80 FR 43148 - Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Consisting of an Amendment to MSRB Rule G-45, on Reporting of Information on Municipal Fund Securities
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 139 (July 21, 2015)
Federal Register Volume 80, Issue 139 (July 21, 2015)
| Page Range | 43148-43150 | |
| FR Document | 2015-17779 |
[Federal Register Volume 80, Number 139 (Tuesday, July 21, 2015)] [Notices] [Pages 43148-43150] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-17779] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75454; File No. SR-MSRB-2015-05] Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Consisting of an Amendment to MSRB Rule G-45, on Reporting of Information on Municipal Fund Securities July 15, 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 June 30, 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 and II 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 an amendment to MSRB Rule G-45, on reporting of information on municipal fund securities (``proposed rule change''). The proposed rule change would delay by 60 days, until October 28, 2015, the date on which the first submissions must be made pursuant to Rule G-45. The first submissions on Form G-45 currently are due August 29, 2015. The MSRB proposes an immediate effectiveness for the proposed rule change. The proposed rule change would extend by 60 days the due date under a previously approved rule for the first submissions on Form G-45. The text of the proposed rule change is available on the MSRB's Web site at 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 [[Page 43149]] 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 MSRB proposes to extend by 60 days until October 28, 2015 the date the first submissions are due under Rule G-45 on Form G-45. On February 21, 2014, the Commission approved the adoption of Rule G-45, on reporting of municipal fund securities, and electronic Form G-45, as well as associated amendments to Rules G-8, on books and records, and G-9, on preservation of records.\3\ The effective date for that rule change was February 24, 2015. The first submissions under Rule G-45 are due August 29, 2015, which is 60 days from the end of the first reporting period of January 1-June 30, 2015. The purpose of Rule G-45 is to enable the MSRB to collect reliable information about 529 college savings plans (``529 plans'') solely for regulatory purposes and to analyze that information to better understand the market and the manner in which assets are invested. --------------------------------------------------------------------------- \3\ Exchange Act Release No. 71598 (Feb. 21, 2014), 79 FR 11161 (Feb. 27, 2014) (SR-MSRB-2013-04). --------------------------------------------------------------------------- After the SEC's approval of Rule G-45 and Form G-45, MSRB staff formed an industry User Group to develop the Form G-45 User's Manual (the ``manual''), which the rule specifies would include technical specifications for the Form, such as data entry. User Group members include representatives from twelve different industry organizations ranging from organizations that are involved in the distribution of multiple 529 plans to those that participate in the distribution of interests in only one plan. The range of expertise of User Group members includes data services provision and program management. The User Group recommended that underwriters be afforded two methods of submitting data to the MSRB on Form G-45--manual submissions through the MSRB's Electronic Municipal Market Access Web site (``EMMA[supreg]'') \4\ dataport web user interface and automated submissions through a computer-to-computer (``B2B'') interface. MSRB staff was responsive to those recommendations, and developed the two interfaces. --------------------------------------------------------------------------- \4\ EMMA is a registered trademark of the MSRB. --------------------------------------------------------------------------- In February 2015, the MSRB released the manual and opened a beta test environment to assist underwriters with their submissions. Since that time, underwriters and industry trade groups have discussed with MSRB staff the challenges that underwriters are facing with programming the data for submission to the Board on Form G-45. Their concerns center on the ability to program automated B2B submissions, particularly information about investment options in 529 plans. 529 plans typically offer numerous investment options with multiple underlying mutual funds. To gather adequate information about 529 plans, Form G-45 requires detailed data about the various investment options available in 529 plans. The MSRB understands that the programming of such information for a Form G-45 submission is particularly challenging for underwriters because the required data must be collected from multiple computer systems. While the programmers for underwriters may be challenged by meeting the unextended deadline for the first filings on Form G-45, after the first B2B filing, the process would be automated and is expected to become more routine. To help ensure that the MSRB receives reliable, complete and accurate filings on Form G-45 and to mitigate the burdens imposed on underwriters that are making their first submission under Rule G-45, the MSRB submits this proposed rule change to extend the date that the first submissions on Form G-45 are due by 60 days, until October 28, 2015. The proposed rule change would double the time allowed for underwriters to make their first submissions. The MSRB believes that the extension will provide underwriters with sufficient time to submit complete and accurate filings.\5\ Subsequent Form G-45 filings would remain due 60 days from the end of each semi-annual reporting period. --------------------------------------------------------------------------- \5\ Representatives of industry trade associations have suggested that the MSRB implement a one-year pilot period for submissions. According to those associations, this would allow underwriters sufficient time to work through any difficulties in the programming and data collection while not being subject to potential enforcement actions. The MSRB, however, believes that filings on Form G-45 must remain fully subject to MSRB rules and all other applicable federal securities laws, rules and regulations, and that a full year would be an excessive delay in the MSRB's gathering of reliable information about 529 plans. --------------------------------------------------------------------------- 2. Statutory Basis The MSRB believes that the proposed rule change is consistent with section 15B(b)(2)(C) of the Act,\6\ which provides that the MSRB's rules shall: --------------------------------------------------------------------------- \6\ 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 and municipal financial products, to remove impediments to and perfect the mechanism of a free and open market in municipal securities and municipal financial products, and, in general, to protect investors, --------------------------------------------------------------------------- municipal entities, obligated persons, and the public interest. In response to industry concerns about the ability to submit reliable, accurate and complete data on a timely basis, the proposed rule change would extend the date that the first submissions are due under a previously approved rule. B. Self-Regulatory Organization's Statement on Burden on Competition Section 15B(b)(2)(C) of the Act \7\ requires that MSRB rules be designed not to impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The MSRB does not believe that the proposed rule change would impose any burden on competition not necessary or appropriate in furtherance of the Act. The proposed rule change would extend the date that the first submissions on Form G-45 are due by 60 days from August 29, 2015 until October 28, 2015. --------------------------------------------------------------------------- \7\ Id. --------------------------------------------------------------------------- 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 Pursuant to section 19(b)(3)(A) \8\ of the Act and Rule 19b-4(f)(6) \9\ thereunder, the MSRB has designated the proposed rule change as one that effects a change that: (i) Does not significantly affect the protection of investors or the public interest; (ii) does not impose any significant burden on competition; and (iii) by its terms, does not become operative for 30 days after the date of the filing, or such shorter time as the Commission may designate. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78s(b)(3)(A). \9\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- [[Page 43150]] A proposed rule change filed under Rule 19b-4(f)(6) normally does not become operative until 30 days after the date of filing.\10\ However, Rule 19b-4(f)(6)(iii) \11\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest.\12\ The MSRB has requested that the Commission designate the proposed rule change operative upon filing,\13\ as specified in Rule 19b-4(f)(6)(iii),\14\ which would make the proposed rule change operative on June 30, 2015. The MSRB has stated that an earlier operative date would provide underwriters with certainty regarding the due date of their first submission on Form G- 45.\15\ --------------------------------------------------------------------------- \10\ Id. \11\ 17 CFR 240.19b-4(f)(6)(iii). \12\ In addition, Rule 19b-4(f)(6)(iii) requires a self- regulatory organization to give the Commission written notice of its intent to file a proposed rule change, along with a brief description and text of such proposed rule change, at least five business days prior to the date of filing, or such shorter time as designated by the Commission. The MSRB satisfied this requirement on June 23, 2015. \13\ See SR-MSRB-2015-05. \14\ 17 CFR 240.19b-4(f)(6)(iii). \15\ See supra note 13. --------------------------------------------------------------------------- The Commission hereby grants the MSRB's request and believes that designating the proposed rule change operative upon filing is consistent with the protection of investors and the public interest.\16\ According to the MSRB, Rule G-45 is designed to enable the MSRB to collect reliable information about 529 plans solely for regulatory purposes and to analyze that information to better understand the market and the manner in which assets are invested.\17\ The Commission believes that designating the proposed rule change operative upon filing is consistent with the protection of investors and the public interest because it will provide underwriters with certainty regarding the due date of their initial Form G-45 submission, as well as help ensure that the MSRB receives reliable, complete and accurate filings on Form G-45. In addition, the proposed rule change is not making any substantive changes to MSRB rules; it is only extending the deadline under Rule G-45 for initial submissions of Form G-45 by 60 days, until October 28, 2015. Therefore, the Commission hereby designates the proposed rule change operative upon filing. --------------------------------------------------------------------------- \16\ For the purposes only of accelerating the operative date of this proposal, the Commission has considered the proposed rule change's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). \17\ See supra Section II.A.I. --------------------------------------------------------------------------- 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. 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 rule-comments@sec.gov. Please include File Number SR-MSRB-2015-05 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-2015-05. 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-2015-05 and should be submitted on or before August 11, 2015. For the Commission, pursuant to delegated authority.\18\ --------------------------------------------------------------------------- \18\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-17779 Filed 7-20-15; 8:45 am] BILLING CODE 8011-01-P
![43148 Federal Register / Vol. 80, No. 139 / Tuesday, July 21, 2015 / Notices
17Ad–22(d)(8).13 Finally, ICC will apply Electronic Comments SECURITIES AND EXCHANGE
its existing default management policies COMMISSION
and procedures for the additional SWES • Use the Commission’s Internet
comment form (http://www.sec.gov/ [Release No. 34–75454; File No. SR–MSRB–
Contracts. ICC believes that these 2015–05]
procedures allow for it to take timely rules/sro.shtml); or
action to contain losses and liquidity • Send an email to rule-comments@ Self-Regulatory Organizations;
pressures and to continue meeting its sec.gov. Please include File Number SR– Municipal Securities Rulemaking
obligations in the event of clearing ICC–2015–013 on the subject line. Board; Notice of Filing and Immediate
member insolvencies or defaults in Effectiveness of a Proposed Rule
respect of the additional single names, Paper Comments
Change Consisting of an Amendment
in accordance with Rule 17Ad–
• Send paper comments in triplicate to MSRB Rule G–45, on Reporting of
22(d)(11).14 Information on Municipal Fund
to Secretary, Securities and Exchange
B. Self-Regulatory Organization’s Commission, 100 F Street NE., Securities
Statement on Burden on Competition Washington, DC 20549–1090. July 15, 2015.
The additional SWES Contracts will All submissions should refer to File Pursuant to section 19(b)(1) of the
be available to all ICC participants for Number SR–ICC–2015–013. This file Securities Exchange Act of 1934 (the
clearing. The clearing of these number should be included on the ‘‘Act’’) 1 and Rule 19b–4 thereunder,2
additional SWES Contracts by ICC does subject line if email is used. To help the notice is hereby given that on June 30,
not preclude the offering of the Commission process and review your 2015, the Municipal Securities
additional SWES Contracts for clearing comments more efficiently, please use Rulemaking Board (the ‘‘MSRB’’ or
by other market participants. only one method. The Commission will ‘‘Board’’) filed with the Securities and
Accordingly, ICC does not believe that post all comments on the Commission’s Exchange Commission (the ‘‘SEC’’ or
clearance of the additional SWES Internet Web site (http://www.sec.gov/ ‘‘Commission’’) the proposed rule
Contracts will impose any burden on rules/sro.shtml). Copies of the change as described in Items I and II
competition not necessary or submission, all subsequent below, which Items have been prepared
appropriate in furtherance of the amendments, all written statements by the MSRB. The Commission is
purposes of the Act. with respect to the proposed rule publishing this notice to solicit
change that are filed with the comments on the proposed rule change
C. Self-Regulatory Organization’s from interested persons.
Statement on Comments on the Commission, and all written
Proposed Rule Change Received From communications relating to the I. Self-Regulatory Organization’s
Members, Participants or Others proposed rule change between the Statement of the Terms of Substance of
Commission and any person, other than the Proposed Rule Change
Written comments relating to the those that may be withheld from the
proposed rule change have not been The MSRB filed with the Commission
public in accordance with the a proposed rule change consisting of an
solicited or received. ICC will notify the provisions of 5 U.S.C. 552, will be
Commission of any written comments amendment to MSRB Rule G–45, on
available for Web site viewing and reporting of information on municipal
received by ICC. printing in the Commission’s Public fund securities (‘‘proposed rule
III. Date of Effectiveness of the Reference Section, 100 F Street NE., change’’). The proposed rule change
Proposed Rule Change and Timing for Washington, DC 20549, on official would delay by 60 days, until October
Commission Action business days between the hours of 28, 2015, the date on which the first
10:00 a.m. and 3:00 p.m. Copies of such submissions must be made pursuant to
Within 45 days of the date of
filings will also be available for Rule G–45. The first submissions on
publication of this notice in the Federal
inspection and copying at the principal Form G–45 currently are due August 29,
Register or within such longer period
up to 90 days (i) as the Commission may office of ICE Clear Credit and on ICE 2015. The MSRB proposes an immediate
designate if it finds such longer period Clear Credit’s Web site at https:// effectiveness for the proposed rule
to be appropriate and publishes its www.theice.com/clear-credit/regulation. change. The proposed rule change
reasons for so finding or (ii) as to which All comments received will be posted would extend by 60 days the due date
the self-regulatory organization without change; the Commission does under a previously approved rule for the
consents, the Commission will: not edit personal identifying first submissions on Form G–45.
information from submissions. You The text of the proposed rule change
(A) by order approve or disapprove is available on the MSRB’s Web site at
the proposed rule change or should submit only information that
www.msrb.org/Rules-and-
(B) institute proceedings to determine you wish to make available publicly. All
Interpretations/SEC-Filings/2015-
whether the proposed rule change submissions should refer to File
Filings.aspx, at the MSRB’s principal
should be disapproved. Number SR–ICC–2015–013 and should
office, and at the Commission’s Public
be submitted on or before August 11,
IV. Solicitation of Comments Reference Room.
2015.
Interested persons are invited to II. Self-Regulatory Organization’s
For the Commission, by the Division of
submit written data, views, and Statement of the Purpose of, and
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Trading and Markets, pursuant to delegated
arguments concerning the foregoing, authority.15
Statutory Basis for, the Proposed Rule
including whether the proposed rule Change
Robert W. Errett,
change is consistent with the Act. In its filing with the Commission, the
Comments may be submitted by any of Deputy Secretary.
MSRB included statements concerning
the following methods: [FR Doc. 2015–17755 Filed 7–20–15; 8:45 am]
the purpose of and basis for the
BILLING CODE 8011–01–P
13 17 CFR 240.17Ad–22(d)(8). 1 15 U.S.C. 78s(b)(1).
14 17 CFR 240.17Ad–22(d)(11). 15 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4.
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![43150 Federal Register / Vol. 80, No. 139 / Tuesday, July 21, 2015 / Notices
A proposed rule change filed under Commission summarily may 2015–05 and should be submitted on or
Rule 19b–4(f)(6) normally does not temporarily suspend such rule change if before August 11, 2015.
become operative until 30 days after the it appears to the Commission that such For the Commission, pursuant to delegated
date of filing.10 However, Rule 19b– action is necessary or appropriate in the authority.18
4(f)(6)(iii) 11 permits the Commission to public interest, for the protection of
designate a shorter time if such action Robert W. Errett,
investors, or otherwise in furtherance of
is consistent with the protection of the purposes of the Act. Deputy Secretary.
investors and the public interest.12 The [FR Doc. 2015–17779 Filed 7–20–15; 8:45 am]
MSRB has requested that the IV. Solicitation of Comments
BILLING CODE 8011–01–P
Commission designate the proposed Interested persons are invited to
rule change operative upon filing,13 as submit written data, views, and
specified in Rule 19b–4(f)(6)(iii),14 arguments concerning the foregoing, SECURITIES AND EXCHANGE
which would make the proposed rule including whether the proposed rule COMMISSION
change operative on June 30, 2015. The change is consistent with the Act.
MSRB has stated that an earlier Comments may be submitted by any of [Release No. 34–75459; File No. SR–EDGA–
operative date would provide the following methods: 2015–10]
underwriters with certainty regarding
the due date of their first submission on Electronic Comments Self-Regulatory Organizations; EDGA
Form G–45.15
The Commission hereby grants the • Use the Commission’s Internet Exchange, Inc.; Notice of Withdrawal
comment form (http://www.sec.gov/ of Proposed Rule Change, as Modified
MSRB’s request and believes that
rules/sro.shtml); or by Amendment No. 1, To Amend Rules
designating the proposed rule change
• Send an email to rule-comments@ 11.6, 11.8, 11.9, 11.10 and 11.11 of
operative upon filing is consistent with
the protection of investors and the sec.gov. Please include File Number SR– EDGA Exchange, Inc.
public interest.16 According to the MSRB–2015–05 on the subject line. July 15, 2015.
MSRB, Rule G–45 is designed to enable Paper Comments
the MSRB to collect reliable information On February 20, 2015, EDGA
about 529 plans solely for regulatory • Send paper comments in triplicate Exchange, Inc. (‘‘Exchange’’ or ‘‘EDGA’’)
purposes and to analyze that to Secretary, Securities and Exchange filed with the Securities and Exchange
information to better understand the Commission, 100 F Street NE., Commission (‘‘Commission’’), pursuant
market and the manner in which assets Washington, DC 20549. to Section 19(b)(1) of the Securities
are invested.17 The Commission All submissions should refer to File Exchange Act of 1934 (‘‘Act’’) 1 and Rule
believes that designating the proposed Number SR–MSRB–2015–05. This file 19b–4 thereunder,2 a proposed rule
rule change operative upon filing is number should be included on the change to amend Rules 11.6, 11.8, 11.9,
consistent with the protection of subject line if email is used. To help the 11.10 and 11.11 to clarify and to include
investors and the public interest Commission process and review your additional specificity regarding the
because it will provide underwriters comments more efficiently, please use current functionality of the Exchange’s
with certainty regarding the due date of only one method. The Commission will system, including the operation of its
their initial Form G–45 submission, as post all comments on the Commission’s order types and order instructions. On
well as help ensure that the MSRB February 27, 2015, the Exchange filed
Internet Web site (http://www.sec.gov/
receives reliable, complete and accurate Amendment No. 1 to the proposal.3 The
rules/sro.shtml). Copies of the
filings on Form G–45. In addition, the
submission, all subsequent proposed rule change, as modified by
proposed rule change is not making any
amendments, all written statements Amendment No. 1, was published for
substantive changes to MSRB rules; it is
with respect to the proposed rule comment in the Federal Register on
only extending the deadline under Rule
change that are filed with the March 10, 2015.4 On April 17, 2015, the
G–45 for initial submissions of Form G–
Commission, and all written Commission extended the time period
45 by 60 days, until October 28, 2015.
communications relating to the in which to either approve or
Therefore, the Commission hereby
proposed rule change between the disapprove the proposed rule change, as
designates the proposed rule change
operative upon filing. Commission and any person, other than modified by Amendment No. 1, to June
At any time within 60 days of the those that may be withheld from the 8, 2015.5 The Commission received no
filing of the proposed rule change, the public in accordance with the comment letters on the proposed rule
provisions of 5 U.S.C. 552, will be change, as modified by Amendment No.
10 Id. available for Web site viewing and 1. On June 5, 2015, EDGA withdrew the
11 17 CFR 240.19b–4(f)(6)(iii). printing in the Commission’s Public
proposed rule change, as modified by
12 In addition, Rule 19b–4(f)(6)(iii) requires a self- Reference Room, 100 F Street NE.,
regulatory organization to give the Commission Amendment No. 1 (SR–EDGA–2015–
Washington, DC 20549 on official
written notice of its intent to file a proposed rule
business days between the hours of 10).
change, along with a brief description and text of
such proposed rule change, at least five business 10:00 a.m. and 3:00 p.m. Copies of the
days prior to the date of filing, or such shorter time filing also will be available for
as designated by the Commission. The MSRB inspection and copying at the principal
asabaliauskas on DSK5VPTVN1PROD with NOTICES
satisfied this requirement on June 23, 2015. 18 17 CFR 200.30–3(a)(12).
13 See SR–MSRB–2015–05.
office of the MSRB. All comments
1 15 U.S.C. 78s(b)(1).
14 17 CFR 240.19b–4(f)(6)(iii). received will be posted without change; 2 17 CFR 240.19b–4.
15 See supra note 13. the Commission does not edit personal 3 Amendment No. 1 replaced SR–EDGA–2015–10
16 For the purposes only of accelerating the identifying information from
and superseded such filing in its entirety.
operative date of this proposal, the Commission has submissions. You should submit only 4 See Securities Exchange Act Release No. 74435
considered the proposed rule change’s impact on information that you wish to make
efficiency, competition, and capital formation. See (March 4, 2015), 80 FR 12655.
15 U.S.C. 78c(f). available publicly. All submissions 5 See Securities Exchange Act Release No. 74763
17 See supra Section II.A.I. should refer to File Number SR–MSRB– (April 17, 2015), 80 FR 22751 (April 23, 2015).
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Document Created: 2018-02-23 09:23:09
Document Modified: 2018-02-23 09:23:09
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 80 FR 43148 |
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