Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of Amendments to Rule A-3, on Membership on the Board, Rule A-4, on Meetings of the Board, Rule A-5, on Officers and Employees of the Board, and Rule A-6, on Committees of the Board, 39372-39373 [E9-18764]
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39372
Federal Register / Vol. 74, No. 150 / Thursday, August 6, 2009 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60408; File No. SR–MSRB–
2009–11]
Self-Regulatory Organizations;
Municipal Securities Rulemaking
Board; Notice of Filing and Immediate
Effectiveness of Amendments to Rule
A–3, on Membership on the Board,
Rule A–4, on Meetings of the Board,
Rule A–5, on Officers and Employees
of the Board, and Rule A–6, on
Committees of the Board
July 30, 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 July 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
pursuant to Section 19(b)(3)(A)(iii) 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.
jlentini on DSKJ8SOYB1PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Board has been reviewing its
Administrative Rules and by-laws to
ensure that they are consistent with
current good corporate governance
practices. Pursuant to this review, the
MSRB is filing amendments to
Rule A–3, on membership on the Board,
Rule A–4, on meetings of the Board,
Rule A–5, on officers and employees of
the Board, and Rule A–6, on committees
of the Board. 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.
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
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)(3).
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
17:04 Aug 05, 2009
The MSRB believes that the proposed
rule change is consistent with the
requirements of Section 15B(b)(2)(I) of
the Act,6 which authorizes the MSRB to
adopt rules that provide for the
operation and administration of the
MSRB. The MSRB believes that the
proposed rule change is consistent with
this provision because it is concerned
solely with the operation and
administration of the MSRB.
1. Purpose
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Board has been reviewing its
Administrative Rules and by-laws to
ensure that they are consistent with
current good corporate governance
practices. Among other things, Rule A–
3, on membership on the Board, states
that the Board will be composed of 15
members and it describes the types of
groups that will be represented on the
Board (i.e., public representatives,
broker-dealer representatives and bank
representatives). The Board considered
the possibility of two persons associated
with the same firm being seated on the
Board due to a merger, consolidation or
similar corporate action of Board
members’ firms or other change in
circumstances. The Board decided to
add new section (g) to Rule A–3 to
prohibit two persons associated with the
same firm from serving as members of
the Board at the same time. The
proposed rule change also revises the
language in
Rule A–3(c)(iv) to restore language that
was inadvertently deleted from the rule
in recent amendments.5 The revised
language now reads as was intended in
the previous proposed rule change.
Rule A–5, on officers and employees
of the Board, among other things,
describes the procedure for the election
of officers. Rule A–5(b) notes that
vacancies in office shall be filled as
soon as practicable by vote of the Board
members. The proposed rule change
adds language to Rule A–5(b) to provide
for an election to fill a vacancy if a
Board member elected to a Board office
becomes unable to take the position
(e.g., by resignation) prior to the
commencement of the term.
The proposed rule change also revises
the language in Rules A–3, A–4, on
meetings of the Board, A–5 and A–6, on
committees of the Board, to ensure
gender neutrality by replacing the word
‘‘Chairman’’ with the word ‘‘Chair.’’
The MSRB does not believe the
proposed rule change will impose any
burden on competition not necessary or
appropriate in furtherance of the
purposes of the Act since it only applies
to the operation and administration of
the MSRB.
1 15
VerDate Nov<24>2008
2. Statutory Basis
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
The proposed rule change has become
effective pursuant to Section
19(b)(3)(A)(iii) of the Act 7 and Rule
19b–4(f)(3) thereunder 8 because it is
concerned solely with the operation and
administration of the MSRB. 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
6 15
U.S.C. 78o–4(b)(2)(I).
U.S.C. 78s(b)(3)(A).
8 17 CFR 240.19b–4(f)(3).
9 See Section 19(b)(3)(C) of the Act, 15 U.S.C.
78s(b)(3)(C).
7 15
5 See Securities Exchange Act Release No. 57500
(March 14, 2008), 73 FR 15244 (March 21, 2008).
See also File No. SR–MSRB–2008–02.
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Federal Register / Vol. 74, No. 150 / Thursday, August 6, 2009 / Notices
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–MSRB–2009–11 on the
subject line.
ACTION:
Notice.
SMALL BUSINESS ADMINISTRATION
SUMMARY: This is a notice of an
Administrative declaration of a disaster
for the State of Florida dated: 07/31/
Paper Comments
2009.
Incident: Tornado and Severe Storms.
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Incident Period: 07/24/2009.
Securities and Exchange Commission,
Effective Date: 07/31/2009.
100 F Street, NE., Washington, DC
Physical Loan Application Deadline
20549–1090.
Date: 09/29/2009.
Economic Injury (EIDL) Loan
All submissions should refer to File
Application Deadline Date: 05/01/2010.
Number SR–MSRB–2009–11. This file
number should be included on the
ADDRESSES: Submit completed loan
subject line if e-mail is used. To help the applications to: U.S. Small Business
Commission process and review your
Administration, Processing and
comments more efficiently, please use
Disbursement Center, 14925 Kingsport
only one method. The Commission will Road, Fort Worth, TX 76155.
post all comments on the Commission’s FOR FURTHER INFORMATION CONTACT: A.
Internet Web site (https://www.sec.gov/
Escobar, Office of Disaster Assistance,
rules/sro.shtml). Copies of the
U.S. Small Business Administration,
submission, all subsequent
409 3rd Street, SW., Suite 6050,
amendments, all written statements
Washington, DC 20416.
with respect to the proposed rule
SUPPLEMENTARY INFORMATION: Notice is
change that are filed with the
hereby given that as a result of the
Commission, and all written
Administrator’s disaster declaration,
communications relating to the
applications for disaster loans may be
proposed rule change between the
Commission and any person, other than filed at the address listed above or other
locally announced locations.
those that may be withheld from the
The following areas have been
public in accordance with the
determined to be adversely affected by
provisions of 5 U.S.C. 552, will be
the disaster:
available for inspection and copying in
Primary Counties: Volusia.
the Commission’s Public Reference
Contiguous Counties:
Room, 100 F Street, NE., Washington,
Florida: Brevard, Flagler, Lake,
DC 20549, on official business days
Marion, Orange, Putnam, Seminole.
between the hours of 10 a.m. and 3 p.m.
Copies of such filing also will be
The Interest Rates are:
available for inspection and copying at
Percent
the principal office of the MSRB. All
comments received will be posted
Homeowners With Credit Available
without change; the Commission does
Elsewhere ...................................
5.500.
not edit personal identifying
Homeowners Without Credit Availinformation from submissions. You
able Elsewhere ...........................
2.750.
should submit only information that
Businesses With Credit Available
you wish to make available publicly. All
Elsewhere ...................................
6.000.
submissions should refer to File
Businesses & Small Agricultural
Number SR–MSRB–2009–11 and should
Cooperatives
Without
Credit
Available Elsewhere ....................
4.000.
be submitted on or before August 27,
Other (Including Non-Profit Organi2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–18764 Filed 8–5–09; 8:45 am]
zations) With Credit Available
Elsewhere ...................................
Businesses and Non-Profit Organizations Without Credit Available
Elsewhere ...................................
4.500.
4.000.
[Disaster Declaration # 11835 and # 11836]
Maine Disaster # ME–00018
AGENCY: U.S. Small Business
Administration.
ACTION: Notice.
SUMMARY: This is a Notice of the
Presidential declaration of a major
disaster for Public Assistance Only for
the State of Maine (FEMA–1852–DR),
dated 07/30/2009.
Incident: Severe Storms, Flooding,
and Landslides.
Incident Period: 06/18/2009 through
07/08/2009.
Effective Date: 07/30/2009.
Physical Loan Application Deadline
Date: 09/28/2009.
Economic Injury (EIDL) Loan
Application Deadline Date: 04/30/2010.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
President’s major disaster declaration on
07/30/2009, Private Non-Profit
organizations that provide essential
services of governmental nature may file
disaster loan applications at the address
listed above or other locally announced
locations.
The following areas have been
determined to be adversely affected by
the disaster:
Primary Counties: Franklin, Hancock,
Knox, Lincoln, Oxford, Somerset,
Waldo, Washington.
The Interest Rates are:
Percent
Other (Including Non-Profit Organizations) With Credit Available
Elsewhere ...................................
Businesses and Non-Profit Organizations Without Credit Available
Elsewhere ...................................
4.500.
The number assigned to this disaster
for physical damage is 11833 C and for
economic injury is 11834 0.
The State which received an EIDL
Declaration # is Florida.
The number assigned to this disaster
for physical damage is 11835B and for
economic injury is 11836B.
[Disaster Declaration # 11833 and # 11834]
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
Florida Disaster # FL–00046
Dated: July 31, 2009.
Karen G. Mills,
Administrator.
[FR Doc. E9–18803 Filed 8–5–09; 8:45 am]
James E. Rivera,
Acting Associate Administrator for Disaster
Assistance.
[FR Doc. E9–18804 Filed 8–5–09; 8:45 am]
BILLING CODE 8025–01–P
BILLING CODE 8025–01–P
BILLING CODE 8010–01–P
SMALL BUSINESS ADMINISTRATION
jlentini on DSKJ8SOYB1PROD with NOTICES
39373
U.S. Small Business
Administration.
AGENCY:
10 17
CFR 200.30–3(a)(12).
VerDate Nov<24>2008
17:04 Aug 05, 2009
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4.000.
]]>Agencies
[Federal Register Volume 74, Number 150 (Thursday, August 6, 2009)]
[Notices]
[Pages 39372-39373]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-18764]
[[Page 39372]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-60408; File No. SR-MSRB-2009-11]
Self-Regulatory Organizations; Municipal Securities Rulemaking
Board; Notice of Filing and Immediate Effectiveness of Amendments to
Rule A-3, on Membership on the Board, Rule A-4, on Meetings of the
Board, Rule A-5, on Officers and Employees of the Board, and Rule A-6,
on Committees of the Board
July 30, 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 July 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 pursuant to Section
19(b)(3)(A)(iii) 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.
---------------------------------------------------------------------------
\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)(3).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Board has been reviewing its Administrative Rules and by-laws
to ensure that they are consistent with current good corporate
governance practices. Pursuant to this review, the MSRB is filing
amendments to Rule A-3, on membership on the Board, Rule A-4, on
meetings of the Board, Rule A-5, on officers and employees of the
Board, and Rule A-6, on committees of the Board. 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.
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 Board has been reviewing its Administrative Rules and by-laws
to ensure that they are consistent with current good corporate
governance practices. Among other things, Rule A-3, on membership on
the Board, states that the Board will be composed of 15 members and it
describes the types of groups that will be represented on the Board
(i.e., public representatives, broker-dealer representatives and bank
representatives). The Board considered the possibility of two persons
associated with the same firm being seated on the Board due to a
merger, consolidation or similar corporate action of Board members'
firms or other change in circumstances. The Board decided to add new
section (g) to Rule A-3 to prohibit two persons associated with the
same firm from serving as members of the Board at the same time. The
proposed rule change also revises the language in Rule A-3(c)(iv) to
restore language that was inadvertently deleted from the rule in recent
amendments.\5\ The revised language now reads as was intended in the
previous proposed rule change.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 57500 (March 14,
2008), 73 FR 15244 (March 21, 2008). See also File No. SR-MSRB-2008-
02.
---------------------------------------------------------------------------
Rule A-5, on officers and employees of the Board, among other
things, describes the procedure for the election of officers. Rule A-
5(b) notes that vacancies in office shall be filled as soon as
practicable by vote of the Board members. The proposed rule change adds
language to Rule A-5(b) to provide for an election to fill a vacancy if
a Board member elected to a Board office becomes unable to take the
position (e.g., by resignation) prior to the commencement of the term.
The proposed rule change also revises the language in Rules A-3, A-
4, on meetings of the Board, A-5 and A-6, on committees of the Board,
to ensure gender neutrality by replacing the word ``Chairman'' with the
word ``Chair.''
2. Statutory Basis
The MSRB believes that the proposed rule change is consistent with
the requirements of Section 15B(b)(2)(I) of the Act,\6\ which
authorizes the MSRB to adopt rules that provide for the operation and
administration of the MSRB. The MSRB believes that the proposed rule
change is consistent with this provision because it is concerned solely
with the operation and administration of the MSRB.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78o-4(b)(2)(I).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The MSRB does not believe the proposed rule change will impose any
burden on competition not necessary or appropriate in furtherance of
the purposes of the Act since it only applies to the operation and
administration of the MSRB.
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
The proposed rule change has become effective pursuant to Section
19(b)(3)(A)(iii) of the Act \7\ and Rule 19b-4(f)(3) thereunder \8\
because it is concerned solely with the operation and administration of
the MSRB. 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\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(3).
\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
[[Page 39373]]
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-MSRB-2009-11 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-2009-11. 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 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-2009-11 and should be
submitted on or before August 27, 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. E9-18764 Filed 8-5-09; 8:45 am]
BILLING CODE 8010-01-P
