80 FR 16485 - Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Consisting of Amendments to MSRB Rule A-16, on Examination Fees
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 59 (March 27, 2015)
Federal Register Volume 80, Issue 59 (March 27, 2015)
| Page Range | 16485-16487 | |
| FR Document | 2015-06990 |
[Federal Register Volume 80, Number 59 (Friday, March 27, 2015)] [Notices] [Pages 16485-16487] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-06990] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74561; File No. SR-MSRB-2015-01] Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Consisting of Amendments to MSRB Rule A-16, on Examination Fees March 23, 2015. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on March 17, 2015, 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 filed with the Commission a proposed rule change consisting of amendments to MSRB Rule A-16, on examination fees (``proposed rule change''). The MSRB designated the proposed rule change as ``establishing or changing a due, fee or other charge'' under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) \4\ thereunder, which renders the proposal effective upon filing with the Commission. The implementation date of the proposed rule change is April 1, 2015. --------------------------------------------------------------------------- \3\ 15 U.S.C. 78s(b)(3)(A)(ii). \4\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- The text of the proposed rule change is available on the MSRB's Web site at http://www.msrb.org/Rules-and-Interpretations/SEC-Filings/2015-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 The purpose of the proposed rule change is to establish a test development fee for the MSRB's new municipal advisor representative qualification examination (``Series 50 examination'') and to better align the MSRB's existing test development fees (which have not been adjusted since 2009) with the costs of developing, implementing and maintaining the tests (hereinafter, the ``program costs''). Under the proposed rule change, the MSRB will institute a test development fee of $150 for the Series 50 examination and change the test development fee for each of the three existing MSRB-owned examinations from $60 to $150. The development fee of $150 will, on April 1, 2015, be assessed on brokers, dealers and municipal securities dealers (``dealers'') and municipal advisors based on the number of their associated persons that take an MSRB-owned professional qualification examination. Any person associated with a dealer who is engaged in or supervises municipal securities activities and any person associated with a municipal advisor who is engaged in or supervises municipal advisory activities must be qualified in accordance with MSRB Rule G-3.\5\ As a prerequisite to qualification, each individual must pass the applicable examination to demonstrate a basic competence in the subject matter related to the professional qualification classification. The [[Page 16486]] examinations seek to measure accurately and reliably the degree to which each candidate possesses the knowledge, skills and abilities necessary to perform the relevant job function. The examinations measure a candidate's knowledge of business activities, as well as the regulatory requirements, including MSRB rules, rule interpretations and other federal law applicable to a particular classification. --------------------------------------------------------------------------- \5\ The SEC recently approved MSRB rule amendments, effective April 27, 2015, that establish professional qualification standards for municipal advisors. The amendments to MSRB Rule G-3 establish two professional qualification classifications for municipal advisors--municipal advisor representative and municipal advisor principal. See Exchange Act Release No. 74384 (Feb. 26, 2015), 80 FR 11706 (Mar. 4, 2015), File No. SR-MSRB-2014-08 (Nov. 18, 2014). --------------------------------------------------------------------------- Generally, the MSRB recognizes two types of professional qualification examinations: MSRB-owned examinations and examinations owned by the Financial Industry Regulatory Authority (``FINRA''). There are three existing MSRB-owned examinations and one in development. The Municipal Fund Securities Limited Principal Qualification Examination (``Series 51 examination''), Municipal Securities Representative Qualification Examination (``Series 52 examination''), and Municipal Securities Principal Qualification Examination (``Series 53 examination'') are developed, implemented, maintained, and owned by the MSRB. The Series 50 examination, which is under development for municipal advisor representatives, is also owned by the MSRB. Each of the existing MSRB-owned examinations is administered by FINRA, and it is expected that FINRA also will administer the Series 50 examination. MSRB-owned professional qualification examinations are developed by the MSRB in conjunction with industry-wide advisory committees and retained test design experts in accordance with established national standards. The test development fee assessed under Rule A-16 is intended to partially offset the program costs. Pursuant to the proposed rule change, the MSRB will change the test development fee from $60 to $150 for the Series 51 examination, Series 52 examination and Series 53 examination. This is the first time the MSRB has adjusted its examination development fees since 2009 when the fees were first established under MSRB Rule A-16.\6\ --------------------------------------------------------------------------- \6\ See Exchange Act Release No. 61023 (Nov. 18, 2009), 74 FR 61402 (Nov. 24, 2009), File No. SR-MSRB-2009-16 (Nov. 5, 2009). --------------------------------------------------------------------------- The MSRB is amending Rule A-16 to better align the fees with the current program costs because the MSRB's current examination fees, as a percentage of the program costs, have decreased significantly since the fees were established in 2009. The examination development fees have not previously been, and are not intended to fully offset the program costs, but to help defray a portion of the cost of developing and implementing the examinations, as well as the costs associated with monitoring the examinations for effectiveness and updating the examinations' content and questions. To address the growing disparity between the examination fees collected and the program costs, the MSRB is changing the examination fee to $150 for each MSRB-owned examination. The MSRB believes this fee adjustment is reasonable and appropriate. The proposed rule change also amends Rule A-16 to clarify that the examination fee is assessed to dealers and municipal advisors, rather than their associated persons who take the professional qualification tests. In addition to the MSRB's examination fee, FINRA assesses an administrative fee for each examination that it administers. These fees are assessed by FINRA at the time a broker, dealer, municipal securities dealer or municipal advisor enrolls an associated person to take an examination and then FINRA remits the aggregate MSRB examination fees to the MSRB periodically. 2. Statutory Basis The MSRB believes that the proposed rule change is consistent with the requirements of Section 15B(b)(2)(J) of the Act,\7\ which requires, in pertinent part, that the MSRB promulgate rules to require dealers and municipal advisors to pay such reasonable fees and charges as may be necessary or appropriate to defray the costs and expenses of operating and administering the MSRB. The proposed rule change provides for reasonable fees to partially defray the program costs. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78o-4(b)(2)(J). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition Section 15B(b)(2)(C) of the Act \8\ requires that MSRB rules not be designed to impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. In addition, Section 15B(b)(2)(L)(iv) of the Act requires that MSRB rules not impose a regulatory burden on small municipal advisors that is not necessary or appropriate in the public interest and for the protection of investors, municipal entities, and obligated persons provided that there is robust protection of investors against fraud.\9\ --------------------------------------------------------------------------- \8\ 15 U.S.C. 78o-4(b)(2)(C). \9\ 15 U.S.C. 78o-4(b)(2)(L)(iv). --------------------------------------------------------------------------- In considering these standards, the MSRB was guided by the Board's Policy on the Use of Economic Analysis. The MSRB does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The MSRB considered as alternatives whether to maintain the current fee, or to propose an increase that was lower or higher than the proposed increase. Since the current examination fees were instituted, the costs relating to the development, implementation and maintenance of the examinations have increased. The examination fees have, as noted, remained unchanged since 2009 and the proposed rule change is designed to better align the fees with the current program costs. The revenue from such fees will still fall well-short of the actual program costs. Finally, the examination fees are equitable to each dealer and municipal advisor without regard to the nature of that entity's business and are assessed only as to those individuals who are associated with the entity who enroll to take an MSRB-owned qualification examination. To evaluate the impact of the adjustment in the MSRB test development fees for the Series 51, 52, and 53 examinations and the establishment of a development fee of $150 for the Series 50 examination, the MSRB considered the fees charged to take other professional qualification examinations in the financial services field. When including the administrative fee assessed by FINRA, the total fee that will be charged to take any MSRB-owned examination is comparable to the total fee charged to take other FINRA-administered professional qualification examinations, which currently range from $70-$335.\10\ As another example, in the financial services field, the fee to take the Chartered Financial Analyst Level I examination is $630. --------------------------------------------------------------------------- \10\ See FINRA Administered Qualification Examinations www.finra.org/industry/compliance/registration/qualificationsexams/qualifications/p011096. Effective April 1, 2015, the total fee charged to take other FINRA-administered professional qualification examinations will range from $75-$350. See File No. SR-FINRA-2015- 006. --------------------------------------------------------------------------- In addition, the MSRB considered the fees charged to take professional qualification examinations in other fields. The average state bar examination fee as of 2013 was approximately $490.\11\ Note that nearly [[Page 16487]] 50 percent of the attorneys who were in private practice that year, were sole practitioners and an additional 14 percent work in firms made up of five or fewer attorneys.\12\ As another example, the Project Management Professional examination fee is $250. The MSRB is not aware of evidence that the fees associated with other examinations represent a significant burden on smaller firms or that they negatively impact the competitiveness of the associated professional services markets. --------------------------------------------------------------------------- \11\ See American Bar Association Bar Exam Directory, www.americanbar.org/publications/student_lawyer/2012-13/nov/2012_2013_bar_exam_directory.html. The cost of examinations varies substantially from state to state, as does whether the fee includes other professional certification costs (e.g., moral character reviews). \12\ See American Bar Association Bar Lawyer Demographics, http://www.americanbar.org/content/dam/aba/administrative/market_research/lawyer_demographics_2013.authcheckdam.pdf. --------------------------------------------------------------------------- While the MSRB recognizes that examination fees do represent an initial barrier to entry in markets where they are required, the MSRB also recognizes that professionals wishing to engage in municipal securities activities and/or municipal advisory activities face other costs associated with complying with applicable laws and regulations. The fees for professional qualification examinations, which are one- time fees for those who pass, typically represent a relatively small share of all legal and compliance costs associated with a government- regulated activity. The MSRB anticipates that potential market entrants that are actually deterred by a professional examination fee would find it difficult to bear the costs to fully comply with the other regulatory and legal requirements associated with the market in which they wish to offer services. With regard to the impact on small municipal advisors, the MSRB notes that because the total fee assessed to a firm is based on the number of individuals associated with that firm who enroll to take an MSRB-owned qualification examination, the total costs assessed will bear a reasonable relationship to the size of the firm, with smaller firms likely to be assessed lower fee totals. Nonetheless, larger, more diversified firms may have a larger overall revenue base than smaller firms and may be more able to pass expenses on to clients than smaller firms. On net, the MSRB believes that the burdens associated with the proposed rule change on small municipal advisors are limited and that, as the SEC concluded in its final rule on the permanent registration of municipal advisors, the market would be likely to remain competitive despite the potential exit of some municipal advisors (including small entity municipal advisors), consolidation of municipal advisors, or lack of new entrants into the market.\13\ The MSRB also believes that its professional qualification examinations promote compliance with applicable laws and regulations are necessary for the protection of investors, municipal entities, and obligated persons. --------------------------------------------------------------------------- \13\See Registration of Municipal Advisors, Exchange Act Release No. 70462 (Sept. 20, 2013), 78 FR 67467 (Nov. 12, 2013). --------------------------------------------------------------------------- Therefore, the MSRB believes the proposed rule change does not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. 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 The forgoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \14\ and paragraph (f) of Rule 19b-4 \15\ thereunder. 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 Act. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A). \15\ 17 CFR 240.19b-4(f). --------------------------------------------------------------------------- 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 CommentsUse the Commission's Internet comment form http://www.sec.gov/rules/sro.shtml; or Send an email to [email protected]. Please include File Number SR-MSRB-2015-01 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-2015-01. 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-2015-01 and should be submitted on or before April 17, 2015. --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). For the Commission, pursuant to delegated authority.\16\ Brent J. Fields, Secretary. [FR Doc. 2015-06990 Filed 3-26-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 59 / Friday, March 27, 2015 / Notices 16485
IV. Solicitation of Comments For the Commission, by the Division of II. Self-Regulatory Organization’s
Trading and Markets, pursuant to delegated Statement of the Purpose of, and
Interested persons are invited to authority.49 Statutory Basis for, the Proposed Rule
submit written data, views, and Brent J. Fields, Change
arguments concerning the foregoing, Secretary. In its filing with the Commission, the
including whether the proposed rule MSRB included statements concerning
[FR Doc. 2015–06991 Filed 3–26–15; 8:45 am]
change is consistent with the Act. the purpose of and basis for the
BILLING CODE 8011–01–P
Comments may be submitted by any of proposed rule change and discussed any
the following methods: comments it received on the proposed
Electronic Comments SECURITIES AND EXCHANGE rule change. The text of these statements
COMMISSION may be examined at the places specified
• Use the Commission’s Internet in Item IV below. The MSRB has
comment form (http://www.sec.gov/ prepared summaries, set forth in
[Release No. 34–74561; File No. SR–MSRB–
rules/sro.shtml); or 2015–01]
Sections A, B, and C below, of the most
significant aspects of such statements.
• Send an email to rule-comments@
sec.gov. Please include File Number SR– Self-Regulatory Organizations; A. Self-Regulatory Organization’s
NYSEArca–2015–15 on the subject line. Municipal Securities Rulemaking Statement of the Purpose of, and
Board; Notice of Filing and Immediate Statutory Basis for, the Proposed Rule
Paper Comments Effectiveness of a Proposed Rule Change
Change Consisting of Amendments to
• Send paper comments in triplicate 1. Purpose
MSRB Rule A–16, on Examination Fees
to Secretary, Securities and Exchange The purpose of the proposed rule
Commission, 100 F Street NE., March 23, 2015. change is to establish a test
Washington, DC 20549–1090. development fee for the MSRB’s new
Pursuant to Section 19(b)(1) of the
All submissions should refer to File Securities Exchange Act of 1934 (the municipal advisor representative
Number SR–NYSEArca–2015–15. This ‘‘Act’’) 1 and Rule 19b–4 thereunder,2 qualification examination (‘‘Series 50
file number should be included on the notice is hereby given that on March 17, examination’’) and to better align the
subject line if email is used. To help the 2015, the Municipal Securities MSRB’s existing test development fees
Rulemaking Board (the ‘‘MSRB’’ or (which have not been adjusted since
Commission process and review your
‘‘Board’’) filed with the Securities and 2009) with the costs of developing,
comments more efficiently, please use
Exchange Commission (the ‘‘SEC’’ or implementing and maintaining the tests
only one method. The Commission will (hereinafter, the ‘‘program costs’’).
post all comments on the Commission’s ‘‘Commission’’) the proposed rule
change as described in Items I, II, and Under the proposed rule change, the
Internet Web site (http://www.sec.gov/ MSRB will institute a test development
rules/sro.shtml). Copies of the III below, which Items have been
fee of $150 for the Series 50
submission, all subsequent prepared by the MSRB. The
examination and change the test
amendments, all written statements Commission is publishing this notice to
development fee for each of the three
with respect to the proposed rule solicit comments on the proposed rule
existing MSRB-owned examinations
change that are filed with the change from interested persons.
from $60 to $150. The development fee
Commission, and all written I. Self-Regulatory Organization’s of $150 will, on April 1, 2015, be
communications relating to the Statement of the Terms of Substance of assessed on brokers, dealers and
proposed rule change between the the Proposed Rule Change municipal securities dealers (‘‘dealers’’)
Commission and any person, other than and municipal advisors based on the
those that may be withheld from the The MSRB filed with the Commission number of their associated persons that
public in accordance with the a proposed rule change consisting of take an MSRB-owned professional
provisions of 5 U.S.C. 552, will be amendments to MSRB Rule A–16, on qualification examination.
examination fees (‘‘proposed rule Any person associated with a dealer
available for Web site viewing and
change’’). The MSRB designated the who is engaged in or supervises
printing in the Commission’s Public
proposed rule change as ‘‘establishing or municipal securities activities and any
Reference Room, 100 F Street NE.,
changing a due, fee or other charge’’ person associated with a municipal
Washington, DC 20549, on official under Section 19(b)(3)(A)(ii) of the Act 3 advisor who is engaged in or supervises
business days between the hours of and Rule 19b–4(f)(2) 4 thereunder, municipal advisory activities must be
10:00 a.m. and 3:00 p.m. Copies of such which renders the proposal effective qualified in accordance with MSRB
filing will also be available for upon filing with the Commission. The Rule G–3.5 As a prerequisite to
inspection and copying at the principal implementation date of the proposed qualification, each individual must pass
office of the Exchange. All comments rule change is April 1, 2015. the applicable examination to
received will be posted without change; demonstrate a basic competence in the
The text of the proposed rule change
the Commission does not edit personal subject matter related to the professional
is available on the MSRB’s Web site at
identifying information from http://www.msrb.org/Rules-and- qualification classification. The
submissions. You should submit only Interpretations/SEC-Filings/2015-
information that you wish to make 5 The SEC recently approved MSRB rule
mstockstill on DSK4VPTVN1PROD with NOTICES
Filings.aspx, at the MSRB’s principal amendments, effective April 27, 2015, that establish
available publicly. All submissions office, and at the Commission’s Public professional qualification standards for municipal
should refer to File Number SR– Reference Room. advisors. The amendments to MSRB Rule G–3
NYSEArca–2015–15 and should be establish two professional qualification
submitted on or before April 17, 2015. 1 15
classifications for municipal advisors—municipal
U.S.C. 78s(b)(1). advisor representative and municipal advisor
2 17 CFR 240.19b–4. principal. See Exchange Act Release No. 74384
3 15 U.S.C. 78s(b)(3)(A)(ii).
(Feb. 26, 2015), 80 FR 11706 (Mar. 4, 2015), File
49 17 CFR 200.30–3(a)(12). 4 17 CFR 240.19b–4(f)(2). No. SR–MSRB–2014–08 (Nov. 18, 2014).
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![Federal Register / Vol. 80, No. 59 / Friday, March 27, 2015 / Notices 16487
50 percent of the attorneys who were in lack of new entrants into the market.13 comments more efficiently, please use
private practice that year, were sole The MSRB also believes that its only one method. The Commission will
practitioners and an additional 14 professional qualification examinations post all comments on the Commission’s
percent work in firms made up of five promote compliance with applicable Internet Web site (http://www.sec.gov/
or fewer attorneys.12 As another laws and regulations are necessary for rules/sro.shtml).Copies of the
example, the Project Management the protection of investors, municipal submission, all subsequent
Professional examination fee is $250. entities, and obligated persons. amendments, all written statements
The MSRB is not aware of evidence that Therefore, the MSRB believes the with respect to the proposed rule
the fees associated with other proposed rule change does not impose change that are filed with the
examinations represent a significant any burden on competition that is not Commission, and all written
burden on smaller firms or that they necessary or appropriate in furtherance communications relating to the
negatively impact the competitiveness of the purposes of the Act. proposed rule change between the
of the associated professional services C. Self-Regulatory Organization’s Commission and any person, other than
markets. Statement on Comments on the those that may be withheld from the
While the MSRB recognizes that Proposed Rule Change Received From public in accordance with the
examination fees do represent an initial Members, Participants, or Others provisions of 5 U.S.C. 552, will be
barrier to entry in markets where they available for Web site viewing and
Written comments were neither printing in the Commission’s Public
are required, the MSRB also recognizes solicited nor received on the proposed
that professionals wishing to engage in Reference Room, 100 F Street NE.,
rule change. Washington, DC 20549 on official
municipal securities activities and/or
municipal advisory activities face other III. Date of Effectiveness of the business days between the hours of
costs associated with complying with Proposed Rule Change and Timing for 10:00 a.m. and 3:00 p.m. Copies of the
applicable laws and regulations. The Commission Action filing also will be available for
fees for professional qualification The forgoing rule change has become inspection and copying at the principal
examinations, which are one-time fees effective pursuant to Section 19(b)(3)(A) office of the MSRB. All comments
for those who pass, typically represent of the Act 14 and paragraph (f) of Rule received will be posted without change;
a relatively small share of all legal and 19b–4 15 thereunder. At any time within the Commission does not edit personal
compliance costs associated with a 60 days of the filing of the proposed rule identifying information from
government-regulated activity. The change, the Commission summarily may submissions. You should submit only
MSRB anticipates that potential market temporarily suspend such rule change if information that you wish to make
entrants that are actually deterred by a it appears to the Commission that such available publicly. All submissions
professional examination fee would find action is necessary or appropriate in the should refer to File Number SR–MSRB–
it difficult to bear the costs to fully public interest, for the protection of 2015–01 and should be submitted on or
comply with the other regulatory and investors, or otherwise in furtherance of before April 17, 2015.
legal requirements associated with the the purposes of the Act. For the Commission, pursuant to delegated
market in which they wish to offer authority.16
IV. Solicitation of Comments Brent J. Fields,
services.
Interested persons are invited to Secretary.
With regard to the impact on small
submit written data, views, and [FR Doc. 2015–06990 Filed 3–26–15; 8:45 am]
municipal advisors, the MSRB notes
arguments concerning the foregoing,
that because the total fee assessed to a BILLING CODE 8011–01–P
including whether the proposed rule
firm is based on the number of
change is consistent with the Act.
individuals associated with that firm
Comments may be submitted by any of SECURITIES AND EXCHANGE
who enroll to take an MSRB-owned
the following methods: COMMISSION
qualification examination, the total
costs assessed will bear a reasonable Electronic Comments [Investment Company Act Release No.
relationship to the size of the firm, with • Use the Commission’s Internet 31509; File No. 812–14373]
smaller firms likely to be assessed lower comment form http://www.sec.gov/
fee totals. Nonetheless, larger, more rules/sro.shtml; or Griffin Institutional Access Real Estate
diversified firms may have a larger • Send an email to rule-comments@ Fund and Griffin Capital Advisor, LLC;
overall revenue base than smaller firms sec.gov. Please include File Number SR– Notice of Application
and may be more able to pass expenses MSRB–2015–01 on the subject line. March 23, 2015.
on to clients than smaller firms. On net,
the MSRB believes that the burdens Paper Comments AGENCY: Securities and Exchange
associated with the proposed rule • Send paper comments in triplicate Commission (‘‘Commission’’).
change on small municipal advisors are to Secretary, Securities and Exchange ACTION: Notice of an application under
limited and that, as the SEC concluded Commission, 100 F Street NE., section 6(c) of the Investment Company
in its final rule on the permanent Washington, DC 20549. Act of 1940 (the ‘‘Act’’) for an
registration of municipal advisors, the All submissions should refer to File exemption from sections 18(c) and 18(i)
market would be likely to remain Number SR–MSRB–2015–01. This file of the Act, under sections 6(c) and
competitive despite the potential exit of number should be included on the 23(c)(3) of the Act for an exemption
mstockstill on DSK4VPTVN1PROD with NOTICES
some municipal advisors (including subject line if email is used. To help the from rule 23c–3 under the Act, and for
small entity municipal advisors), Commission process and review your an order pursuant to section 17(d) of the
consolidation of municipal advisors, or Act and rule 17d–1 under the Act.
13See Registration of Municipal Advisors,
12 See Exchange Act Release No. 70462 (Sept. 20, 2013), SUMMARY: Summary of Application:
American Bar Association Bar Lawyer
Demographics, http://www.americanbar.org/ 78 FR 67467 (Nov. 12, 2013). Applicants request an order to permit
14 15 U.S.C. 78s(b)(3)(A).
content/dam/aba/administrative/market_research/
lawyer_demographics_2013.authcheckdam.pdf. 15 17 CFR 240.19b–4(f). 16 17 CFR 200.30–3(a)(12).
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Document Created: 2015-12-18 11:36:23
Document Modified: 2015-12-18 11:36:23
| Category | Regulatory Information | |
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| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 80 FR 16485 |
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