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]

Download as PDF 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 VerDate Mar<15>2010 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 (http://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 (http://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., http://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 Jkt 223001 13005 PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 E:\FR\FM\09MRN1.SGM CFR 240.19b–4(f)(6). 09MRN1 13006 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 E:\FR\FM\09MRN1.SGM 09MRN1 Federal Register / Vol. 76, No. 46 / Wednesday, March 9, 2011 / Notices Electronic Comments • Use the Commission’s Internet comment form (http://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 (http://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 http:// 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 http:// 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 Sfmt 4703 13007 E:\FR\FM\09MRN1.SGM 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]


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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.
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    \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).
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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 http://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:
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    \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\
---------------------------------------------------------------------------

    \9\ See Section 19(b)(3)(C) of the Act, 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

[[Page 13007]]

Electronic Comments

     Use the Commission's Internet comment form (http://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 (http://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