Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Order Approving Proposed Rule Change Relating to the Continuing Disclosure Service of the MSRB Electronic Municipal Market Access (EMMA) System, 52383-52384 [2010-21082]

Download as PDF Federal Register / Vol. 75, No. 164 / Wednesday, August 25, 2010 / Notices SECURITIES AND EXCHANGE COMMISSION [Release No. 34–62730; File Nos. SR–BATS– 2010–016; SR–BX–2010–040; SR–CBOE– 2010–056; SR–CHX–2010–13; SR–EDGA– 2010–03; SR–EDGX–2010–03; SR–ISE– 2010–62; SR–NASDAQ–2010–076; SR–NSX– 2010–07; SR–NYSE–2010–47; SR– NYSEAmex–2010–60; SR–NYSEArca– 2010–58] Self-Regulatory Organizations; BATS Exchange, Inc.; NASDAQ OMX BX, Inc.; Chicago Board Options Exchange, Incorporated; Chicago Stock Exchange, Inc.; EDGA Exchange, Inc.; EDGX Exchange, Inc.; International Securities Exchange LLC; The NASDAQ Stock Market LLC; National Stock Exchange, Inc.; New York Stock Exchange LLC; NYSE Amex LLC; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Changes Relating to Clearly Erroneous Transactions srobinson on DSKHWCL6B1PROD with NOTICES August 16, 2010. On June 17, 2010, each of BATS Exchange, Inc. (‘‘BATS’’), NASDAQ OMX BX, Inc. (‘‘BX’’), Chicago Board Options Exchange, Incorporated (‘‘CBOE’’), Chicago Stock Exchange, Inc. (‘‘CHX’’), EDGA Exchange, Inc. (‘‘EDGA’’), EDGX Exchange, Inc. (‘‘EDGX’’), International Securities Exchange LLC (‘‘ISE’’), The NASDAQ Stock Market LLC (‘‘Nasdaq’’), National Stock Exchange, Inc. (‘‘NSX’’), New York Stock Exchange LLC (‘‘NYSE’’), NYSE Amex LLC (‘‘NYSE Amex’’), and NYSE Arca, Inc. (‘‘NYSE Arca’’) (collectively, the ‘‘Exchanges’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (‘‘Act’’),2 and Rule 19b–4 thereunder,3 proposed rule changes to amend certain of their respective rules to set forth clearer standards and curtail their discretion with respect to breaking erroneous trades. Section 19(b)(2) of the Act 4 provides that within thirty-five days of the publication of notice of the filing of a proposed rule change, or within such longer period as the Commission may designate up to ninety days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding, the Commission shall either approve the proposed rule change or institute proceedings to determine whether the proposed rule change should be disapproved. The 35th day for 1 15 U.S.C. 78s(b)(1). U.S.C. 78a. 3 17 CFR 240.19b–4. 4 15 U.S.C. 78s(b)(2). 2 15 VerDate Mar<15>2010 17:48 Aug 24, 2010 Jkt 220001 the filings submitted by BATS, BX, CBOE, CHX, EDGA, EDGX, ISE, Nasdaq, NSX, NYSE, and NYSE Amex was August 2, 2010.5 The 35th day for the filing submitted by NYSE Arca was August 3, 2010.6 The Commission had received an extension of time from the Exchanges until August 16, 2010.7 The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule changes so that it has sufficient time to consider these proposed rule changes, relating to the amendment of clearly erroneous execution rules to provide greater transparency and certainty to the process of breaking trades, and the comment letters that have been submitted in connection with these filings. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,8 designates August 30, 2010, as the date by which the Commission should either approve or institute proceedings to determine whether to disapprove the proposed rule changes. By the Commission. Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–21095 Filed 8–24–10; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–62742, File No. SR–MSRB– 2010–05] Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Order Approving Proposed Rule Change Relating to the Continuing Disclosure Service of the MSRB Electronic Municipal Market Access (EMMA) System August 19, 2010. On June 30, 2010, the Municipal Securities Rulemaking Board (‘‘MSRB’’), filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant 5 See Securities Exchange Act Release Nos. 62330 (June 21, 2010), 75 FR 36725 (June 28, 2010); 62331 (June 21, 2010), 75 FR 36746 (June 28, 2010); 62332 (June 21, 2010), 75 FR 36749 (June 28, 2010); 62333 (June 21, 2010), 75 FR 36759 (June 28, 2010); 62334 (June 21, 2010), 75 FR 36732 (June 28, 2010); 62336 (June 21, 2010), 75 FR 36743 (June 28, 2010); 62337 (June 21, 2010), 75 FR 36739 (June 28, 2010); 62338 (June 21, 2010), 75 FR 36762 (June 28, 2010); 62339 (June 21, 2010), 75 FR 36765 (June 28, 2010); 62340 (June 21, 2010), 75 FR 36768 (June 28, 2010); and 62342 (June 21, 2010), 75 FR 36752 (June 28, 2010). 6 See Securities Exchange Act Release No. 62335 (June 21, 2010), 75 FR 37494 (June 29, 2010). 7 The Exchanges submitted through the Commission’s Electronic Form 19b–4 Filing System extensions of the time period for Commission action through August 16, 2010. 8 15 U.S.C. 78s(b)(2). PO 00000 Frm 00082 Fmt 4703 Sfmt 4703 52383 to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Exchange Act’’),1 and Rule 19b–4 thereunder,2 a proposed rule change relating to the continuing disclosure service of the MSRB Electronic Municipal Market Access (EMMA) System. The proposed rule change was published for comment in the Federal Register on July 19, 2010.3 The Commission received one comment letter.4 This order approves the proposed rule change. Currently Exchange Act Rule 15c2–12 provides that an underwriter for a primary offering of municipal securities subject to Exchange Act Rule 15c2–12 is prohibited from underwriting the offering unless the underwriter has determined that the issuer or an obligated person for whom financial information or operating data is presented in the final official statement has undertaken in writing to provide certain items of information to the MSRB. Such items include: (A) Annual financial information; (B) audited financial statements if available and if not included in the annual financial information; (C) notices of certain events (‘‘Rule 15c2–12 Event Notices’’); 5 and (D) notices of failures to provide annual financial information on or before the date specified in the written undertaking. Written undertakings are to provide that all continuing disclosure documents submitted to the MSRB shall be accompanied by identifying information as prescribed by the MSRB. Such submissions are made by issuers, obligated persons and their agents to the MSRB through the EMMA continuing disclosure service and are made available to the public through the EMMA Web site for free and through paid subscriptions. The Commission has recently amended Exchange Act Rule 15c2–12 to modify several provisions relating to the 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 62489 (July 13, 2010), 75 FR 41909 (July 19, 2010) (‘‘Commission’s Notice’’). 4 See letter from Steve Apfelbacher, President, National Association of Independent Public Finance Advisors (‘‘NAIPFA’’), dated August 9, 2010. 5 Under Exchange Act Rule 15c2–12(b)(5)(i)(C), notices of the following events currently are required to be submitted to the MSRB, if material: principal and interest payment delinquencies; nonpayment related defaults; unscheduled draws on debt service reserves reflecting financial difficulties; unscheduled draws on credit enhancements reflecting financial difficulties; substitution of credit or liquidity providers, or their failure to perform; adverse tax opinions or events affecting the tax-exempt status of the security; modifications to rights of security holders; bond calls; defeasances; release, substitution, or sale of property securing repayment of the securities; and rating changes. 2 17 E:\FR\FM\25AUN1.SGM 25AUN1 52384 Federal Register / Vol. 75, No. 164 / Wednesday, August 25, 2010 / Notices srobinson on DSKHWCL6B1PROD with NOTICES submission of continuing disclosures to the MSRB (the ‘‘Rule 15c2–12 Amendment’’).6 The Rule 15c2–12 Amendment, among other things, (1) Removes the exemption from the continuing disclosure provisions of Exchange Act Rule 15c2–12 for demand securities; 7 (2) modifies Exchange Act Rule 15c2–12 to establish a timeliness standard for submission of Rule 15c2– 12 Event Notices of ten business days after the occurrence of the event; (3) deletes the general materiality condition for certain of the Rule 15c2–12 Event Notices; (4) modifies the language of the Rule 15c2–12 Event Notice regarding adverse tax events; 8 and (5) adds new Rule 15c2–12 Event Notices.9 To permit issuers and obligated persons to meet the provisions of the Rule 15c2–12 Amendment on or prior to the compliance date of December 1, 2010 established under the Rule 15c2– 12 Amendment, this proposed rule change would modify the language of the EMMA continuing disclosure service to reflect the materiality standard changes under the Rule 15c2– 12 Amendment and would modify the list of voluntary event-based disclosures that may be submitted to the EMMA continuing disclosure service to reflect changes in the list of Rule 15c2–12 Event Notices made by the Rule 15c2– 12 Amendment.10 6 See Release No. 34–62184A; File No. S7–15–09 (May 26, 2010). 7 Currently primary offerings for demand securities as described in Exchange Act Rule 15c2– 12(d)(1)(iii) are exempt from the requirements of Exchange Act Rule 15c2–12. 8 The Rule 15c2–12 Amendment expands the current language of such Rule 15c2–12 Event Notice category to include adverse tax opinions, the issuance by the IRS of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701–TEB) or other material notices or determinations with respect to the tax status of the security or other material events affecting the tax status of the security. 9 The Rule 15c2–12 Amendment includes the following new Rule 15c2–12 Event Notices: Tender offers; bankruptcy, insolvency, receivership, or similar event of the issuer or obligated person; the consummation of a merger, consolidation, or acquisition involving an obligated person or the sale of all or substantially all of the assets of the obligated person, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material; and the appointment of a successor or additional trustee, or the change of name of a trustee, if material. 10 The existing language of the EMMA continuing disclosure service would incorporate the changed list of Rule 15c2–12 Event Notices made by the Rule 15c2–12 Amendment by reference to the thencurrent provisions of Exchange Act Rule 15c2–12 and therefore no change in the language of the EMMA continuing disclosure service would be made. In addition, the removal of the exemption for demand securities from the continuing disclosure provisions of Exchange Act Rule 15c2–12 does not require changes to the EMMA continuing disclosure VerDate Mar<15>2010 17:48 Aug 24, 2010 Jkt 220001 The MSRB has requested an effective date for the proposed rule change of a date to be announced by the MSRB in a notice published on the MSRB Web site, which date shall be no later than December 1, 2010 and shall be announced no later than five (5) business days prior to the effective date. A full description of the proposal is contained in the Commission’s Notice. The Commission received one comment letter supporting the proposal.11 NAIPFA does not believe the proposed rule change to allow the MSRB to modify EMMA to accommodate the Rule 15c2–12 Amendment will impose any undue burden on issuers. In addition, NAIPFA agrees that the proposed changes are consistent with the Exchange Act and will effectuate the Commission’s recent Rule 15c2–12 Amendment. The Commission has carefully considered the proposed rule change and finds that the proposed rule change is consistent with the requirements of the Exchange Act and the rules and regulations thereunder applicable to the MSRB 12 and, in particular, the requirements of Section 15B(b)(2)(C) of the Exchange Act 13 and the rules and regulations thereunder. Section 15B(b)(2)(C) of the Exchange 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.14 In particular, the Commission finds that the proposed rule change is consistent with the Exchange Act because it effectuates the Commission’s Rule 15c2–12 Amendment under the Exchange Act. In addition, the proposed rule change serves to remove impediments to and help perfect the mechanisms of a free and open market in municipal securities and would serve to promote the statutory mandate of the MSRB to protect investors and the public interest. The proposed rule service in order to permit submission of disclosures in connection with demand securities. 11 See supra note 4. 12 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). 13 15 U.S.C. 78o–4(b)(2)(C). 14 Id. PO 00000 Frm 00083 Fmt 4703 Sfmt 4703 change would aid in providing additional information for making investment decisions more easily accessible to all participants in the municipal securities market on an equal basis throughout the life of the securities without barriers to obtaining such information. Broad access to additional continuing disclosure documents through the continuing disclosure service of EMMA should assist in preventing fraudulent and manipulative acts and practices by improving the opportunity for public investors to access material information about issuers and their securities. The proposed rule change will become effective on the date requested by the MSRB. It is therefore ordered, pursuant to Section 19(b)(2) of the Exchange Act,15 that the proposed rule change (SR– MSRB–2010–05), be, and it hereby is, approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.16 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–21082 Filed 8–24–10; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–62729; File No. SR–FINRA– 2010–032] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change Relating to Clearly Erroneous Transactions August 16, 2010. On June 17, 2010, the Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (‘‘Act’’),2 and Rule 19b–4 thereunder,3 a proposed rule change to amend its rules to set forth clearer standards and curtail its discretion with respect to breaking erroneous trades. Section 19(b)(2) of the Act 4 provides that within thirty-five days of the publication of notice of the filing of a proposed rule change, or within such 15 15 U.S.C. 78s(b)(2). CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 15 U.S.C. 78a. 3 17 CFR 240.19b–4. 4 15 U.S.C. 78s(b)(2). 16 17 E:\FR\FM\25AUN1.SGM 25AUN1

Agencies

[Federal Register Volume 75, Number 164 (Wednesday, August 25, 2010)]
[Notices]
[Pages 52383-52384]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-21082]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-62742, File No. SR-MSRB-2010-05]


Self-Regulatory Organizations; Municipal Securities Rulemaking 
Board; Order Approving Proposed Rule Change Relating to the Continuing 
Disclosure Service of the MSRB Electronic Municipal Market Access 
(EMMA) System

August 19, 2010.
    On June 30, 2010, 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 (``Exchange Act''),\1\ and Rule 19b-4 
thereunder,\2\ a proposed rule change relating to the continuing 
disclosure service of the MSRB Electronic Municipal Market Access 
(EMMA) System. The proposed rule change was published for comment in 
the Federal Register on July 19, 2010.\3\ The Commission received one 
comment letter.\4\ 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. 62489 (July 13, 
2010), 75 FR 41909 (July 19, 2010) (``Commission's Notice'').
    \4\ See letter from Steve Apfelbacher, President, National 
Association of Independent Public Finance Advisors (``NAIPFA''), 
dated August 9, 2010.
---------------------------------------------------------------------------

    Currently Exchange Act Rule 15c2-12 provides that an underwriter 
for a primary offering of municipal securities subject to Exchange Act 
Rule 15c2-12 is prohibited from underwriting the offering unless the 
underwriter has determined that the issuer or an obligated person for 
whom financial information or operating data is presented in the final 
official statement has undertaken in writing to provide certain items 
of information to the MSRB. Such items include: (A) Annual financial 
information; (B) audited financial statements if available and if not 
included in the annual financial information; (C) notices of certain 
events (``Rule 15c2-12 Event Notices''); \5\ and (D) notices of 
failures to provide annual financial information on or before the date 
specified in the written undertaking. Written undertakings are to 
provide that all continuing disclosure documents submitted to the MSRB 
shall be accompanied by identifying information as prescribed by the 
MSRB. Such submissions are made by issuers, obligated persons and their 
agents to the MSRB through the EMMA continuing disclosure service and 
are made available to the public through the EMMA Web site for free and 
through paid subscriptions.
---------------------------------------------------------------------------

    \5\ Under Exchange Act Rule 15c2-12(b)(5)(i)(C), notices of the 
following events currently are required to be submitted to the MSRB, 
if material: principal and interest payment delinquencies; non-
payment related defaults; unscheduled draws on debt service reserves 
reflecting financial difficulties; unscheduled draws on credit 
enhancements reflecting financial difficulties; substitution of 
credit or liquidity providers, or their failure to perform; adverse 
tax opinions or events affecting the tax-exempt status of the 
security; modifications to rights of security holders; bond calls; 
defeasances; release, substitution, or sale of property securing 
repayment of the securities; and rating changes.
---------------------------------------------------------------------------

    The Commission has recently amended Exchange Act Rule 15c2-12 to 
modify several provisions relating to the

[[Page 52384]]

submission of continuing disclosures to the MSRB (the ``Rule 15c2-12 
Amendment'').\6\ The Rule 15c2-12 Amendment, among other things, (1) 
Removes the exemption from the continuing disclosure provisions of 
Exchange Act Rule 15c2-12 for demand securities; \7\ (2) modifies 
Exchange Act Rule 15c2-12 to establish a timeliness standard for 
submission of Rule 15c2-12 Event Notices of ten business days after the 
occurrence of the event; (3) deletes the general materiality condition 
for certain of the Rule 15c2-12 Event Notices; (4) modifies the 
language of the Rule 15c2-12 Event Notice regarding adverse tax events; 
\8\ and (5) adds new Rule 15c2-12 Event Notices.\9\
---------------------------------------------------------------------------

    \6\ See Release No. 34-62184A; File No. S7-15-09 (May 26, 2010).
    \7\ Currently primary offerings for demand securities as 
described in Exchange Act Rule 15c2-12(d)(1)(iii) are exempt from 
the requirements of Exchange Act Rule 15c2-12.
    \8\ The Rule 15c2-12 Amendment expands the current language of 
such Rule 15c2-12 Event Notice category to include adverse tax 
opinions, the issuance by the IRS of proposed or final 
determinations of taxability, Notices of Proposed Issue (IRS Form 
5701-TEB) or other material notices or determinations with respect 
to the tax status of the security or other material events affecting 
the tax status of the security.
    \9\ The Rule 15c2-12 Amendment includes the following new Rule 
15c2-12 Event Notices: Tender offers; bankruptcy, insolvency, 
receivership, or similar event of the issuer or obligated person; 
the consummation of a merger, consolidation, or acquisition 
involving an obligated person or the sale of all or substantially 
all of the assets of the obligated person, other than in the 
ordinary course of business, the entry into a definitive agreement 
to undertake such an action or the termination of a definitive 
agreement relating to any such actions, other than pursuant to its 
terms, if material; and the appointment of a successor or additional 
trustee, or the change of name of a trustee, if material.
---------------------------------------------------------------------------

    To permit issuers and obligated persons to meet the provisions of 
the Rule 15c2-12 Amendment on or prior to the compliance date of 
December 1, 2010 established under the Rule 15c2-12 Amendment, this 
proposed rule change would modify the language of the EMMA continuing 
disclosure service to reflect the materiality standard changes under 
the Rule 15c2-12 Amendment and would modify the list of voluntary 
event-based disclosures that may be submitted to the EMMA continuing 
disclosure service to reflect changes in the list of Rule 15c2-12 Event 
Notices made by the Rule 15c2-12 Amendment.\10\
---------------------------------------------------------------------------

    \10\ The existing language of the EMMA continuing disclosure 
service would incorporate the changed list of Rule 15c2-12 Event 
Notices made by the Rule 15c2-12 Amendment by reference to the then-
current provisions of Exchange Act Rule 15c2-12 and therefore no 
change in the language of the EMMA continuing disclosure service 
would be made. In addition, the removal of the exemption for demand 
securities from the continuing disclosure provisions of Exchange Act 
Rule 15c2-12 does not require changes to the EMMA continuing 
disclosure service in order to permit submission of disclosures in 
connection with demand securities.
---------------------------------------------------------------------------

    The MSRB has requested an effective date for the proposed rule 
change of a date to be announced by the MSRB in a notice published on 
the MSRB Web site, which date shall be no later than December 1, 2010 
and shall be announced no later than five (5) business days prior to 
the effective date. A full description of the proposal is contained in 
the Commission's Notice.
    The Commission received one comment letter supporting the 
proposal.\11\ NAIPFA does not believe the proposed rule change to allow 
the MSRB to modify EMMA to accommodate the Rule 15c2-12 Amendment will 
impose any undue burden on issuers. In addition, NAIPFA agrees that the 
proposed changes are consistent with the Exchange Act and will 
effectuate the Commission's recent Rule 15c2-12 Amendment.
---------------------------------------------------------------------------

    \11\ See supra note 4.
---------------------------------------------------------------------------

    The Commission has carefully considered the proposed rule change 
and finds that the proposed rule change is consistent with the 
requirements of the Exchange Act and the rules and regulations 
thereunder applicable to the MSRB \12\ and, in particular, the 
requirements of Section 15B(b)(2)(C) of the Exchange Act \13\ and the 
rules and regulations thereunder. Section 15B(b)(2)(C) of the Exchange 
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.\14\ In 
particular, the Commission finds that the proposed rule change is 
consistent with the Exchange Act because it effectuates the 
Commission's Rule 15c2-12 Amendment under the Exchange Act. In 
addition, the proposed rule change serves to remove impediments to and 
help perfect the mechanisms of a free and open market in municipal 
securities and would serve to promote the statutory mandate of the MSRB 
to protect investors and the public interest. The proposed rule change 
would aid in providing additional information for making investment 
decisions more easily accessible to all participants in the municipal 
securities market on an equal basis throughout the life of the 
securities without barriers to obtaining such information. Broad access 
to additional continuing disclosure documents through the continuing 
disclosure service of EMMA should assist in preventing fraudulent and 
manipulative acts and practices by improving the opportunity for public 
investors to access material information about issuers and their 
securities.
---------------------------------------------------------------------------

    \12\ 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).
    \13\ 15 U.S.C. 78o-4(b)(2)(C).
    \14\ Id.
---------------------------------------------------------------------------

    The proposed rule change will become effective on the date 
requested by the MSRB.
    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Exchange Act,\15\ that the proposed rule change (SR-MSRB-2010-05), be, 
and it hereby is, approved.
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
---------------------------------------------------------------------------

    \16\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-21082 Filed 8-24-10; 8:45 am]
BILLING CODE 8010-01-P
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