Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing of Amendment No. 1 to Proposed Rule Change Consisting of Proposed New Rule G-42, on Duties of Non-Solicitor Municipal Advisors, and Proposed Amendments to Rule G-8, on Books and Records To Be Made by Brokers, Dealers, Municipal Securities Dealers, and Municipal Advisors, 51645-51646 [2015-20936]
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Federal Register / Vol. 80, No. 164 / Tuesday, August 25, 2015 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75737; File No. SR–MSRB–
2015–03]
Self-Regulatory Organizations;
Municipal Securities Rulemaking
Board; Notice of Filing of Amendment
No. 1 to Proposed Rule Change
Consisting of Proposed New Rule G–
42, on Duties of Non-Solicitor
Municipal Advisors, and Proposed
Amendments to Rule G–8, on Books
and Records To Be Made by Brokers,
Dealers, Municipal Securities Dealers,
and Municipal Advisors
I. Introduction
On April 24, 2015, the Municipal
Securities Rulemaking Board (‘‘MSRB’’)
filed with the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘Commission’’),
pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Exchange Act’’ or ‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change consisting of proposed new Rule
G–42, on duties of non-solicitor
municipal advisors, and proposed
amendments to Rule G–8, on books and
records to be made by brokers, dealers,
municipal securities dealers, and
municipal advisors. The proposed rule
change was published for comment in
the Federal Register on May 8, 2015.3
The Commission received fifteen
comment letters on the proposal.4 On
June 16, 2015, the MSRB granted an
extension of time for the Commission to
act on the filing until August 6, 2015.
On August 6, 2015, the Commission
issued an order instituting proceedings
under Section 19(b)(2)(B) of the Act 5 to
determine whether to approve or
disapprove the proposed rule change.6
On August 12, 2015, the MSRB
responded to the comments 7 and filed
Amendment No. 1 to the proposed rule
change.8 The text of Amendment No. 1
and the MSRB’s letter are available on
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Exchange Act Release No. 74860 (May 4, 2015),
80 FR 26752 (‘‘Notice’’). The comment period
closed on May 29, 2015.
4 Comment letters are available at www.sec.gov/
comments/sr-msrb-2015-03/msrb201503.shtml.
5 15 U.S.C. 78s(b)(2)(B).
6 See Securities Exchange Act Release No. 75628
(August 6, 2015), 80 FR 48355 (August 12, 2015).
The comment period closes on September 11, 2015.
7 See Letter from Michael L. Post, MSRB, to
Secretary, SEC, dated August 12, 2015 (‘‘MSRB
Response Letter’’), available at http://www.sec.gov/
comments/sr-msrb-2015-03/msrb201503-19.pdf.
8 See Letter from Michael L. Post, MSRB, to
Secretary, SEC, dated August 12, 2015 (‘‘MSRB
Amendment Letter’’), available at http://
www.sec.gov/comments/sr-msrb-2015-03/
msrb201503-20.pdf.
asabaliauskas on DSK5VPTVN1PROD with NOTICES
2 17
VerDate Sep<11>2014
17:10 Aug 24, 2015
Jkt 235001
the MSRB’s Web site. The Commission
is publishing this notice to solicit
comments on Amendment No. 1 to the
proposed rule change from interested
persons.
II. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Amendment
The MSRB is proposing to delete, in
Proposed Rule G–42(a)(ii), the phrase ‘‘,
without limitation,’’ to address any
ambiguity regarding the relationship
between additional fiduciary duties and
the specified duties of care and loyalty.
The MSRB, however, emphasizes the
proposed amendment in no respect
narrows or otherwise substantively
modifies the scope of the fiduciary duty
to which a municipal advisor would be
subject under Proposed Rule G–42.
Under Proposed Rule G–42(a)(ii), a
municipal advisor is subject to a
fiduciary duty that includes a duty of
loyalty and a duty of care. It has been
the MSRB’s intent from the inception of
this rulemaking initiative not to purport
to comprehensively set forth every
aspect of the fiduciary duty that may be
owed under the broad principle that
Congress determined should apply to
municipal advisors to municipal entity
clients. Instead, Proposed Rule G–42 is
designed primarily to set forth the core
principles of the fiduciary duty that a
municipal advisor would owe to its
municipal entity client, and address and
provide guidance on certain conduct
that is likely to occur and issues that are
likely to arise in the provision of
municipal advisory services. Although
it is not possible for the MSRB to set
forth every aspect of a fiduciary duty in
Proposed Rule G–42 and the MSRB has
not sought to do so, the MSRB
nevertheless believes that the proposed
rule change will provide municipal
advisors with significant helpful
guidance in understanding many
aspects of their fiduciary duty and the
conduct that is required of them.9
The MSRB is also proposing
amendments to streamline the steps
needed to comply with proposed
sections (b) and (c) generally, which are
also responsive to comments received
regarding the combined requirements of
the proposed paragraphs.10 In proposed
Rule G–42(b), the MSRB proposes to
combine the substantially similar
disclosures of conflicts of interest in
proposed paragraphs (b)(i)(A) and
(b)(i)(G) as new proposed paragraph
(b)(i)(F) and delete proposed paragraphs
(b)(i)(A) and (b)(i)(G). The MSRB also
would renumber proposed paragraphs
9 See
Notice, 80 FR 26752, at 26762.
Notice, 80 FR 26752, at 26762–26763.
10 See
PO 00000
Frm 00115
Fmt 4703
Sfmt 4703
51645
(b)(i)(B) through (b)(i)(F), respectively,
as proposed paragraphs (b)(i)(A) through
(B)(i)(E).
The MSRB proposes amendments
regarding proposed section (c), which
requires the documentation of the
municipal advisory relationship in
writing, and, in proposed subsection
(c)(ii), which provides that a municipal
advisor must include in the
documentation the disclosures of
conflicts of interest and other
information (i.e., information regarding
certain legal or disciplinary events as
specified in proposed subsection (b)(ii)).
Under the proposed amendment, a
municipal advisor would not be
required to provide the disclosure of
conflicts of interest and other
information required under proposed
subsection (c)(ii) if the municipal
advisor previously fully complied with
the requirements of proposed section (b)
to disclose such information and
proposed subsection (c)(ii) would not
require the disclosure of any materially
different information than that
previously disclosed to the client. The
MSRB believes that the proposed
amendment, to be incorporated in
Proposed Rule G–42 as the third
sentence of new proposed paragraph .06
of the Supplementary Material, entitled
‘‘Relationship Documentation,’’ would
permit a municipal advisor to avoid
making duplicative disclosures
regarding its conflicts of interest and
other matters. The proposed amendment
also would include, as the first two
sentences of new proposed paragraph
.06, the un-numbered paragraph
previously located after proposed
subsection (c)(vii). The MSRB believes
that the material set forth in the unnumbered paragraph, which relates to
updating and supplementing the
relationship documentation, is more
appropriately organized with the
proposed amendment relating to
proposed subsection (c)(ii) discussed
above, and, therefore, proposes to
organize such un-numbered paragraph
in new proposed paragraph .06. Finally,
with the incorporation of new proposed
paragraph .06, proposed paragraphs .06
through .12 of the Supplementary
Material would be renumbered,
respectively, as proposed paragraphs .07
through .13 of the Supplementary
Material.
The MSRB also proposes to amend, in
response to comments, proposed
subsection (c)(iv) of Rule G–42 of the
original proposed rule change to require
a municipal advisor, at the time of
making the disclosures required under
proposed subsections (c)(iii) and (c)(iv),
to provide its clients with a brief
explanation of the basis for the
E:\FR\FM\25AUN1.SGM
25AUN1
asabaliauskas on DSK5VPTVN1PROD with NOTICES
51646
Federal Register / Vol. 80, No. 164 / Tuesday, August 25, 2015 / Notices
materiality of the change or addition to
its Forms MA and MA–I. The proposed
amendment would supplement a
proposed requirement that the
municipal advisor provide the date of
the last material change or addition to
the legal or disciplinary event
disclosures on any Form MA or Form
MA–I to the client. The proposed
amendment to include the explanation
of materiality would allow a municipal
advisor client to assess the effect that
such change or addition may have on
the municipal advisory relationship and
evaluate whether it should seek or
review additional information.
In response to a concern raised in the
comments, the MSRB proposes to
clarify, in proposed section (d), a
specific requirement applicable to a
recommendation made by a municipal
advisor, and distinguish it from the
requirements a municipal advisor is
subject to when reviewing a
recommendation made by another party.
The proposed amendment to proposed
section (d) would add a statement
providing that ‘‘a municipal advisor
making a recommendation must have a
reasonable basis to believe that the
recommended municipal securities
transaction or municipal financial
product is suitable for the client,’’
which would clarify the proposed
requirement that the municipal advisor
must determine, based on the
information obtained through the
reasonable diligence of such municipal
advisor, whether the municipal
securities transaction or municipal
financial product is suitable for the
client. The proposed amendment would
state more explicitly that a municipal
advisor would be prohibited from
making recommendations to clients
regarding municipal securities
transactions and municipal financial
products that are unsuitable for such
clients. To further clarify proposed
section (d), the MSRB also proposes to
modify proposed subsection (d)(ii) to
provide that the requirement to inform
the client that a recommendation is
unsuitable potentially arises only in the
context of the review of a
recommendation of another, by adding
the parenthetical phrase ‘‘(as may be
applicable in the case of a review of a
recommendation).’’
The MSRB also proposes a minor
amendment to clarify proposed Rule G–
42(e)(i)(B), which prohibits a municipal
advisor from delivering an invoice for
fees or expenses for municipal advisory
activities that do not accurately reflect
the activities actually performed or the
personnel that actually performed those
activities. Specifically, as revised, the
provision would prohibit the delivery of
VerDate Sep<11>2014
17:10 Aug 24, 2015
Jkt 235001
such an invoice if it ‘‘is materially
inaccurate in its reflection of the
activities actually performed or the
personnel that actually performed those
activities.’’ The proposed clarification,
which is responsive to comments that
expressed concern regarding invoices
containing minor or immaterial errors,
would incorporate in the proposed
provision an explicit, rather than
implicit, limitation based on materiality,
and is consistent with the MSRB’s
explanation of the provision in the
original proposed rule change.11
Finally, Amendment No. 1 would
incorporate minor, non-substantive
amendments to proposed subsections
(e)(ii), regarding prohibited principal
transactions. The proposed amendments
to proposed subsection (e)(ii) would
clarify the provision, to provide:
A municipal advisor to a municipal entity
client, and any affiliate of such municipal
advisor, is prohibited from engaging with the
municipal entity client in a principal
transaction that is the same, or directly
related to the, municipal securities
transaction or municipal financial product as
to which the municipal advisor is providing
or has provided advice to the municipal
entity client.
Similarly, technical and nonsubstantive changes would be
incorporated in proposed subsection
(f)(i), defining the term, ‘‘Engaging in a
principal transaction.’’ Finally, the
proposed amendments to proposed
paragraph .11 of the Supplementary
Material would renumber the provision
as proposed paragraph .12 of the
Supplementary Material, as previously
noted, and change the reference in the
second line of the provision from
‘‘engaging in a principal transaction’’ to
‘‘principal transaction’’ to conform
proposed renumbered paragraph .12 to
proposed amended subsection (f)(i).
The MSRB proposes to make the
proposed rule change effective six
months after Commission approval of
all changes.
III. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments regarding the foregoing,
including whether the filing as amended
by Amendment No. 1 is consistent with
the Act. Comments may be submitted by
any of the following methods:
11 In the original proposed rule change, the MSRB
noted that the scope of inaccuracy targeted by the
proposed provision was ‘‘limited to the significant
subjects of the services performed and personnel
who performed those services.’’ See Notice, 80 FR
26752, at 26777.
PO 00000
Frm 00116
Fmt 4703
Sfmt 9990
Electronic Comments
• Use the Commission’s Internet
comment form (http://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
MSRB–2015–03 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–2015–03. 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 (http://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–
2015–03 and should be submitted on or
before September 11, 2015.
For the Commission, pursuant to delegated
authority.12
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015–20936 Filed 8–24–15; 8:45 am]
BILLING CODE 8011–01–P
12 17
E:\FR\FM\25AUN1.SGM
CFR 200.30–3(a)(12).
25AUN1
Agencies
[Federal Register Volume 80, Number 164 (Tuesday, August 25, 2015)]
[Notices]
[Pages 51645-51646]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-20936]
[[Page 51645]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-75737; File No. SR-MSRB-2015-03]
Self-Regulatory Organizations; Municipal Securities Rulemaking
Board; Notice of Filing of Amendment No. 1 to Proposed Rule Change
Consisting of Proposed New Rule G-42, on Duties of Non-Solicitor
Municipal Advisors, and Proposed Amendments to Rule G-8, on Books and
Records To Be Made by Brokers, Dealers, Municipal Securities Dealers,
and Municipal Advisors
I. Introduction
On April 24, 2015, the Municipal Securities Rulemaking Board
(``MSRB'') filed with the Securities and Exchange Commission (``SEC''
or ``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Exchange Act'' or ``Act'') \1\ and Rule 19b-4
thereunder,\2\ a proposed rule change consisting of proposed new Rule
G-42, on duties of non-solicitor municipal advisors, and proposed
amendments to Rule G-8, on books and records to be made by brokers,
dealers, municipal securities dealers, and municipal advisors. The
proposed rule change was published for comment in the Federal Register
on May 8, 2015.\3\ The Commission received fifteen comment letters on
the proposal.\4\ On June 16, 2015, the MSRB granted an extension of
time for the Commission to act on the filing until August 6, 2015. On
August 6, 2015, the Commission issued an order instituting proceedings
under Section 19(b)(2)(B) of the Act \5\ to determine whether to
approve or disapprove the proposed rule change.\6\ On August 12, 2015,
the MSRB responded to the comments \7\ and filed Amendment No. 1 to the
proposed rule change.\8\ The text of Amendment No. 1 and the MSRB's
letter are available on the MSRB's Web site. The Commission is
publishing this notice to solicit comments on Amendment No. 1 to the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Exchange Act Release No. 74860 (May 4, 2015), 80 FR 26752
(``Notice''). The comment period closed on May 29, 2015.
\4\ Comment letters are available at www.sec.gov/comments/sr-msrb-2015-03/msrb201503.shtml.
\5\ 15 U.S.C. 78s(b)(2)(B).
\6\ See Securities Exchange Act Release No. 75628 (August 6,
2015), 80 FR 48355 (August 12, 2015). The comment period closes on
September 11, 2015.
\7\ See Letter from Michael L. Post, MSRB, to Secretary, SEC,
dated August 12, 2015 (``MSRB Response Letter''), available at
http://www.sec.gov/comments/sr-msrb-2015-03/msrb201503-19.pdf.
\8\ See Letter from Michael L. Post, MSRB, to Secretary, SEC,
dated August 12, 2015 (``MSRB Amendment Letter''), available at
http://www.sec.gov/comments/sr-msrb-2015-03/msrb201503-20.pdf.
---------------------------------------------------------------------------
II. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Amendment
The MSRB is proposing to delete, in Proposed Rule G-42(a)(ii), the
phrase ``, without limitation,'' to address any ambiguity regarding the
relationship between additional fiduciary duties and the specified
duties of care and loyalty. The MSRB, however, emphasizes the proposed
amendment in no respect narrows or otherwise substantively modifies the
scope of the fiduciary duty to which a municipal advisor would be
subject under Proposed Rule G-42. Under Proposed Rule G-42(a)(ii), a
municipal advisor is subject to a fiduciary duty that includes a duty
of loyalty and a duty of care. It has been the MSRB's intent from the
inception of this rulemaking initiative not to purport to
comprehensively set forth every aspect of the fiduciary duty that may
be owed under the broad principle that Congress determined should apply
to municipal advisors to municipal entity clients. Instead, Proposed
Rule G-42 is designed primarily to set forth the core principles of the
fiduciary duty that a municipal advisor would owe to its municipal
entity client, and address and provide guidance on certain conduct that
is likely to occur and issues that are likely to arise in the provision
of municipal advisory services. Although it is not possible for the
MSRB to set forth every aspect of a fiduciary duty in Proposed Rule G-
42 and the MSRB has not sought to do so, the MSRB nevertheless believes
that the proposed rule change will provide municipal advisors with
significant helpful guidance in understanding many aspects of their
fiduciary duty and the conduct that is required of them.\9\
---------------------------------------------------------------------------
\9\ See Notice, 80 FR 26752, at 26762.
---------------------------------------------------------------------------
The MSRB is also proposing amendments to streamline the steps
needed to comply with proposed sections (b) and (c) generally, which
are also responsive to comments received regarding the combined
requirements of the proposed paragraphs.\10\ In proposed Rule G-42(b),
the MSRB proposes to combine the substantially similar disclosures of
conflicts of interest in proposed paragraphs (b)(i)(A) and (b)(i)(G) as
new proposed paragraph (b)(i)(F) and delete proposed paragraphs
(b)(i)(A) and (b)(i)(G). The MSRB also would renumber proposed
paragraphs (b)(i)(B) through (b)(i)(F), respectively, as proposed
paragraphs (b)(i)(A) through (B)(i)(E).
---------------------------------------------------------------------------
\10\ See Notice, 80 FR 26752, at 26762-26763.
---------------------------------------------------------------------------
The MSRB proposes amendments regarding proposed section (c), which
requires the documentation of the municipal advisory relationship in
writing, and, in proposed subsection (c)(ii), which provides that a
municipal advisor must include in the documentation the disclosures of
conflicts of interest and other information (i.e., information
regarding certain legal or disciplinary events as specified in proposed
subsection (b)(ii)). Under the proposed amendment, a municipal advisor
would not be required to provide the disclosure of conflicts of
interest and other information required under proposed subsection
(c)(ii) if the municipal advisor previously fully complied with the
requirements of proposed section (b) to disclose such information and
proposed subsection (c)(ii) would not require the disclosure of any
materially different information than that previously disclosed to the
client. The MSRB believes that the proposed amendment, to be
incorporated in Proposed Rule G-42 as the third sentence of new
proposed paragraph .06 of the Supplementary Material, entitled
``Relationship Documentation,'' would permit a municipal advisor to
avoid making duplicative disclosures regarding its conflicts of
interest and other matters. The proposed amendment also would include,
as the first two sentences of new proposed paragraph .06, the un-
numbered paragraph previously located after proposed subsection
(c)(vii). The MSRB believes that the material set forth in the un-
numbered paragraph, which relates to updating and supplementing the
relationship documentation, is more appropriately organized with the
proposed amendment relating to proposed subsection (c)(ii) discussed
above, and, therefore, proposes to organize such un-numbered paragraph
in new proposed paragraph .06. Finally, with the incorporation of new
proposed paragraph .06, proposed paragraphs .06 through .12 of the
Supplementary Material would be renumbered, respectively, as proposed
paragraphs .07 through .13 of the Supplementary Material.
The MSRB also proposes to amend, in response to comments, proposed
subsection (c)(iv) of Rule G-42 of the original proposed rule change to
require a municipal advisor, at the time of making the disclosures
required under proposed subsections (c)(iii) and (c)(iv), to provide
its clients with a brief explanation of the basis for the
[[Page 51646]]
materiality of the change or addition to its Forms MA and MA-I. The
proposed amendment would supplement a proposed requirement that the
municipal advisor provide the date of the last material change or
addition to the legal or disciplinary event disclosures on any Form MA
or Form MA-I to the client. The proposed amendment to include the
explanation of materiality would allow a municipal advisor client to
assess the effect that such change or addition may have on the
municipal advisory relationship and evaluate whether it should seek or
review additional information.
In response to a concern raised in the comments, the MSRB proposes
to clarify, in proposed section (d), a specific requirement applicable
to a recommendation made by a municipal advisor, and distinguish it
from the requirements a municipal advisor is subject to when reviewing
a recommendation made by another party. The proposed amendment to
proposed section (d) would add a statement providing that ``a municipal
advisor making a recommendation must have a reasonable basis to believe
that the recommended municipal securities transaction or municipal
financial product is suitable for the client,'' which would clarify the
proposed requirement that the municipal advisor must determine, based
on the information obtained through the reasonable diligence of such
municipal advisor, whether the municipal securities transaction or
municipal financial product is suitable for the client. The proposed
amendment would state more explicitly that a municipal advisor would be
prohibited from making recommendations to clients regarding municipal
securities transactions and municipal financial products that are
unsuitable for such clients. To further clarify proposed section (d),
the MSRB also proposes to modify proposed subsection (d)(ii) to provide
that the requirement to inform the client that a recommendation is
unsuitable potentially arises only in the context of the review of a
recommendation of another, by adding the parenthetical phrase ``(as may
be applicable in the case of a review of a recommendation).''
The MSRB also proposes a minor amendment to clarify proposed Rule
G-42(e)(i)(B), which prohibits a municipal advisor from delivering an
invoice for fees or expenses for municipal advisory activities that do
not accurately reflect the activities actually performed or the
personnel that actually performed those activities. Specifically, as
revised, the provision would prohibit the delivery of such an invoice
if it ``is materially inaccurate in its reflection of the activities
actually performed or the personnel that actually performed those
activities.'' The proposed clarification, which is responsive to
comments that expressed concern regarding invoices containing minor or
immaterial errors, would incorporate in the proposed provision an
explicit, rather than implicit, limitation based on materiality, and is
consistent with the MSRB's explanation of the provision in the original
proposed rule change.\11\
---------------------------------------------------------------------------
\11\ In the original proposed rule change, the MSRB noted that
the scope of inaccuracy targeted by the proposed provision was
``limited to the significant subjects of the services performed and
personnel who performed those services.'' See Notice, 80 FR 26752,
at 26777.
---------------------------------------------------------------------------
Finally, Amendment No. 1 would incorporate minor, non-substantive
amendments to proposed subsections (e)(ii), regarding prohibited
principal transactions. The proposed amendments to proposed subsection
(e)(ii) would clarify the provision, to provide:
A municipal advisor to a municipal entity client, and any
affiliate of such municipal advisor, is prohibited from engaging
with the municipal entity client in a principal transaction that is
the same, or directly related to the, municipal securities
transaction or municipal financial product as to which the municipal
advisor is providing or has provided advice to the municipal entity
client.
Similarly, technical and non-substantive changes would be
incorporated in proposed subsection (f)(i), defining the term,
``Engaging in a principal transaction.'' Finally, the proposed
amendments to proposed paragraph .11 of the Supplementary Material
would renumber the provision as proposed paragraph .12 of the
Supplementary Material, as previously noted, and change the reference
in the second line of the provision from ``engaging in a principal
transaction'' to ``principal transaction'' to conform proposed
renumbered paragraph .12 to proposed amended subsection (f)(i).
The MSRB proposes to make the proposed rule change effective six
months after Commission approval of all changes.
III. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments regarding the foregoing, including whether the filing as
amended by Amendment No. 1 is consistent with the Act. Comments may be
submitted by any of the following methods:
Electronic Comments
Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-MSRB-2015-03 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-2015-03. 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 (http://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-2015-03 and should be
submitted on or before September 11, 2015.
For the Commission, pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015-20936 Filed 8-24-15; 8:45 am]
BILLING CODE 8011-01-P