Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Order Granting Approval of Proposed Rule Change, as Modified by Amendment No. 1 Thereto, To Establish a Subscription To the Information Collected by the MSRB's Short-Term Obligation Rate Transparency (“SHORT”) System, 60488-60490 [2010-24510]

Download as PDF 60488 Federal Register / Vol. 75, No. 189 / Thursday, September 30, 2010 / Notices difference between the Individual Application Fee and the Renewal/ Change of Status fee. This Fee includes the related Fingerprint Processing Fee, if applicable. The Trading Permit Transfer Fee is assessed to a Trading Permit Holder for each Trading Permit for which the Registration Services Department has received a request for transfer. The Joint Account Application Fee is payable for each application to establish a new joint account. The Non-Trading Permit Holder Customer Business Fee is payable by applicant TPH organizations that plan to conduct a public customer business. The Applicant/Trading Permit Holder/Associated Person Subject to Statutory Disqualification Fee is payable whenever a person or entity is subject to a statutory disqualification under the Securities Exchange Act of 1934 and: (i) Is an applicant for Trading Permit Holder status, (ii) is seeking to be an associated person of a Trading Permit Holder (except where the Exchange is merely asked to concur in an SEC Rule 19h–1 filing by another self regulatory organization), or (iii) is an existing Trading Permit Holder or associated person who makes an application in accordance with Rule 3.18(b) or with respect to whom a proceeding is initiated pursuant to Rule 3.18. This fee is in addition to any other Trading Permit-related fees that might be applicable. The Fee for Change in Status that, if Approved, Would Require Amended or Additional SEC Rule 19h–1(c) Filing is payable whenever a person or entity, on whose behalf the Exchange has filed a Rule 19h–1(c) filing that has been approved by the SEC, applies for a change in status that requires the Exchange to file an amended or additional Rule 19h–1(c) filing, if the Exchange approves the requested change in status. This fee is in addition to any other Trading Permit-related fees that might be applicable. 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 not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The proposed rule change is designated by the Exchange as establishing or changing a due, fee, or other charge, thereby qualifying for effectiveness on filing pursuant to Section 19(b)(3)(A)(ii) 5 of the Act and subparagraph (f)(2) of Rule 19b–4 6 thereunder. At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend 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. 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: mstockstill on DSKH9S0YB1PROD with NOTICES6 2. Statutory Basis 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–2010–086 on the subject line. The proposed rule change is consistent with Section 6(b) of the Securities Exchange Act of 1934 (‘‘Act’’),3 in general, and furthers the objectives of Section 6(b)(4) 4 of the Act in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees, and other charges among CBOE and CBSX Trading Permit Holders and other persons using CBOE, CBSX and their facilities. 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–CBOE–2010–086. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your 3 15 4 15 U.S.C. 78f(b). U.S.C. 78f(b)(4). VerDate Mar<15>2010 17:48 Sep 29, 2010 5 15 6 17 Jkt 220001 PO 00000 U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b–4(f)(2). Frm 00085 Fmt 4703 Sfmt 4703 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 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–2010–086 and should be submitted on or before October 21, 2010. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–24509 Filed 9–29–10; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–62993, File No. SR–MSRB– 2010–06] Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Order Granting Approval of Proposed Rule Change, as Modified by Amendment No. 1 Thereto, To Establish a Subscription To the Information Collected by the MSRB’s Short-Term Obligation Rate Transparency (‘‘SHORT’’) System September 24, 2010. I. Introduction On August 10, 2010, the Municipal Securities Rulemaking Board (‘‘MSRB’’), filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities 7 17 E:\FR\FM\30SEN1.SGM CFR 200.30–3(a)(12). 30SEN1 Federal Register / Vol. 75, No. 189 / Thursday, September 30, 2010 / Notices Exchange Act of 1934 (‘‘Exchange Act’’),1 and Rule 19b–4 thereunder,2 a proposed rule change to establish a subscription to the information collected by the MSRB’s Short-term Obligation Rate Transparency (‘‘SHORT’’) System. The proposed rule change was published for comment in the Federal Register on August 23, 2010.3 The Commission received no comment letters about the proposed rule change. On September 16, 2010, the MSRB filed with the Commission, pursuant to Section 19(b)(1) of the Exchange Act 4 and Rule 19b–4 thereunder,5 Amendment No. 1 to the proposed rule change.6 This order approves the proposed rule change as modified by Amendment No. 1. II. Description of the Proposed Rule Change, As Modified by Amendment No. 1 to the Proposed Rule Change The SHORT System is a facility of the MSRB for the collection and dissemination of information about securities bearing interest at short-term rates. Currently, these securities consist of Auction Rate Securities (‘‘ARS’’) and Variable Rate Demand Obligations (‘‘VRDOs’’). The proposed rule change consists of a proposal to establish a subscription to the information collected by the SHORT System. The data stream subscription would be provided through a Web service and would be made available for an annual fee of $10,000.7 Information disseminated from the SHORT System also is posted to the MSRB’s Electronic Municipal Market Access (EMMA) Web portal pursuant to the EMMA short-term obligation rate transparency service. Such information would be made available to subscribers simultaneously with the availability of such information to the EMMA Web portal. The subscription service would make the information collected by the SHORT System available to market 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 62734 (August 17, 2010), 75 FR 51864 (the ‘‘original proposed rule change’’). 4 15 U.S.C. 78s(b)(1). 5 17 CFR 240.19b–4. 6 In Amendment No. 1, the MSRB partially amends the text of the original proposed rule change to correct a typographical error in the definition of the data element Liquidity Facility Type. In all other respects, the original proposed rule change remains as originally filed. This is a technical amendment and is not subject to notice and comment. 7 The proposed subscription price would cover a portion of the administrative, technical and operating costs of the SHORT subscription service but would not cover all costs of such subscription service or of the SHORT System. The MSRB has proposed establishing the subscription price at a commercially reasonable level. mstockstill on DSKH9S0YB1PROD with NOTICES6 2 17 VerDate Mar<15>2010 17:48 Sep 29, 2010 Jkt 220001 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 the information collected by the SHORT System and would make additional tools available for making well-informed investment decisions. Data elements with respect to the SHORT subscription service that would be provided through the data stream would be set forth in the SHORT System Subscriber Manual posted on the MSRB Web site. The SHORT System Subscriber Manual would provide a complete, up-to-date listing of all data elements made available through the SHORT subscription service, including any additions, deletions or modifications to disseminated data elements, detailed definitions of each data element, specific data format information, and information about technical data elements to support transmission and data-integrity processes between the SHORT System and subscribers. Subscriptions would be provided through computer-to-computer data streams utilizing XML files for data. Appropriate schemas and other technical specifications for accessing the Web services through which the data stream will be provided would be set forth in the SHORT System Subscriber Manual posted on the MSRB Web site. The MSRB would make the SHORT subscription service available on an equal and non-discriminatory basis. 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 submitted by submitters that is distributed to subscribers of the SHORT subscription service. The MSRB has requested that the proposed rule change be made effective on September 30, 2010. III. Discussion and Commission Findings 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 PO 00000 Frm 00086 Fmt 4703 Sfmt 4703 60489 MSRB 8 and, in particular, the requirements of Section 15B(b)(2)(C) of the Exchange Act 9 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.10 In particular, the Commission believes that the SHORT subscription service would serve as an additional 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 information collected by the SHORT System available to market participants for re-dissemination and for use in creating value-added products and services. Such redissemination and third-party use would provide market participants, including investors and the general public, additional avenues for obtaining the information collected by the SHORT System and would make additional tools available for making well-informed investment decisions. Broad access to the information collected by the SHORT System, in addition to the public access 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 Auction Rate Securities and Variable Rate Demand Obligations. Furthermore, broader redissemination and third-party use of the information collected by the SHORT System 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). 8 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). 9 15 U.S.C. 78o 4(b)(2)(C). 10 Id. E:\FR\FM\30SEN1.SGM 30SEN1 60490 Federal Register / Vol. 75, No. 189 / Thursday, September 30, 2010 / Notices IV. Conclusion For the foregoing reasons, the Commission finds that the proposed rule change, as amended, is consistent with the Exchange Act and the rules and regulations thereunder applicable to the MSRB and, in particular, the requirements of Section 15B(b)(2)(C) of the Exchange Act 11 and the rules and regulations thereunder. The proposal will become effective on September 30, 2010, as requested by the MSRB. It is therefore ordered, pursuant to Section 19(b)(2) of the Exchange Act,12 that the proposed rule change (SR– MSRB–2010–06), as amended, be, and it hereby is, approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–24510 Filed 9–29–10; 8:45 am] BILLING CODE 8010–01–P DEPARTMENT OF STATE [Public Notice: 7190] 60-Day Notice of Proposed Information Collection: Bureau of Educational and Cultural Affairs, Office of Policy and Evaluation, Evaluation Division Survey Question Bank, OMB Control Number 1405–0158 Notice of request for public comments. ACTION: The Department of State is seeking Office of Management and Budget (OMB) approval for the information collection described below. The purpose of this notice is to allow 60 days for public comment in the Federal Register preceding submission to OMB. We are conducting this process in accordance with the Paperwork Reduction Act of 1995. • Title of Information Collection: Bureau of Educational and Cultural Affairs, Office of Policy and Evaluation, Evaluation Division Survey Question Bank. • OMB Control Number: 1405–0158. • Type of Request: Revision of a Currently Approved Collection. • Originating Office: Bureau of Educational and Cultural Affairs, Office of Policy and Evaluation, Evaluation Division (ECA/P/V). • Form Number: New surveys with a ‘SV-yyyy-####’ tag will be created on an as needed basis. mstockstill on DSKH9S0YB1PROD with NOTICES6 SUMMARY: 12 15 U.S.C. 78s(b)(2). 13 17 CFR 200.30–3(a)(12). 17:48 Sep 29, 2010 FOR FURTHER INFORMATION CONTACT: Direct requests for additional information regarding the collection listed in this notice, including requests for copies of the proposed information collection and supporting documents, to Michelle Hale, ECA/P/V, SA–5, C2 Floor, Department of State, Washington, DC 20522–0582, who may be reached on 202–632–6312 or at HaleMJ2@state.gov. SUPPLEMENTARY INFORMATION: We are soliciting public comments to permit the Department to: • Evaluate whether the proposed information collection is necessary for the proper performance of our functions. • Evaluate the accuracy of our estimate of the burden of the proposed collection, including the validity of the methodology and assumptions used. • Enhance the quality, utility, and clarity of the information to be collected. • Minimize the reporting burden on those who are to respond, including the use of automated collection techniques or other forms of technology. Abstract of Proposed Collection To meet OMB and Congressional reporting requirements, this request for a revised information collection 11 Id. VerDate Mar<15>2010 • Respondents: Active exchange program participants or alumni of exchange programs conducted by ECA that are included in either performance measurement or evaluations studies. • Estimated Number of Respondents: 6,000 annually. • Estimated Number of Responses: 6,000 annually. • Average Hours Per Response: 25 minutes. • Total Estimated Burden: 2,500 hours annually. • Frequency: On occasion. • Obligation to Respond: Voluntary. DATES: The Department will accept comments from the public up to 60 days from September 30, 2010. ADDRESSES: You may submit comments by any of the following methods: • E-mail: SilverRS@state.gov or HaleMJ2@state.gov. • Mail (paper, disk, or CD–ROM submissions): ECA/P/V, SA–5, 5th Floor, Department of State, Washington, DC 20522–0505. • Fax: 202–632–6320. • Hand Delivery or Courier: ECA/P/V, SA–5, 5th Floor, Department of State, 2200 C Street, NW., Washington, DC 20037. You must include the DS form number (if applicable), information collection title, and OMB control number in any correspondence. Jkt 220001 PO 00000 Frm 00087 Fmt 4703 Sfmt 4703 clearance will allow ECA/P/V to continue to conduct surveys of exchange participants from various ECA exchange programs. Collecting this data will help ECA/P/V assess and measure programs’ effectiveness and impact, as well as provide valuable feedback on the program from the participants’ perspective. ECA/P/V will most frequently conduct data collections efforts via electronic surveys, but when necessary may also utilize paper surveys. The majority of respondents will include either active exchange program participants or alumni of exchange programs conducted by ECA that are included in either performance measurement or evaluations studies. Methodology Performance measurement and evaluation data will be collected primarily through electronic surveys, but may also be done via paper surveys when access to computers is not possible. Additional Information This revised clearance request is based on the previous ECA/P/V information collection which submitted a question bank of possible questions ECA/P/V might use in surveys. This is necessary since large portions of these surveys will share the same questions, and this collection will avoid duplicating work load. For this submission, the question bank has been further refined and edited based on anticipated collection of evaluation or performance measurement data during the next clearance period. Dated: September 2, 2010. Rick Ruth, Acting Chief of Staff, Bureau of Educational and Cultural Affairs, Department of State. [FR Doc. 2010–24591 Filed 9–29–10; 8:45 am] BILLING CODE 4710–05–P DEPARTMENT OF STATE [Public Notice: 7191] Culturally Significant Objects Imported for Exhibition Determinations: ‘‘Haremhab, The General Who Became King’’ Notice is hereby given of the following determinations: Pursuant to the authority vested in me by the Act of October 19, 1965 (79 Stat. 985; 22 U.S.C. 2459), Executive Order 12047 of March 27, 1978, the Foreign Affairs Reform and Restructuring Act of 1998 (112 Stat. 2681, et seq.; 22 U.S.C. 6501 note, et seq.), Delegation of Authority No. 234 of October 1, 1999, and Delegation of SUMMARY: E:\FR\FM\30SEN1.SGM 30SEN1

Agencies

[Federal Register Volume 75, Number 189 (Thursday, September 30, 2010)]
[Notices]
[Pages 60488-60490]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-24510]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-62993, File No. SR-MSRB-2010-06]


Self-Regulatory Organizations; Municipal Securities Rulemaking 
Board; Order Granting Approval of Proposed Rule Change, as Modified by 
Amendment No. 1 Thereto, To Establish a Subscription To the Information 
Collected by the MSRB's Short-Term Obligation Rate Transparency 
(``SHORT'') System

September 24, 2010.

I. Introduction

    On August 10, 2010, the Municipal Securities Rulemaking Board 
(``MSRB''), filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities

[[Page 60489]]

Exchange Act of 1934 (``Exchange Act''),\1\ and Rule 19b-4 
thereunder,\2\ a proposed rule change to establish a subscription to 
the information collected by the MSRB's Short-term Obligation Rate 
Transparency (``SHORT'') System. The proposed rule change was published 
for comment in the Federal Register on August 23, 2010.\3\ The 
Commission received no comment letters about the proposed rule change. 
On September 16, 2010, the MSRB filed with the Commission, pursuant to 
Section 19(b)(1) of the Exchange Act \4\ and Rule 19b-4 thereunder,\5\ 
Amendment No. 1 to the proposed rule change.\6\ This order approves the 
proposed rule change as modified by Amendment No. 1.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 62734 (August 17, 
2010), 75 FR 51864 (the ``original proposed rule change'').
    \4\ 15 U.S.C. 78s(b)(1).
    \5\ 17 CFR 240.19b-4.
    \6\ In Amendment No. 1, the MSRB partially amends the text of 
the original proposed rule change to correct a typographical error 
in the definition of the data element Liquidity Facility Type. In 
all other respects, the original proposed rule change remains as 
originally filed. This is a technical amendment and is not subject 
to notice and comment.
---------------------------------------------------------------------------

II. Description of the Proposed Rule Change, As Modified by Amendment 
No. 1 to the Proposed Rule Change

    The SHORT System is a facility of the MSRB for the collection and 
dissemination of information about securities bearing interest at 
short-term rates. Currently, these securities consist of Auction Rate 
Securities (``ARS'') and Variable Rate Demand Obligations (``VRDOs''). 
The proposed rule change consists of a proposal to establish a 
subscription to the information collected by the SHORT System. The data 
stream subscription would be provided through a Web service and would 
be made available for an annual fee of $10,000.\7\
---------------------------------------------------------------------------

    \7\ The proposed subscription price would cover a portion of the 
administrative, technical and operating costs of the SHORT 
subscription service but would not cover all costs of such 
subscription service or of the SHORT System. The MSRB has proposed 
establishing the subscription price at a commercially reasonable 
level.
---------------------------------------------------------------------------

    Information disseminated from the SHORT System also is posted to 
the MSRB's Electronic Municipal Market Access (EMMA) Web portal 
pursuant to the EMMA short-term obligation rate transparency service. 
Such information would be made available to subscribers simultaneously 
with the availability of such information to the EMMA Web portal. The 
subscription service would make the information collected by the SHORT 
System available to market 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 the information collected by the SHORT System and would make 
additional tools available for making well-informed investment 
decisions.
    Data elements with respect to the SHORT subscription service that 
would be provided through the data stream would be set forth in the 
SHORT System Subscriber Manual posted on the MSRB Web site. The SHORT 
System Subscriber Manual would provide a complete, up-to-date listing 
of all data elements made available through the SHORT subscription 
service, including any additions, deletions or modifications to 
disseminated data elements, detailed definitions of each data element, 
specific data format information, and information about technical data 
elements to support transmission and data-integrity processes between 
the SHORT System and subscribers.
    Subscriptions would be provided through computer-to-computer data 
streams utilizing XML files for data. Appropriate schemas and other 
technical specifications for accessing the Web services through which 
the data stream will be provided would be set forth in the SHORT System 
Subscriber Manual posted on the MSRB Web site.
    The MSRB would make the SHORT subscription service available on an 
equal and non-discriminatory basis. 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 submitted by submitters that is 
distributed to subscribers of the SHORT subscription service.
    The MSRB has requested that the proposed rule change be made 
effective on September 30, 2010.

III. Discussion and Commission Findings

    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 \8\ and, in particular, the 
requirements of Section 15B(b)(2)(C) of the Exchange Act \9\ 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.\10\ In 
particular, the Commission believes that the SHORT subscription service 
would serve as an additional 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 information collected by the SHORT System available to market 
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 the information collected by 
the SHORT System and would make additional tools available for making 
well-informed investment decisions. Broad access to the information 
collected by the SHORT System, in addition to the public access 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 Auction Rate Securities 
and Variable Rate Demand Obligations.
---------------------------------------------------------------------------

    \8\ 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).
    \9\ 15 U.S.C. 78o 4(b)(2)(C).
    \10\ Id.
---------------------------------------------------------------------------

    Furthermore, broader re-dissemination and third-party use of the 
information collected by the SHORT System 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).

[[Page 60490]]

IV. Conclusion

    For the foregoing reasons, the Commission finds that the proposed 
rule change, as amended, is consistent with the Exchange Act and the 
rules and regulations thereunder applicable to the MSRB and, in 
particular, the requirements of Section 15B(b)(2)(C) of the Exchange 
Act \11\ and the rules and regulations thereunder. The proposal will 
become effective on September 30, 2010, as requested by the MSRB.
---------------------------------------------------------------------------

    \11\ Id.
---------------------------------------------------------------------------

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Exchange Act,\12\ that the proposed rule change (SR-MSRB-2010-06), as 
amended, be, and it hereby is, approved.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-24510 Filed 9-29-10; 8:45 am]
BILLING CODE 8010-01-P
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