Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of Rule Change Consisting of Amendments to MSRB Rule A-3, on Membership on the Board, 13005-13007 [2011-5279]
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Federal Register / Vol. 76, No. 46 / Wednesday, March 9, 2011 / Notices
away market routing fee. Currently the
fee is set at $0.10 per executed contract
or share equivalent. The Exchange is
proposing to reduce the fee to $0.05 per
executed contract or share equivalent
effective March 1, 2011.
The second purpose of this proposed
rule change is to extend the waiver of
the PULSe Routing Intermediary fee.
Currently the Exchange has waived the
Routing Intermediary fee through March
31, 2011. The Exchange is proposing to
extend this waiver through June 30,
2011. Thus this fee will be assessed
beginning July 1, 2011.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) of the Act,6
in general, and furthers the objectives of
Section 6(b)(4) of the Act,7 in particular,
in that it is designed to provide for the
equitable allocation of reasonable dues,
fees, and other charges among C2 Permit
Holders in that the same fees and fee
waivers are applicable to all Permit
Holders that use the PULSe workstation.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of 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.
Emcdonald on DSK2BSOYB1PROD with NOTICES
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) of the Act 8 and
subparagraph (f)(2) of Rule 19b–4 9
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.
6 15
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
8 15 U.S.C. 78s(b)(3)(A)(ii).
9 17 CFR 240.19b–4(f)(2).
7 15
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18:04 Mar 08, 2011
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–C2–2011–009 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.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011–5278 Filed 3–8–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–64022; File No. SR–MSRB–
2011–02]
Self-Regulatory Organizations;
Municipal Securities Rulemaking
Board; Notice of Filing and Immediate
Effectiveness of Rule Change
Consisting of Amendments to MSRB
Rule A–3, on Membership on the Board
March 3, 2011.
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 February
18, 2011, the Municipal Securities
Rulemaking Board (‘‘Board’’ or ‘‘MSRB’’)
All submissions should refer to File
filed with the Securities and Exchange
Number SR–C2–2011–009. This file
Commission (‘‘SEC’’ or ‘‘Commission’’)
number should be included on the
the proposed rule change as described
subject line if e-mail is used. To help the
in Items I and II below, which Items
Commission process and review your
have been prepared by the MSRB. The
comments more efficiently, please use
MSRB has filed the proposal as a ‘‘nononly one method. The Commission will controversial’’ rule change pursuant to
post all comments on the Commission’s Section 19(b)(3)(A)(iii),3 and Rule 19b–
Internet Web site (https://www.sec.gov/
4(f)(6) thereunder,4 which renders the
rules/sro.shtml). Copies of the
proposal effective upon filing with the
submission, all subsequent
Commission. The Commission is
amendments, all written statements
publishing this notice to solicit
with respect to the proposed rule
comments on the proposed rule change
from interested persons.
change that are filed with the
Commission, and all written
I. Self-Regulatory Organization’s
communications relating to the
Statement of the Terms of Substance of
proposed rule change between the
the Proposed Rule Change
Commission and any person, other than
The MSRB is filing with the SEC a
those that may be withheld from the
proposed rule change consisting of
public in accordance with the
amendments to MSRB Rule A–3, on
provisions of 5 U.S.C. 552, will be
membership on the Board.
available for Web site viewing and
The text of the proposed rule change
printing in the Commission’s Public
is available on the MSRB’s Web site at
Reference Room, 100 F Street, NE.,
https://www.msrb.org/Rules-andWashington, DC 20549 on official
Interpretations/SEC–Filings/2011–
business days between the hours of 10
Filings.aspx, at the MSRB’s principal
a.m. and 3 p.m. Copies of such filing
office, and at the Commission’s Public
also will be available for inspection and Reference Room.
copying at the principal office of the
II. Self-Regulatory Organization’s
Exchange. All comments received will
Statement of the Purpose of, and
be posted without change; the
Statutory Basis for, the Proposed Rule
Commission does not edit personal
Change
identifying information from
In its filing with the Commission, the
submissions. You should submit only
MSRB included statements concerning
information that you wish to make
available publicly. All submissions
10 17 CFR 200.30–3(a)(12).
should refer to File Number SR–C2–
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
2011–009 and should be submitted on
3 15 U.S.C. 78s(b)(3)(A)(iii).
or before March 30, 2011.
4 17
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PO 00000
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CFR 240.19b–4(f)(6).
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Federal Register / Vol. 76, No. 46 / Wednesday, March 9, 2011 / Notices
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
Emcdonald on DSK2BSOYB1PROD with NOTICES
1. Purpose
The purpose of the proposed rule
change is to make changes to MSRB
Rule A–3(i) as are necessary and
appropriate to retain a 21 member Board
of Directors, including 11 public
members and 10 regulated
representatives, consistent with current
MSRB transitional Rule A–3(i) and the
requirements of the Dodd-Frank Wall
Street Reform and Consumer Protection
Act, Public Law 111–203, 124 Stat. 1376
(2010) (the ‘‘Dodd-Frank Act’’).5
Transitional Rule A–3(i), adopted on
September 30, 2010 to comply with the
Board composition requirements of
Section 975 of the Dodd-Frank Act,
established a two-year transition period
for achieving a permanent Board
structure under the new composition
requirements of the Dodd-Frank Act and
envisioned a series of further
amendments to the rule during the
transition period in furtherance thereof.
The transitional period commenced on
October 1, 2010 and concludes on
September 30, 2012. The proposed rule
change consists of amendments to
MSRB Rule A–3(i) to provide for a
three-year term for the class of five
Board members—two public and three
representing MSRB regulated entities—
who will commence service on October
1, 2011. The amendments to Rule A–3(i)
provide that the next class of Board
members will consist of two public
members and three members
representing any category of regulated
entity, including broker-dealers, bank
dealers, and municipal advisors. The
rule change further provides that the
new class of five members of the Board
of Directors will serve a three-year term.
The rule would state explicitly that
five new members would be elected to
the Board of Directors, although implicit
in the rule, since five Board members
are retiring as of September 30, 2010,
and the MSRB must maintain a Board of
Directors of 21 members during the
transitional period. Further, the rule
5 See Exchange Act Release No. 63025 (Sep. 30,
2010), 75 FR 61806 (Oct. 6, 2010).
VerDate Mar<15>2010
18:04 Mar 08, 2011
Jkt 223001
would state explicitly that two of the
five new members would be public
directors and three would be
representative of MSRB regulated
entities. While also implicit in Rule A–
3(i), the rule change would make clear
that the three industry positions may be
filled by representatives of brokerdealers, bank dealers or municipal
advisors, since the retiring industry
members are representative of brokerdealers or bank dealers. Finally, the rule
change would provide that the new
class of five directors would have a
three-year term. While the directors
have historically served three-year
terms, the most recent Board class,
elected at the start of the transitional
period, was elected for a two-year term.
Thus, this proposed rule change is
intended to establish a three-year term
for the five new Board members who
will commence service on October 1,
2011, consistent with Section 15B(b)(1)
of the Securities Exchange Act of 1934
and prior Board practice. The proposed
rule change would amend MSRB Rule
A–3(i) in order to provide for the
election of a new five member class for
a three-year term commencing on
October 1, 2011. Of the five new
members, two would be members of the
public and three would be regulated
representatives who are representative
of and associated with brokers, dealers,
municipal securities dealers or
municipal advisors.
2. Statutory Basis
The MSRB has adopted the proposed
rule change pursuant to Section
15B(b)(2)(B) 6 of the Act, which provides
that the MSRB’s rules shall:
establish fair procedures for the nomination
and election of members of the Board and
assure fair representation in such
nominations and elections of public
representatives, broker dealer
representatives, bank representatives, and
advisor representatives.
The MSRB believes that the proposed
rule change is consistent with the Act,
as amended by the Dodd-Frank Act, in
that it would provide for the
maintenance of a 21 member Board with
a majority of public members and have
fair representation of broker-dealers,
bank dealers, and municipal advisors,
consistent with MSRB Rule A–3(i) as
approved by the SEC.
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
6 15
PO 00000
U.S.C. 78o–4(b)(2)(B)
Frm 00075
Fmt 4703
Sfmt 4703
purposes of the Act, since it is solely
concerned with the administration of
the MSRB and, in any event, provides
for fair representation on the Board of
public representatives, broker dealer
representatives, bank dealer
representatives and municipal advisor
representatives.
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 MSRB represented that the
proposed rule change qualifies for
immediate effectiveness pursuant to
Section 19(b)(3)(A)(iii) of the Act 7
because it: (i) Does not significantly
affect the protection of investors or the
public interest; (ii) does not impose any
significant burden on competition; and
(iii) does not become operative for 30
days after filing or such shorter time as
the Commission may designate
consistent with the protection of
investors and the public interest.8 The
MSRB provided the required written
notice of its intention to file the
proposed rule change to the
Commission on February 10, 2011, and
the proposed rule change will become
operative on April 1, 2011, which is
more than 30 days after the filing of the
proposed rule change.
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.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:
7 15
U.S.C. 78s(b)(3)(A)(iii).
addition, Rule 19b–4(f)(6)(iii) requires a selfregulatory organization to give the Commission
written notice of its intent to file the proposed rule
change at least five business days prior to the date
of filing of the proposed rule change, or such
shorter time as designated by the Commission.
9 See Section 19(b)(3)(C) of the Act, 15 U.S.C.
78s(b)(3)(C).
8 In
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Federal Register / Vol. 76, No. 46 / Wednesday, March 9, 2011 / Notices
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–2011–02 on the
subject line.
Paper Comments
Emcdonald on DSK2BSOYB1PROD with NOTICES
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–64032; File No. SR–
NASDAQ–2011–029]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Modify the
Minor Rules Violation Plan of the
Nasdaq Options Market With Respect
to Standardized Options
March 4, 2011.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
All submissions should refer to File
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
Number SR–MSRB–2011–02. This file
notice is hereby given that on February
number should be included on the
18, 2011, The NASDAQ Stock Market
subject line if e-mail is used. To help the LLC (‘‘NASDAQ’’ or ‘‘Exchange’’) filed
Commission process and review your
with the Securities and Exchange
comments more efficiently, please use
Commission (‘‘Commission’’) the
only one method. The Commission will proposed rule change as described in
post all comments on the Commission’s Items I, II, and III below, which Items
Internet Web site (https://www.sec.gov/
have been prepared by NASDAQ. The
rules/sro.shtml). Copies of the
Commission is publishing this notice to
submission, all subsequent
solicit comments on the proposed rule
amendments, all written statements
change from interested persons.
with respect to the proposed rule
I. Self-Regulatory Organization’s
change that are filed with the
Statement of the Terms of the Substance
Commission, and all written
of the Proposed Rule Change
communications relating to the
proposed rule change between the
NASDAQ proposes to modify the
Commission and any person, other than
Minor Rules Violation Plan with respect
those that may be withheld from the
to standardized options as set forth in
public in accordance with the
Chapter X, Section 7 of the Nasdaq
provisions of 5 U.S.C. 552, will be
Options Market (‘‘NOM’’) rules.
available for website viewing and
The text of the proposed rule change
printing in the Commission’s Public
is available at https://
Reference Room, 100 F Street, NE.,
nasdaq.cchwallstreet.com/, at
Washington, DC 20549, on official
NASDAQ’s principal office, on the
business days between the hours of 10
Commission’s Web site at https://
a.m. and 3 p.m. Copies of such filing
also will be available for inspection and www.sec.gov, and at the Commission’s
Public Reference Room.
copying at the MSRB’s offices. All
comments received will be posted
II. Self-Regulatory Organization’s
without change; the Commission does
Statement of the Purpose of, and
not edit personal identifying
Statutory Basis for, the Proposed Rule
information from submissions. You
Change
should submit only information that
you wish to make available publicly. All
In its filing with the Commission,
submissions should refer to File
NASDAQ included statements
Number SR–MSRB–2011–02 and should concerning the purpose of and basis for
be submitted on or before March 30,
the proposed rule change and discussed
2011.
any comments it received on the
proposed rule change. The text of these
For the Commission, by the Division of
statements may be examined at the
Trading and Markets, pursuant to delegated
places specified in Item IV below.
authority.10
NASDAQ has prepared summaries, set
Cathy H. Ahn,
forth in Sections A, B, and C below, of
Deputy Secretary.
the most significant aspects of such
[FR Doc. 2011–5279 Filed 3–8–11; 8:45 am]
statements.
BILLING CODE 8011–01–P
1 15
10 17
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
18:04 Mar 08, 2011
2 17
Jkt 223001
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19–b4.
Frm 00076
Fmt 4703
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Minor Rules Violation Plan
(‘‘MRVP’’) fosters compliance with
applicable rules and also helps to
reduce the number and extent of rule
violations committed by Options
Participants and associated persons. The
MRVP is particularly useful in reducing
both the number and extent of rule
violations because the text of the rule,
located at Chapter X, Section 7, enables
staff to promptly impose a limited but
meaningful financial penalty soon after
the violations are detected. The prompt
imposition of a financial penalty helps
to quickly educate and improve the
conduct of Options Participants and
associated persons that have engaged in
inadvertent or otherwise minor
violations of the Exchange’s rules,
particularly those parties who may not
pay attention to mere warnings that they
are violating Exchange rules. By
promptly imposing a meaningful
financial penalty for such violations, the
MRVP focuses on correcting conduct
before it gives rise to more serious
enforcement action.
The Exchange believes its proposal
places the Exchange on par with all
other options exchanges. Currently, all
options exchanges have entered into a
plan pursuant to Rule 17d–2 of the Act
(the ‘‘Plan’’) to agree to allocate
regulatory responsibility for certain
rules common to all options exchanges.
Adding the proposed rules to the
Exchange’s minor rule plan promotes
consistency with the minor rule
violations plans of the other exchanges,
particularly with respect to rule [sic]
that are classified as common rules
pursuant to the Plan.
In light of recent amendments to
Exchange rules, the Exchange is
proposing to make amendments to the
MVRP as described in greater detail
below. While the MRVP will continue to
be used for inadvertent and occasional
rule violations, serious violations of
Exchange rules will continue to be
addressed through formal enforcement
action.3
LOPR Reporting and Position Limit
Violations
Proposed new subsection (d) of
Chapter X, Section 7 will govern minor
violations of the rules regarding Large
Option Position Report (‘‘LOPR’’)
Reporting and Position Limits as set
forth in Chapter III, Sections 7–10. This
3 See
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Exchange Section 9200 Series Rules.
09MRN1
]]>Agencies
[Federal Register Volume 76, Number 46 (Wednesday, March 9, 2011)]
[Notices]
[Pages 13005-13007]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-5279]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-64022; File No. SR-MSRB-2011-02]
Self-Regulatory Organizations; Municipal Securities Rulemaking
Board; Notice of Filing and Immediate Effectiveness of Rule Change
Consisting of Amendments to MSRB Rule A-3, on Membership on the Board
March 3, 2011.
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 February 18, 2011, the Municipal Securities Rulemaking Board
(``Board'' or ``MSRB'') filed with the Securities and Exchange
Commission (``SEC'' or ``Commission'') the proposed rule change as
described in Items I and II below, which Items have been prepared by
the MSRB. The MSRB has filed the proposal as a ``non-controversial''
rule change pursuant to Section 19(b)(3)(A)(iii),\3\ and Rule 19b-
4(f)(6) 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)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The MSRB is filing with the SEC a proposed rule change consisting
of amendments to MSRB Rule A-3, on membership on the Board.
The text of the proposed rule change is available on the MSRB's Web
site at https://www.msrb.org/Rules-and-Interpretations/SEC-Filings/2011-Filings.aspx, 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
[[Page 13006]]
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 MSRB
Rule A-3(i) as are necessary and appropriate to retain a 21 member
Board of Directors, including 11 public members and 10 regulated
representatives, consistent with current MSRB transitional Rule A-3(i)
and the requirements of the Dodd-Frank Wall Street Reform and Consumer
Protection Act, Public Law 111-203, 124 Stat. 1376 (2010) (the ``Dodd-
Frank Act'').\5\ Transitional Rule A-3(i), adopted on September 30,
2010 to comply with the Board composition requirements of Section 975
of the Dodd-Frank Act, established a two-year transition period for
achieving a permanent Board structure under the new composition
requirements of the Dodd-Frank Act and envisioned a series of further
amendments to the rule during the transition period in furtherance
thereof. The transitional period commenced on October 1, 2010 and
concludes on September 30, 2012. The proposed rule change consists of
amendments to MSRB Rule A-3(i) to provide for a three-year term for the
class of five Board members--two public and three representing MSRB
regulated entities--who will commence service on October 1, 2011. The
amendments to Rule A-3(i) provide that the next class of Board members
will consist of two public members and three members representing any
category of regulated entity, including broker-dealers, bank dealers,
and municipal advisors. The rule change further provides that the new
class of five members of the Board of Directors will serve a three-year
term.
---------------------------------------------------------------------------
\5\ See Exchange Act Release No. 63025 (Sep. 30, 2010), 75 FR
61806 (Oct. 6, 2010).
---------------------------------------------------------------------------
The rule would state explicitly that five new members would be
elected to the Board of Directors, although implicit in the rule, since
five Board members are retiring as of September 30, 2010, and the MSRB
must maintain a Board of Directors of 21 members during the
transitional period. Further, the rule would state explicitly that two
of the five new members would be public directors and three would be
representative of MSRB regulated entities. While also implicit in Rule
A-3(i), the rule change would make clear that the three industry
positions may be filled by representatives of broker-dealers, bank
dealers or municipal advisors, since the retiring industry members are
representative of broker-dealers or bank dealers. Finally, the rule
change would provide that the new class of five directors would have a
three-year term. While the directors have historically served three-
year terms, the most recent Board class, elected at the start of the
transitional period, was elected for a two-year term.
Thus, this proposed rule change is intended to establish a three-
year term for the five new Board members who will commence service on
October 1, 2011, consistent with Section 15B(b)(1) of the Securities
Exchange Act of 1934 and prior Board practice. The proposed rule change
would amend MSRB Rule A-3(i) in order to provide for the election of a
new five member class for a three-year term commencing on October 1,
2011. Of the five new members, two would be members of the public and
three would be regulated representatives who are representative of and
associated with brokers, dealers, municipal securities dealers or
municipal advisors.
2. Statutory Basis
The MSRB has adopted the proposed rule change pursuant to Section
15B(b)(2)(B) \6\ of the Act, which provides that the MSRB's rules
shall:
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78o-4(b)(2)(B)
establish fair procedures for the nomination and election of members
of the Board and assure fair representation in such nominations and
elections of public representatives, broker dealer representatives,
---------------------------------------------------------------------------
bank representatives, and advisor representatives.
The MSRB believes that the proposed rule change is consistent with
the Act, as amended by the Dodd-Frank Act, in that it would provide for
the maintenance of a 21 member Board with a majority of public members
and have fair representation of broker-dealers, bank dealers, and
municipal advisors, consistent with MSRB Rule A-3(i) as approved by the
SEC.
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 is solely concerned with the
administration of the MSRB and, in any event, provides for fair
representation on the Board of public representatives, broker dealer
representatives, bank dealer representatives and municipal advisor
representatives.
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 MSRB represented that the proposed rule change qualifies for
immediate effectiveness pursuant to Section 19(b)(3)(A)(iii) of the Act
\7\ because it: (i) Does not significantly affect the protection of
investors or the public interest; (ii) does not impose any significant
burden on competition; and (iii) does not become operative for 30 days
after filing or such shorter time as the Commission may designate
consistent with the protection of investors and the public interest.\8\
The MSRB provided the required written notice of its intention to file
the proposed rule change to the Commission on February 10, 2011, and
the proposed rule change will become operative on April 1, 2011, which
is more than 30 days after the filing of the proposed rule change.
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\7\ 15 U.S.C. 78s(b)(3)(A)(iii).
\8\ In addition, Rule 19b-4(f)(6)(iii) requires a self-
regulatory organization to give the Commission written notice of its
intent to file the proposed rule change at least five business days
prior to the date of filing of the proposed rule change, or such
shorter time as designated by the Commission.
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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.\9\
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\9\ 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:
[[Page 13007]]
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-2011-02 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-2011-02. 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 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-2011-02 and should be submitted on
or before March 30, 2011.
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\10\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-5279 Filed 3-8-11; 8:45 am]
BILLING CODE 8011-01-P
