Sunshine Act Meetings, 22078 [2023-07755]
Download as PDF
<![CDATA[
22078
Federal Register / Vol. 88, No. 70 / Wednesday, April 12, 2023 / Notices
ddrumheller on DSK120RN23PROD with NOTICES1
Commission’s estimates for its analysis.
For select municipal dealers who only
trade municipal securities and clear
themselves, the one-time upfront costs
for system upgrades and policy and
procedure revision would be
approximately $874,000 per firm for
dealers serving institutional investors
only and $1,276,000 per firm for dealers
also serving retail investors. This
calculation is based on the
Commission’s estimate of the one-time
upfront cost of $8,740,000 per firm for
broker-dealers that serve institutional
investors and $12,760,000 per firm for
broker-dealers that also serve retail
investors when including all securities,
other than an exempted security (a
government security, a municipal
security, commercial paper, bankers’
acceptances, or commercial bills).35 The
MSRB believes these select dealers may
choose to use a third-party clearing firm
if the cost for outsourcing the clearing
practice is lower than the estimated
costs above. Finally, the MSRB also
believes that dealers would incur
minimal ongoing direct compliance
costs after the initial transition to a T+1
standard settlement cycle.36
In summary, the MSRB believes that
the industry is equipped with readily
available technology for the transition to
a T+1 settlement cycle, and the changes
are necessary or appropriate in
furtherance of the purposes of the
Exchange Act. The MSRB believes the
proposed rule change would promote
regulatory consistency and market
efficiency by having regular-way
settlement for municipal securities
transactions consistent with the
standard settlement for other security
classes and harmonized with Amended
SEC Rule 15c6–1.37 As the proposed
rule change would be applied equally to
all registered dealers transacting in
municipal securities, the MSRB believes
that the proposed rule change would not
impose any additional burdens on
competition, that are not necessary or
appropriate in furtherance of the
purposes of the Exchange Act.
35 Id. The MSRB’s internal analysis assumes a
cost saving of 90% for the one-time upfront cost for
municipal securities only, as opposed to many
other securities, such as equities, corporate bonds,
asset-backed securities, mortgage-backed securities,
and stock options, etc., accounting for some fixed
costs when working on a single security product.
In addition, the MSRB’s internal analysis assumes
that dealers who trade municipal securities only
and self-clear are smaller in size than a typical
broker-dealer in the SEC’s estimate.
36 See SEC’s T+1 Adopting Release, 88 FR at
13937 (March 6, 2023).
37 17 CFR 240.15c6–1.
VerDate Sep<11>2014
19:25 Apr 11, 2023
Jkt 259001
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
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period of
up to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the self-regulatory organization
consents, the Commission will:
(A) by order approve or disapprove
such proposed rule change, or
(B) institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the 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–2023–03 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–2023–03. 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 website (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
PO 00000
Frm 00118
Fmt 4703
Sfmt 9990
available for website 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.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–MSRB–2023–03 and should
be submitted on or before May 3, 2023.
For the Commission, pursuant to delegated
authority.38
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–07612 Filed 4–11–23; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meetings
Notice is hereby given,
pursuant to the provisions of the
Government in the Sunshine Act, Public
Law 94–409, that the Securities and
Exchange Commission will hold an
Open Meeting on Friday, April 14, 2023
at 10 a.m.
PLACE: The meeting will be webcast on
the Commission’s website at
www.sec.gov.
STATUS: This meeting will begin at 10:00
a.m. (ET) and will be open to the public
via webcast on the Commission’s
website at www.sec.gov.
MATTERS TO BE CONSIDERED:
1. The Commission will consider
whether to reopen the comment period
for proposed amendments to Rule 3b–16
under the Securities Exchange Act of
1934 regarding the definition of
‘‘exchange’’ as set forth in Securities
Exchange Act Release No. 94062.
CONTACT PERSON FOR MORE INFORMATION:
For further information, and to ascertain
what, if any, matters have been added,
deleted or postponed, please contact
Vanessa A. Countryman from the Office
of the Secretary at (202) 551–5400.
Authority: 5 U.S.C. 552b.
TIME AND DATE:
Dated: April 7, 2023.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2023–07755 Filed 4–10–23; 11:15 am]
BILLING CODE 8011–01–P
38 17
E:\FR\FM\12APN1.SGM
CFR 200.30–3(a)(12).
12APN1
]]>Agencies
[Federal Register Volume 88, Number 70 (Wednesday, April 12, 2023)]
[Notices]
[Page 22078]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-07755]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Sunshine Act Meetings
TIME AND DATE: Notice is hereby given, pursuant to the provisions of
the Government in the Sunshine Act, Public Law 94-409, that the
Securities and Exchange Commission will hold an Open Meeting on Friday,
April 14, 2023 at 10 a.m.
PLACE: The meeting will be webcast on the Commission's website at
www.sec.gov.
STATUS: This meeting will begin at 10:00 a.m. (ET) and will be open to
the public via webcast on the Commission's website at www.sec.gov.
MATTERS TO BE CONSIDERED:
1. The Commission will consider whether to reopen the comment
period for proposed amendments to Rule 3b-16 under the Securities
Exchange Act of 1934 regarding the definition of ``exchange'' as set
forth in Securities Exchange Act Release No. 94062.
CONTACT PERSON FOR MORE INFORMATION: For further information, and to
ascertain what, if any, matters have been added, deleted or postponed,
please contact Vanessa A. Countryman from the Office of the Secretary
at (202) 551-5400.
Authority: 5 U.S.C. 552b.
Dated: April 7, 2023.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2023-07755 Filed 4-10-23; 11:15 am]
BILLING CODE 8011-01-P
