Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Order Granting Approval of Proposed Rule Change Relating to the Subscription Service for Continuing Disclosure Documents Through the Electronic Municipal Market Access System (EMMA®), 29526-29527 [E9-14593]
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Federal Register / Vol. 74, No. 118 / Monday, June 22, 2009 / Notices
member notwithstanding a statutory
disqualification. When the Exchange
exercises this waiver authority, Rule
3.18.01 currently provides that the
Exchange Department of Financial and
Sales Practice Compliance shall
determine whether the Exchange will
concur in any the Exchange Act Rule
19h–1 filing made by another SRO. The
Exchange is proposing to make two
clarifying changes to this provision.
First, the Exchange proposes to replace
the reference to the ‘‘Department of
Financial and Sales Practice
Compliance’’ with the ‘‘Exchange’’
because the Exchange no longer has a
department by that name. The Exchange
is also proposing to include the words
‘‘member or’’ in the last sentence of
Rule 3.18.01 to clarify that the Exchange
may concur in any Exchange Act Rule
19h–1 filing made by another SRO with
respect to a member or an associated
person. This change is consistent with
the rest of Rule 3.18.01.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with Section
6(b) of the Exchange Act,9 in general,
and furthers the objectives of Section
6(b)(5) of the Exchange Act,10 which
requires, among other things, that the
Exchange’s rules be designed to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system, and
protect investors and the public interest.
The Exchange believes that the
proposed rule change would better
enable the Exchange to streamline the
administration of its statutory
disqualification program and better
protect investors and the public interest
by focusing Exchange resources on
circumstances sufficient to warrant a
statutory disqualification hearing.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CBOE 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 Exchange Act.
pwalker on PROD1PC71 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.
9 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
10 15
VerDate Nov<24>2008
16:55 Jun 19, 2009
Jkt 217001
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the self-regulatory
organization consents, the Commission
will:
(A) By order approve such proposed
rule change, or
(B) institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Exchange
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–CBOE–2009–033 on the
subject line.
• 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–CBOE–2009–033. 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
Frm 00065
Fmt 4703
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–14530 Filed 6–19–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60121, File No. SR–MSRB–
2009–05]
Self-Regulatory Organizations;
Municipal Securities Rulemaking
Board; Order Granting Approval of
Proposed Rule Change Relating to the
Subscription Service for Continuing
Disclosure Documents Through the
Electronic Municipal Market Access
System (EMMA®)
June 16, 2009.
Paper Comments
PO 00000
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 CBOE. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–CBOE–
2009–033 and should be submitted on
or before July 13, 2009.
Sfmt 4703
On April 22, 2009, 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 to establish a real-time
subscription to the document collection
of the continuing disclosure service of
the MSRB’s Electronic Municipal
Market Access system (‘‘EMMA’’). The
proposed rule change was published for
comment in the Federal Register on
May 13, 2009.3 The Commission
received no comment letters about the
proposal. This order approves the
proposed rule change.
The Commission has previously
approved the establishment of the
continuing disclosure service of EMMA,
which will commence operation on July
1, 2009.4 The proposed rule change
11 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 59881
(May 7, 2009), 74 FR 22615 (May 13, 2009)
(‘‘Commission’s Notice’’).
4 See Securities Exchange Act Release No. 59061
(December 5, 2008), 73 FR 75778 (December 12,
1 15
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22JNN1
Federal Register / Vol. 74, No. 118 / Monday, June 22, 2009 / Notices
pwalker on PROD1PC71 with NOTICES
consists of a proposal to establish a realtime subscription to the continuing
disclosure document collection. The
real-time data stream subscription to the
EMMA continuing disclosure service to
be provided through a Web service
would be made available for an annual
fee of $45,000.5 The continuing
disclosure subscription service would
make available to subscribers all
continuing disclosure documents and
related information provided by
submitters through the EMMA
submission process that is posted on the
EMMA portal. Such documents and
information would be made available to
subscribers simultaneously with the
posting thereof on the EMMA portal.
The MSRB would make the
continuing disclosure subscription
service available on an equal and nondiscriminatory basis. In addition, the
MSRB would not impose any
limitations on or additional charges for
redistribution of such documents by
subscribers to their customers, clients or
other end-users. Subscribers would be
subject to all of the terms of the
subscription agreement to be entered
into between the MSRB and each
subscriber, including proprietary rights
of third parties in information provided
by such third parties that is made
available through the subscription. The
MSRB would not be responsible for the
content of the information or documents
submitted by submitters distributed to
subscribers through the continuing
disclosure subscription service. The
MSRB has requested approval of the
proposed rule change on or prior to July
1, 2009. A full description of the
proposal is contained in the
Commission’s Notice.
The Commission has carefully
considered the proposed rule change
and finds that the proposed rule change
is consistent with the requirements of
the Act and the rules and regulations
thereunder applicable to the MSRB 6
and, in particular, the requirements of
2008) (File No. SR–MSRB–2008–05) (approving the
continuing disclosure service of EMMA with an
effective date of July 1, 2009).
5 The proposed subscription price would cover a
portion of the administrative, technical and
operating costs of the EMMA continuing disclosure
subscription service but would not cover all costs
of such subscription service or of the EMMA
continuing disclosure service. The MSRB has
proposed establishing the subscription price at a
fair and reasonable level consistent with the
MSRB’s objective that subscriptions be made
available on terms that promote the broad
dissemination of documents and data throughout
the marketplace.
6 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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16:55 Jun 19, 2009
Jkt 217001
Section 15B(b)(2)(C) of the Act 7 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.8 In particular, the
Commission finds that the EMMA
continuing disclosure subscription
service would serve as a mechanism by
which the MSRB works toward
removing impediments to and helping
to perfect the mechanisms of a free and
open market in municipal securities.
The subscription service would make
the indexed comprehensive collection
of continuing disclosure documents of
the EMMA continuing disclosure
service available to marketplace
participants for re-dissemination and for
use in creating value-added products
and services. Such re-dissemination and
third-party use would provide market
participants, including investors and the
general public, additional avenues for
obtaining these key disclosures and
would make additional tools available
in making well-informed investment
decisions. Broad access to continuing
disclosure documents through the
subscription service, in addition to the
public access available through the
EMMA Web portal, should further assist
in preventing fraudulent and
manipulative acts and practices by
improving the opportunity for public
investors to access material information
about issuers, their securities and the
prices at which such securities trade.
Furthermore, broader redissemination and third-party use of
continuing disclosure documents
should promote a more fair and efficient
municipal securities market in which
transactions are effected on the basis of
material information available to all
parties to such transactions, which
should allow for fairer pricing of
transactions based on a more complete
understanding of the terms of the
securities (including any changes
thereto), changes in circumstances of
issuers and obligated persons, and the
potential investment risks arising
therefrom.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,9 that the
proposed rule change (SR–MSRB–2009–
05), be, and it hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–14593 Filed 6–19–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60112; File No. SR–FINRA–
2009–039]
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Filing of
Proposed Rule Change To Adopt
FINRA Rule 3310 (Anti-Money
Laundering Compliance Program) in
the Consolidated FINRA Rulebook
June 15, 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, Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’) (f/k/a
National Association of Securities
Dealers, Inc. (‘‘NASD’’)) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I, II,
and III below, which Items have been
substantially prepared by FINRA. 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
FINRA is proposing to adopt: (1)
NASD Rule 3011 (Anti-Money
Laundering Compliance Program) as
FINRA Rule 3310 (Anti-Money
Laundering Compliance Program),
without substantive change; (2) NASD
IM–3011–1 (Independent Testing
Requirements) as supplementary
material to proposed FINRA Rule 3310,
subject to certain amendments; and (3)
NASD IM–3011–2 (Review of AntiMoney Laundering Compliance Person
Information) as supplementary material
to proposed FINRA Rule 3310, without
substantive change. The proposed rule
change would delete Incorporated NYSE
Rule 445 (Anti-Money Laundering
9 15
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
10 17
7 15
U.S.C. 78o–4(b)(2)(C).
8 Id.
PO 00000
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Fmt 4703
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]]>Agencies
[Federal Register Volume 74, Number 118 (Monday, June 22, 2009)]
[Notices]
[Pages 29526-29527]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-14593]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-60121, File No. SR-MSRB-2009-05]
Self-Regulatory Organizations; Municipal Securities Rulemaking
Board; Order Granting Approval of Proposed Rule Change Relating to the
Subscription Service for Continuing Disclosure Documents Through the
Electronic Municipal Market Access System (EMMA[supreg])
June 16, 2009.
On April 22, 2009, 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 to establish a real-time subscription to the
document collection of the continuing disclosure service of the MSRB's
Electronic Municipal Market Access system (``EMMA''). The proposed rule
change was published for comment in the Federal Register on May 13,
2009.\3\ The Commission received no comment letters about the proposal.
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. 59881 (May 7, 2009),
74 FR 22615 (May 13, 2009) (``Commission's Notice'').
---------------------------------------------------------------------------
The Commission has previously approved the establishment of the
continuing disclosure service of EMMA, which will commence operation on
July 1, 2009.\4\ The proposed rule change
[[Page 29527]]
consists of a proposal to establish a real-time subscription to the
continuing disclosure document collection. The real-time data stream
subscription to the EMMA continuing disclosure service to be provided
through a Web service would be made available for an annual fee of
$45,000.\5\ The continuing disclosure subscription service would make
available to subscribers all continuing disclosure documents and
related information provided by submitters through the EMMA submission
process that is posted on the EMMA portal. Such documents and
information would be made available to subscribers simultaneously with
the posting thereof on the EMMA portal.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 59061 (December 5,
2008), 73 FR 75778 (December 12, 2008) (File No. SR-MSRB-2008-05)
(approving the continuing disclosure service of EMMA with an
effective date of July 1, 2009).
\5\ The proposed subscription price would cover a portion of the
administrative, technical and operating costs of the EMMA continuing
disclosure subscription service but would not cover all costs of
such subscription service or of the EMMA continuing disclosure
service. The MSRB has proposed establishing the subscription price
at a fair and reasonable level consistent with the MSRB's objective
that subscriptions be made available on terms that promote the broad
dissemination of documents and data throughout the marketplace.
---------------------------------------------------------------------------
The MSRB would make the continuing disclosure subscription service
available on an equal and non-discriminatory basis. In addition, the
MSRB would not impose any limitations on or additional charges for
redistribution of such documents by subscribers to their customers,
clients or other end-users. Subscribers would be subject to all of the
terms of the subscription agreement to be entered into between the MSRB
and each subscriber, including proprietary rights of third parties in
information provided by such third parties that is made available
through the subscription. The MSRB would not be responsible for the
content of the information or documents submitted by submitters
distributed to subscribers through the continuing disclosure
subscription service. The MSRB has requested approval of the proposed
rule change on or prior to July 1, 2009. A full description of the
proposal is contained in the Commission's Notice.
The Commission has carefully considered the proposed rule change
and finds that the proposed rule change is consistent with the
requirements of the Act and the rules and regulations thereunder
applicable to the MSRB \6\ and, in particular, the requirements of
Section 15B(b)(2)(C) of the Act \7\ 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.\8\ In particular, the
Commission finds that the EMMA continuing disclosure subscription
service would serve as a mechanism by which the MSRB works toward
removing impediments to and helping to perfect the mechanisms of a free
and open market in municipal securities. The subscription service would
make the indexed comprehensive collection of continuing disclosure
documents of the EMMA continuing disclosure service available to
marketplace participants for re-dissemination and for use in creating
value-added products and services. Such re-dissemination and third-
party use would provide market participants, including investors and
the general public, additional avenues for obtaining these key
disclosures and would make additional tools available in making well-
informed investment decisions. Broad access to continuing disclosure
documents through the subscription service, in addition to the public
access available through the EMMA Web portal, should further assist in
preventing fraudulent and manipulative acts and practices by improving
the opportunity for public investors to access material information
about issuers, their securities and the prices at which such securities
trade.
---------------------------------------------------------------------------
\6\ 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).
\7\ 15 U.S.C. 78o-4(b)(2)(C).
\8\ Id.
---------------------------------------------------------------------------
Furthermore, broader re-dissemination and third-party use of
continuing disclosure documents should promote a more fair and
efficient municipal securities market in which transactions are
effected on the basis of material information available to all parties
to such transactions, which should allow for fairer pricing of
transactions based on a more complete understanding of the terms of the
securities (including any changes thereto), changes in circumstances of
issuers and obligated persons, and the potential investment risks
arising therefrom.
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\9\ that the proposed rule change (SR-MSRB-2009-05), be, and it
hereby is, approved.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(2).
\10\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-14593 Filed 6-19-09; 8:45 am]
BILLING CODE 8010-01-P
