Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Termination of the CDINet System, 28081-28083 [E9-13810]

Download as PDF Federal Register / Vol. 74, No. 112 / Friday, June 12, 2009 / Notices Linkage, such a reference is no longer necessary and we thus propose to delete this reference to the Linkage Plan.29 Finally, Rule 10.12, Minor Rule Plan, describes certain violations which are part of an expedited disciplinary process, and their attendant fines. The exchange proposes to modify those violations which are related to the Linkage and make them applicable to the Plan and the proposed Rules. IV. Solicitation of Comments 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Securities Exchange Act of 1934 (the ‘‘Act’’). The basis under the Act for this proposed rule change is found in Section 6(b)(5) of the Act,30 in that the proposed rule change is designed to promote just and equitable principles of trade, remove impediments to and perfect the mechanisms of a free and open market and a national market system and, in general, to protect investors and the public interest. In particular, the Exchange believes that adopting rules that implement the Plan will facilitate the trading of options in a national market system by establishing more efficient protection against tradethroughs and locked and crossed markets. • 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 No. SR–NYSEArca–2009–45 on the subject line. 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 No written comments were solicited or received with respect to the proposed rule change. 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 the proposed rule change, or (B) Institute proceedings to determine whether the proposed rule change should be disapproved. 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 Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549–1090. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.31 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–13811 Filed 6–11–09; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–60053; File No. SR–MSRB– 2009–07] Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Termination of the CDINet System June 5, 2009. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 All submissions should refer to File notice is hereby given that on May 29, Number SR–NYSEArca–2009–45. This 2009, the Municipal Securities file number should be included on the Rulemaking Board (‘‘MSRB’’ or subject line if e-mail is used. To help the ‘‘Board’’), filed with the Securities and Commission process and review your Exchange Commission (‘‘Commission’’) comments more efficiently, please use the proposed rule change as described only one method. The Commission will in Items I, II and III below, which Items post all comments on the Commission’s have been substantially prepared by the Internet Web site (https://www.sec.gov/ MSRB. The MSRB has filed the proposal rules/sro.shtml). Copies of the as a ‘‘non-controversial’’ rule change submission, all subsequent pursuant to Section 19(b)(3)(A)(iii) of amendments, all written statements the Act,3 and Rule 19b–4(f)(6) with respect to the proposed rule thereunder,4 which renders the proposal change that are filed with the effective upon filing with the Commission, and all written Commission. The Commission is communications relating to the publishing this notice to solicit proposed rule change between the comments on the proposed rule change Commission and any person, other than from interested persons. those that may be withheld from the I. Self-Regulatory Organization’s public in accordance with the Statement of the Terms of Substance of provisions of 5 U.S.C. 552, will be the Proposed Rule Change available for inspection and copying in the Commission’s Public Reference The MSRB is proposing to terminate Room, on official business days between the MSRB’s CDINet system for material the hours of 10 a.m. and 3 p.m. Copies event notices received pursuant to of such filing also will be available for Exchange Act Rule 15c2–12 on July 1, inspection and copying at the principal 2009. The text of the proposed rule office of the Exchange. All comments change is available on the MSRB’s Web received will be posted without change; site at (https://www.msrb.org/msrb1/ the Commission does not edit personal sec.asp), at the MSRB’s principal office, identifying information from and at the Commission’s Public submissions. You should submit only Reference Room. The full text of MSRB information that you wish to make facilities is available at https:// available publicly. All submissions www.msrb.org/msrb1/rulesandforms. should refer to File Number SR– NYSEArca–2009–45 and should be 31 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). submitted on or before July 6, 2009. 2 17 CFR 240.19b–4. U.S.C. 78s(b)(3)(A)(iii). 4 17 CFR 240.19b–4(f)(6). 3 15 29 See id. 30 15 U.S.C. 78f(b)(5). VerDate Nov<24>2008 17:53 Jun 11, 2009 Jkt 217001 28081 PO 00000 Frm 00087 Fmt 4703 Sfmt 4703 E:\FR\FM\12JNN1.SGM 12JNN1 28082 Federal Register / Vol. 74, No. 112 / Friday, June 12, 2009 / Notices II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the MSRB included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The MSRB has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The proposed rule change would terminate the MSRB’s CDINet system for material event notices received pursuant to Exchange Act Rule 15c2–12 on July 1, 2009. CDINet is operated as a system of the MSRB’s Municipal Securities Information Library system. The Commission has previously approved the establishment of a continuing disclosure service of the MSRB’s Electronic Municipal Market Access system (‘‘EMMA’’), which will be placed into operation on July 1, 2009 and will replace CDINet.5 In addition, the MSRB expects to commence operation of a pilot phase of the continuing disclosure service (the ‘‘continuing disclosure pilot’’) on June 1, 2009. The continuing disclosure pilot would permit voluntary submission and public dissemination of continuing disclosure documents prior to the commencement of operation of the permanent EMMA continuing disclosure service. The MSRB would view electronic submissions of material event notices to the continuing disclosure pilot as having been submitted to the MSRB for purposes of any existing continuing disclosure undertakings entered into consistent with Exchange Act Rule 15c2–12 pursuant to which an issuer or obligated person has undertaken to provide such documents to the MSRB. The MSRB urges, but does not require, submitters currently using CDINet in connection with their material event notice filings to instead make submissions on or after June 1, 2009 to the continuing disclosure pilot, solely in electronic format, upon the launch of the continuing disclosure pilot until such 5 See Exchange Act Release No. 59061 (December 5, 2008), 73 FR 75778 (December 12, 2008) (File No. SR–MSRB–2008–05). VerDate Nov<24>2008 17:53 Jun 11, 2009 Jkt 217001 time as all submissions must be made to the permanent EMMA continuing disclosure service. 2. Statutory Basis The MSRB believes that the proposed rule change is consistent with Section 15B(b)(2)(C) of the Act,6 which provides that the MSRB’s rules shall: 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 on the proposed rule change. 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 believes that the proposed rule change is consistent with the Act. The replacement of CDINet with the continuing disclosure service of EMMA will remove impediments to and help perfect the mechanisms of a free and open market in municipal securities, assist in preventing fraudulent and manipulative acts and practices, and will in general promote investor protection and the public interest by ensuring significantly more efficient submissions of a broader, more comprehensive array of continuing disclosure documents to the MSRB and the broader, more efficient dissemination of such continuing disclosure documents to the public through the EMMA Web portal and to subscribers. B. Self-Regulatory Organization’s Statement on Burden on Competition The Board does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. CDINet and the subscription service provided thereunder will be replaced on July 1, 2009 by the continuing disclosure service of EMMA as a source of continuing disclosure documents to the general public through the EMMA Web portal and to subscribers through a continuing disclosure subscription service. The continuing disclosure subscription service will make continuing disclosure documents available on an equal basis without imposing restrictions on subscribers from re-disseminating such documents or otherwise offering value-added services and products based on such documents on terms determined by each subscriber. 6 15 PO 00000 U.S.C. 78o–4(b)(2)(C). Frm 00088 Fmt 4703 Sfmt 4703 III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days after the date of filing (or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest), the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 7 and subparagraph (f)(6) of Rule 19b–4 thereunder.8 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.9 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–2009–07 on the subject line. Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–MSRB–2009–07. This file number should be included on the 7 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). The MSRB has satisfied the five-day pre-filing requirement of Rule 19b– 4(f)(6)(iii). 9 See Section 19(b)(3)(C) of the Act, 15 U.S.C. 78s(b)(3)(C). 8 17 E:\FR\FM\12JNN1.SGM 12JNN1 Federal Register / Vol. 74, No. 112 / Friday, June 12, 2009 / Notices 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 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–2009–07 and should be submitted on or before July 6, 2009. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–13810 Filed 6–11–09; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–60046; File No. SR–Phlx– –2009–44] Self-Regulatory Organizations; NASDAQ OMX PHLX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Cancellation Fee June 4, 2009. 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 1, 2009, NASDAQ OMX PHLX, Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I, II, 10 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 17:53 Jun 11, 2009 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to: (i) Increase the Cancellation Fee from $1.10 per order to $2.10 per order; (ii) modify the Cancellation Fee by limiting its applicability to cancelled AUTOMdelivered customer orders instead of all cancelled AUTOM-delivered orders; and (iii) specify the types of order activity that are exempt from the Cancellation Fee. The Exchange also proposes to amend an endnote to reflect recently approved Exchange By-Laws and a Rule. The text of the proposed rule change is available on the Exchange’s Web site at https:// nasdaqomxphlx.cchwallstreet.com/ NASDAQOMXPHLX/Filings/, at the principal office of the Exchange, 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 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 purpose of the proposed rule change is to amend the Cancellation Fee to assist the Exchange in recouping costs associated with a large number of order cancellations. Specifically, the costs arise from increased bandwidth and capacity concerns related to increased message traffic. The Exchange proposes to increase the Cancellation Fee from $1.10 per order for each cancelled AUTOMdelivered 3 order in excess of the 3 AUTOM is the Exchange’s electronic order delivery, routing, execution and reporting system, which provides for the automatic entry and routing 1 15 VerDate Nov<24>2008 and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. Jkt 217001 PO 00000 Frm 00089 Fmt 4703 Sfmt 4703 28083 number of orders executed on the Exchange by a member organization in a given month to $2.10 per order. The Exchange believes this increase will cover costs to the Exchange associated with system congestion resulting from a rising number of cancellation orders. Currently, the Exchange assesses a Cancellation Fee of $ 1.10 per order on member organizations for each cancelled AUTOM-delivered order in excess of the number of orders executed on the Exchange by that member organization in a given month. The Exchange calculates the Cancellation Fee by aggregating all orders and cancels received by the Exchange and totaling those orders by member organization. At least 500 cancellations must be made in a given month by a member organization in order for a member organization to be assessed the Cancellation Fee. The Cancellation Fee is not assessed in a month in which fewer than 500 AUTOM-delivered orders are cancelled. Simple cancels and cancel-replacement orders are the types of orders that are counted when calculating the number of AUTOMdelivered orders.4 Also, pre-market cancellations 5 are not included in the calculation of the Cancellation Fee as well as Complex Orders 6 that are submitted electronically. The Exchange proposes to modify the Cancellation Fee to limit its applicability to cancelled AUTOMdelivered customer 7 orders instead of all cancelled AUTOM-delivered orders. This proposal would assess the $2.10 of equity option and index option orders to the Exchange trading floor. See Exchange Rule 1080. See also proposed rule change SR–Phlx–2009–32 which proposes to amend Rule 1080 to state, ‘‘AUTOM and AUTO–X were replaced by the Phlx XL System, such that references to both terms refer to Phlx XL.’’ Therefore, in light of proposed rule change SR–Phlx–2009–32, references throughout this rule filing to AUTOM-delivered orders would be referenced as electronically delivered orders upon the approval of SR–Phlx–2009–32. 4 A cancel-replacement order is a contingency order consisting of two or more parts which require the immediate cancellation of a previously received order prior to the replacement of a new order with new terms and conditions. If the previously placed order is already filled partially or in its entirety the replacement order is automatically canceled or reduced by such number. See Exchange Rule 1066(c)(7). 5 See Securities Exchange Act Release Nos. 53226 (February 3, 2006), 71 FR 7602 (February 13, 2006) (SR–Phlx–2005–92); and 53670 (April 18, 2006), 71 FR 21087 (April 24, 2006) (SR–Phlx–2006–21). 6 A Complex Order is composed of two or more option components and is priced as a single order (a ‘‘Complex Order Strategy’’) on a net debit or net credit basis. 7 See e.g. Exchange Rule 1080(b)(i)(A) ‘‘* * * is any order entered on behalf of a public customer, and does not include any order entered for the account of a broker-dealer, or any account in which a broker-dealer or an associated person of a brokerdealer has any direct or indirect interest.’’ E:\FR\FM\12JNN1.SGM 12JNN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 74, Number 112 (Friday, June 12, 2009)]
[Notices]
[Pages 28081-28083]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-13810]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60053; File No. SR-MSRB-2009-07]

Self-Regulatory Organizations; Municipal Securities Rulemaking
Board; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change Relating to the Termination of the CDINet System

June 5, 2009.
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 May 29, 2009, the Municipal Securities Rulemaking Board (``MSRB'' or
``Board''), 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 substantially prepared by the
MSRB. The MSRB has filed the proposal as a ``non-controversial'' rule
change pursuant to Section 19(b)(3)(A)(iii) 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.
---------------------------------------------------------------------------

\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

The MSRB is proposing to terminate the MSRB's CDINet system for
material event notices received pursuant to Exchange Act Rule 15c2-12
on July 1, 2009. The text of the proposed rule change is available on
the MSRB's Web site at (https://www.msrb.org/msrb1/sec.asp), at the
MSRB's principal office, and at the Commission's Public Reference Room.
The full text of MSRB facilities is available at https://www.msrb.org/msrb1/rulesandforms.

[[Page 28082]]

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

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

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

1. Purpose
The proposed rule change would terminate the MSRB's CDINet system
for material event notices received pursuant to Exchange Act Rule 15c2-
12 on July 1, 2009. CDINet is operated as a system of the MSRB's
Municipal Securities Information Library system. The Commission has
previously approved the establishment of a continuing disclosure
service of the MSRB's Electronic Municipal Market Access system
(``EMMA''), which will be placed into operation on July 1, 2009 and
will replace CDINet.\5\
---------------------------------------------------------------------------

\5\ \\ See Exchange Act Release No. 59061 (December 5, 2008), 73
FR 75778 (December 12, 2008) (File No. SR-MSRB-2008-05).
---------------------------------------------------------------------------

In addition, the MSRB expects to commence operation of a pilot
phase of the continuing disclosure service (the ``continuing disclosure
pilot'') on June 1, 2009. The continuing disclosure pilot would permit
voluntary submission and public dissemination of continuing disclosure
documents prior to the commencement of operation of the permanent EMMA
continuing disclosure service. The MSRB would view electronic
submissions of material event notices to the continuing disclosure
pilot as having been submitted to the MSRB for purposes of any existing
continuing disclosure undertakings entered into consistent with
Exchange Act Rule 15c2-12 pursuant to which an issuer or obligated
person has undertaken to provide such documents to the MSRB. The MSRB
urges, but does not require, submitters currently using CDINet in
connection with their material event notice filings to instead make
submissions on or after June 1, 2009 to the continuing disclosure
pilot, solely in electronic format, upon the launch of the continuing
disclosure pilot until such time as all submissions must be made to the
permanent EMMA continuing disclosure service.
2. Statutory Basis
The MSRB believes that the proposed rule change is consistent with
Section 15B(b)(2)(C) of the Act,\6\ which provides that the MSRB's
rules shall:
---------------------------------------------------------------------------

\6\ 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 believes that the proposed rule change is consistent with
the Act. The replacement of CDINet with the continuing disclosure
service of EMMA will remove impediments to and help perfect the
mechanisms of a free and open market in municipal securities, assist in
preventing fraudulent and manipulative acts and practices, and will in
general promote investor protection and the public interest by ensuring
significantly more efficient submissions of a broader, more
comprehensive array of continuing disclosure documents to the MSRB and
the broader, more efficient dissemination of such continuing disclosure
documents to the public through the EMMA Web portal and to subscribers.

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

The Board does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. CDINet and the subscription
service provided thereunder will be replaced on July 1, 2009 by the
continuing disclosure service of EMMA as a source of continuing
disclosure documents to the general public through the EMMA Web portal
and to subscribers through a continuing disclosure subscription
service. The continuing disclosure subscription service will make
continuing disclosure documents available on an equal basis without
imposing restrictions on subscribers from re-disseminating such
documents or otherwise offering value-added services and products based
on such documents on terms determined by each subscriber.

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 on the
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

Because the proposed rule change does not: (i) Significantly affect
the protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative for 30
days after the date of filing (or such shorter time as the Commission
may designate if consistent with the protection of investors and the
public interest), the proposed rule change has become effective
pursuant to Section 19(b)(3)(A) of the Act \7\ and subparagraph (f)(6)
of Rule 19b-4 thereunder.\8\
---------------------------------------------------------------------------

\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(6). The MSRB has satisfied the five-day
pre-filing requirement of Rule 19b-4(f)(6)(iii).
---------------------------------------------------------------------------

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.\9\
---------------------------------------------------------------------------

\9\ 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-2009-07 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-MSRB-2009-07. This file
number should be included on the

[[Page 28083]]

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 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-2009-07 and should be submitted on or before July
6, 2009.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-13810 Filed 6-11-09; 8:45 am]
BILLING CODE 8010-01-P

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