the Love Field Airport, Dallas, TX Federal Aviation Administration (FAA), DOT. ACTION: Notice of request to release airport property. AGENCY: SUMMARY: The FAA proposes to rule and invite public comment on the release of land at the Love Field Airport under the provisions of Section 125 of the Wendell H. Ford Aviation Investment Reform Act for the 21st Century (AIR 21). Comments must be received on or before September 29, 2008. ADDRESSES: Comments on this application may be mailed or delivered to the FAA at the following address: Mr. Mike Nicely, Manager, Federal Aviation Administration, Southwest Region, Airports Division, Texas Airports Development Office, ASW–650, Fort Worth, Texas 76193–0650. In addition, one copy of any comments submitted to the FAA must be mailed or delivered to Mr. Dan Weber, Director of Aviation, at the following address: Dallas Love Field, Department of Aviation, 8008 Cedar Springs, LB 16, Dallas, Texas 75235. FOR FURTHER INFORMATION CONTACT: Mr. Rodney Clark, Program Manager, Federal Aviation Administration, Texas Airports Development Office, ASW– 650, 2601 Meacham Boulevard, Fort Worth, Texas 76193–0650, Telephone: (817) 222–5659, e-mail: Rodney.Clark@faa.gov, fax: (817) 222– 5989. The request to release property may be reviewed in person at this same location. DATES: The FAA invites public comment on the request to release property at the Love Field Airport under the provisions of the AIR 21. On August 6, 2008, the FAA determined that the request to release property at Love Field Airport, submitted by the City, met the procedural requirements of the Federal Aviation Regulations, Part 155. The FAA may approve the request, in whole or in part, no later than October 6, 2008. The following is a brief overview of the request: The City of Dallas requests the release of 2.58 acres of non-aeronautical airport property. The land was acquired by the City of Dallas for use as an airport. The SUPPLEMENTARY INFORMATION: E:\FR\FM\28AUN1.SGM 28AUN1

Agencies

[Federal Register Volume 73, Number 168 (Thursday, August 28, 2008)]
[Notices]
[Pages 50850-50852]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-19944]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58406; File No. SR-MSRB-2008-06]


Self-Regulatory Organizations; Municipal Securities Rulemaking 
Board; Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change Relating to Revisions to the Series 51 Examination Program

August 21, 2008.
    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 August 18, 2008, 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 designated the proposed rule change as constituting a 
stated policy, practice, or interpretation with respect to the meaning, 
administration, or enforcement of an existing rule of the self-
regulatory organization pursuant to Section 19(b)(3)(A)(i) of the 
Act,\3\ and Rule 19b-4(f)(1) 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)(i).
    \4\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The MSRB is filing with the Commission revisions to the study 
outline and selection specifications for the Municipal Fund Securities 
Limited Principal Qualification Examination (Series 51) program.\5\ The 
proposed revisions consolidate certain job responsibilities (such as 
the recordkeeping functions) and regroup others in order to allow more 
detailed testing of particular rule requirements.

[[Page 50851]]

The MSRB is not proposing any textual changes to its rules.
---------------------------------------------------------------------------

    \5\ The MSRB is also proposing corresponding revisions to the 
Series 51 question bank, but based upon instructions from the 
Commission staff, the MSRB is submitting SR-MSRB-2008-06 for 
immediate effectiveness pursuant to Section 19(b)(3)(A)(i) of the 
Act and Rule 19b-4(f)(1) thereunder, and is not filing the question 
bank for Commission review. See letter to Diane G. Klinke, General 
Counsel, MSRB, from Belinda Blaine, Associate Director, Division of 
Market Regulation, SEC, dated July 24, 2000. The question bank is 
available for Commission review.
---------------------------------------------------------------------------

    The revised study outline is available on the MSRB's Web site 
(https://www.msrb.org), at the MSRB's principal office, and at the 
Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the MSRB included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The MSRB has prepared summaries, set forth in Sections 
A, B, and C below, of the most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    Section 15B(b)(2)(A) of the Act \6\ authorizes the MSRB to 
prescribe standards of training, experience, competence, and such other 
qualifications as the Board finds necessary or appropriate in the 
public interest or for the protection of investors. The MSRB has 
developed examinations that are designed to establish that persons 
associated with brokers, dealers and municipal securities dealers that 
effect transactions in municipal securities have attained specified 
levels of competence and knowledge. The MSRB periodically reviews the 
content of the examinations to determine whether revisions are 
necessary or appropriate in view of changes pertaining to the subject 
matter covered by the examinations.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78o-4(b)(2)(A).
---------------------------------------------------------------------------

    MSRB Rule G-3(b)(iv) states that the municipal fund securities 
limited principal has responsibility to oversee the municipal 
securities activities of a securities firm or bank dealer solely as 
such activities relate to transactions in municipal fund securities. In 
this capacity, the municipal fund securities limited principal manages, 
directs or supervises one or more of the following activities relating 
to municipal fund securities: underwriting, trading or selling 
municipal fund securities; rendering financial advisory or consultant 
services to issuers of municipal fund securities; research or 
investment advice, or communications with customers, about any of the 
activities named heretofore; maintaining records on activities in 
municipal fund securities; processing, clearing, and (in the case of 
securities firms) safekeeping of municipal fund securities; and 
training of principals and representatives.\7\ The only examination 
that qualifies a municipal fund securities limited principal is the 
Municipal Fund Securities Limited Principal Qualification Examination.
---------------------------------------------------------------------------

    \7\ A municipal securities principal (Series 53) is also 
qualified to supervise these responsibilities.
---------------------------------------------------------------------------

    A committee of industry members and MSRB staff (the Series 51 
Committee) recently undertook a review of the Series 51 examination 
program. As a result of this review, the MSRB is proposing to make 
revisions to the study outline to consolidate certain job 
responsibilities (such as the recordkeeping functions) and regroup 
others in order to allow more detailed testing of particular rule 
requirements. In addition, the detail on some existing topics is being 
expanded to include specific cites to rules that had been amended since 
the last update of the outline. The revised examination continues to 
cover areas of knowledge required for effective supervision of 
municipal fund securities activities. A summary of the changes to the 
content outline for the Series 51 Examination, detailed by major topic 
heading, is provided below.
Part Three--General Supervision
     The topic ``Restrictions on apprentices'' was moved to 
this major heading from the major heading Sales Supervision (Part Five) 
to be grouped with the qualification requirements for apprentices.
     A reference to ``Supervisory Controls'' under Rule G-27 
was added.
     Technical changes to rule citations were made to reflect 
amendments to Rule G-27.
Part Five--Sales Supervision
     Reference to ``Restrictions on apprentices'' was moved to 
Part Three to be grouped with the qualification requirements for 
apprentices.
     Technical changes to rule citations were made to reflect 
amendments to Rule G-27.
     ``Records of agency transactions'' was moved to Part Seven 
to be grouped with similar requirements for the maintenance of books 
and records.
     The topic ``Books and records maintained by transfer 
agents'' was moved to Part Seven to be grouped with similar 
requirements for the maintenance of books and records.
Part Six--Underwriting and Disclosure Obligations
     The sub-heading ``Obligations of Municipal Underwriters 
under SEC Rules'' was changed to ``Obligations of Municipal 
Underwriters'' in order to include relevant MSRB rules under the sub-
heading.
Part Seven--Operations
     The topic ``Records of agency transactions'' was moved 
under this major heading from Part Five to be grouped with similar 
requirements for the maintenance of books and records.
     The topic ``Books and records maintained by transfer 
agents'' was moved under this major heading from Part Five to be 
grouped with similar topics on the maintenance of books and records.
    The MSRB is proposing similar changes to the Series 51 selection 
specifications and question bank. The examination will continue to 
consist of 60 multiple choice-questions assigned to the seven areas of 
the examination as shown below. The percentages given for each section 
are rounded to an even number.

------------------------------------------------------------------------
                                                                Percent
------------------------------------------------------------------------
Regulatory Structure.........................................          5
Product Knowledge............................................         27
General Supervision..........................................         17
Fair Practice and Conflicts of Interest......................         17
Sales Supervision............................................         18
Underwriting and Disclosure Obligations......................          6
Operations...................................................         10
------------------------------------------------------------------------

    Candidates will continue to be allowed one and one-half hours for 
each testing session. Each question will continue to count one point, 
and each candidate must correctly answer 70 percent of the questions in 
order to receive a passing grade.
    A candidate for the Series 51 must also pass the General Securities 
Principal Examination (Series 24) or the Investment Company Products/
Variable Contracts Limited Principal Examination (Series 26). The 
Series 51 Committee considered subject matter that would be covered in 
either of these examinations when developing the specifications for the 
Series 51 Examination.
2. Statutory Basis
    The MSRB believes that the proposed revisions to the Series 51 
examination program are consistent with the provisions of Section 
15B(b)(2)(A) of the

[[Page 50852]]

Act,\8\ which authorizes the MSRB to prescribe standards of training, 
experience, competence, and such other qualifications as the Board 
finds necessary or appropriate in the public interest or for the 
protection of investors. Section 15B(b)(2)(A) of the Act also provides 
that the Board may appropriately classify municipal securities brokers 
and municipal securities dealers and their associated personnel and 
require persons in any such class to pass tests prescribed by the 
Board.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78o-4(b)(2)(A).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The MSRB 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, 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.

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)(i) of the Act \9\ and Rule 19b-4(f)(1) thereunder,\10\ in 
that the proposed rule change constitutes a stated policy, practice, or 
interpretation with respect to the meaning, administration, or 
enforcement of an existing rule of the self-regulatory organization. 
The MSRB proposes to implement the revised Series 51 examination 
program on November 1, 2008. 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.\11\
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A)(i).
    \10\ 17 CFR 240.19b-4(f)(1).
    \11\ See Section 19(b)(3)(C) of the Act, 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-MSRB-2008-06 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-MSRB-2008-06. 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, 100 F Street, NE., 
Washington, DC 20549, on official business days between the hours of 10 
am and 3 pm. 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-2008-06 and should be 
submitted on or before September 18, 2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

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

Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-19944 Filed 8-27-08; 8:45 am]
BILLING CODE 8010-01-P
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