Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of Amended and Restated Articles of Incorporation of Municipal Securities Rulemaking Board, 63887-63888 [2010-26178]

Download as PDF Federal Register / Vol. 75, No. 200 / Monday, October 18, 2010 / Notices which provides that 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. In the Commission’s view, the inclusion of credit rating and related information provided by NRSROs agreeing to provide such information for display on the EMMA Web site should serve to promote the statutory mandate of the MSRB to protect investors and the public interest. Although credit rating information is just one of many factors to consider in making an investment decision and in evaluating the credit worthiness and value of existing municipal securities holdings, the proposed rule change would make such information more easily accessible on an equal basis to all participants in the municipal securities market, including in particular retail investors in municipal securities who do not normally have access to information services customarily used by professional market participants. The proposal will become effective on a date to be announced by the MSRB in a notice published on the MSRB Web site, which date shall be no later than October 13, 2011 and shall be announced no later than five usiness days before the effective date. IV. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,50 that the proposed rule change (SR–MSRB–2010– 03), be, and hereby is, approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.51 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–26177 Filed 10–15–10; 8:45 am] mstockstill on DSKH9S0YB1PROD with NOTICES BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–63088; File No. SR–MSRB– 2010–11] Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of Amended and Restated Articles of Incorporation of Municipal Securities Rulemaking Board October 13, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘the Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on October 1, 2010, the Municipal Securities Rulemaking Board (‘‘Board’’ or ‘‘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 filed with the Commission a proposed rule change consisting of an Amended and Restated Articles of Incorporation. 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 Board has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(iii). 4 17 CFR 240.19b–4(f)(3). 63887 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule change is to make changes to the MSRB’s Articles of Incorporation as are necessary and appropriate in order to comply with Section 15B of the Act, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act 5 (the ‘‘Dodd-Frank Act’’), and to reflect its expanded mission and rulemaking authority. On July 21, 2010, the DoddFrank Act, was signed into law by President Obama. This comprehensive financial reform legislation contains various provisions that affect the governance and mandate of the MSRB. The effective date of these provisions is October 1, 2010, which coincides with the first day of the MSRB’s 2011 fiscal year. Regarding the jurisdiction of the MSRB, the Dodd-Frank Act, for the first time, provides the MSRB with rulemaking authority over municipal advisors. The proposed amendments to the Articles of Incorporation reflect the expanded jurisdiction of the MSRB and, therefore, delete specific references to brokers, dealers, and municipal securities dealers. Rather, the Articles of Incorporation refer generally to Section 15B of the Act, which is modified by the Dodd-Frank Act, effective October 1, 2010, and the obligations of the Board under the Act. Additionally, the Articles of Incorporation now provide that Board members elected for fiscal year 2011 will have two year terms and all other Board members will have three year terms to reflect the new, expanded composition of the Board and the terms of office for Board members. Finally, the changes to the Purpose section reflect the evolving role of the MSRB as a selfregulatory organization in providing education, outreach and market leadership regarding issues that impact the municipal securities market. The MSRB is a Virginia nonprofit, nonstock corporation, and the Amended and Restated Articles of Incorporation have been filed concurrently with the State Corporation Commission of the Commonwealth of Virginia. 2. Statutory Basis The MSRB believes that the proposed rule change to its Articles of Incorporation are [sic] necessary and appropriate in order to comply with Section 15B of the Act, as amended by 2 17 50 15 51 17 U.S.C. 78s(b)(2). CFR 200.30–3(a)(12). VerDate Mar<15>2010 16:45 Oct 15, 2010 Jkt 223001 PO 00000 Frm 00090 Fmt 4703 Sfmt 4703 5 See Public L. 111–203, section 975, 124 Stat. 1376 (2010). E:\FR\FM\18OCN1.SGM 18OCN1 63888 Federal Register / Vol. 75, No. 200 / Monday, October 18, 2010 / Notices the Dodd-Frank Act, as more fully described above. B. Self-Regulatory Organization’s Statement on Burden on Competition The MSRB 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, since it solely concerns the administration of the MSRB. C. Self-Regulatory Organization’s Statement on Comments Received on the Proposed Rule Change by 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 6 and Rule 19b–4(f)(3) 7 thereunder, 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 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.8 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: All submissions should refer to File Number SR–MSRB–2010–11. 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 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 website 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 MSRB’s offices. 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–2010–11 and should be submitted on or before November 8, 2010. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–26178 Filed 10–15–10; 8:45 am] BILLING CODE 8011–01–P Electronic Comments SOCIAL SECURITY ADMINISTRATION • 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–2010–11 on the subject line. [Docket No. SSA–2010–0067] mstockstill on DSKH9S0YB1PROD with NOTICES Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. 6 15 U.S.C. 78s(b)(3)(A)(iii). CFR 240.19b–4(f)(3). 8 See Section 19(b)(3)(C) of the Act, 15 U.S.C. 78s(b)(3)(C). 7 17 VerDate Mar<15>2010 16:45 Oct 15, 2010 Jkt 223001 Occupational Information Development Advisory Panel Meeting AGENCY: Social Security Administration (SSA). Notice of upcoming panel teleconference meeting. ACTION: November 17, 2010, 10 a.m.–12 p.m. (EDT). Call-in number: (866) 261–3182. Leader/Host: Debra Tidwell-Peters. SUPPLEMENTARY INFORMATION: Type of meeting: The teleconference meeting is open to the public. DATES: 9 17 PO 00000 CFR 200.30–3(a)(12). Frm 00091 Fmt 4703 Sfmt 4703 Purpose: This discretionary Panel, established under the Federal Advisory Committee Act of 1972, as amended, shall report to the Commissioner of Social Security. The Panel will provide independent advice and recommendations on plans and activities to replace the Dictionary of Occupational Titles used in our disability determination process. The Panel will advise the Agency on creating an occupational information system tailored specifically for our disability programs and adjudicative needs. The Panel’s advice and recommendations will relate to our disability programs in the following areas: Medical and vocational analysis of disability claims; occupational analysis, including definitions, ratings and capture of physical and mental/ cognitive demands of work and other occupational information critical to our disability programs; data collection; use of occupational information in our disability programs; and any other area(s) that would enable us to develop an occupational information system suited to our disability programs and improve the medical-vocational adjudication policies and processes. Agenda: The Designated Federal Officer will post the meeting agenda on the Internet at https://www.ssa.gov/ oidap/meeting_information.htm at least one week prior to the start date. You can also receive a copy electronically by email or by fax, upon request. We will keep records of all proceedings and make them available for public inspection by appointment at the Panel’s office. Contact Information: Anyone requiring information regarding the Panel should contact the Panel staff by: Mail addressed to the Occupational Information Development Advisory Panel, Social Security Administration, 6401 Security Boulevard, Operations Building, 3–E–26, Baltimore, MD 21235, fax to (410) 597–0825, or E-mail to OIDAP@ssa.gov. Debra Tidwell-Peters, Designated Federal Officer. [FR Doc. 2010–26128 Filed 10–15–10; 8:45 am] BILLING CODE 4191–02–P DEPARTMENT OF STATE [Public Notice 7167] Shipping Coordinating Committee; Notice of Committee Meeting The Shipping Coordinating Committee (SHC) will conduct an open meeting at 10 a.m. on Monday November 8th, 2010, in Room 1422 of E:\FR\FM\18OCN1.SGM 18OCN1

Agencies

[Federal Register Volume 75, Number 200 (Monday, October 18, 2010)]
[Notices]
[Pages 63887-63888]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-26178]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63088; File No. SR-MSRB-2010-11]


Self-Regulatory Organizations; Municipal Securities Rulemaking 
Board; Notice of Filing and Immediate Effectiveness of Amended and 
Restated Articles of Incorporation of Municipal Securities Rulemaking 
Board

October 13, 2010.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``the Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on October 1, 2010, the Municipal Securities Rulemaking Board 
(``Board'' or ``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 filed with the Commission a proposed rule change 
consisting of an Amended and Restated Articles of Incorporation.
    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 Board 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 purpose of the proposed rule change is to make changes to the 
MSRB's Articles of Incorporation as are necessary and appropriate in 
order to comply with Section 15B of the Act, as amended by the Dodd-
Frank Wall Street Reform and Consumer Protection Act \5\ (the ``Dodd-
Frank Act''), and to reflect its expanded mission and rulemaking 
authority. On July 21, 2010, the Dodd-Frank Act, was signed into law by 
President Obama. This comprehensive financial reform legislation 
contains various provisions that affect the governance and mandate of 
the MSRB. The effective date of these provisions is October 1, 2010, 
which coincides with the first day of the MSRB's 2011 fiscal year. 
Regarding the jurisdiction of the MSRB, the Dodd-Frank Act, for the 
first time, provides the MSRB with rulemaking authority over municipal 
advisors. The proposed amendments to the Articles of Incorporation 
reflect the expanded jurisdiction of the MSRB and, therefore, delete 
specific references to brokers, dealers, and municipal securities 
dealers. Rather, the Articles of Incorporation refer generally to 
Section 15B of the Act, which is modified by the Dodd-Frank Act, 
effective October 1, 2010, and the obligations of the Board under the 
Act. Additionally, the Articles of Incorporation now provide that Board 
members elected for fiscal year 2011 will have two year terms and all 
other Board members will have three year terms to reflect the new, 
expanded composition of the Board and the terms of office for Board 
members. Finally, the changes to the Purpose section reflect the 
evolving role of the MSRB as a self-regulatory organization in 
providing education, outreach and market leadership regarding issues 
that impact the municipal securities market. The MSRB is a Virginia 
nonprofit, nonstock corporation, and the Amended and Restated Articles 
of Incorporation have been filed concurrently with the State 
Corporation Commission of the Commonwealth of Virginia.
---------------------------------------------------------------------------

    \5\ See Public L. 111-203, section 975, 124 Stat. 1376 (2010).
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2. Statutory Basis
    The MSRB believes that the proposed rule change to its Articles of 
Incorporation are [sic] necessary and appropriate in order to comply 
with Section 15B of the Act, as amended by

[[Page 63888]]

the Dodd-Frank Act, as more fully described above.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The MSRB 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, since it solely concerns the administration 
of the MSRB.

C. Self-Regulatory Organization's Statement on Comments Received on the 
Proposed Rule Change by 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 \6\ and Rule 19b-4(f)(3) \7\ thereunder, 
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 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.\8\
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \7\ 17 CFR 240.19b-4(f)(3).
    \8\ See Section 19(b)(3)(C) of the Act, 15 U.S.C. 78s(b)(3)(C).
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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-2010-11 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-2010-11. 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 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 website 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 MSRB's offices. 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-2010-11 and should be submitted on or before 
November 8, 2010.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-26178 Filed 10-15-10; 8:45 am]
BILLING CODE 8011-01-P
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