Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Consisting of Amendments to MSRB's Electronic Municipal Market Access (EMMA) System To Add Disclosures Related to Municipal Asset-Backed Securities, 72233-72235 [2014-28548]

Download as PDF Federal Register / Vol. 79, No. 234 / Friday, December 5, 2014 / Notices (A) By order approve or disapprove such proposed rule change, or (B) institute proceedings to determine whether the proposed rule change should be disapproved. For the Commission, pursuant to delegated authority.36 Kevin M. O’Neill, Deputy Secretary. IV. Solicitation of Comments BILLING CODE 8011–01–P 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: [FR Doc. 2014–28543 Filed 12–4–14; 8:45 am] SECURITIES AND EXCHANGE COMMISSION [Release No. 34–73707; File No. SR–MSRB– 2014–09] • 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–2014–08 on the subject line. Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Consisting of Amendments to MSRB’s Electronic Municipal Market Access (EMMA) System To Add Disclosures Related to Municipal Asset-Backed Securities Paper Comments December 1, 2014. Electronic Comments wreier-aviles on DSK5TPTVN1PROD with NOTICES • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549. All submissions should refer to File Number SR–MSRB–2014–08. 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 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the MSRB. 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– 2014–08 and should be submitted on or before December 26, 2014. VerDate Sep<11>2014 15:07 Dec 04, 2014 Jkt 235001 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 November 25, 2014, the Municipal Securities Rulemaking Board (the ‘‘MSRB’’ or ‘‘Board’’) filed with the Securities and Exchange Commission (the ‘‘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 is filing with the Commission a proposed rule change consisting of amendments to the MSRB’s Electronic Municipal Market Access (‘‘EMMA’’) system to add disclosures related to municipal assetbacked securities (‘‘ABS’’) required under Exchange Act Rule 15Ga–1 3 to be filed on Form ABS–15G to the list of categories of continuing disclosures that EMMA will accept and disseminate publicly (the ‘‘proposed rule change’’). The proposed rule change also makes minor changes of a technical nature, including removing outdated language, updating the naming convention used for published submitter and subscriber specification documents and updating information concerning how users can access submitter and subscriber specification documents (‘‘technical amendments’’). The MSRB filed the proposed rule change under Section 19(b)(3)(A)(iii) of the Exchange Act 4 and Rule 19b–4(f)(6) 5 thereunder as a noncontroversial rule change that renders the proposal effective upon filing. The proposed rule change will be made operative no earlier than January 9, 2015 and no later than January 31, 2015, with the precise effective date in that range to be announced by the MSRB in a notice published on the MSRB Web site. The text of the proposed rule change is available on the MSRB’s Web site at www.msrb.org/Rules-andInterpretations/SEC-Filings/2014Filings.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 Pursuant to Section 943 of the DoddFrank Wall Street Reform and Consumer Protection Act,6 the SEC adopted new rules related to representations and warranties in ABS. One of these rules, Exchange Act Rule 15Ga–1,7 requires, among other things, certain disclosures related to municipal ABS to be filed on Form ABS–15G. Pursuant to Rule 314 of Regulation S–T,8 the SEC identified EMMA, in addition to the Electronic Data Gathering, Analysis, and Retrieval system (‘‘EDGAR’’), as a venue that a municipal securitizer may use to make submissions of Form ABS–15G in compliance with Exchange Act Rule 15Ga–1.9 Accordingly, the proposed rule change consists of amendments to the EMMA system to add disclosures related to municipal ABS required 4 15 U.S.C. 78s(b)(3)(A)(iii). CFR 240.19b–4(f)(6). 6 Pub. L. 111–203, 124 Stat. 1376 (2010). 7 See 17 CFR 240.15Ga–1. 8 17 CFR 232.314. 9 17 CFR 240.15Ga–1. 5 17 36 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 17 CFR 240.15Ga–1. 1 15 PO 00000 Frm 00070 Fmt 4703 Sfmt 4703 72233 E:\FR\FM\05DEN1.SGM 05DEN1 72234 Federal Register / Vol. 79, No. 234 / Friday, December 5, 2014 / Notices under Exchange Act Rule 15Ga–1 10 on Form ABS–15G to the list of categories of continuing disclosures that EMMA will accept and disseminate publicly.11 2. Statutory Basis The MSRB has adopted the proposed rule change pursuant to Section 15B(b)(2)(C) of the Exchange Act,12 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, to remove impediments to and perfect the mechanism of a free and open market in municipal securities, and, in general, to protect investors and the public interest. wreier-aviles on DSK5TPTVN1PROD with NOTICES The MSRB believes that the proposed rule change is consistent with the Exchange Act because it facilitates the implementation of Exchange Act Rule 15Ga–1.13 In addition, the proposed rule change serves to remove impediments to and help perfect the mechanism of a free and open market in municipal securities and promotes the statutory mandate of the MSRB to protect investors and the public interest. The proposed rule change would aid in making additional information for making investment decisions more easily accessible to all participants in the municipal securities market on an equal basis throughout the life of the securities without barriers to obtaining such information. Broad access to the disclosures related to municipal ABS required under Exchange Act Rule 15Ga–1 14 on Form ABS–15G through the continuing disclosure service of EMMA should assist in preventing fraudulent and manipulative acts and practices by improving the opportunity for public investors to access material information about issuers and their securities. B. Self-Regulatory Organization’s Statement on Burden on Competition The MSRB does not believe that the proposed rule change would impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Exchange Act. The SEC identified EMMA as a venue that a municipal securitizer may use to make submissions of Form ABS–15G in 10 Id. 11 The proposed rule change also consists of technical amendments to the EMMA service. 12 15 U.S.C. 78o–4(b)(2)(C). 13 17 CFR 240.15Ga–1. 14 Id. VerDate Sep<11>2014 15:07 Dec 04, 2014 Jkt 235001 compliance with Exchange Act Rule 15Ga–1.15 In identifying EMMA, in addition to EDGAR, as a venue for the disclosures on Form ABS–15G the SEC stated that ‘‘filing on EMMA will facilitate use by investors, since the demand, repurchase and replacement disclosures will generally be available in the same repository where investors are most likely to look for other municipal ABS disclosures.’’ 16 The proposed rule change would facilitate a requirement that already has been adopted by the SEC and carries the benefits articulated by the SEC as a result of permitting submissions of Form ABS–15G in compliance with Exchange Act Rule 15Ga–1 17 and Rule 314 of Regulation S–T 18 to be provided to investors on EMMA with other municipal ABS disclosures. While the SEC’s adoption of Exchange Act Rule 15Ga–1 19 and Rule 314 of Regulation S– T 20 are themselves significant, the proposed rule change to accommodate the intended alternative disclosure venue of EMMA and to make technical amendments to the EMMA service would not significantly affect the protection of investors or the public interest and would not impose any significant burden on competition. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From 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 Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(3)(A) of the Exchange Act 21 and Rule 19(b)–4(f)(6) 22 thereunder. At any time within 60 days of the filing of the proposed rule change, the 15 Id. 16 See Exchange Act Release Nos. 33–9175 and 34–63741 (January 20, 2011), 76 FR 4489, 4509 (January 26, 2011). 17 17 CFR 240.15Ga–1. 18 17 CFR 232.314. 19 17 CFR 240.15Ga–1. 20 17 CFR 232.314. 21 15 U.S.C. 78s(b)(3)(A). 22 17 CFR 240.19b–4(f)(6). PO 00000 Frm 00071 Fmt 4703 Sfmt 4703 Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Exchange Act. 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–2014–09 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549. All submissions should refer to File Number SR–MSRB–2014–09. 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 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the MSRB. 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– 2014–09 and should be submitted on or before December 26, 2014. E:\FR\FM\05DEN1.SGM 05DEN1 Federal Register / Vol. 79, No. 234 / Friday, December 5, 2014 / Notices For the Commission, pursuant to delegated authority.23 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–28548 Filed 12–4–14; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–73713; File No. SR– NASDAQ–2014–113] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to an Amendment To Conform Rule Text December 1, 2014. 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 November 18, 2014, The NASDAQ Stock Market LLC (‘‘NASDAQ’’ or ‘‘Exchange’’) 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 NASDAQ. 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 NASDAQ proposes to modify Chapter XV, entitled ‘‘Options Pricing,’’ at Section 2 governing pricing for NASDAQ members using the NASDAQ Options Market (‘‘NOM’’), NASDAQ’s facility for executing and routing standardized equity and index options. Specifically, NOM proposes to conform certain language related to Penny Pilot Options3 rebates currently 23 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 The Penny Pilot was established in March 2008 and in October 2009 was expanded and extended through December 31, 2014. See Securities Exchange Act Release Nos. 57579 (March 28, 2008), 73 FR 18587 (April 4, 2008) (SR–NASDAQ–2008– 026) (notice of filing and immediate effectiveness establishing Penny Pilot); 60874 (October 23, 2009), 74 FR 56682 (November 2, 2009) (SR–NASDAQ– 2009–091) (notice of filing and immediate effectiveness expanding and extending Penny Pilot); 60965 (November 9, 2009), 74 FR 59292 (November 17, 2009) (SR–NASDAQ–2009–097) (notice of filing and immediate effectiveness adding seventy-five classes to Penny Pilot); 61455 (February 1, 2010), 75 FR 6239 (February 8, 2010) (SR–NASDAQ–2010–013) (notice of filing and immediate effectiveness adding seventy-five classes to Penny Pilot); 62029 (May 4, 2010), 75 FR 25895 (May 10, 2010) (SR–NASDAQ–2010–053) (notice of filing and immediate effectiveness adding seventyfive classes to Penny Pilot); 65969 (December 15, wreier-aviles on DSK5TPTVN1PROD with NOTICES 1 15 VerDate Sep<11>2014 15:07 Dec 04, 2014 Jkt 235001 applicable to Customers,4 Professionals5 and NOM Market Makers.6 The text of the proposed rule change is available on the Exchange’s Web site at https:// www.nasdaq.cchwallstreet.com, at the principal office of the Exchange, 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 the most significant aspects of such statements. 2011), 76 FR 79268 (December 21, 2011) (SR– NASDAQ–2011–169) (notice of filing and immediate effectiveness extension and replacement of Penny Pilot); 67325 (June 29, 2012), 77 FR 40127 (July 6, 2012) (SR–NASDAQ–2012–075) (notice of filing and immediate effectiveness and extension and replacement of Penny Pilot through December 31, 2012); 68519 (December 21, 2012), 78 FR 136 (January 2, 2013) (SR–NASDAQ–2012–143) (notice of filing and immediate effectiveness and extension and replacement of Penny Pilot through June 30, 2013); 69787 (June 18, 2013), 78 FR 37858 (June 24, 2013) (SR–NASDAQ–2013–082) (notice of filing and immediate effectiveness and extension and replacement of Penny Pilot through December 31, 2013); 71105 (December 17, 2013), 78 FR 77530 (December 23, 2013) (SR–NASDAQ–2013–154) (notice of filing and immediate effectiveness and extension and replacement of Penny Pilot through June 30, 2014); and 79 FR 31151 (May 23, 2014), 79 FR 31151 (May 30, 2014) (SR–NASDAQ–2014– 056) ((notice of filing and immediate effectiveness and extension and replacement of Penny Pilot through December 31, 2014). See also NOM Rules, Chapter VI, Section 5. 4 The term ‘‘Customer’’ applies to any transaction that is identified by a Participant for clearing in the Customer range at The Options Clearing Corporation (‘‘OCC’’) which is not for the account of broker or dealer or for the account of a ‘‘Professional’’ (as that term is defined in Chapter I, Section 1(a)(48)). 5 The term ‘‘Professional’’ means any person or entity that (i) is not a broker or dealer in securities, and (ii) places more than 390 orders in listed options per day on average during a calendar month for its own beneficial account(s) pursuant to Chapter I, Section 1(a)(48). All Professional orders shall be appropriately marked by Participants. 6 The term ‘‘NOM Market Maker’’ means a Participant that has registered as a Market Maker on NOM pursuant to Chapter VII, Section 2, and must also remain in good standing pursuant to Chapter VII, Section 4. In order to receive NOM Market Maker pricing in all securities, the Participant must be registered as a NOM Market Maker in at least one security. PO 00000 Frm 00072 Fmt 4703 Sfmt 4703 72235 A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule change is to conform rule text in Chapter XV, entitled ‘‘Options Pricing,’’ at Section 2(1) governing the rebates and fees assessed for options orders entered into NOM. Specifically, the Exchange proposes to amend rule text describing the volume required to qualify for certain Customer and Professional Penny Pilot Options Rebate to Add Liquidity tiers and also certain NOM Market Maker Penny Pilot Options Rebate to Add Liquidity tiers. With respect to the Customer and Professional Tier 8 Penny Pilot Options Rebate to Add Liquidity, the NOM Market Maker Tier 6 Penny Pilot Options Rebate to Add Liquidity and the $0.02 per contract Tier 8 incentive for the Customer and Professional Penny Pilot Options Rebate to Add Liquidity,7 the Exchange proposes to amend the language which describes the required national customer volume in multiply-listed equity and ETF options classes in a month in these sections. The Exchange is proposing to conform this language with current rule text which describes total industry customer equity and ETF option average daily volume (‘‘ADV’’) contracts per day in a month. This proposed amendment is nonsubstantive as the two concepts are not different. The Exchange is proposing to conform the language to avoid confusion. This amendment will not amend the manner in which those rebates are paid today. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act 8 in general, and furthers the objectives of Section 6(b)(5) of the Act 9 in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest, in that 7 Participants that add Customer, Professional, Firm, Non-NOM Market Maker and/or BrokerDealer liquidity in Penny Pilot Options and/or NonPenny Pilot Options of 1.25% or more of national customer volume in multiply-listed equity and ETF options classes in a month will receive an additional $0.02 per contract Penny Pilot Options Customer Rebate to Add Liquidity for each transaction which adds liquidity in Penny Pilot Options in that month. 8 15 U.S.C. 78f(b). 9 15 U.S.C. 78f(b)(5). E:\FR\FM\05DEN1.SGM 05DEN1

Agencies

[Federal Register Volume 79, Number 234 (Friday, December 5, 2014)]
[Notices]
[Pages 72233-72235]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-28548]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73707; File No. SR-MSRB-2014-09]


Self-Regulatory Organizations; Municipal Securities Rulemaking 
Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule 
Change Consisting of Amendments to MSRB's Electronic Municipal Market 
Access (EMMA) System To Add Disclosures Related to Municipal Asset-
Backed Securities

December 1, 2014.
    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 November 25, 2014, the Municipal Securities 
Rulemaking Board (the ``MSRB'' or ``Board'') filed with the Securities 
and Exchange Commission (the ``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 is filing with the Commission a proposed rule change 
consisting of amendments to the MSRB's Electronic Municipal Market 
Access (``EMMA'') system to add disclosures related to municipal asset-
backed securities (``ABS'') required under Exchange Act Rule 15Ga-1 \3\ 
to be filed on Form ABS-15G to the list of categories of continuing 
disclosures that EMMA will accept and disseminate publicly (the 
``proposed rule change''). The proposed rule change also makes minor 
changes of a technical nature, including removing outdated language, 
updating the naming convention used for published submitter and 
subscriber specification documents and updating information concerning 
how users can access submitter and subscriber specification documents 
(``technical amendments''). The MSRB filed the proposed rule change 
under Section 19(b)(3)(A)(iii) of the Exchange Act \4\ and Rule 19b-
4(f)(6) \5\ thereunder as a noncontroversial rule change that renders 
the proposal effective upon filing. The proposed rule change will be 
made operative no earlier than January 9, 2015 and no later than 
January 31, 2015, with the precise effective date in that range to be 
announced by the MSRB in a notice published on the MSRB Web site.
---------------------------------------------------------------------------

    \3\ 17 CFR 240.15Ga-1.
    \4\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \5\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    The text of the proposed rule change is available on the MSRB's Web 
site at www.msrb.org/Rules-and-Interpretations/SEC-Filings/2014-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
    Pursuant to Section 943 of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act,\6\ the SEC adopted new rules related to 
representations and warranties in ABS. One of these rules, Exchange Act 
Rule 15Ga-1,\7\ requires, among other things, certain disclosures 
related to municipal ABS to be filed on Form ABS-15G. Pursuant to Rule 
314 of Regulation S-T,\8\ the SEC identified EMMA, in addition to the 
Electronic Data Gathering, Analysis, and Retrieval system (``EDGAR''), 
as a venue that a municipal securitizer may use to make submissions of 
Form ABS-15G in compliance with Exchange Act Rule 15Ga-1.\9\ 
Accordingly, the proposed rule change consists of amendments to the 
EMMA system to add disclosures related to municipal ABS required

[[Page 72234]]

under Exchange Act Rule 15Ga-1 \10\ on Form ABS-15G to the list of 
categories of continuing disclosures that EMMA will accept and 
disseminate publicly.\11\
---------------------------------------------------------------------------

    \6\ Pub. L. 111-203, 124 Stat. 1376 (2010).
    \7\ See 17 CFR 240.15Ga-1.
    \8\ 17 CFR 232.314.
    \9\ 17 CFR 240.15Ga-1.
    \10\ Id.
    \11\ The proposed rule change also consists of technical 
amendments to the EMMA service.
---------------------------------------------------------------------------

2. Statutory Basis
    The MSRB has adopted the proposed rule change pursuant to Section 
15B(b)(2)(C) of the Exchange Act,\12\ which provides that the MSRB's 
rules shall
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78o-4(b)(2)(C).

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, to remove 
impediments to and perfect the mechanism of a free and open market 
in municipal securities, and, in general, to protect investors and 
---------------------------------------------------------------------------
the public interest.

The MSRB believes that the proposed rule change is consistent with the 
Exchange Act because it facilitates the implementation of Exchange Act 
Rule 15Ga-1.\13\ In addition, the proposed rule change serves to remove 
impediments to and help perfect the mechanism of a free and open market 
in municipal securities and promotes the statutory mandate of the MSRB 
to protect investors and the public interest. The proposed rule change 
would aid in making additional information for making investment 
decisions more easily accessible to all participants in the municipal 
securities market on an equal basis throughout the life of the 
securities without barriers to obtaining such information. Broad access 
to the disclosures related to municipal ABS required under Exchange Act 
Rule 15Ga-1 \14\ on Form ABS-15G through the continuing disclosure 
service of EMMA should assist in preventing fraudulent and manipulative 
acts and practices by improving the opportunity for public investors to 
access material information about issuers and their securities.
---------------------------------------------------------------------------

    \13\ 17 CFR 240.15Ga-1.
    \14\ Id.
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The MSRB does not believe that the proposed rule change would 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Exchange Act. The SEC identified 
EMMA as a venue that a municipal securitizer may use to make 
submissions of Form ABS-15G in compliance with Exchange Act Rule 15Ga-
1.\15\ In identifying EMMA, in addition to EDGAR, as a venue for the 
disclosures on Form ABS-15G the SEC stated that ``filing on EMMA will 
facilitate use by investors, since the demand, repurchase and 
replacement disclosures will generally be available in the same 
repository where investors are most likely to look for other municipal 
ABS disclosures.'' \16\ The proposed rule change would facilitate a 
requirement that already has been adopted by the SEC and carries the 
benefits articulated by the SEC as a result of permitting submissions 
of Form ABS-15G in compliance with Exchange Act Rule 15Ga-1 \17\ and 
Rule 314 of Regulation S-T \18\ to be provided to investors on EMMA 
with other municipal ABS disclosures. While the SEC's adoption of 
Exchange Act Rule 15Ga-1 \19\ and Rule 314 of Regulation S-T \20\ are 
themselves significant, the proposed rule change to accommodate the 
intended alternative disclosure venue of EMMA and to make technical 
amendments to the EMMA service would not significantly affect the 
protection of investors or the public interest and would not impose any 
significant burden on competition.
---------------------------------------------------------------------------

    \15\ Id.
    \16\ See Exchange Act Release Nos. 33-9175 and 34-63741 (January 
20, 2011), 76 FR 4489, 4509 (January 26, 2011).
    \17\ 17 CFR 240.15Ga-1.
    \18\ 17 CFR 232.314.
    \19\ 17 CFR 240.15Ga-1.
    \20\ 17 CFR 232.314.
---------------------------------------------------------------------------

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From 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

    Because the foregoing proposed rule change does not:
    (i) Significantly affect the protection of investors or the public 
interest;
    (ii) impose any significant burden on competition; and
    (iii) become operative for 30 days from the date on which it was 
filed, or such shorter time as the Commission may designate,

it has become effective pursuant to Section 19(3)(A) of the Exchange 
Act \21\ and Rule 19(b)-4(f)(6) \22\ thereunder.
---------------------------------------------------------------------------

    \21\ 15 U.S.C. 78s(b)(3)(A).
    \22\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Exchange Act.

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-2014-09 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549.

All submissions should refer to File Number SR-MSRB-2014-09. 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 
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available 
for inspection and copying at the principal office of the MSRB. 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-2014-09 and should be 
submitted on or before December 26, 2014.


[[Page 72235]]


    For the Commission, pursuant to delegated authority.\23\
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    \23\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-28548 Filed 12-4-14; 8:45 am]
BILLING CODE 8011-01-P
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