Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Order Granting Approval of Proposed Rule Change Consisting of Establishment of Historical Data Subscription From Submissions to the MSRB Electronic Municipal Market Access System (“EMMA”), 26063-26064 [2012-10543]
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Federal Register / Vol. 77, No. 85 / Wednesday, May 2, 2012 / Notices
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 principal office of CME.
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–CME–2012–13 and should
be submitted on or before May 23, 2012.
mstockstill on DSK4VPTVN1PROD with NOTICES
IV. Commission’s Findings and Order
Granting Accelerated Approval of
Proposed Rule Change
U.S.C. 78s(b).
U.S.C. 78q–1. In approving this proposed
rule change, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
5 15 U.S.C. 78q–1(b)(3)(F).
4 15
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V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act, that the
proposed rule change (SR–CME–2012–
13) is approved on an accelerated basis.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Kevin M. O’Neill,
Deputy Secretary .
[FR Doc. 2012–10544 Filed 5–1–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Section 19(b) of the Act 3 directs the
Commission to approve a proposed rule
change of a self-regulatory organization
if it finds that such proposed rule
change is consistent with the
requirements of the Act and the rules
and regulations thereunder applicable to
such organization. The Commission
finds that the proposed rule change is
consistent with the requirements of the
Act, in particular the requirements of
Section 17A of the Act, and the rules
and regulations thereunder applicable to
CME.4 Specifically, the Commission
finds that the proposed rule change is
consistent with Section 17A(b)(3)(F) of
the Act which requires, among other
things, that the rules of a clearing
agency be designed to protect investors
and the public interest because the
proposed rule change should allow CME
to better monitor the financial status
and risk management procedures of its
clearing members.5
In its filing, CME requested that the
Commission approve this proposed rule
change on an accelerated basis for good
cause shown. CME cites as the reason
for this request CME’s operation as a
DCO, which is subject to regulation by
the CFTC under the CEA. This rule
change is being made to enhance CME’s
efforts to protect investors who utilize
3 15
its clearinghouse services through its
FCM clearing members.
The Commission finds good cause for
approving the proposed rule change
prior to the 30th day after the date of
publication of notice in the Federal
Register because the proposed rule
change allows CME to implement the
additional clearing member surveillance
designed specifically to protect
investors and the public interest.
[Release No. 34–66866; File No. SR–MSRB–
2012–02]
Self-Regulatory Organizations;
Municipal Securities Rulemaking
Board; Order Granting Approval of
Proposed Rule Change Consisting of
Establishment of Historical Data
Subscription From Submissions to the
MSRB Electronic Municipal Market
Access System (‘‘EMMA’’)
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 containing historical
documents and data obtained from
submissions to the MSRB Electronic
Municipal Market Access System
(‘‘EMMA’’). 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.
6 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 66522
(March 6, 2012), 77 FR 14574 (the ‘‘Commission’s
Notice’’).
1 15
PO 00000
Frm 00105
Fmt 4703
Sfmt 4703
26063
II. Background and Description of
Proposal
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
4 See Securities Exchange Act Release No. 59966
(May 21, 2009).
5 See Securities Exchange 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
E:\FR\FM\02MYN1.SGM
Continued
02MYN1
26064
Federal Register / Vol. 77, No. 85 / Wednesday, May 2, 2012 / Notices
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
III. Discussion and Commission
preventing fraudulent and manipulative
Findings
acts and practices by improving the
The Commission has carefully
opportunity for public investors to
considered the proposed rule change
access material information about
and finds that the proposed rule change primary market disclosure information
is consistent with the requirements of
and continuing disclosure information.
the Exchange Act and the rules and
The proposed rule change also provides
regulations thereunder applicable to the for commercially reasonable fees to
MSRB.10 In particular, the proposed rule partially offset costs associated with
change is consistent with Section
operating the Primary Market and
15B(b)(2)(C) of the Exchange Act, which Continuing Disclosure Services of
provides that the MSRB’s rules shall be
EMMA and producing and
designed to prevent fraudulent and
disseminating information products to
manipulative acts and practices, to
purchasers.
promote just and equitable principles of
IV. Conclusion
trade, to foster cooperation and
coordination with persons engaged in
It is therefore ordered, pursuant to
regulating, clearing, settling, processing Section 19(b)(2) of the Exchange Act,13
information with respect to, and
that the proposed rule change (SR–
facilitating transactions in municipal
MSRB–2012–02) be, and it hereby is,
securities and municipal financial
approved.
products, to remove impediments to and
For the Commission, by the Division of
perfect the mechanism of a free and
Trading and Markets, pursuant to delegated
open market in municipal securities and authority.14
municipal financial products, and, in
Kevin M. O’Neill,
general, to protect investors, municipal
Deputy Secretary.
entities, obligated persons, and the
[FR Doc. 2012–10543 Filed 5–1–12; 8:45 am]
public interest.11
BILLING CODE 8011–01–P
The proposed rule change is also
consistent with Section 15B(b)(3)(B)(ii)
of the Exchange Act, which provides
SECURITIES AND EXCHANGE
that the MSRB shall not be prohibited
COMMISSION
from charging commercially reasonable
[Release No. 34–66864; File No. SR–EDGX–
fees for automated subscription-based
feeds or similar services, or for charging 2012–14]
for other data or document-based
services customized upon request of any Self-Regulatory Organizations; EDGX
Exchange, Inc.; Notice of Filing and
person, made available to commercial
enterprises, municipal securities market Immediate Effectiveness of Proposed
Rule Change Relating to Fees
professionals, or the general public,
Associated With Receipt of the EDGX
whether delivered through the Internet
Book Feed
or any other means, that contain all or
part of the documents or information,
April 26, 2012.
subject to approval of the fees by the
Pursuant to Section 19(b)(1) of the
Commission under Section 19(b).12
Securities Exchange Act of 1934 (the
The Commission believes that the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
proposed rule change is consistent with notice is hereby given that on April 19,
the Exchange Act. The proposed rule
2012, EDGX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘EDGX’’) filed with the
EMMA Continuing Disclosure Subscriber Manual.
Securities and Exchange Commission
The continuing disclosure documents and data
(‘‘Commission’’) the proposed rule
elements provided in the Continuing Disclosure
Historical Product are the same as those currently
change as described in Items I, II, and
provided in the EMMA Continuing Disclosure
III below, which items have been
Subscription Service.
prepared by the Exchange. The
10 In approving this proposed rule change, the
mstockstill on DSK4VPTVN1PROD with NOTICES
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. A more complete
description of the proposal is contained
in the Commission’s Notice.
Commission notes that it has considered the
proposed rule’s impact on efficiency, competition
and capital formation. 15 U.S.C. 78c(f).
11 15 U.S.C. 78o–4(b)(2)(C).
12 15 U.S.C. 78o–4(b)(3)(B)(ii).
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16:55 May 01, 2012
Jkt 226001
13 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.
14 17
PO 00000
Frm 00106
Fmt 4703
Sfmt 4703
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 the Substance
of the Proposed Rule Change
The Exchange proposes to amend its
fee schedule applicable to Members 3
and non-Members of the Exchange to
assess market data fees for internal and
external distribution of the EDGX book
feed (‘‘EDGX Book Feed’’). The text of
the proposed rule change is available on
the Exchange’s Web site at www.
directedge.com, at the Exchange’s
principal office, and at the Public
Reference Room of the Commission.
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
self-regulatory organization 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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
In SR–EDGX–2011–18,4 the Exchange
made available the EDGX Book Feed, a
data feed that contains all orders for
securities trading on the Exchange,
including all displayed orders for listed
securities trading on EDGX, order
executions, order cancellations, order
modifications, order identification
numbers and administrative messages.
The EDGX Book Feed offers real-time
data, thereby allowing Member firms to
more accurately price their orders based
on EDGX’s view of the depth of book
information. It also provides Members
an ability to track their own orders from
order entry to execution. It is available
in both unicast and multicast format.
Upon the Exchange’s initial offering of
the EDGX Book Feed, such service was
provided at no cost. In SR–EDGX–2011–
18, the Exchange stated that ‘‘[s]hould
EDGX determine to charge fees
3 A Member is any registered broker or dealer that
has been admitted to membership in the Exchange.
4 Securities Exchange Act Release No. 64791 (July
1, 2011), 76 FR 39944 (July 7, 2011) (SR–EDGX–
2011–18).
E:\FR\FM\02MYN1.SGM
02MYN1
]]>Agencies
[Federal Register Volume 77, Number 85 (Wednesday, May 2, 2012)]
[Notices]
[Pages 26063-26064]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-10543]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-66866; File No. SR-MSRB-2012-02]
Self-Regulatory Organizations; Municipal Securities Rulemaking
Board; Order Granting Approval of Proposed Rule Change Consisting of
Establishment of Historical Data Subscription From Submissions to the
MSRB Electronic Municipal Market Access System (``EMMA'')
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
containing historical documents and data obtained from submissions to
the MSRB Electronic Municipal Market Access System (``EMMA''). 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. 66522 (March 6,
2012), 77 FR 14574 (the ``Commission's Notice'').
---------------------------------------------------------------------------
II. Background and Description of Proposal
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\
[[Page 26064]]
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. A more complete description of
the proposal is contained in the Commission's Notice.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 59966 (May 21,
2009).
\5\ See Securities Exchange 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.
---------------------------------------------------------------------------
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.\10\ 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.\11\
---------------------------------------------------------------------------
\10\ 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).
\11\ 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).\12\
---------------------------------------------------------------------------
\12\ 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 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 partially offset costs associated with operating the
Primary Market and Continuing Disclosure Services of EMMA and producing
and disseminating information products to purchasers.
IV. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Exchange Act,\13\ that the proposed rule change (SR-MSRB-2012-02) be,
and it hereby is, approved.
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------
\14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-10543 Filed 5-1-12; 8:45 am]
BILLING CODE 8011-01-P
