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”), 14574-14576 [2012-5907]
Download as PDF
<![CDATA[
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
Jkt 226001
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
PO 00000
CFR 200.30–3(a)(12).
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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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Federal Register / Vol. 77, No. 48 / Monday, March 12, 2012 / Notices
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
pmangrum on DSK3VPTVN1PROD with NOTICES
1. Purpose
In June 2009, the MSRB implemented
an electronic system for free public
access to primary market disclosure
documents and related information for
the municipal securities market through
EMMA (the ‘‘Primary Market Disclosure
Service’’).4 In July 2009, the MSRB
implemented a permanent continuing
disclosure service to receive electronic
submissions of, and make publicly
available access to, continuing
disclosure documents and related
information through EMMA (the
‘‘Continuing Disclosure Service’’).5
EMMA provides subscription services,
including the Primary Market
Disclosure Subscription Service 6 and
the Continuing Disclosure Subscription
Service, that make documents and
related indexing information available
on a current basis to subscribers through
a real-time data stream.7 The proposed
rule change would clarify that
subscribers to the Primary Market
Disclosure Service and Continuing
Disclosure 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 obtained through
submissions to the Primary Market
Disclosure Service (the ‘‘Primary Market
Disclosure Historical Product’’) received
since June 1, 2009 8 and submissions to
4 See Exchange Act Release No. 59966 (May 21,
2009).
5 See Exchange Act Release No. 59061 (December
5, 2008).
6 The Primary Market Disclosure Subscription
Service provides subscribers all primary market
disclosure documents, including official statements,
preliminary official statements, advance refunding
documents (‘‘primary market disclosure
documents’’), and any amendments thereto,
together with related indexing information,
provided by submitters through EMMA, for an
annual fee of $20,000.
7 The Continuing Disclosure Subscription Service
provides subscribers all continuing disclosure
documents, together with related indexing
information, provided by submitters through
EMMA, for an annual fee of $45,000.
8 The EMMA Primary Market Subscriber Manual
provides a complete, up-to-date listing of all data
elements made available through the EMMA
Primary Market Disclosure Subscription Service.
The primary market disclosure documents and data
elements provided in the Primary Market
Disclosure Historical Product are the same as those
currently provided in the EMMA Primary Market
Disclosure Subscription Service.
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14:55 Mar 09, 2012
Jkt 226001
the Continuing Disclosure Service (the
‘‘Continuing Disclosure Historical
Product’’) received since July 1, 2009.9
The purpose of the proposed rule
change is to provide historical products
for the Primary Market Disclosure and
Continuing Disclosure Subscription
Services, which are currently only
available on a current basis through the
real-time data stream.
The Primary Market Disclosure
Historical Product and the Continuing
Disclosure Historical 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),10
pursuant to the terms of the MSRB
Historical Product Purchase Agreement,
which would be executed by purchasers
prior to delivery of either historical
product.11 The MSRB proposes to
charge $10,000 for any twelve
consecutive complete month data set for
the Primary Market Disclosure
Historical Data Product and $22,500 for
any twelve consecutive complete month
data set for the Continuing Disclosure
Historical Data Product.12 In general, no
smaller data sets for either historical
product will be made available. A onetime set-up fee of $2,000 (the ‘‘set-up
fee’’) would be charged to new
purchasers of the Primary Market
Disclosure and Continuing Disclosure
Historical Products, unless the
purchaser subscribes to an MSRB
Subscription Service, including, but not
limited to, the MSRB Real-Time
Transaction Data Subscription Service,
Comprehensive Transaction Data
Subscription Service, Short-Term
9 The EMMA Continuing Disclosure Subscriber
Manual provides a complete, up-to-date listing of
all data elements made available through the
EMMA Continuing Disclosure Subscriber Manual.
The continuing disclosure documents and data
elements provided in the Continuing Disclosure
Historical Product are the same as those currently
provided in the EMMA Continuing Disclosure
Subscription Service.
10 The MSRB will choose an appropriate physical
medium for delivering the EMMA primary market
disclosure historical product based upon the
quantity of data included in a data set and
technological advances in physical media.
11 Purchasers would be subject to all of the terms
of the MSRB Historical Product 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.
12 The purchase price does not include sales tax
as required by Virginia state law. The purchase
price is a one-time charge for the Primary Market
Disclosure and Continuing Disclosure Historical
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.
PO 00000
Frm 00083
Fmt 4703
Sfmt 4703
14575
Obligation Rate Transparency
Subscription Service, Primary Market
Disclosure Subscription Service, or the
Continuing Disclosure Subscription
Service, or has previously purchased a
historical product.13
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 EMMA’s Primary Market
Disclosure Service and the Continuing
Disclosure Service available to market
participants through an additional
avenue. Broad access to the information
collected by EMMA, in addition to the
public access through the EMMA 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
primary market disclosure information
and continuing disclosure information.
The proposed rule change also provides
for commercially reasonable fees to
13 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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14576
Federal Register / Vol. 77, No. 48 / Monday, March 12, 2012 / Notices
partially offset costs associated with
operating the Primary Market and
Continuing Disclosure Services of
EMMA 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 14 the Primary
Market Disclosure Historical Product
and the Continuing Disclosure
Historical Product, and those who
choose not to pay the charge may view
the same information for free on the
EMMA Web portal.
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.
pmangrum on DSK3VPTVN1PROD with NOTICES
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:
Number SR–MSRB–2012–02 on the
subject line.
SECURITIES AND EXCHANGE
COMMISSION
Paper Comments
[Release No. 34–66520; File No. SR–CBOE–
2012–021]
• 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–2012–02. 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–2012–02 and should
be submitted on or before April 2, 2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–5907 Filed 3–9–12; 8:45 am]
BILLING CODE 8011–01–P
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
14 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.
VerDate Mar<15>2010
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Jkt 226001
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Make an Amendment
Regarding the Administrative Fee
Related to the Marketing Fee
March 6, 2012.
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 March 1,
2012, the Chicago Board Options
Exchange, Incorporated (the ‘‘Exchange’’
or ‘‘CBOE’’) filed with the Securities
and Exchange Commission (the
‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Exchange has
filed the proposal pursuant to Section
19(b)(3)(A)(iii) of the Act 3 and Rule
19b–4(f)(3) thereunder,4 which renders
the proposal effective upon filing with
the Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to make an
amendment regarding the
administrative fee related to the
marketing fee. The text of the proposed
rule change is available on the
Exchange’s Web site (https://
www.cboe.com/AboutCBOE/
CBOELegalRegulatoryHome.aspx), at
the Exchange’s Office of the Secretary,
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
Exchange 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
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(3).
2 17
15 17
PO 00000
CFR 200.30–3(a)(12).
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]]>Agencies
[Federal Register Volume 77, Number 48 (Monday, March 12, 2012)]
[Notices]
[Pages 14574-14576]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-5907]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-66522; File No. SR-MSRB-2012-02]
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'')
March 6, 2012.
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.
---------------------------------------------------------------------------
\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 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[supreg]).\3\
---------------------------------------------------------------------------
\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.
---------------------------------------------------------------------------
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
[[Page 14575]]
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 June 2009, the MSRB implemented an electronic system for free
public access to primary market disclosure documents and related
information for the municipal securities market through EMMA (the
``Primary Market Disclosure Service'').\4\ In July 2009, the MSRB
implemented a permanent continuing disclosure service to receive
electronic submissions of, and make publicly available access to,
continuing disclosure documents and related information through EMMA
(the ``Continuing Disclosure Service'').\5\ EMMA provides subscription
services, including the Primary Market Disclosure Subscription Service
\6\ and the Continuing Disclosure Subscription Service, that make
documents and related indexing information available on a current basis
to subscribers through a real-time data stream.\7\ The proposed rule
change would clarify that subscribers to the Primary Market Disclosure
Service and Continuing Disclosure 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 obtained through submissions to the
Primary Market Disclosure Service (the ``Primary Market Disclosure
Historical Product'') received since June 1, 2009 \8\ and submissions
to the Continuing Disclosure Service (the ``Continuing Disclosure
Historical Product'') received since July 1, 2009.\9\ The purpose of
the proposed rule change is to provide historical products for the
Primary Market Disclosure and Continuing Disclosure Subscription
Services, which are currently only available on a current basis through
the real-time data stream.
---------------------------------------------------------------------------
\4\ See Exchange Act Release No. 59966 (May 21, 2009).
\5\ See Exchange Act Release No. 59061 (December 5, 2008).
\6\ The Primary Market Disclosure Subscription Service provides
subscribers all primary market disclosure documents, including
official statements, preliminary official statements, advance
refunding documents (``primary market disclosure documents''), and
any amendments thereto, together with related indexing information,
provided by submitters through EMMA, for an annual fee of $20,000.
\7\ The Continuing Disclosure Subscription Service provides
subscribers all continuing disclosure documents, together with
related indexing information, provided by submitters through EMMA,
for an annual fee of $45,000.
\8\ The EMMA Primary Market Subscriber Manual provides a
complete, up-to-date listing of all data elements made available
through the EMMA Primary Market Disclosure Subscription Service. The
primary market disclosure documents and data elements provided in
the Primary Market Disclosure Historical Product are the same as
those currently provided in the EMMA Primary Market Disclosure
Subscription Service.
\9\ The EMMA Continuing Disclosure Subscriber Manual provides a
complete, up-to-date listing of all data elements made available
through the EMMA Continuing Disclosure Subscriber Manual. The
continuing disclosure documents and data elements provided in the
Continuing Disclosure Historical Product are the same as those
currently provided in the EMMA Continuing Disclosure Subscription
Service.
---------------------------------------------------------------------------
The Primary Market Disclosure Historical Product and the Continuing
Disclosure Historical 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),\10\ pursuant to the terms of
the MSRB Historical Product Purchase Agreement, which would be executed
by purchasers prior to delivery of either historical product.\11\ The
MSRB proposes to charge $10,000 for any twelve consecutive complete
month data set for the Primary Market Disclosure Historical Data
Product and $22,500 for any twelve consecutive complete month data set
for the Continuing Disclosure Historical Data Product.\12\ In general,
no smaller data sets for either historical product will be made
available. A one-time set-up fee of $2,000 (the ``set-up fee'') would
be charged to new purchasers of the Primary Market Disclosure and
Continuing Disclosure Historical Products, unless the purchaser
subscribes to an MSRB Subscription Service, including, but not limited
to, the MSRB Real-Time Transaction Data Subscription Service,
Comprehensive Transaction Data Subscription Service, Short-Term
Obligation Rate Transparency Subscription Service, Primary Market
Disclosure Subscription Service, or the Continuing Disclosure
Subscription Service, or has previously purchased a historical
product.\13\
---------------------------------------------------------------------------
\10\ The MSRB will choose an appropriate physical medium for
delivering the EMMA primary market disclosure historical product
based upon the quantity of data included in a data set and
technological advances in physical media.
\11\ Purchasers would be subject to all of the terms of the MSRB
Historical Product 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.
\12\ The purchase price does not include sales tax as required
by Virginia state law. The purchase price is a one-time charge for
the Primary Market Disclosure and Continuing Disclosure Historical
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.
\13\ 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 EMMA's
Primary Market Disclosure Service and the Continuing Disclosure Service
available to market participants through an additional avenue. Broad
access to the information collected by EMMA, in addition to the public
access through the EMMA 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
primary market disclosure information and continuing disclosure
information. The proposed rule change also provides for commercially
reasonable fees to
[[Page 14576]]
partially offset costs associated with operating the Primary Market and
Continuing Disclosure Services of EMMA 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 \14\ the Primary Market Disclosure
Historical Product and the Continuing Disclosure Historical Product,
and those who choose not to pay the charge may view the same
information for free on the EMMA Web portal.
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\14\ 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-2012-02 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-MSRB-2012-02. 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-2012-02 and should be submitted on
or before April 2, 2012.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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\15\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-5907 Filed 3-9-12; 8:45 am]
BILLING CODE 8011-01-P
