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]

Download as PDF 40756 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: Voluntary. 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 Volunteer Application is used by Peace Corps in its assessment of an individual’s qualifications to serve as a Peace Corps Volunteer including practical and cross-cultural experience, maturity, and motivation and commitment. Request for Comment: Peace Corps invites comments on whether the proposed collection of information is necessary for proper performance of the functions of the Peace Corps, including 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) erowe on DSK5CLS3C1PROD with NOTICES SUPPLEMENTARY INFORMATION: VerDate Mar<15>2010 15:30 Jul 08, 2011 Jkt 223001 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 Frm 00080 Fmt 4703 Sfmt 4703 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 http://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 E:\FR\FM\11JYN1.SGM U.S.C. 78o–4(b)(2)(A). 11JYN1 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 erowe on DSK5CLS3C1PROD with NOTICES 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. VerDate Mar<15>2010 15:30 Jul 08, 2011 Jkt 223001 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 Frm 00081 Fmt 4703 Sfmt 4703 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 (http://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 E:\FR\FM\11JYN1.SGM 11JYN1 40758 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 (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 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] erowe on DSK5CLS3C1PROD with NOTICES BILLING CODE 8011–01–P 10 17 CFR 200.30–3(a)(12). VerDate Mar<15>2010 15:30 Jul 08, 2011 Jkt 223001 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 Frm 00082 Fmt 4703 Sfmt 4703 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 E:\FR\FM\11JYN1.SGM 11JYN1

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 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 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).
---------------------------------------------------------------------------

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 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 (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 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\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-17245 Filed 7-8-11; 8:45 am]
BILLING CODE 8011-01-P