Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Discontinuation of the MSRB Public Access Facility, 36148-36149 [2010-15268]

Download as PDF 36148 Federal Register / Vol. 75, No. 121 / Thursday, June 24, 2010 / Notices emcdonald on DSK2BSOYB1PROD with NOTICES • When calculating the amount the Market-Maker would otherwise receive pursuant to the operation of the algorithm, the participation entitlement and public customer priority overlays would not be considered. Instead the calculation would be based on a pricetime or pro-rata basis, as applicable, and subject to any other applicable priority overlays, such as market turner priority. In addition, the Exchange proposes that the modified participation entitlement overlay would be available to modify the application of the small order participation entitlement. The Commission has carefully reviewed the proposed rule change and finds that it is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.7 In particular, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act,8 which requires, among other things, that the rules of an exchange be designed to promote just and equitable principles of trade, remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest; and are not designed to permit unfair discrimination between customers, issuers, brokers, or dealers; as well as Section 6(b)(8) of the Act, which requires the rules of an exchange not to impose any burden on competition not necessary or in furtherance of the Act.9 The Commission believes that the proposed rule change amending the market turner and modified participation entitlement overlays is consistent with the Act. All public customer orders at the best price will continue to be satisfied before a participation entitlement will be applied. If an entitlement is not applied, then the incoming order will be allocated among all market participants using the underlying matching algorithm—price-time or pro-rata—both of which the Commission already has participation entitlement parameters would be applied for PAR and electronic auctions. In pro-rata classes where the UMA method is selected to calculate the Market-Maker’s modified participation entitlement share, executions of incoming electronic orders initiated from PAR and electronic auctions would be allocated using the UMA method. Therefore, in such classes, the MarketMaker’s original participation entitlement share of a PAR or electronic auction execution would be calculated using the UMA method. 7 In approving this proposed rule change, the Commission has considered the proposed Rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 8 15 U.S.C. 78f(b)(5). 9 15 U.S.C. 78f(b)(8). VerDate Mar<15>2010 16:47 Jun 23, 2010 Jkt 220001 found consistent with the Act.10 In addition, the Exchange’s overlay determinations will be distributed via regulatory circular. For these reasons, the Commission believes that the proposed rule change is consistent with the Act. It is therefore ordered, pursuant to Section 19(b)(2) of the Act,11 that the proposed rule change (SR–CBOE–2010– 038), as modified by Amendment No. 1, be, and hereby is, approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–15279 Filed 6–23–10; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–62322; File No. SR–MSRB– 2010–04] Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Discontinuation of the MSRB Public Access Facility June 17, 2010. 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 14, 2010, the Municipal Securities Rulemaking Board (‘‘MSRB’’), filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II and III below, which Items have been prepared 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. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The MSRB has filed with the Commission a proposed rule change 10 See Securities Exchange Act Release No. 51822 (June 10, 2005), 70 FR 35321 (June 17, 2005) (Adopting CBOE Rule 6.45B). 11 15 U.S.C. 78s(b)(2). 12 17 CFR 200.30–3(a)(12). 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). PO 00000 Frm 00091 Fmt 4703 Sfmt 4703 relating to its public access facility and access to printed copies of certain documents made available by the MSRB to the public. 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 proposed rule change would (a) terminate the public access facility created under the MSRB’s Municipal Securities Information Library (‘‘MSIL’’) system 5 and (b) revise a related Rule G– 37 interpretive Question & Answer to delete a reference to the public access facility. The public access facility is physically located at the offices of the MSRB and makes official statements and advance refunding documents available to the public for viewing and photocopying. Over the years, the MSRB has undertaken to make other items available through the public access facility including, but not limited to, copies of Forms G–37, G–37x and G– 38t, certain transaction data and comment letters received in connection with requests for comment. All current information that is accessible to the public through the public access facility is now readily accessible through the MSRB Web site or the EMMA Web site. Accordingly, the MSRB will discontinue the public access facility but will retain the ability to provide photocopies of the documents for members of the public without Internet access, upon written 5 The MSIL system, originally established by the MSRB in 1990 to collect official statements and advance refunding documents, was discontinued for purposes of accepting submissions of such documents upon the establishment by the MSRB of its Electronic Municipal Market Access (EMMA) System’s Primary Market Disclosure Service. The MSIL system continues to operate in a limited capacity for internal MSRB purposes only. E:\FR\FM\24JNN1.SGM 24JNN1 Federal Register / Vol. 75, No. 121 / Thursday, June 24, 2010 / Notices request, for a copying charge at a rate equal to the then-current Commission copying charge under its schedule of fees for records services as published on the Commission Web site. 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: 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 since broad public access to documents otherwise available through the public access facility will continue to be available through the MSRB Web site, the EMMA Web site, or upon written request from the MSRB. 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. The documents that are available through the public access facility are readily available to the public on an equal and nondiscriminatory manner on the MSRB Web site, the EMMA Web site, or upon written request from the MSRB. emcdonald on DSK2BSOYB1PROD with NOTICES 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 6 15 U.S.C. 78o–4(b)(2)(C). U.S.C. 78s(b)(3)(A). 8 17 CFR 240.19b–4(f)(3). 7 15 VerDate Mar<15>2010 16:47 Jun 23, 2010 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–2010–04 on the subject line. submissions should refer to File Number SR–MSRB–2010–04 and should be submitted on or before July 15, 2010. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–15268 Filed 6–23–10; 8:45 am] BILLING CODE 8010–01–P DEPARTMENT OF TRANSPORTATION Surface Transportation Board [Docket No. AB 33 (Sub-No. 284X)] Union Pacific Railroad Company— Abandonment Exemption—in Kane County, IL. On June 4, 2010, Union Pacific Railroad Company (UP) filed with the Board a petition under 49 U.S.C. 10502 Paper Comments for exemption from the provisions of 49 U.S.C. 10903 to abandon a 3.17-mile • Send paper comments in triplicate line of railroad known as the St. Charles to Elizabeth M. Murphy, Secretary, Industrial Lead, extending from Securities and Exchange Commission, milepost 35.13 to the end of the line at 100 F Street, NE., Washington, DC milepost 38.30, near St. Charles, in Kane 20549–1090. County, Ill. The line traverses United All submissions should refer to File States Postal Service Zip Code 60174, Number SR–MSRB–2010–04. This file and includes no stations. number should be included on the The line does not contain Federally subject line if e-mail is used. To help the granted rights-of-way. Any Commission process and review your documentation in the possession of UP comments more efficiently, please use only one method. The Commission will will be made available promptly to post all comments on the Commission’s those requesting it. The interest of railroad employees Internet Web site (https://www.sec.gov/ will be protected by the conditions set rules/sro.shtml). Copies of the forth in Oregon Short Line Railroad— submission, all subsequent Abandonment Portion Goshen Branch amendments, all written statements Between Firth & Ammon, In Bingham & with respect to the proposed rule Bonneville Counties, Idaho, 360 I.C.C. change that are filed with the 91 (1979). Commission, and all written By issuance of this notice, the Board communications relating to the is instituting an exemption proceeding proposed rule change between the Commission and any person, other than pursuant to 49 U.S.C. 10502(b). A final decision will be issued on or before those that may be withheld from the September 22, 2010. public in accordance with the Any offer of financial assistance provisions of 5 U.S.C. 552, will be (OFA) under 49 CFR 1152.27(b)(2) will available for Web site viewing and be due no later than 10 days after printing in the Commission’s Public service of a decision granting the Reference Room, 100 F Street, NE., petition for exemption. Each OFA must Washington, DC 20549, on official be accompanied by a $1,500 filing fee. business days between the hours of 10 See 49 CFR 1002.2(f)(25). a.m. and 3 p.m. Copies of such filing All interested persons should be also will be available for inspection and aware that, following abandonment of copying at the principal office of the rail service and salvage of the line, the MSRB. All comments received will be posted without change; the Commission line may be suitable for other public use, including interim trail use. Any does not edit personal identifying request for a public use condition under information from submissions. You 49 CFR 1152.28 or for trail use/rail should submit only information that you wish to make available publicly. All banking under 49 CFR 1152.29 will be due no later than July 14, 2010. Each 9 See Section 19(b)(3)(C) of the Act, 15 U.S.C. 78s(b)(3)(C). Jkt 220001 36149 PO 00000 Frm 00092 Fmt 4703 Sfmt 4703 10 17 E:\FR\FM\24JNN1.SGM CFR 200.30–3(a)(12). 24JNN1

Agencies

[Federal Register Volume 75, Number 121 (Thursday, June 24, 2010)]
[Notices]
[Pages 36148-36149]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-15268]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-62322; File No. SR-MSRB-2010-04]


Self-Regulatory Organizations; Municipal Securities Rulemaking 
Board; Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change Relating to the Discontinuation of the MSRB Public Access 
Facility

June 17, 2010.
    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 14, 2010, the Municipal Securities Rulemaking Board (``MSRB''), 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Items I, II and III below, which 
Items have been prepared 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).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The MSRB has filed with the Commission a proposed rule change 
relating to its public access facility and access to printed copies of 
certain documents made available by the MSRB to the public.
    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 proposed rule change would (a) terminate the public access 
facility created under the MSRB's Municipal Securities Information 
Library (``MSIL'') system \5\ and (b) revise a related Rule G-37 
interpretive Question & Answer to delete a reference to the public 
access facility. The public access facility is physically located at 
the offices of the MSRB and makes official statements and advance 
refunding documents available to the public for viewing and 
photocopying. Over the years, the MSRB has undertaken to make other 
items available through the public access facility including, but not 
limited to, copies of Forms G-37, G-37x and G-38t, certain transaction 
data and comment letters received in connection with requests for 
comment. All current information that is accessible to the public 
through the public access facility is now readily accessible through 
the MSRB Web site or the EMMA Web site. Accordingly, the MSRB will 
discontinue the public access facility but will retain the ability to 
provide photocopies of the documents for members of the public without 
Internet access, upon written

[[Page 36149]]

request, for a copying charge at a rate equal to the then-current 
Commission copying charge under its schedule of fees for records 
services as published on the Commission Web site.
---------------------------------------------------------------------------

    \5\ The MSIL system, originally established by the MSRB in 1990 
to collect official statements and advance refunding documents, was 
discontinued for purposes of accepting submissions of such documents 
upon the establishment by the MSRB of its Electronic Municipal 
Market Access (EMMA) System's Primary Market Disclosure Service. The 
MSIL system continues to operate in a limited capacity for internal 
MSRB purposes only.
---------------------------------------------------------------------------

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 since broad public access to documents otherwise available 
through the public access facility will continue to be available 
through the MSRB Web site, the EMMA Web site, or upon written request 
from the MSRB.

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. The documents that are available through the 
public access facility are readily available to the public on an equal 
and nondiscriminatory manner on the MSRB Web site, the EMMA Web site, 
or upon written request from 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
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-MSRB-2010-04 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-2010-04. 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 Web site viewing and 
printing 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-2010-04 and should be 
submitted on or before July 15, 2010.

    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. 2010-15268 Filed 6-23-10; 8:45 am]
BILLING CODE 8010-01-P
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