Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of Revisions to the Study Outline for the Municipal Fund Securities Limited Principal Qualification Examination (Series 51), 40756-40758 [2011-17245]
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Federal Register / Vol. 76, No. 132 / Monday, July 11, 2011 / Notices
Budget (OMB) for approval. In
compliance with the Paperwork
Reduction Act of 1995 (44 USC Chapter
35), the Peace Corps invites the general
public to comment on this request for
approval of a new proposed information
collection, Peace Corps Response
Application (OMB Control Number
0420–0005). This process is conducted
in accordance with 5 CFR 1320.10
DATES: Submit comments on or before
September 9, 2011.
ADDRESSES: Comments should be
addressed to Denora Miller, Freedom of
Information Act Officer. Denora Miller
can be contacted by telephone at 202–
692–1236 or e-mail at
pcfr@peacecorps.gov. E-mail comments
must be made in text and not in
attachments.
FOR FURTHER INFORMATION CONTACT:
including the validity of the information
to be collected; and, ways to minimize
the burden of the collection of
information on those who are to
respond, including through the use of
automated collection techniques, when
appropriate, and other forms of
information technology.
This notice issued in Washington, DC, on
July 5, 2011.
Earl W. Yates,
Associate Director, Management.
[FR Doc. 2011–17273 Filed 7–8–11; 8:45 am]
BILLING CODE 6051–01–P
SECURITIES AND EXCHANGE
COMMISSION
Denora Miller at Peace Corps address
above.
[RELEASE NO. 34–64804; File No. SR–
MSRB–2011–07]
The
information collected by the Volunteer
Application is used by the Peace Corps
to collect essential information from
individuals, including technical and
language skills, and availability for
Peace Corps service. The Volunteer
Application is the document of record
for an individual’s decision to apply for
Peace Corps service.
Title: Peace Corps Volunteer
Application.
OMB Control Number: 0420–0005.
Type of Review: New.
Affected Public: General public.
Respondents’ Obligation To Reply:
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Burden to the Public:
(a) Estimated number of
respondents—14,000;
(b) Estimated average burden—6
hours;
(c) Frequency of response—one time;
(d) Annual reporting burden—84,000
hours; and
(e) Estimated annual cost to
respondents—$0.00
General Description of Collection: The
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whether the information will have
practical use; the accuracy of the
agency’s estimate of the burden of the
proposed collection of information,
Self-Regulatory Organizations;
Municipal Securities Rulemaking
Board; Notice of Filing and Immediate
Effectiveness of Revisions to the
Study Outline for the Municipal Fund
Securities Limited Principal
Qualification Examination (Series 51)
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SUPPLEMENTARY INFORMATION:
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July 5, 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 June 21,
2011, the Municipal Securities
Rulemaking Board (‘‘Board’’ or
‘‘MSRB’’) filed with the Securities and
Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) a proposed rule change
(File No. SR–MSRB–2011–07) (the
‘‘proposed rule change’’) as described in
Items I, II, and III below, which Items
have been prepared by the MSRB. The
MSRB has designated the proposed rule
change as constituting a stated policy,
practice, or interpretation with respect
to the meaning, administration, or
enforcement of an existing rule of the
self-regulatory organization pursuant to
Section 19(b)(3)(A)(i) 3 of the Act and
Rule 19b–4(f)(1) thereunder,4 which
renders the proposal effective upon
filing with the Commission. The
implementation date of the proposed
rule change is August 1, 2011, which is
when the revised study outline will
indicate its effective date. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
PO 00000
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(i).
4 17 CFR 240.19b–4(f)(1).
2 17
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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
Commission revisions to the study
outline for the Municipal Fund
Securities Limited Principal
Qualification Examination (Series 51).
The text of the proposed rule change
is available on the MSRB’s Web site at
https://www.msrb.org/Rules-andInterpretations/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
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
Section 15B(b)(2)(A) of the Act 5
authorizes the MSRB to prescribe
standards of training, experience,
competence, and such other
qualifications as the Board finds
necessary or appropriate in the public
interest or for the protection of investors
and municipal entities or obligated
persons. The MSRB has developed
examinations that are designed to
establish that persons associated with
brokers, dealers and municipal
securities dealers that effect transactions
in municipal securities have attained
specified levels of competence and
knowledge. The MSRB periodically
reviews the content of the examinations
to determine whether revisions are
necessary or appropriate in view of
changes pertaining to the subject matter
covered by the examinations.
MSRB Rule G–3(b)(iv) states that the
municipal fund securities limited
principal has responsibility to oversee
the municipal securities activities of a
securities firm or bank dealer solely as
such activities relate to transactions in
municipal fund securities. In this
capacity, the municipal fund securities
5 15
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U.S.C. 78o–4(b)(2)(A).
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Federal Register / Vol. 76, No. 132 / Monday, July 11, 2011 / Notices
limited principal manages, directs or
supervises one or more of the following
activities relating to municipal fund
securities: underwriting, trading or
selling municipal fund securities;
rendering financial advisory or
consultant services to issuers of
municipal fund securities; research or
investment advice, or communications
with customers, about any of the
activities named heretofore; maintaining
records on activities in municipal fund
securities; processing, clearing, and (in
the case of securities firms) safekeeping
of municipal fund securities; and
training of principals and
representatives.6 The only examination
that qualifies a municipal fund
securities limited principal is the
Municipal Fund Securities Limited
Principal Qualification Examination.
The Municipal Fund Securities
Limited Principal Qualification
Examination is designed to determine
whether an individual meets the
MSRB’s qualification standards for
municipal fund securities limited
principals. To do this, the examination
measures a candidate’s knowledge of
MSRB rules, rule interpretations and
Federal statutory provisions applicable
to the activities listed above. It also
measures the candidate’s ability to
apply these rules and interpretations to
given fact situations in the context of
municipal fund securities activities. In
addition to passing this examination, a
candidate must also have previously or
concurrently qualified as a general
securities principal or investment
company/variable contracts limited
principal. The examination consists of
60 multiple-choice questions and each
question is worth one point. The
passing grade is 70%. Candidates are
allowed one and one-half hours to
complete the examination.
Recent changes to MSRB rules have
necessitated revisions to the Series 51
study outline to indicate the current
rule requirements and rule citations. A
summary of the changes to the study
outline for the Series 51 examination,
detailed by major topic headings, is
provided below. Changes are stated as
revisions to the current outline.
Part Three: General Supervision
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Qualification and Registration
• The topic for Rule A–15 has been
revised to indicate the current rule
requirements for notification to the
MSRB of change in status, name or
address.
6 A municipal securities principal (Series 53) is
also qualified to supervise these responsibilities.
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40757
Part Six: Underwriting and Disclosure
Obligations
B. Self-Regulatory Organization’s
Statement on Burden on Competition
Obligations of Municipal Underwriters
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, as amended.
• The topic ‘‘Delivery of official
statement and Form G–36(OS) to the
MSRB’’ has been replaced with
‘‘Submission of official statements,
advance refunding documents and other
required information to EMMA’’ to
reflect the current requirements
pursuant to Rule G–32(b).
• The topic ‘‘Responsibility of
primary distributors’’ has been deleted
because the current requirements for
primary distributors are included under
the topic ‘‘Submission of official
statements, advance refunding
documents and other required
information to EMMA’’ pursuant to Rule
G–32(b).
Disclosures to Customers
• The rule citation for the topic
‘‘Delivery of official statement to
customer and other disclosure
requirements’’ has been revised to
reflect current Rule G–32.
2. Statutory Basis
The MSRB believes that the proposed
revisions to the study outline for the
Series 51 examination are consistent
with the provisions of Section
15B(b)(2)(A) of the Act, which
authorizes the MSRB to prescribe
standards of training, experience,
competence, and such other
qualifications as the Board finds
necessary or appropriate in the public
interest or for the protection of investors
and municipal entities or obligated
persons. Section 15B(b)(2)(A) of the Act
also provides that the Board may
appropriately classify municipal
securities brokers, municipal securities
dealers, and municipal advisors, and
persons associated with municipal
securities brokers, municipal securities
dealers, and municipal advisors and
require persons in any such class to pass
tests prescribed by the Board.
The MSRB believes that the proposed
revisions to the study outline for the
Series 51 examination are consistent
with the provisions of Section
15B(b)(2)(A) of the Act in that the
revisions will ensure that certain key
concepts or rules are tested on each
administration of the examination in
order to test the competency of
individuals seeking to qualify as
municipal fund securities limited
principals with respect to their
knowledge about MSRB rules and the
municipal securities market.
PO 00000
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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 proposed rule change has become
effective pursuant to Section
19(b)(3)(A)(i) of the Act 7 and Rule 19b–
4(f)(1) 8 thereunder, in that the proposed
rule change constitutes a stated policy,
practice, or interpretation with respect
to the meaning, administration, or
enforcement of an existing rule of the
self-regulatory organization. The
implementation date of the proposed
rule change is August 1, 2011, which is
when the revised study outline will
indicate its effective date. 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:
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–2011–07 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
7 15
U.S.C. 78s(b)(3)(A)(i).
CFR 240.19b–4(f)(1)
9 See Section 19(b)(3)(C) of the Act, 15 U.S.C.
78s(b)(3)(C).
8 17
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Federal Register / Vol. 76, No. 132 / Monday, July 11, 2011 / Notices
100 F Street, NE., Washington, DC
20549–1090.
SECURITIES AND EXCHANGE
COMMISSION
All submissions should refer to File
Number SR–MSRB–2011–07. 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 Web site 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–2011–07 and should
be submitted on or before August 1,
2011.
[Release No. 34–64809; File No. SR–NYSE–
2011–20]
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011–17245 Filed 7–8–11; 8:45 am]
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BILLING CODE 8011–01–P
10 17
CFR 200.30–3(a)(12).
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Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Designation of a Longer Period for
Commission Action on Proposed Rule
Change To Add New Section 907.00 to
the Listed Company Manual That Sets
Forth Certain Complimentary Products
and Services That Are Offered to
Currently and Newly Listed Issuers
July 5, 2011.
On May 5, 2011, the New York Stock
Exchange LLC (‘‘NYSE’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’),1 and
Rule 19b–4 thereunder,2 a proposed rule
change to amend the NYSE’s Listed
Company Manual to set forth certain
complimentary products and services,
and their commercial value, that are
offered by the Exchange to currently and
newly listed issuers. The proposed rule
change was published for comment in
the Federal Register on May 23, 2011.3
The Commission received sixteen
comment letters on the proposal.4
The Commission also received a
comment letter from NYSE in response
to the commenters.5
Section 19(b)(2) of the Act 6 provides
that within 45 days of the publication of
notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 64506
(May 17, 2011), 76 FR 29806 (May 23, 2011).
4 See Letters to the Commission, from Ronald
Russo, GLX, Inc., dated May 18, 2011; Bryan
Degnan, Taylor Rafferty Associates, dated May 19,
2011; Jennifer Kaminsky, dated May 19, 2011;
Anonymous, dated May 19, 2011; Todd Allen,
dated May 19, 2011; Brian Rivel, President, Rivel
Research Group, dated May 20, 2011; Jerry Falkner,
May 22, 2011; Enzo Villani, President, MZ North
America, dated June 6, 2011; John Fairir, dated June
7, 2011; Michael Pepe, CEO, PrecisionIR Group,
dated June 7, 2011; Michael O’Connell, Director IR
Solutions, SNL Financial, dated June 10, 2011;
Dominic Jones, President, IR Web Reporting
International, Inc., dated June 15, 2011; Darrell
Heaps, CEO, Q4 Web System, dated June 16, 2011;
Dominic Jones, President, IR Web Reporting
International, Inc., dated June 29, 2011; and e-mails
to Robert Cook, Director, Division of Trading and
Markets and David Shillman, Associate Director,
Division of Trading and Markets, from Patrick
Healy, CEO, Issuer Advisory Group, LLC, dated
June 26, 2011 and June 28, 2011.
5 See Letter to Elizabeth M. Murphy, Secretary,
Commission, from Janet L. McGinness, Senior Vice
President—Legal and Corporate Secretary, NYSE,
dated June 27, 2011.
6 15 U.S.C. 78s(b)(2).
PO 00000
1 15
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to be appropriate and publishes its
reasons for so finding or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day for this filing
is July 7, 2011.
The Commission is extending the 45day time period for Commission action
on the proposed rule change. The
Commission finds that it is appropriate
to designate a longer period within
which to take action on the proposed
rule change so that it has sufficient time
to consider the Exchange’s proposal, as
described above, and to consider the
comment letters that have been
submitted in connection with the
proposed rule change.
Accordingly, pursuant to Section
19(b)(2) of the Act,7 the Commission
designates August 21, 2011 as the date
by which the Commission should either
approve or disapprove, or institute
proceedings to determine whether to
disapprove, the proposed rule change
(File Number SR–NYSE–2011–20).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011–17305 Filed 7–8–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–64805; File No. SR–ISE–
2011–30]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Order Approving a Proposed
Rule Change Relating to Complex
Orders
July 5, 2011.
I. Introduction
On May 23, 2011, the International
Securities Exchange, LLC (the
‘‘Exchange’’ or ‘‘ISE’’), filed with the
Securities and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
allow complex orders in options classes
traded on the ISE’s Optimise trading
platform to be entered into the Price
7 15
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(31).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
8 17
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]]>Agencies
[Federal Register Volume 76, Number 132 (Monday, July 11, 2011)]
[Notices]
[Pages 40756-40758]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-17245]
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SECURITIES AND EXCHANGE COMMISSION
[RELEASE NO. 34-64804; File No. SR-MSRB-2011-07]
Self-Regulatory Organizations; Municipal Securities Rulemaking
Board; Notice of Filing and Immediate Effectiveness of Revisions to the
Study Outline for the Municipal Fund Securities Limited Principal
Qualification Examination (Series 51)
July 5, 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 June 21, 2011, the Municipal Securities Rulemaking Board
(``Board'' or ``MSRB'') filed with the Securities and Exchange
Commission (``SEC'' or ``Commission'') a proposed rule change (File No.
SR-MSRB-2011-07) (the ``proposed rule change'') as described in Items
I, II, and III below, which Items have been prepared by the MSRB. The
MSRB has designated the proposed rule change as constituting a stated
policy, practice, or interpretation with respect to the meaning,
administration, or enforcement of an existing rule of the self-
regulatory organization pursuant to Section 19(b)(3)(A)(i) \3\ of the
Act and Rule 19b-4(f)(1) thereunder,\4\ which renders the proposal
effective upon filing with the Commission. The implementation date of
the proposed rule change is August 1, 2011, which is when the revised
study outline will indicate its effective date. 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)(i).
\4\ 17 CFR 240.19b-4(f)(1).
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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 Commission revisions to the study
outline for the Municipal Fund Securities Limited Principal
Qualification Examination (Series 51).
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 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
Section 15B(b)(2)(A) of the Act \5\ authorizes the MSRB to
prescribe standards of training, experience, competence, and such other
qualifications as the Board finds necessary or appropriate in the
public interest or for the protection of investors and municipal
entities or obligated persons. The MSRB has developed examinations that
are designed to establish that persons associated with brokers, dealers
and municipal securities dealers that effect transactions in municipal
securities have attained specified levels of competence and knowledge.
The MSRB periodically reviews the content of the examinations to
determine whether revisions are necessary or appropriate in view of
changes pertaining to the subject matter covered by the examinations.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78o-4(b)(2)(A).
---------------------------------------------------------------------------
MSRB Rule G-3(b)(iv) states that the municipal fund securities
limited principal has responsibility to oversee the municipal
securities activities of a securities firm or bank dealer solely as
such activities relate to transactions in municipal fund securities. In
this capacity, the municipal fund securities
[[Page 40757]]
limited principal manages, directs or supervises one or more of the
following activities relating to municipal fund securities:
underwriting, trading or selling municipal fund securities; rendering
financial advisory or consultant services to issuers of municipal fund
securities; research or investment advice, or communications with
customers, about any of the activities named heretofore; maintaining
records on activities in municipal fund securities; processing,
clearing, and (in the case of securities firms) safekeeping of
municipal fund securities; and training of principals and
representatives.\6\ The only examination that qualifies a municipal
fund securities limited principal is the Municipal Fund Securities
Limited Principal Qualification Examination.
---------------------------------------------------------------------------
\6\ A municipal securities principal (Series 53) is also
qualified to supervise these responsibilities.
---------------------------------------------------------------------------
The Municipal Fund Securities Limited Principal Qualification
Examination is designed to determine whether an individual meets the
MSRB's qualification standards for municipal fund securities limited
principals. To do this, the examination measures a candidate's
knowledge of MSRB rules, rule interpretations and Federal statutory
provisions applicable to the activities listed above. It also measures
the candidate's ability to apply these rules and interpretations to
given fact situations in the context of municipal fund securities
activities. In addition to passing this examination, a candidate must
also have previously or concurrently qualified as a general securities
principal or investment company/variable contracts limited principal.
The examination consists of 60 multiple-choice questions and each
question is worth one point. The passing grade is 70%. Candidates are
allowed one and one-half hours to complete the examination.
Recent changes to MSRB rules have necessitated revisions to the
Series 51 study outline to indicate the current rule requirements and
rule citations. A summary of the changes to the study outline for the
Series 51 examination, detailed by major topic headings, is provided
below. Changes are stated as revisions to the current outline.
Part Three: General Supervision
Qualification and Registration
The topic for Rule A-15 has been revised to indicate the
current rule requirements for notification to the MSRB of change in
status, name or address.
Part Six: Underwriting and Disclosure Obligations
Obligations of Municipal Underwriters
The topic ``Delivery of official statement and Form G-
36(OS) to the MSRB'' has been replaced with ``Submission of official
statements, advance refunding documents and other required information
to EMMA'' to reflect the current requirements pursuant to Rule G-32(b).
The topic ``Responsibility of primary distributors'' has
been deleted because the current requirements for primary distributors
are included under the topic ``Submission of official statements,
advance refunding documents and other required information to EMMA''
pursuant to Rule G-32(b).
Disclosures to Customers
The rule citation for the topic ``Delivery of official
statement to customer and other disclosure requirements'' has been
revised to reflect current Rule G-32.
2. Statutory Basis
The MSRB believes that the proposed revisions to the study outline
for the Series 51 examination are consistent with the provisions of
Section 15B(b)(2)(A) of the Act, which authorizes the MSRB to prescribe
standards of training, experience, competence, and such other
qualifications as the Board finds necessary or appropriate in the
public interest or for the protection of investors and municipal
entities or obligated persons. Section 15B(b)(2)(A) of the Act also
provides that the Board may appropriately classify municipal securities
brokers, municipal securities dealers, and municipal advisors, and
persons associated with municipal securities brokers, municipal
securities dealers, and municipal advisors and require persons in any
such class to pass tests prescribed by the Board.
The MSRB believes that the proposed revisions to the study outline
for the Series 51 examination are consistent with the provisions of
Section 15B(b)(2)(A) of the Act in that the revisions will ensure that
certain key concepts or rules are tested on each administration of the
examination in order to test the competency of individuals seeking to
qualify as municipal fund securities limited principals with respect to
their knowledge about MSRB rules and the municipal securities market.
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, as amended.
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 proposed rule change has become effective pursuant to Section
19(b)(3)(A)(i) of the Act \7\ and Rule 19b-4(f)(1) \8\ thereunder, in
that the proposed rule change constitutes a stated policy, practice, or
interpretation with respect to the meaning, administration, or
enforcement of an existing rule of the self-regulatory organization.
The implementation date of the proposed rule change is August 1, 2011,
which is when the revised study outline will indicate its effective
date. 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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\7\ 15 U.S.C. 78s(b)(3)(A)(i).
\8\ 17 CFR 240.19b-4(f)(1)
\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:
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-2011-07 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission,
[[Page 40758]]
100 F Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-MSRB-2011-07. 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 Web site 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-2011-07 and
should be submitted on or before August 1, 2011.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-17245 Filed 7-8-11; 8:45 am]
BILLING CODE 8011-01-P
