Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Order Granting Approval 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, 26061-26062 [2012-10542]

Download as PDF Federal Register / Vol. 77, No. 85 / Wednesday, May 2, 2012 / Notices 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 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. 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 publicly available. All submissions should refer to File Number SR–EDGA– 2012–15, and should be submitted on or before May 23, 2012. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.18 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–10540 Filed 5–1–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–66865; File No. SR–MSRB– 2012–03] mstockstill on DSK4VPTVN1PROD with NOTICES Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Order Granting Approval 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 April 26, 2012. I. Introduction On February 27, 2012, the Municipal Securities Rulemaking Board (‘‘MSRB’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant 18 17 CFR 200.30–3(a)(12). VerDate Mar<15>2010 16:55 May 01, 2012 Jkt 226001 to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Exchange Act’’),1 and Rule 19b–4 thereunder,2 a proposed rule change to establish a subscription to historical information and documents submitted to the MSRB’s Short-Term Obligation Rate Transparency System. The proposed rule change was published for comment in the Federal Register on March 12, 2012.3 The Commission received no comments on the proposed rule change. This order approves the proposed rule change. II. Background and Description of Proposal 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 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.4 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, 2009.5 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 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 66521 (March 6, 2012), 77 FR 14572 (the Commission’s Notice’’). 4 See Securities Exchange Act Release No. 59212 (January 7, 2009). 5 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. 2 17 PO 00000 Frm 00103 Fmt 4703 Sfmt 4703 26061 currently only available on a current basis through the real-time data stream. A more complete description of the proposal is contained in the Commission’s Notice. III. Discussion and Commission Findings The Commission has carefully considered the proposed rule change and finds that the proposed rule change is consistent with the requirements of the Exchange Act and the rules and regulations thereunder applicable to the MSRB.6 In particular, the proposed rule change is consistent with Section 15B(b)(2)(C) of the Exchange Act, which provides that the 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.7 The proposed rule change is also consistent with 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).8 The Commission 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 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 6 In approving this proposed rule change, the Commission notes that it has considered the proposed rule’s impact on efficiency, competition and capital formation. 15 U.S.C. 78c(f). 7 15 U.S.C. 78o–4(b)(2)(C). 8 15 U.S.C. 78o–4(b)(3)(B)(ii). E:\FR\FM\02MYN1.SGM 02MYN1 26062 Federal Register / Vol. 77, No. 85 / Wednesday, May 2, 2012 / Notices 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. IV. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Exchange Act,9 that the proposed rule change (SR– MSRB–2012–03) be, and it hereby is, approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–10542 Filed 5–1–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–66867; File No. SR–CME– 2012–13] Self-Regulatory Organizations; Chicago Mercantile Exchange Inc.; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change To Add Reporting Requirements for FCM Clearing Members mstockstill on DSK4VPTVN1PROD with NOTICES April 26, 2012. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on April 23, 2012, the Chicago Mercantile Exchange Inc. (‘‘CME’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change described in Items I and II below, which items have been prepared primarily by CME. The Commission is publishing this Notice and Order to solicit comments on the proposed rule change from interested persons and to approve the proposed rule change on an accelerated basis. 9 15 U.S.C. 78s(b)(2). CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 10 17 VerDate Mar<15>2010 16:55 May 01, 2012 Jkt 226001 I. Self-Regulatory Organization’s Statement of Terms of Substance of the Proposed Rule Change CME proposes including certain additional reporting requirements for futures commission merchant (‘‘FCM’’) clearing members. The enhanced reporting requirements are designed to further safeguard customer funds held at the FCM level. The text of the proposed rule change is available at the CME’s Web site at https://www.cmegroup.com/ market-regulation/rule-filings.html. II. Self-Regulatory Organization’s Statement of Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, CME included statements concerning the purpose 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 III below. CME 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 Purpose of, and Statutory Basis for, the Proposed Rule Change CME is registered as a derivatives clearing organization with the Commodity Futures Trading Commission (’’CFTC’’) and operates a substantial business clearing futures and swaps contracts subject to the jurisdiction of the CFTC. CME wants to impose additional reporting requirements for FCM clearing members pursuant to CME Rule 970.D. The new reporting requirements will require all FCM clearing members to file daily, segregated, secured 30.7 and ‘‘sequestered’’ (or customer cleared swaps) statements, as applicable, on a daily basis. The proposed effective date for this new requirement is May 1, 2012. As further described in CME-issued Audit Information Bulletin 12–04, the enhanced reporting requirements are designed to further safeguard customer funds held at the FCM level. The proposed daily reporting requirements comport with the CFTC’s DCO Core Principle F (Treatment of Funds), which requires each DCO to ‘‘have standards and procedures designed to ensure the safety of member and participant funds.’’ CME Audit Information Bulletin 12– 04 constitutes the CME’s proposed changes. CME also made a filing, CME Submission 12–112, with its primary regulator, the CFTC, with respect to the proposed changes. CME believes the proposed changes are consistent with the requirements of PO 00000 Frm 00104 Fmt 4703 Sfmt 4703 the Act. First, CME, a derivatives clearing organization, is implementing the proposed changes in furtherance with applicable CFTC regulations and Commodity Exchange Act (‘‘CEA’’), which contains a number of provisions that are comparable to the policies underlying the Act, including, for example, promoting market transparency for derivatives markets, promoting the prompt and accurate clearance of transactions and protecting investors and the public interest. Second, CME believes the proposed changes are specifically designed to protect investors and the public interest because the requirements help safeguard customer funds held at the FCM level. B. Self-Regulatory Organization’s Statement on Burden on Competition CME does not believe that the proposed rule change will have any impact or impose any burden on competition. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others CME has not solicited and does not intend to solicit comments regarding this proposed rule change. CME has not received any unsolicited written comments from interested parties. III. 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 may be submitted by using 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 No. SR–CME–2012– 13 on the subject line. • Paper comments should be sent 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–CME–2012–13. 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 E:\FR\FM\02MYN1.SGM 02MYN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 77, Number 85 (Wednesday, May 2, 2012)]
[Notices]
[Pages 26061-26062]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-10542]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-66865; File No. SR-MSRB-2012-03]


Self-Regulatory Organizations; Municipal Securities Rulemaking 
Board; Order Granting Approval 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

April 26, 2012.

I. Introduction

    On February 27, 2012, the Municipal Securities Rulemaking Board 
(``MSRB'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Exchange Act''),\1\ and Rule 19b-4 
thereunder,\2\ a proposed rule change to establish a subscription to 
historical information and documents submitted to the MSRB's Short-Term 
Obligation Rate Transparency System. The proposed rule change was 
published for comment in the Federal Register on March 12, 2012.\3\ The 
Commission received no comments on the proposed rule change. This order 
approves the proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 66521 (March 6, 
2012), 77 FR 14572 (the Commission's Notice'').
---------------------------------------------------------------------------

II. Background and Description of Proposal

    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.\4\ 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.\5\ 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. A more complete description of the proposal 
is contained in the Commission's Notice.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 59212 (January 7, 
2009).
    \5\ 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.
---------------------------------------------------------------------------

III. Discussion and Commission Findings

    The Commission has carefully considered the proposed rule change 
and finds that the proposed rule change is consistent with the 
requirements of the Exchange Act and the rules and regulations 
thereunder applicable to the MSRB.\6\ In particular, the proposed rule 
change is consistent with Section 15B(b)(2)(C) of the Exchange Act, 
which provides that the 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.\7\
---------------------------------------------------------------------------

    \6\ In approving this proposed rule change, the Commission notes 
that it has considered the proposed rule's impact on efficiency, 
competition and capital formation. 15 U.S.C. 78c(f).
    \7\ 15 U.S.C. 78o-4(b)(2)(C).
---------------------------------------------------------------------------

    The proposed rule change is also consistent with 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).\8\
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78o-4(b)(3)(B)(ii).
---------------------------------------------------------------------------

    The Commission 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 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

[[Page 26062]]

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.

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Exchange Act,\9\ that the proposed rule change (SR-MSRB-2012-03) be, 
and it hereby is, approved.
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    \9\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

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

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-10542 Filed 5-1-12; 8:45 am]
BILLING CODE 8011-01-P

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