Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing of Proposed Rule Change Consisting of Establishment of a Subscription to Historical Information and Documents Submitted to the MSRB's Short-Term Obligation Rate Transparency System, 14572-14574 [2012-5906]
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14572
Federal Register / Vol. 77, No. 48 / Monday, March 12, 2012 / Notices
of the information collected; and (d)
ways to minimize the burden of the
collection of information on
respondents, including through the use
of automated collection techniques or
other forms of information technology.
Consideration will be given to
comments and suggestions submitted in
writing within 60 days of this
publication.
Please direct your written comments
to Thomas Bayer, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way,
Alexandria, VA 22312; or send an email
to: PRA_Mailbox@sec.gov.
Dated: March 6, 2012.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–5854 Filed 3–9–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
pmangrum on DSK3VPTVN1PROD with NOTICES
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213.
Extension:
Rule 15g–5, OMB Control No. 3235–
0394, SEC File No. 270–348.
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the existing collection of information
provided for in the following rule: Rule
15g-5—Disclosure of compensation to
associated persons in connection with
penny stock transactions (17 CRF
240.15g-5) under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.). The Commission plans to submit
this existing collection of information to
the Office of Management and Budget
(‘‘OMB’’) for extension and approval.
Rule 15g–5 requires brokers and
dealers to disclose to customers the
amount of compensation to be received
by their sales agents in connection with
penny stock transactions. The purpose
of the rule is to increase the level of
disclosure to investors concerning
penny stocks generally and specific
penny stock transactions.
The Commission estimates that
approximately 209 broker-dealers will
spend an average of 87 hours annually
to comply with the rule. Thus, the total
compliance burden is approximately
18,183 burden-hours per year.
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Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the collection of
information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
in writing within 60 days of this
publication.
The commission may not conduct or
sponsor collection of information unless
it displays a currently valid control
number. No person shall be subject to
any penalty for failing to comply with
a collection of information subject to the
PRA that does not display a valid Office
of Management and Budget (OMB)
control number.
Please direct your written comments
to: Thomas Bayer, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way,
Alexandria, VA 22312 or send an email
to PRA_Mailbox@sec.gov.
Dated: March 6, 2012.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–5855 Filed 3–9–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
The purpose of Form 12b-25 (17 CFR
240.12b-25) is to provide notice to the
Commission and the marketplace that a
public company will be unable to timely
file a required periodic report or
transition report pursuant to the
Securities Exchange Act of 1934 (15
U.S.C 78a et seq.). If all the filing
conditions of the form are satisfied, the
company is granted an automatic filing
extension. Approximately 7,799
registrants file Form 12b-25 and it takes
approximately 2.5 hours per response
for a total of 19,498 burden hours.
Written comments are invited on: (a)
Whether this proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden imposed by the collection
of information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
in writing within 60 days of this
publication.
Please direct your written comments
to Thomas Bayer, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way,
Alexandria, Virginia 22312; or send an
email to: PRA_Mailbox@sec.gov.
Dated: March 6, 2012.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–5856 Filed 3–9–12; 8:45 am]
BILLING CODE 8011–01–P
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213.
Extension:
Form 12b–25, OMB Control No. 3235–
0058, SEC File No. 270–71.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–66521; File No. SR–MSRB–
2012–03]
Self-Regulatory Organizations;
Municipal Securities Rulemaking
Board; Notice of Filing of Proposed
Rule Change Consisting of
Establishment of a Subscription to
Historical Information and Documents
Submitted to the MSRB’s Short-Term
Obligation Rate Transparency System
March 6, 2012.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Exchange Act’’) 1 and Rule 19b–4
1 15
E:\FR\FM\12MRN1.SGM
U.S.C. 78s(b)(1).
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Federal Register / Vol. 77, No. 48 / Monday, March 12, 2012 / Notices
thereunder,2 notice is hereby given that
on February 27, 2012, the Municipal
Securities Rulemaking Board (‘‘MSRB’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the MSRB. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The MSRB is hereby filing with the
Commission a proposed rule change to
establish a subscription to historical
information and documents submitted
to the MSRB’s Short-Term Obligation
Rate Transparency System (‘‘SHORT
System’’). The SHORT System collects
and disseminates information and
documents for municipal Auction Rate
Securities and municipal Variable Rate
Demand Obligations.
The text of the proposed rule change
is available on the MSRB’s Web site at
https://www.msrb.org/Rules-andInterpretations/SEC-Filings/2012Filings.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 MSRB has
prepared summaries, set forth in
Sections A, B, and C below, of the most
significant aspects of such statements.
pmangrum on DSK3VPTVN1PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
In January 2009, the MSRB
implemented an electronic system to
collect and disseminate information
about securities bearing interest at shortterm rates and making such information
and documents publicly available
through a dissemination service
(‘‘SHORT System’’). In May 2011, MSRB
enhanced the SHORT System to add
documents to the information collected
and disseminated. Information and
documents collected by the SHORT
2 17
CFR 240.19b–4.
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System are made available for free on
the MSRB’s Electronic Municipal
Market Access (EMMA®) Web site
pursuant to the EMMA short-term
obligation rate transparency service.3
MSRB also makes the information and
documents collected by the SHORT
System available through a subscription
service, which is available for an annual
fee of $10,000. The proposed rule
change would clarify that subscribers to
the SHORT subscription service would
be able to access historical data for the
most recent six months on a daily
rolling basis and establish purchase
agreements for historical products
consisting of twelve consecutive
complete month data sets of the
documents and related indexing
information collected by the SHORT
System (the ‘‘SHORT Historical Data
Product’’) dating to January 30, 2009.4
The purpose of the proposed rule
change is to provide another avenue for
obtaining the information and
documents provided through the
SHORT subscription service, which is
currently only available on a current
basis through the real-time data stream.
The SHORT Historical Data Product
would be made available to purchasers
in electronic format using a physical
medium (such as an optical disc, flash
memory card or external hard drive),5
pursuant to the terms of the MSRB
Historical Transaction Data Purchase
Agreement, which would be executed
by purchasers prior to delivery of the
historical data product.6 The MSRB
proposes to charge $5,000 for any
twelve consecutive complete month
data set of information and documents
collected by the SHORT System.7 In
3 See Exchange Act Release No. 59212 (January 7,
2009).
4 The SHORT Subscriber Manual provides a
complete, up-to-date listing of all data elements
made available through the SHORT Subscription
Service. The information provided in the SHORT
Historical Data Product are the same as those
currently provided in the SHORT Subscription
Service.
5 The MSRB will choose an appropriate physical
medium for delivering the EMMA SHORT historical
data product based upon the quantity of data
included in a data set and technological advances
in physical media.
6 Purchasers would be subject to all of the terms
of the MSRB Historical Transaction Data Purchase
Agreement to be entered into between the MSRB
and each purchaser, including terms relating to the
proprietary and intellectual property rights of third
parties in information provided by such third
parties that is made available through the products.
7 The purchase price does not include sales tax
as required by Virginia state law. The purchase
price is a one-time charge for the SHORT Historical
Data Products, as applicable, and will not include
any future additions or enhancements that may be
added to the data. The MSRB could, in its
discretion, waive or reduce the purchase price for
not-for-profit organizations that desire the product
for non-profit or research purposes consistent with
their stated charitable or other public purpose.
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14573
general, no smaller data sets will be
made available.8 A one-time set-up fee
of $2,000 (the ‘‘set-up fee’’) would be
charged to new purchasers of the
SHORT Historical Data Products, unless
the purchaser is a current subscriber to
an MSRB Subscription Service,
including, but not limited to, the MSRB
Real-Time Transaction Data
Subscription Service, Comprehensive
Transaction Data Subscription Service,
SHORT Subscription Service, Primary
Market Disclosure Subscription Service,
or the Continuing Disclosure
Subscription Service or has previously
purchased a historical product.9
2. Statutory Basis
The MSRB has adopted the proposed
rule change pursuant to Section
15B(b)(2)(C) of the Exchange Act, which
provides that MSRB’s rules shall:
Be designed to prevent fraudulent and
manipulative acts and practices, to promote
just and equitable principles of trade, to
foster cooperation and coordination with
persons engaged in regulating, clearing,
settling, processing information with respect
to, and facilitating transactions in municipal
securities and municipal financial products,
to remove impediments to and perfect the
mechanism of a free and open market in
municipal securities and municipal financial
products, and, in general, to protect
investors, municipal entities, obligated
persons, and the public interest; and
The MSRB has also adopted the
proposed rule change pursuant to
Section 15B(b)(3)(B)(ii) of the Exchange
Act, which provides that the MSRB
shall:
Not be prohibited from charging
commercially reasonable fees for automated
subscription-based feeds or similar services,
or for charging for other data or documentbased services customized upon request of
any person, made available to commercial
enterprises, municipal securities market
professionals, or the general public, whether
delivered through the Internet or any other
means, that contain all or part of the
documents or information, subject to
approval of the fees by the Commission
under section 19(b).
The MSRB believes that the proposed
rule change is consistent with the
Exchange Act. The proposed rule
change would establish a subscription
service that would make information
collected by the SHORT System
available to market participants as an
8 The SHORT system became effective January 30,
2009. Accordingly, a purchaser of all historical
information and documents will be charged $5,000
for each twelve consecutive month data set and a
prorated amount for any remaining months.
9 The MSRB could, in its discretion, waive or
reduce the product set-up fee(s) for not-for-profit
organizations that desire the product for non-profit
or research purposes consistent with their stated
charitable or other public purpose.
E:\FR\FM\12MRN1.SGM
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14574
Federal Register / Vol. 77, No. 48 / Monday, March 12, 2012 / Notices
additional avenue for obtaining
information that is submitted to the
EMMA short-term obligation rate
transparency service. Broad access to
the information collected by the SHORT
System, in addition to the public access
through the EMMA short-term
obligation rate transparency service web
portal, should further assist in
preventing fraudulent and manipulative
acts and practices by improving the
opportunity for public investors to
access material information about
SHORT System disclosure information.
The proposed rule change also provides
for commercially reasonable fees to
partially offset costs associated with
operating the SHORT System and
producing and disseminating
information products to purchasers.
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 Exchange Act since it
will apply equally to all persons who
choose to purchase 10 the SHORT
Historical Data Product, and those who
choose not to pay the charge may view
the same information for free on the
EMMA Web site.
C. Self-Regulatory Organization’s
Statement on Comments Received on
the Proposed Rule Change by Members,
Participants, or Others
Written comments were neither
solicited nor received on the proposed
rule change.
pmangrum on DSK3VPTVN1PROD with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the self-regulatory
organization consents, the Commission
will:
(A) by order approve or disapprove
such proposed rule change, or
(B) institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
10 The MSRB notes that purchasers may be
subject to proprietary rights of third parties in
information provided by such third parties that is
made available through the purchase agreement.
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14:55 Mar 09, 2012
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arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Exchange
Act. Comments may be submitted by
any of the following methods:
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml) or
• Send an email to rulecomments@sec.gov. Please include File
Number SR–MSRB–2012–03 on the
subject line.
Self-Regulatory Organizations;
Municipal Securities Rulemaking
Board; Notice of Filing of Proposed
Rule Change Consisting of
Establishment of Historical Data
Subscription from Submissions to the
MSRB Electronic Municipal Market
Access System (‘‘EMMA’’)
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–2012–03. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for 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–2012–03 and should
be submitted on or before April 2, 2012.
March 6, 2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–5906 Filed 3–9–12; 8:45 am]
BILLING CODE 8011–01–P
11 17
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[Release No. 34–66522; File No. SR–MSRB–
2012–02]
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Exchange Act’’) 1 and Rule 19b–4
thereunder,2 notice is hereby given that
on February 27, 2012, the Municipal
Securities Rulemaking Board (‘‘MSRB’’)
filed with the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘Commission’’)
the proposed rule change as described
in Items I, II, and III below, which Items
have been prepared by the MSRB. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The MSRB has filed with the SEC a
proposed rule change to establish a
subscription containing historical
documents and data obtained from
submissions to the MSRB Electronic
Municipal Market Access System
(EMMA®).3
The text of the proposed rule change
is available on the MSRB’s Web site at
https://www.msrb.org/Rules-andInterpretations/SEC-Filings/2012Filings.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 MSRB has
prepared summaries, set forth in
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 EMMA is a facility of the MSRB for receiving
electronic submissions of municipal securities
disclosure and other key documents and related
information and for making such documents and
information available to the public, at no charge on
a Web portal or by paid subscription feed.
2 17
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]]>Agencies
[Federal Register Volume 77, Number 48 (Monday, March 12, 2012)]
[Notices]
[Pages 14572-14574]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-5906]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-66521; File No. SR-MSRB-2012-03]
Self-Regulatory Organizations; Municipal Securities Rulemaking
Board; Notice of Filing of Proposed Rule Change Consisting of
Establishment of a Subscription to Historical Information and Documents
Submitted to the MSRB's Short-Term Obligation Rate Transparency System
March 6, 2012.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Exchange Act'') \1\ and Rule 19b-4
[[Page 14573]]
thereunder,\2\ notice is hereby given that on February 27, 2012, the
Municipal Securities Rulemaking Board (``MSRB'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change as described in Items I, II, and III below, which Items have
been prepared by the MSRB. 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The MSRB is hereby filing with the Commission a proposed rule
change to establish a subscription to historical information and
documents submitted to the MSRB's Short-Term Obligation Rate
Transparency System (``SHORT System''). The SHORT System collects and
disseminates information and documents for municipal Auction Rate
Securities and municipal Variable Rate Demand Obligations.
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/2012-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 MSRB 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
In January 2009, the MSRB implemented an electronic system to
collect and disseminate information about securities bearing interest
at short-term rates and making such information and documents publicly
available through a dissemination service (``SHORT System''). In May
2011, MSRB enhanced the SHORT System to add documents to the
information collected and disseminated. Information and documents
collected by the SHORT System are made available for free on the MSRB's
Electronic Municipal Market Access (EMMA[supreg]) Web site pursuant to
the EMMA short-term obligation rate transparency service.\3\ MSRB also
makes the information and documents collected by the SHORT System
available through a subscription service, which is available for an
annual fee of $10,000. The proposed rule change would clarify that
subscribers to the SHORT subscription service would be able to access
historical data for the most recent six months on a daily rolling basis
and establish purchase agreements for historical products consisting of
twelve consecutive complete month data sets of the documents and
related indexing information collected by the SHORT System (the ``SHORT
Historical Data Product'') dating to January 30, 2009.\4\ The purpose
of the proposed rule change is to provide another avenue for obtaining
the information and documents provided through the SHORT subscription
service, which is currently only available on a current basis through
the real-time data stream.
---------------------------------------------------------------------------
\3\ See Exchange Act Release No. 59212 (January 7, 2009).
\4\ The SHORT Subscriber Manual provides a complete, up-to-date
listing of all data elements made available through the SHORT
Subscription Service. The information provided in the SHORT
Historical Data Product are the same as those currently provided in
the SHORT Subscription Service.
---------------------------------------------------------------------------
The SHORT Historical Data Product would be made available to
purchasers in electronic format using a physical medium (such as an
optical disc, flash memory card or external hard drive),\5\ pursuant to
the terms of the MSRB Historical Transaction Data Purchase Agreement,
which would be executed by purchasers prior to delivery of the
historical data product.\6\ The MSRB proposes to charge $5,000 for any
twelve consecutive complete month data set of information and documents
collected by the SHORT System.\7\ In general, no smaller data sets will
be made available.\8\ A one-time set-up fee of $2,000 (the ``set-up
fee'') would be charged to new purchasers of the SHORT Historical Data
Products, unless the purchaser is a current subscriber to an MSRB
Subscription Service, including, but not limited to, the MSRB Real-Time
Transaction Data Subscription Service, Comprehensive Transaction Data
Subscription Service, SHORT Subscription Service, Primary Market
Disclosure Subscription Service, or the Continuing Disclosure
Subscription Service or has previously purchased a historical
product.\9\
---------------------------------------------------------------------------
\5\ The MSRB will choose an appropriate physical medium for
delivering the EMMA SHORT historical data product based upon the
quantity of data included in a data set and technological advances
in physical media.
\6\ Purchasers would be subject to all of the terms of the MSRB
Historical Transaction Data Purchase Agreement to be entered into
between the MSRB and each purchaser, including terms relating to the
proprietary and intellectual property rights of third parties in
information provided by such third parties that is made available
through the products.
\7\ The purchase price does not include sales tax as required by
Virginia state law. The purchase price is a one-time charge for the
SHORT Historical Data Products, as applicable, and will not include
any future additions or enhancements that may be added to the data.
The MSRB could, in its discretion, waive or reduce the purchase
price for not-for-profit organizations that desire the product for
non-profit or research purposes consistent with their stated
charitable or other public purpose.
\8\ The SHORT system became effective January 30, 2009.
Accordingly, a purchaser of all historical information and documents
will be charged $5,000 for each twelve consecutive month data set
and a prorated amount for any remaining months.
\9\ The MSRB could, in its discretion, waive or reduce the
product set-up fee(s) for not-for-profit organizations that desire
the product for non-profit or research purposes consistent with
their stated charitable or other public purpose.
---------------------------------------------------------------------------
2. Statutory Basis
The MSRB has adopted the proposed rule change pursuant to Section
15B(b)(2)(C) of the Exchange Act, which provides that MSRB's rules
shall:
Be designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to
foster cooperation and coordination with persons engaged in
regulating, clearing, settling, processing information with respect
to, and facilitating transactions in municipal securities and
municipal financial products, to remove impediments to and perfect
the mechanism of a free and open market in municipal securities and
municipal financial products, and, in general, to protect investors,
municipal entities, obligated persons, and the public interest; and
The MSRB has also adopted the proposed rule change pursuant to
Section 15B(b)(3)(B)(ii) of the Exchange Act, which provides that the
MSRB shall:
Not be prohibited from charging commercially reasonable fees for
automated subscription-based feeds or similar services, or for
charging for other data or document-based services customized upon
request of any person, made available to commercial enterprises,
municipal securities market professionals, or the general public,
whether delivered through the Internet or any other means, that
contain all or part of the documents or information, subject to
approval of the fees by the Commission under section 19(b).
The MSRB believes that the proposed rule change is consistent with
the Exchange Act. The proposed rule change would establish a
subscription service that would make information collected by the SHORT
System available to market participants as an
[[Page 14574]]
additional avenue for obtaining information that is submitted to the
EMMA short-term obligation rate transparency service. Broad access to
the information collected by the SHORT System, in addition to the
public access through the EMMA short-term obligation rate transparency
service web portal, should further assist in preventing fraudulent and
manipulative acts and practices by improving the opportunity for public
investors to access material information about SHORT System disclosure
information. The proposed rule change also provides for commercially
reasonable fees to partially offset costs associated with operating the
SHORT System and producing and disseminating information products to
purchasers.
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 Exchange Act since it will apply equally to all
persons who choose to purchase \10\ the SHORT Historical Data Product,
and those who choose not to pay the charge may view the same
information for free on the EMMA Web site.
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\10\ The MSRB notes that purchasers may be subject to
proprietary rights of third parties in information provided by such
third parties that is made available through the purchase agreement.
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C. Self-Regulatory Organization's Statement on Comments Received on the
Proposed Rule Change by 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
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) by order approve or disapprove such proposed rule change, or
(B) institute proceedings to determine whether the proposed rule
change should be disapproved.
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 Exchange 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 email to rule-comments@sec.gov. Please include
File Number SR-MSRB-2012-03 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-2012-03. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for 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-2012-03 and should be submitted on
or before April 2, 2012.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-5906 Filed 3-9-12; 8:45 am]
BILLING CODE 8011-01-P
