Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Withdrawal of Proposed Rule Change Consisting of Amendments to MSRB Rule G-20 (Gifts and Gratuities) and Related Amendments to MSRB Rule G-8 (Books and Records) and MSRB Rule G-9 (Preservation of Records), and To Clarify That Certain Interpretations by the Financial Industry Regulatory Authority and the National Association of Securities Dealers Would Be Applicable to Municipal Advisors, 60952 [2011-25188]

Download as PDF 60952 Federal Register / Vol. 76, No. 190 / Friday, September 30, 2011 / Notices in the custody or control of the clearing agency or for which it is responsible.15 As described in this filing, NSCC’s All submissions should refer to File proposal to move the settlement of Number SR–NSCC–2011–07. This file partial transfers of mutual fund assets in number should be included on the subject line if e-mail is used. To help the ACATS from one day to two days should help mitigate the risk that in the Commission process and review your event of a member defaulting between comments more efficiently, please use only one method. The Commission will the time funds have been exchanged but post all comments on the Commission’s delivery has not been made and should provide greater transparency with Internet Web site (http://www.sec.gov/ respect to the settlement status of rules/sro.shtml). Copies of the submission, all subsequent transactions processed through the amendments, all written statements ACATS-Fund/SERV interface. with respect to the proposed rule Accordingly, the Commission finds that change that are filed with the the rule change is consistent with Commission, and all written Section 17A(b)(3)(F) of the Act because communications relating to the it should allow NSCC to reduce risks proposed rule change between the associated with the transfer of mutual Commission and any person, other than fund assets in ACATS, which should in those that may be withheld from the turn better enable NSCC to assure the public in accordance with the safeguarding of funds and securities in provisions of 5 U.S.C. 552, will be its possession or control or for which it available for Web site viewing and is responsible. printing in the Commission’s Public NSCC has requested that the Reference Section, 100 F Street, NE., Washington, DC 20549–1090, on official Commission find good cause for approving the proposed rule change business days between the hours of 10 prior to the thirtieth day after a.m. and 3 p.m. Copies of such filings will also be available for inspection and publication of notice of filing thereof in the Federal Register. As discussed copying at the principal office of NSCC above, approval of the proposal will and on NSCC’s Web site at http:// allow NSCC to immediately implement www.dtcc.com/downloads/legal/rule a procedure that should reduce risk for filings/2011/nscc/2011-07.pdf. All NSCC and its members, and other comments received will be posted financial intermediaries associated with without change; the Commission does the transfer of mutual fund assets in not edit personal identifying information from submissions. You ACATS. As such, the Commission finds should submit only information that good cause for approving the proposed you wish to make available publicly. All rule change prior to the thirtieth day submissions should refer to File after the date of publication of the Number SR–NSCC–2011–07 and should notice filing in the Federal Register. be submitted on or before October 21, V. Conclusion 2011. 100 F Street, NE., Washington, DC 20549–1090. mstockstill on DSK4VPTVN1PROD with NOTICES IV. Commission’s Finding and Order Granting Accelerated Approval of Proposed Rule Change For the reasons stated below, the Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to NSCC.14 Specifically, the Commission finds that the proposed rule change is consistent with Section 17A(b)(3)(F) of the Act which requires, among other things, that the rules of a clearing agency be designed to promote the prompt and accurate clearance and settlement of securities transactions, to assure the safeguarding of securities and funds of NSCC’s participants which are 14 In approving this proposal, the Commission has considered its impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). VerDate Mar<15>2010 17:19 Sep 29, 2011 Jkt 223001 It is therefore ordered, pursuant to Section 19(b)(2) of the Act, that the proposed rule change (SR–NSCC–2011– 07) is approved on an accelerated basis. For the Commission by the Division of Trading and Markets, pursuant to delegated authority.16 Elizabeth M. Murphy, Secretary. [FR Doc. 2011–25195 Filed 9–29–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–65394; File No. SR–MSRB– 2011–10] Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Withdrawal of Proposed Rule Change Consisting of Amendments to MSRB Rule G–20 (Gifts and Gratuities) and Related Amendments to MSRB Rule G–8 (Books and Records) and MSRB Rule G–9 (Preservation of Records), and To Clarify That Certain Interpretations by the Financial Industry Regulatory Authority and the National Association of Securities Dealers Would Be Applicable to Municipal Advisors September 26, 2011. On August 16, 2011, the Municipal Securities Rulemaking Board (the ‘‘MSRB’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) a proposed rule change pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 1 and Rule 19b–4 thereunder,2 consisting of proposed amendments to MSRB Rule G–20 (on gifts and gratuities), which would apply the rule to municipal advisors, along with related proposed amendments to Rule G–8 (on books and records) and Rule G–9 (on preservation of records), and to clarify that certain interpretations by the Financial Industry Regulatory Authority (‘‘FINRA’’) of its gifts rule (FINRA Rule 3220) and its predecessor, the National Association of Securities Dealers (‘‘NASD’’), of its gift rule (NASD Rule 3060), would be applicable to municipal advisors. Notice of the proposed rule change was published in the Federal Register on September 7, 2011.3 The Commission received one comment letter on the proposed rule change.4 On September 9, 2011, the MSRB withdrew the proposed rule change (SR–MSRB–2011–10).5 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 Elizabeth M. Murphy, Secretary. [FR Doc. 2011–25188 Filed 9–29–11; 8:45 am] BILLING CODE 8011–01–P 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 65234 (August 31, 2011), 76 FR 55449. 4 See letter to Elizabeth M. Murphy, Secretary, Commission, from Joseph J. Connolly, Counsel, The PFM Group, dated August 23, 2011. 5 See MSRB Notice 2011–51 (September 12, 2011). 6 17 CFR 200.30–3(a)(12). 2 17 15 15 16 17 PO 00000 U.S.C. 78q–1(b)(3)(F). CFR 200.30–3(a)(12). Frm 00154 Fmt 4703 Sfmt 9990 E:\FR\FM\30SEN1.SGM 30SEN1

Agencies

[Federal Register Volume 76, Number 190 (Friday, September 30, 2011)]
[Notices]
[Page 60952]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-25188]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65394; File No. SR-MSRB-2011-10]


Self-Regulatory Organizations; Municipal Securities Rulemaking 
Board; Notice of Withdrawal of Proposed Rule Change Consisting of 
Amendments to MSRB Rule G-20 (Gifts and Gratuities) and Related 
Amendments to MSRB Rule G-8 (Books and Records) and MSRB Rule G-9 
(Preservation of Records), and To Clarify That Certain Interpretations 
by the Financial Industry Regulatory Authority and the National 
Association of Securities Dealers Would Be Applicable to Municipal 
Advisors

September 26, 2011.
    On August 16, 2011, the Municipal Securities Rulemaking Board (the 
``MSRB'') filed with the Securities and Exchange Commission (the 
``Commission'') a proposed rule change pursuant to Section 19(b)(1) of 
the Securities Exchange Act of 1934 \1\ and Rule 19b-4 thereunder,\2\ 
consisting of proposed amendments to MSRB Rule G-20 (on gifts and 
gratuities), which would apply the rule to municipal advisors, along 
with related proposed amendments to Rule G-8 (on books and records) and 
Rule G-9 (on preservation of records), and to clarify that certain 
interpretations by the Financial Industry Regulatory Authority 
(``FINRA'') of its gifts rule (FINRA Rule 3220) and its predecessor, 
the National Association of Securities Dealers (``NASD''), of its gift 
rule (NASD Rule 3060), would be applicable to municipal advisors. 
Notice of the proposed rule change was published in the Federal 
Register on September 7, 2011.\3\ The Commission received one comment 
letter on the proposed rule change.\4\ On September 9, 2011, the MSRB 
withdrew the proposed rule change (SR-MSRB-2011-10).\5\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 65234 (August 31, 
2011), 76 FR 55449.
    \4\ See letter to Elizabeth M. Murphy, Secretary, Commission, 
from Joseph J. Connolly, Counsel, The PFM Group, dated August 23, 
2011.
    \5\ See MSRB Notice 2011-51 (September 12, 2011).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-25188 Filed 9-29-11; 8:45 am]
BILLING CODE 8011-01-P