80 FR 48572 - Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing of a Proposed Rule Change Consisting of Revisions to the Content Outlines for the Municipal Fund Securities Limited Principal Qualification Examination, Municipal Securities Representative Qualification Examination and Municipal Securities Principal Qualification Examination and Revisions to the Selection Specifications for the Municipal Securities Principal Qualification Examination
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 156 (August 13, 2015)
Federal Register Volume 80, Issue 156 (August 13, 2015)
| Page Range | 48572-48577 | |
| FR Document | 2015-19874 |
[Federal Register Volume 80, Number 156 (Thursday, August 13, 2015)] [Notices] [Pages 48572-48577] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-19874] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75646; File No. SR-MSRB-2015-07] Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing of a Proposed Rule Change Consisting of Revisions to the Content Outlines for the Municipal Fund Securities Limited Principal Qualification Examination, Municipal Securities Representative Qualification Examination and Municipal Securities Principal Qualification Examination and Revisions to the Selection Specifications for the Municipal Securities Principal Qualification Examination August 7, 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 July 31, 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 proposed revisions to the content outlines for the Municipal Fund Securities Limited Principal Qualification Examination (Series 51), Municipal Securities Representative Qualification Examination (Series 52) and Municipal Securities Principal Qualification Examination (Series 53). As a result of changes to MSRB rules, revisions to the content outlines are necessary to more accurately indicate the current rule requirements and rule citations. Additionally, the MSRB is proposing revisions to the selection specifications for the Series 53 qualification examination (collectively, the ``proposed rule change'').\3\ The MSRB is not proposing any textual changes to its rules. --------------------------------------------------------------------------- \3\ The MSRB is also proposing changes to the question banks for the Series 51, Series 52 and Series 53 examinations, but based upon instructions from the Commission staff, the MSRB is submitting SR- MSRB-2015-07 for immediate effectiveness pursuant to Section 19(b)(3)(A)(i) of the Act and Rule 19b-4(f)(6) thereunder, and is not filing the question banks for Commission review. See letter to Diane G. Klinke, General Counsel, MSRB, from Belinda Blaine, Associate Director, Division of Market Regulation, SEC, dated July 24, 2000, attached as Exhibit 3d. The question banks are available for Commission review. The selection specifications for the Series 53 examination, Exhibit 3e, have been omitted and filed separately with the Commission for confidential treatment pursuant to Rule 24b- 2 of the Securities Exchange Act. --------------------------------------------------------------------------- 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 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 Section 15B(b)(2)(A) of the Act \4\ authorizes the MSRB to prescribe for municipal securities brokers or municipal securities dealers and their associated persons standards of training, experience, competence, and such other qualifications as the Board finds necessary or appropriate in the public [[Page 48573]] interest or for the protection of investors and municipal entities or obligated persons. The MSRB has developed examinations that are designed to establish that persons associated with brokers, dealers and municipal securities dealers that effect transactions in municipal securities and municipal advisors who engage in municipal advisory activities have attained specified levels of competence and knowledge. The content outline for each examination serves as a guide to the subject matter tested on the examination and provides learning objectives associated with each subject matter to assist candidates in preparing for the examination. Each content outline also provides sample questions similar to the type of questions that may be found on the examination. The arrangement of the subject matter in the content outline reflects the various job functions performed within a broker, dealer or municipal securities dealer. The MSRB periodically reviews the content outline for each examination to determine whether revisions are necessary or appropriate in view of changes pertaining to the subject matter covered by the examination. Below is a summary of the proposed revisions to the Series 51, Series 52 and Series 53 content outlines. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78o-4(b)(2)(A). --------------------------------------------------------------------------- The selection specifications for the Series 53 examination, which the MSRB has submitted under separate cover with a request for confidential treatment to the Commission's Secretary pursuant to Rule 24b-2 under the Act,\5\ describe additional confidential information regarding the Series 53 examination. --------------------------------------------------------------------------- \5\ 17 CFR 240.24b-2. --------------------------------------------------------------------------- MUNICIPAL FUND SECURITIES LIMITED PRINCIPAL QUALIFICATION EXAMINATION-- SERIES 51 The Municipal Fund Securities Limited Principal Qualification Examination is designed to determine whether an individual meets the MSRB's qualification standards for municipal fund securities limited principals applicable to the activities described in Rule G- 3(b)(iv).\6\ To do this, the examination measures a candidate's knowledge of MSRB rules, rule interpretations and federal statutory provisions applicable to the activities listed above. It also measures the candidate's ability to apply these rules, interpretations and federal statutory provisions to given fact situations in the context of municipal fund securities activities. In addition to passing the Series 51 examination, to qualify as a municipal fund securities limited principal, a candidate must also have previously or concurrently qualified as a general securities principal or investment company/ variable contracts limited principal. Candidates are allowed one and one-half hours to complete the Series 51 examination consisting of 60 multiple-choice questions. --------------------------------------------------------------------------- \6\ MSRB Rule G-3(b)(iv) states that the municipal fund securities limited principal has responsibility to oversee the municipal securities activities of a securities firm or bank dealer solely as such activities relate to transactions in municipal fund securities. In this capacity, the municipal fund securities limited principal manages, directs or supervises one or more of the following activities relating to municipal fund securities as described in Rule G-3(b)(i)(A)-(G): (A) Underwriting, trading or sales of municipal securities; (B) financial advisory or consultant services for issuers in connection with the issuance of municipal securities; (C) processing, clearance, and, in the case of brokers, dealers and municipal securities dealers other than bank dealers, safekeeping of municipal securities; (D) research or investment advice with respect to municipal securities; (E) any other activities which involve communication, directly or indirectly, with public investors in municipal securities; (F) maintenance of records with respect to the activities described in subparagraphs (A) through (E); or (G) training of municipal securities principals or municipal securities representatives; provided, however, that the activities enumerated in subparagraphs (D) and (E) above shall be limited to such activities as they relate to the activities enumerated in subparagraphs (A) or (B) above. --------------------------------------------------------------------------- As a result of recent changes to MSRB rules, revisions to the Series 51 content outline are necessary to indicate the current rule requirements and rule citations. A summary of the changes to the content outline for the Series 51 examination, detailed by major topic headings, is provided below: IntroductionFootnote 2 will be changed to footnote 3. The rule citation and quotation in footnote 3 regarding the ``Confidentiality of Qualification Examinations'' is being revised from ``Rule G-3(e)'' to ``Rule G-3(f)'' to conform to amendments to Rule G-3. Part Three: General Supervision Qualification and Registration The sub-topic ``Registration with the MSRB and payment of initial fee and annual fee A-12; A-14'' is being revised to ``Registration requirements A-12(a)'' to reflect that the relevant provision (which is now included in Rule A-12) is no longer included in Rule A-14, as amended. The rule citation and sub-topic ``Notification to the MSRB of change in status, name or address A-15'' is being revised to ``Form A-12 updates and withdrawal A-12(j)'' to conform to recent amendments of Rule A-12. The rule citation and sub-topic ``Requirement to submit email contact to MSRB G-40'' is being revised to ``Designated contacts A-12(f)'' to conform to recent amendments of Rule A-12. Associated Persons The sub-topic ``financial and operations principals G- 3(d)(i) and (ii)'' is being rescinded to reflect that this registration category is no longer referenced in Rule G-3. The sub-topic ``municipal advisor representatives G-3(d)'' and ``municipal advisor principals G-3(e)'' are being added to reflect the new registration category as referenced in Rule G-3. The sub-topic ``Apprenticeship requirement G-3(a)(iii)'' is being rescinded to reflect that, as amended, Rule G-3 no longer has this requirement. The sub-topic ``Restrictions on apprentices G- 3(a)(iii)(A)'' is being rescinded to reflect that, as amended, Rule G-3 no longer has this requirement. Supervisory Responsibilities The rule citation for sub-topic ``1. Responsible for municipal securities business and activities of associated persons'' is being revised from ``G-27(b)(i)'' to ``G-27(b)(ii)'' to reflect the reorganization of Rule G-27, as amended. Part Four: Fair Practice and Conflicts of Interest Conduct of Business The rule citation for sub-topic ``Prices and Commissions'' is being revised from ``G-30(b); G-18'' to ``G-30(b)'' to reflect that the relevant requirements are included in Rule G-30, as amended. The rule citation for sub-topic ``Advertising, 1. Definition'' is being revised from ``G-21(a)'' to ``G-21(a)(i)'' to reflect the reorganization of Rule G-21, as amended. Part Five: Sales Supervision Opening Customer Accounts The rule citation for sub-topic ``Requirement to obtain customer account information'' is being revised from ``G-19(a)'' to ``G-19'' to reflect the reorganization of Rule G-19, as amended. The sub-topic ``Transactions with employees and partners of other dealers G-28'' is being revised to ``Transactions [[Page 48574]] with employees and partners of other municipal securities professionals G-28'' to reflect the reorganization of Rule G-28, as amended. Suitability The rule citation for sub-topic ``Knowledge of customer'' is being revised from ``G-19(b)'' to ``G-19 [Supp. .04 and .06]'' to reflect that the relevant requirements are included in paragraphs .04 and .06 of the Supplementary Material of Rule G-19, as amended. The rule citation for sub-topic ``Suitability of recommendations'' is being revised from ``G-19(c)'' to ``G-19 [Supp. .05]'' to reflect that the relevant requirements are included in paragraph .05 of the Supplementary Material of Rule G-19, as amended. Improper Activities The title of topic ``Improper Activities'' is being revised to ``Improper Use of Customer Assets.'' The sub-topic and rule citation ``Churning G-19(e)'' are being revised to ``Quantitative suitability G-19 [Supp. .05(c)]'' to reflect that the relevant requirements are included in paragraph .05 of the Supplementary Material of Rule G-19, as amended. Part Six: Underwriting and Disclosure Obligations Disclosures to Customers The sub-topic and related rule citation ``Material disclosures at time of trade G-17'' are being revised to ``Time of trade disclosure G-47'' to reflect that the requirements are included in new Rule G-47. Part Seven: Operations Confirmation of Transactions The rule citation for sub-topic ``Periodic statements'' is being revised from ``G-15(a)(viii)'' to ``G-15(a)(viii)(B)(1)'' to reflect the reorganization of Rule G-15, as amended. Sample Questions Sample question number 2 is being removed from the outline because the topic (apprenticeship) is no longer tested on the examination. MUNICIPAL SECURITIES REPRESENTATIVE EXAMINATION--SERIES 52 The Municipal Securities Representative Qualification Examination is designed to determine whether an individual meets the MSRB's qualification standards for municipal securities representatives by measuring a candidate's knowledge of MSRB rules, rule interpretations and federal statutory provisions applicable to the activities listed in Rule G-3(a)(i).\7\ The Series 52 examination also measures a candidate's ability to apply the rules and interpretations to given fact situations in the context of a representative's municipal securities activities. Candidates are allowed three and one-half hours to complete the examination consisting of 115 multiple-choice questions. --------------------------------------------------------------------------- \7\ MSRB Rule G-3(a)(i) states: (A) The term ``municipal securities representative'' means a natural person associated with a broker, dealer or municipal securities dealer, other than a person whose functions are solely clerical or ministerial, whose activities include one or more of the following: (1) underwriting, trading or sales of municipal securities; (2) financial advisory or consultant services for issuers in connection with the issuance of municipal securities; (3) research or investment advice with respect to municipal securities; or (4) any other activities which involve communication, directly or indirectly, with public investors in municipal securities; provided, however, that the activities enumerated in subparagraphs (3) and (4) above shall be limited to such activities as they relate to the activities enumerated in subparagraphs (1) and (2) above. --------------------------------------------------------------------------- As a result of recent changes to MSRB rules, revisions to the Series 52 content outline are necessary to indicate the current rule requirements and rule citations. A summary of the changes to the content outline for the Series 52 examination, detailed by major topic headings, is provided below: Introduction The rule citation and quote in the ``Confidentiality'' section is being revised from ``Rule G-3(e)'' to ``Rule G-3(f)'' and added as footnote 2, to conform to amendments to Rule G-3. Part Four: Federal Legal Considerations III. MSRB Rules The rule citation ``Professional Qualifications (G-2 through G-7)'' is being revised to ``Standards of Professional Qualification and Professional Qualification Requirements (G-2 through G-3)'' to conform to the current titles of the Rules, as amended. The rule citation ``Recordkeeping (G-8)'' is being revised to ``Books and Records to be Made by Brokers, Dealers, Municipal Securities Dealers, and Municipal Advisors (G-8)'' to conform to the current title of Rule G-8, as amended. The rule citation ``Preservation of Records (G-9)'' is being added, to reflect the relevant requirements included in Rule G-9. The rule citation ``Investor Brochure (G-10)'' is being revised to ``Delivery of Investor Brochure (G-10)'' to conform to the current title of Rule G-10. The rule citation ``New Issue Syndicate Practices (G-11)'' is being revised to ``Primary Offering Practices (G-11)'' to conform to the current title of Rule G-11. The rule citation ``Conduct of Municipal Securities Activities (G-17)'' is being revised to ``Conduct of Municipal Securities and Municipal Advisory Activities (G-17)'' to conform to the current title of Rule G-17, as amended. The rule citation ``Execution of Transactions (G-18)'' is being revised to ``Best Execution (G-18)'' to conform to the current title of Rule G-18, as amended. The rule citation ``Suitability of Recommendations and Transactions; Discretionary Accounts (G-19)'' is being revised to ``Suitability of Recommendations and Transactions (G-19)'' to conform to the current title of Rule G-19, as amended. The rule citation ``Disclosure of Control Relationships (G-22)'' is being revised to ``Control Relationships (G-22)'' to conform to the current title of Rule G-22, as amended. The rule citation ``Transactions with Employees of Other Municipal Securities Professionals (G-28)'' is being revised to ``Transactions with Employees and Partners of Other Municipal Securities Professionals (G-28)'' to conform to the current title of Rule G-28, as amended. The rule citation ``Calculations (G-33)'' is being added to reflect the requirements included in Rule G-33. The rule citation ``Broker's Broker (G-43)'' is being added to reflect the requirements included in Rule G-43. The rule citation ``Time of Trade Disclosure (G-47)'' is being added to reflect the requirements included in Rule G-47. The rule citation ``Transactions with Sophisticated Municipal Market Professionals (G-48)'' is being added to reflect the relevant requirements included in Rule G-48, as amended. MUNICIPAL SECURITIES PRINCIPAL EXAMINATION--SERIES 53 The Municipal Securities Principal Qualification Examination (Series 53) is designed to determine whether an individual meets the Board's qualification standards for municipal securities principals. The Series 53 examination measures a candidate's knowledge of Board rules, rule interpretations and federal statutory provisions applicable to municipal securities activities. It also measures an [[Page 48575]] individual's ability to apply these rules and interpretations to given fact situations. Candidates are allowed three hours to complete the examination consisting of 100 multiple-choice questions.\8\ --------------------------------------------------------------------------- \8\ MSRB Rule G-3(b)(i) states: (i) Definition. The term ``municipal securities principal'' means a natural person (other than a municipal securities sales principal), associated with a broker, dealer or municipal securities dealer who is directly engaged in the management, direction or supervision of one or more of the following activities: (A) underwriting, trading or sales of municipal securities; (B) financial advisory or consultant services for issuers in connection with the issuance of municipal securities; (C) processing, clearance, and, in the case of brokers, dealers and municipal securities dealers other than bank dealers, safekeeping of municipal securities; (D) research or investment advice with respect to municipal securities; (E) any other activities which involve communication, directly or indirectly, with public investors in municipal securities; (F) maintenance of records with respect to the activities described in subparagraphs (A) through (E); or (G) training of municipal securities principals or municipal securities representatives; provided, however, that the activities enumerated in subparagraphs (D) and (E) above shall be limited to such activities as they relate to the activities enumerated in subparagraphs (A) or (B) above. --------------------------------------------------------------------------- The selection specifications for the Series 53 examination, which the MSRB has submitted under separate cover with a request for confidential treatment to the Commission's Secretary pursuant to Rule 24b-2 under the Act,\9\ describe additional confidential information regarding the Series 53 examination. Due to the changes in the selection specifications the weighting for 5 of the 6 topic areas of the Series 53 content outline have changed. The first topic area, Federal Regulation, remains the same at 4% of the exam. The second topic area, General Supervision, is 23% of the exam. The third topic area, Sales Supervision, is 25% of the exam. The fourth topic area, Origination and Syndication, is 23% of the exam. The fifth topic area, Trading, is 10% of the exam. The sixth topic area, Operations, is 15% of the exam. --------------------------------------------------------------------------- \9\ 17 CFR 240.24b-2. --------------------------------------------------------------------------- As a result of recent changes to MSRB rules, revisions to the Series 53 content outline are necessary to indicate the current rule requirements and rule citations. A summary of the changes to the content outline for the Series 53 examination, detailed by major topic headings, is provided below: Introduction The rule citation and quotation in footnote 2 regarding ``Confidentiality'' is being revised from ``Rule G-3(e)'' to ``Rule G- 3(f)'' to conform to amendments to Rule G-3. Part One: Federal Regulations Rules of the Securities and Exchange Commission The rule citation ``Dodd-Frank Wall Street Financial Reform and Consumer Protection Act'' is being added to reflect the current status of federal securities law. Part Two: General Supervision Definitional Rules The rule citation ``Associated person D-11'' is being added to reflect the requirements included in Rule D-11, as amended. The rule citation ``Sophisticated Municipal Market Professional (SMMP) D-15'' is being added to reflect the requirements included in Rule D-15, as amended. Qualification and Registration The rule citation ``Registration with the MSRB and payment of initial fee A-12'' is being revised to ``Registration A-12'' to conform to amendments to Rule A-12. The topic ``MSRB annual fee A-14'' is being removed to reflect that the relevant provision of Rule A-14 is now included in Rule A-12, as amended. The rule citation ``Assessments for Municipal Advisor Professionals A-11'' is being added to reflect the new requirement in Rule A-11. The topic ``Electronic mail contacts G-40'' is being removed because Rule G-40 has been rescinded. The rule citation ``Notification to the MSRB of change in status, name or address A-15'' is being removed to reflect that the relevant provision of Rule A-15 is now included in Rule A-12, as amended. The rule citation ``Limited representative--investment company and variable contracts products G-3(a)(i)(C)'' is being added to reflect the requirements included in Rule G-3, as amended. The rule citation ``Municipal advisor representative G- 3(d)'' is being added to reflect the requirements included in Rule G-3, as amended. The rule citation ``Municipal advisor principal G-3(e)'' is being added to reflect the requirements included in Rule G-3, as amended. The topic ``financial and operations principals G-3d(i) and (ii)'' is being removed to reflect the rescission of the requirement in Rule G-3d(i) and (ii), as amended. The rule citation ``Continuing education requirements G- 3(h)'' is being revised to ``Continuing education requirements G-3(i)'' to reflect the reorganization of Rule G-3, as amended. The rule citation ``Confidentiality of qualification examinations G-3(e)'' is being revised to ``Confidentiality of qualification examinations G-3(f)'' to reflect the reorganization of Rule G-3, as amended. The topic ``Apprenticeship requirement G-3(a)(iii)'' is being removed to reflect the rescission of the requirement. Supervisory Responsibilities The rule citation ``Responsibility for municipal securities business and activities of associated persons G-27(b)(i)'' is being revised to ``Responsibility for municipal securities business and activities of associated persons G-27(b)'' to reflect the reorganization of Rule G-27. The topic and rule citation ``Internal inspections G- 27(d)'' is being added to reflect the requirements included in Rule G- 27. The topic area ``Definition G-22(a)'' is being revised to ``Definition of control relationship G-22(a)'' to provide clarity to the title of the topic area. The topic area ``Definitions G-20(e)'' is being revised to ``Definitions of `non-cash compensation', `cash compensation', `offeror' and `primary offering' G-20(e)'' to provide clarity to the title of the topic area. The topic area ``Prohibition from engaging in municipal securities business'' is being revised to ``Political contributions and prohibition from engaging in municipal securities business'' to provide clarity to the title of the topic area. The topic area ``Definitions G-37(g)'' is being revised to ``Definitions including `municipal finance professional,' `municipal securities businesses' and `issuer official' G-37(g)'' to provide clarity to the title of the topic area. The topic area ``Period of prohibition G-37(b)'' is being revised to ``Ban on municipal securities business; de minimis exemption G-37(b)'' to conform to the title of Rule G-37. The topic area and rule citation ``Prohibition on Soliciting and Coordinating Contributions G-37(c)'' is being added to reflect the requirements included in Rule G-37. The topic area ``Definitions G-21(a)'' is being revised to ``Definitions; General standard for advertisements G-21(a)(iii)'' to provide clarity to the title of the topic area. [[Page 48576]] Part Three: Sales Supervision Opening Customer Accounts The rule citation ``Requirement to obtain customer account information G-19(a)'' is being revised to ``Requirement to obtain customer account information G-19'' to reflect the reorganization of Rule G-19, as amended. The topic area ``Transactions with employees and partners of other dealers'' is being revised to ``Transactions with employees and partners of other municipal securities professionals'' to provide clarity to the title of the topic area. The topic area ``Exemption for municipal fund securities G-28(c)'' is being added to reflect the relevant requirements included in Rule G-28. Communications With Customers The topic area and rule citation ``Restrictions on apprentices G-3(a)(iii)(A)'' is being removed to reflect the rescission of the requirement in Rule G-3, as amended. The topic area and rule citation ``Tape recording of conversations G-27(c)(ii)'' is being added to reflect the requirements included in Rule G-27. Suitability The rule citation for topic area ``Knowledge of customer G-19(b)'' is being revised to ``Knowledge of customer G-19 [Supp. .04]'' to reflect that the relevant requirements are included in paragraph .04 of the Supplementary Material of Rule G-19, as amended. The rule citation for topic area ``Suitability of recommendations G-19(c)'' is being revised to ``Suitability of recommendations and transactions G-19'' to reflect that the relevant requirements are included in Rule G-19, as amended. The topic area and rule citation ``Time of trade disclosure G-47'' is being added to reflect the requirements included in Rule G-47. The topic area and rule citation ``Sophisticated Municipal Market Professionals (SMMP) G-48'' is being added to reflect the requirements included in Rule G-48, as amended. The section header ``Improper Activities'' is being revised to ``Supervisory Concerns'' to provide clarity to the title of the section. The topic area and rule citation ``Churning G-19(e)'' is being revised to ``Quantitative Suitability G-19 [Supp. .05]'' to reflect that the relevant requirements are included in paragraph .05 of the Supplementary Material of Rule G-19, as amended. The topic area ``Prohibition against soliciting and coordinating political contributions G-37(c) and (d)'' is being revised to ``Prohibition against soliciting and coordinating political contributions; and circumvention of rule, G-37(c) and (d)'' to reflect that the relevant requirements are included in Rule G-37. Discretionary Accounts The topic area and rule citation ``Suitability G-19(d)'' is being moved to the suitability section in Part three of the content outline. The topic area and rule citation ``Written supervisory procedures G-27(c)(i)'' is being revised to ``Approval of transactions G-27(c)(i)(G)(2)'' to reflect the reorganization of Rule G-27. Customer Complaints The rule citation for topic area ``Review by a principal G-27(c)(ii)'' is being revised to ``Review by a principal G- 27(c)(i)(B)'' to reflect the reorganization of Rule G-27. Part Four: Orientation and Syndication New Issue Syndicate Practices The topic area and rule citation ``Retail order period and required disclosures G-11(k)'' are being added to reflect the requirements included in Rule G-11. The topic area ``Definitions A-13(f)'' is being revised to ``Definition of primary offering A-13(f)'' to provide clarity to the title of the topic area. Part Five: Trading Execution of Transactions The topic area ``Transactions as agent G-18'' is being revised to ``Best execution G-18'' to reflect the requirements included in Rule G-18. The topic area ``Prices and Commissions'' is being added to reflect the requirements included in Rule G-30. The topic area and rule citation ``Principal transactions G-30(a)'' is being moved from section two regarding general supervision to section five regarding trading. The topic area and rule citation ``Agency transactions G- 30(b)'' is being moved from section two regarding general supervision to section five regarding trading. The topic area and rule citation ``Time of trade disclosure G-47'' is being added to reflect the requirements included in Rule G-47, as amended. Reports of Sales or Purchases The topic area ``Definitions G-14, RTRS Procedures, Sect. (d)'' is being revised to ``Definitions relating to reporting requirements for specific types of transactions'' to provide clarity to the title of the topic area. 2. Statutory Basis The MSRB believes that the proposed rule change is consistent with the provisions of Section 15B(b)(2)(A) of the Act,\10\ which authorizes the MSRB to prescribe for municipal securities brokers or municipal securities dealers and their associated persons standards of training, experience, competence, and such other qualifications as the Board finds necessary or appropriate in the public interest or for the protection of investors and municipal entities or obligated persons. Section 15B(b)(2)(A) of the Act \11\ also provides that the Board may appropriately classify municipal securities brokers, municipal securities dealers, and municipal advisors and persons associated with municipal securities brokers, municipal securities dealers and municipal advisors and require persons in any such class to pass tests prescribed by the Board. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78o-4(b)(2)(A). \11\ Id. --------------------------------------------------------------------------- The MSRB believes that the proposed revisions to the content outline for the Series 51, Series 52, and Series 53 examinations and changes to the selection specifications for the Series 53 examination are consistent with the provisions of Section 15B(b)(2)(A) of the Act \12\ in that the revisions will ensure that certain key concepts and rules are tested on each of the examinations in order to test the competency of individuals seeking to qualify as a municipal fund securities limited principal, municipal securities representative and municipal securities principal with respect to their knowledge of MSRB rules and the municipal securities market. --------------------------------------------------------------------------- \12\ Id. --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The MSRB does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The updated Series 51, Series 52, and Series 53 content outlines align with the functions and associated tasks currently performed by municipal fund securities limited principals, municipal securities representatives, and municipal securities principals and tests knowledge of the most current laws, rules, and regulations and skills relevant to those functions and associated tasks. As such, the proposed rule change would make the examinations more efficient and effective. [[Page 48577]] C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act \13\ and Rule 19b- 4(f)(6) thereunder.\14\ The examination content outlines for the Series 51, Series 52 and Series 53 examinations and the Series 52 selection specifications will become operative on August 31, 2015. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(3)(A). \14\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the 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 Comments Use 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-2015-07 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-2015-07. 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-2015-07 and should be submitted on or before September 3, 2015. For the Commission, pursuant to delegated authority.\15\ --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Jill M. Peterson, Assistant Secretary. [FR Doc. 2015-19874 Filed 8-12-15; 8:45 am] BILLING CODE 8011-01-P
![48572 Federal Register / Vol. 80, No. 156 / Thursday, August 13, 2015 / Notices
section within thirty (30) days of DATES: Effective date: August 13, 2015. Qualification Examination (Series 51),
publication of this notice in the Federal FOR FURTHER INFORMATION CONTACT: Municipal Securities Representative
Register. In order to help ensure Elizabeth A. Reed, 202–268–3179. Qualification Examination (Series 52)
appropriate consideration, comments SUPPLEMENTARY INFORMATION: The and Municipal Securities Principal
should mention OMB Control Number United States Postal Service® hereby Qualification Examination (Series 53).
1218–0070. The OMB is particularly gives notice that, pursuant to 39 U.S.C. As a result of changes to MSRB rules,
interested in comments that: 3642 and 3632(b)(3), on August 7, 2015, revisions to the content outlines are
• Evaluate whether the proposed it filed with the Postal Regulatory necessary to more accurately indicate
collection of information is necessary Commission a Request of the United the current rule requirements and rule
for the proper performance of the States Postal Service to Add Priority citations. Additionally, the MSRB is
functions of the agency, including Mail Express & Priority Mail Contract 20 proposing revisions to the selection
whether the information will have to Competitive Product List. Documents specifications for the Series 53
practical utility; are available at www.prc.gov, Docket qualification examination (collectively,
• Evaluate the accuracy of the Nos. MC2015–78, CP2015–123. the ‘‘proposed rule change’’).3 The
agency’s estimate of the burden of the MSRB is not proposing any textual
proposed collection of information, Stanley F. Mires, changes to its rules.
including the validity of the Attorney, Federal Compliance. The text of the proposed rule change
methodology and assumptions used; [FR Doc. 2015–19864 Filed 8–12–15; 8:45 am] is available on the MSRB’s Web site at
• Enhance the quality, utility, and BILLING CODE 7710–12–P www.msrb.org/Rules-and-
clarity of the information to be Interpretations/SEC-Filings/2015-
collected; and Filings.aspx, at the MSRB’s principal
• Minimize the burden of the SECURITIES AND EXCHANGE office, and at the Commission’s Public
collection of information on those who COMMISSION Reference Room.
are to respond, including through the [Release No. 34–75646; File No. SR–MSRB– II. Self-Regulatory Organization’s
use of appropriate automated, 2015–07] Statement of the Purpose of, and
electronic, mechanical, or other Statutory Basis for, the Proposed Rule
technological collection techniques or Self-Regulatory Organizations; Change
other forms of information technology, Municipal Securities Rulemaking
In its filing with the Commission, the
e.g., permitting electronic submission of Board; Notice of Filing of a Proposed
MSRB included statements concerning
responses. Rule Change Consisting of Revisions
the purpose of and basis for the
Agency: DOL–OSHA. to the Content Outlines for the
proposed rule change and discussed any
Title of Collection: Reports of Injuries Municipal Fund Securities Limited
comments it received on the proposed
to Employees Operating Mechanical Principal Qualification Examination,
rule change. The text of these statements
Power Presses. Municipal Securities Representative
may be examined at the places specified
OMB Control Number: 1218–0070. Qualification Examination and
in Item IV below. The MSRB has
Affected Public: Private Sector— Municipal Securities Principal
prepared summaries, set forth in
businesses or other for-profits. Qualification Examination and Sections A, B, and C below, of the most
Total Estimated Number of Revisions to the Selection significant aspects of such statements.
Respondents: 1,210. Specifications for the Municipal
Total Estimated Number of Securities Principal Qualification A. Self-Regulatory Organization’s
Responses: 1,210. Examination Statement of the Purpose of, and
Total Estimated Annual Time Burden: Statutory Basis for, the Proposed Rule
August 7, 2015. Change
400 hours.
Total Estimated Annual Other Costs Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the 1. Purpose
Burden: $0.
‘‘Act’’) 1 and Rule 19b–4 thereunder,2 Section 15B(b)(2)(A) of the Act 4
Dated: August 7, 2015. notice is hereby given that on July 31, authorizes the MSRB to prescribe for
Michel Smyth, 2015, the Municipal Securities municipal securities brokers or
Departmental Clearance Officer. Rulemaking Board (the ‘‘MSRB’’ or municipal securities dealers and their
[FR Doc. 2015–19930 Filed 8–12–15; 8:45 am] ‘‘Board’’) filed with the Securities and associated persons standards of training,
BILLING CODE 4510–26–P Exchange Commission (the ‘‘SEC’’ or experience, competence, and such other
‘‘Commission’’) the proposed rule qualifications as the Board finds
change as described in Items I, II, and necessary or appropriate in the public
POSTAL SERVICE III below, which Items have been
prepared by the MSRB. The 3 The MSRB is also proposing changes to the
Commission is publishing this notice to question banks for the Series 51, Series 52 and
Product Change—Priority Mail Express Series 53 examinations, but based upon instructions
and Priority Mail Negotiated Service solicit comments on the proposed rule from the Commission staff, the MSRB is submitting
Agreement change from interested persons. SR–MSRB–2015–07 for immediate effectiveness
pursuant to Section 19(b)(3)(A)(i) of the Act and
AGENCY: Postal ServiceTM. I. Self-Regulatory Organization’s Rule 19b–4(f)(6) thereunder, and is not filing the
ACTION: Notice.
Statement of the Terms of Substance of question banks for Commission review. See letter to
the Proposed Rule Change Diane G. Klinke, General Counsel, MSRB, from
Belinda Blaine, Associate Director, Division of
tkelley on DSK3SPTVN1PROD with NOTICES
SUMMARY: The Postal Service gives The MSRB filed with the Commission Market Regulation, SEC, dated July 24, 2000,
notice of filing a request with the Postal proposed revisions to the content attached as Exhibit 3d. The question banks are
Regulatory Commission to add a outlines for the Municipal Fund available for Commission review. The selection
domestic shipping services contract to specifications for the Series 53 examination, Exhibit
Securities Limited Principal 3e, have been omitted and filed separately with the
the list of Negotiated Service Commission for confidential treatment pursuant to
Agreements in the Mail Classification 1 15 U.S.C. 78s(b)(1). Rule 24b–2 of the Securities Exchange Act.
Schedule’s Competitive Products List. 2 17 CFR 240.19b–4. 4 15 U.S.C. 78o–4(b)(2)(A).
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![48574 Federal Register / Vol. 80, No. 156 / Thursday, August 13, 2015 / Notices
with employees and partners of other MSRB rules, rule interpretations and ‘‘Delivery of Investor Brochure (G–10)’’
municipal securities professionals G– federal statutory provisions applicable to conform to the current title of Rule
28’’ to reflect the reorganization of Rule to the activities listed in Rule G–3(a)(i).7 G–10.
G–28, as amended. The Series 52 examination also • The rule citation ‘‘New Issue
measures a candidate’s ability to apply Syndicate Practices (G–11)’’ is being
Suitability revised to ‘‘Primary Offering Practices
the rules and interpretations to given
• The rule citation for sub-topic fact situations in the context of a (G–11)’’ to conform to the current title
‘‘Knowledge of customer’’ is being representative’s municipal securities of Rule G–11.
revised from ‘‘G–19(b)’’ to ‘‘G–19 [Supp. activities. Candidates are allowed three • The rule citation ‘‘Conduct of
.04 and .06]’’ to reflect that the relevant and one-half hours to complete the Municipal Securities Activities (G–17)’’
requirements are included in paragraphs examination consisting of 115 multiple- is being revised to ‘‘Conduct of
.04 and .06 of the Supplementary choice questions. Municipal Securities and Municipal
Material of Rule G–19, as amended. As a result of recent changes to MSRB Advisory Activities (G–17)’’ to conform
• The rule citation for sub-topic rules, revisions to the Series 52 content to the current title of Rule G–17, as
‘‘Suitability of recommendations’’ is outline are necessary to indicate the amended.
being revised from ‘‘G–19(c)’’ to ‘‘G–19 current rule requirements and rule • The rule citation ‘‘Execution of
[Supp. .05]’’ to reflect that the relevant citations. A summary of the changes to Transactions (G–18)’’ is being revised to
requirements are included in paragraph the content outline for the Series 52 ‘‘Best Execution (G–18)’’ to conform to
.05 of the Supplementary Material of examination, detailed by major topic the current title of Rule G–18, as
Rule G–19, as amended. headings, is provided below: amended.
• The rule citation ‘‘Suitability of
Improper Activities Introduction Recommendations and Transactions;
• The title of topic ‘‘Improper • The rule citation and quote in the Discretionary Accounts (G–19)’’ is being
Activities’’ is being revised to ‘‘Confidentiality’’ section is being revised to ‘‘Suitability of
‘‘Improper Use of Customer Assets.’’ revised from ‘‘Rule G–3(e)’’ to ‘‘Rule G– Recommendations and Transactions (G–
• The sub-topic and rule citation 3(f)’’ and added as footnote 2, to 19)’’ to conform to the current title of
‘‘Churning G–19(e)’’ are being revised to conform to amendments to Rule G–3. Rule G–19, as amended.
‘‘Quantitative suitability G–19 [Supp. • The rule citation ‘‘Disclosure of
Part Four: Federal Legal Considerations
.05(c)]’’ to reflect that the relevant Control Relationships (G–22)’’ is being
requirements are included in paragraph III. MSRB Rules revised to ‘‘Control Relationships (G–
.05 of the Supplementary Material of • The rule citation ‘‘Professional 22)’’ to conform to the current title of
Rule G–19, as amended. Qualifications (G–2 through G–7)’’ is Rule G–22, as amended.
being revised to ‘‘Standards of • The rule citation ‘‘Transactions
Part Six: Underwriting and Disclosure with Employees of Other Municipal
Obligations Professional Qualification and
Professional Qualification Requirements Securities Professionals (G–28)’’ is being
Disclosures to Customers (G–2 through G–3)’’ to conform to the revised to ‘‘Transactions with
Employees and Partners of Other
• The sub-topic and related rule current titles of the Rules, as amended.
citation ‘‘Material disclosures at time of • The rule citation ‘‘Recordkeeping Municipal Securities Professionals (G–
(G–8)’’ is being revised to ‘‘Books and 28)’’ to conform to the current title of
trade G–17’’ are being revised to ‘‘Time
Records to be Made by Brokers, Dealers, Rule G–28, as amended.
of trade disclosure G–47’’ to reflect that • The rule citation ‘‘Calculations (G–
the requirements are included in new Municipal Securities Dealers, and
Municipal Advisors (G–8)’’ to conform 33)’’ is being added to reflect the
Rule G–47. requirements included in Rule G–33.
to the current title of Rule G–8, as
Part Seven: Operations amended. • The rule citation ‘‘Broker’s Broker
• The rule citation ‘‘Preservation of (G–43)’’ is being added to reflect the
Confirmation of Transactions
Records (G–9)’’ is being added, to reflect requirements included in Rule G–43.
• The rule citation for sub-topic the relevant requirements included in • The rule citation ‘‘Time of Trade
‘‘Periodic statements’’ is being revised Rule G–9. Disclosure (G–47)’’ is being added to
from ‘‘G–15(a)(viii)’’ to ‘‘G– • The rule citation ‘‘Investor reflect the requirements included in
15(a)(viii)(B)(1)’’ to reflect the Brochure (G–10)’’ is being revised to Rule G–47.
reorganization of Rule G–15, as • The rule citation ‘‘Transactions
amended. 7 MSRB Rule G–3(a)(i) states: with Sophisticated Municipal Market
(A) The term ‘‘municipal securities Professionals (G–48)’’ is being added to
Sample Questions representative’’ means a natural person associated reflect the relevant requirements
• Sample question number 2 is being with a broker, dealer or municipal securities dealer, included in Rule G–48, as amended.
other than a person whose functions are solely
removed from the outline because the clerical or ministerial, whose activities include one
topic (apprenticeship) is no longer MUNICIPAL SECURITIES PRINCIPAL
or more of the following:
tested on the examination. EXAMINATION—SERIES 53
(1) underwriting, trading or sales of municipal
securities; The Municipal Securities Principal
MUNICIPAL SECURITIES (2) financial advisory or consultant services for Qualification Examination (Series 53) is
REPRESENTATIVE EXAMINATION— issuers in connection with the issuance of designed to determine whether an
SERIES 52 municipal securities;
individual meets the Board’s
(3) research or investment advice with respect to
tkelley on DSK3SPTVN1PROD with NOTICES
The Municipal Securities municipal securities; or qualification standards for municipal
Representative Qualification (4) any other activities which involve securities principals. The Series 53
Examination is designed to determine communication, directly or indirectly, with public examination measures a candidate’s
whether an individual meets the investors in municipal securities; knowledge of Board rules, rule
provided, however, that the activities enumerated
MSRB’s qualification standards for in subparagraphs (3) and (4) above shall be limited
interpretations and federal statutory
municipal securities representatives by to such activities as they relate to the activities provisions applicable to municipal
measuring a candidate’s knowledge of enumerated in subparagraphs (1) and (2) above. securities activities. It also measures an
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![48576 Federal Register / Vol. 80, No. 156 / Thursday, August 13, 2015 / Notices
Part Three: Sales Supervision contributions G–37(c) and (d)’’ is being 2. Statutory Basis
Opening Customer Accounts revised to ‘‘Prohibition against soliciting
and coordinating political contributions; The MSRB believes that the proposed
• The rule citation ‘‘Requirement to and circumvention of rule, G–37(c) and rule change is consistent with the
obtain customer account information G– (d)’’ to reflect that the relevant provisions of Section 15B(b)(2)(A) of the
19(a)’’ is being revised to ‘‘Requirement requirements are included in Rule G–37. Act,10 which authorizes the MSRB to
to obtain customer account information prescribe for municipal securities
G–19’’ to reflect the reorganization of Discretionary Accounts brokers or municipal securities dealers
Rule G–19, as amended. • The topic area and rule citation and their associated persons standards
• The topic area ‘‘Transactions with ‘‘Suitability G–19(d)’’ is being moved to of training, experience, competence, and
employees and partners of other the suitability section in Part three of such other qualifications as the Board
dealers’’ is being revised to the content outline. finds necessary or appropriate in the
‘‘Transactions with employees and • The topic area and rule citation public interest or for the protection of
partners of other municipal securities ‘‘Written supervisory procedures G– investors and municipal entities or
professionals’’ to provide clarity to the 27(c)(i)’’ is being revised to ‘‘Approval obligated persons. Section 15B(b)(2)(A)
title of the topic area. of transactions G–27(c)(i)(G)(2)’’ to of the Act 11 also provides that the Board
• The topic area ‘‘Exemption for reflect the reorganization of Rule G–27.
municipal fund securities G–28(c)’’ is may appropriately classify municipal
being added to reflect the relevant Customer Complaints securities brokers, municipal securities
requirements included in Rule G–28. • The rule citation for topic area dealers, and municipal advisors and
‘‘Review by a principal G–27(c)(ii)’’ is persons associated with municipal
Communications With Customers securities brokers, municipal securities
being revised to ‘‘Review by a principal
• The topic area and rule citation G–27(c)(i)(B)’’ to reflect the dealers and municipal advisors and
‘‘Restrictions on apprentices G– reorganization of Rule G–27. require persons in any such class to pass
3(a)(iii)(A)’’ is being removed to reflect tests prescribed by the Board.
the rescission of the requirement in Rule Part Four: Orientation and Syndication
The MSRB believes that the proposed
G–3, as amended. New Issue Syndicate Practices revisions to the content outline for the
• The topic area and rule citation
• The topic area and rule citation Series 51, Series 52, and Series 53
‘‘Tape recording of conversations G– examinations and changes to the
27(c)(ii)’’ is being added to reflect the ‘‘Retail order period and required
disclosures G–11(k)’’ are being added to selection specifications for the Series 53
requirements included in Rule G–27.
reflect the requirements included in examination are consistent with the
Suitability Rule G–11. provisions of Section 15B(b)(2)(A) of the
• The rule citation for topic area • The topic area ‘‘Definitions A– Act 12 in that the revisions will ensure
‘‘Knowledge of customer G–19(b)’’ is 13(f)’’ is being revised to ‘‘Definition of that certain key concepts and rules are
being revised to ‘‘Knowledge of primary offering A–13(f)’’ to provide tested on each of the examinations in
customer G–19 [Supp. .04]’’ to reflect clarity to the title of the topic area. order to test the competency of
that the relevant requirements are Part Five: Trading individuals seeking to qualify as a
included in paragraph .04 of the municipal fund securities limited
Supplementary Material of Rule G–19, Execution of Transactions principal, municipal securities
as amended. • The topic area ‘‘Transactions as representative and municipal securities
• The rule citation for topic area agent G–18’’ is being revised to ‘‘Best principal with respect to their
‘‘Suitability of recommendations G– execution G–18’’ to reflect the knowledge of MSRB rules and the
19(c)’’ is being revised to ‘‘Suitability of requirements included in Rule G–18. municipal securities market.
recommendations and transactions G– • The topic area ‘‘Prices and
19’’ to reflect that the relevant Commissions’’ is being added to reflect B. Self-Regulatory Organization’s
requirements are included in Rule G–19, the requirements included in Rule G– Statement on Burden on Competition
as amended. 30.
• The topic area and rule citation • The topic area and rule citation The MSRB does not believe that the
‘‘Time of trade disclosure G–47’’ is ‘‘Principal transactions G–30(a)’’ is proposed rule change will result in any
being added to reflect the requirements being moved from section two regarding burden on competition that is not
included in Rule G–47. general supervision to section five necessary or appropriate in furtherance
• The topic area and rule citation regarding trading. of the purposes of the Act. The updated
‘‘Sophisticated Municipal Market • The topic area and rule citation Series 51, Series 52, and Series 53
Professionals (SMMP) G–48’’ is being ‘‘Agency transactions G–30(b)’’ is being content outlines align with the
added to reflect the requirements moved from section two regarding functions and associated tasks currently
included in Rule G–48, as amended. general supervision to section five performed by municipal fund securities
• The section header ‘‘Improper regarding trading. limited principals, municipal securities
Activities’’ is being revised to • The topic area and rule citation representatives, and municipal
‘‘Supervisory Concerns’’ to provide ‘‘Time of trade disclosure G–47’’ is securities principals and tests
clarity to the title of the section. being added to reflect the requirements knowledge of the most current laws,
• The topic area and rule citation included in Rule G–47, as amended. rules, and regulations and skills relevant
‘‘Churning G–19(e)’’ is being revised to to those functions and associated tasks.
Reports of Sales or Purchases
tkelley on DSK3SPTVN1PROD with NOTICES
‘‘Quantitative Suitability G–19 [Supp. As such, the proposed rule change
.05]’’ to reflect that the relevant • The topic area ‘‘Definitions G–14, would make the examinations more
requirements are included in paragraph RTRS Procedures, Sect. (d)’’ is being efficient and effective.
.05 of the Supplementary Material of revised to ‘‘Definitions relating to
Rule G–19, as amended. reporting requirements for specific types 10 15 U.S.C. 78o–4(b)(2)(A).
• The topic area ‘‘Prohibition against of transactions’’ to provide clarity to the 11 Id.
soliciting and coordinating political title of the topic area. 12 Id.
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![Federal Register / Vol. 80, No. 156 / Thursday, August 13, 2015 / Notices 48577
C. Self-Regulatory Organization’s Internet Web site (http://www.sec.gov/ below, which Items have been prepared
Statement on Comments on the rules/sro.shtml). Copies of the by the self-regulatory organization. The
Proposed Rule Change Received From submission, all subsequent Commission is publishing this notice to
Members, Participants, or Others amendments, all written statements solicit comments on the proposed rule
Written comments were neither with respect to the proposed rule change from interested persons.
solicited nor received on the proposed change that are filed with the
Commission, and all written I. Self-Regulatory Organization’s
rule change.
communications relating to the Statement of the Terms of Substance of
III. Date of Effectiveness of the proposed rule change between the the Proposed Rule Change
Proposed Rule Change and Timing for Commission and any person, other than
Commission Action those that may be withheld from the The Exchange proposes to amend
public in accordance with the Rule 6.15 to establish Exchange rules
Because the foregoing proposed rule
provisions of 5 U.S.C. 552, will be governing the give up of a Clearing
change does not: (i) Significantly affect
available for Web site viewing and Member by Options Trading Permit
the protection of investors or the public
interest; (ii) impose any significant printing in the Commission’s Public Holders and OTP Firms and proposes
burden on competition; and (iii) become Reference Room, 100 F Street NE., conforming changes to Rules 6.66 and
operative for 30 days from the date on Washington, DC 20549 on official 6.79. The text of the proposed rule
which it was filed, or such shorter time business days between the hours of change is available on the Exchange’s
as the Commission may designate, it has 10:00 a.m. and 3:00 p.m. Copies of the Web site at www.nyse.com, at the
become effective pursuant to Section filing also will be available for principal office of the Exchange, and at
19(b)(3)(A) of the Act 13 and Rule 19b– inspection and copying at the principal the Commission’s Public Reference
4(f)(6) thereunder.14 The examination office of the MSRB. All comments Room.
content outlines for the Series 51, Series received will be posted without change;
the Commission does not edit personal II. Self-Regulatory Organization’s
52 and Series 53 examinations and the Statement of the Purpose of, and
Series 52 selection specifications will identifying information from
submissions. You should submit only Statutory Basis for, the Proposed Rule
become operative on August 31, 2015.
At any time within 60 days of the information that you wish to make Change
filing of the proposed rule change, the available publicly. All submissions
In its filing with the Commission, the
Commission summarily may should refer to File Number SR–MSRB–
self-regulatory organization included
temporarily suspend such rule change if 2015–07 and should be submitted on or
before September 3, 2015. statements concerning the purpose of,
it appears to the Commission that such and basis for, the proposed rule change
action is necessary or appropriate in the For the Commission, pursuant to delegated and discussed any comments it received
public interest, for the protection of authority.15
on the proposed rule change. The text
investors, or otherwise in furtherance of Jill M. Peterson,
of those statements may be examined at
the purposes of the Act. Assistant Secretary. the places specified in Item IV below.
IV. Solicitation of Comments [FR Doc. 2015–19874 Filed 8–12–15; 8:45 am] The Exchange has prepared summaries,
BILLING CODE 8011–01–P set forth in sections A, B, and C below,
Interested persons are invited to
submit written data, views, and of the most significant parts of such
arguments concerning the foregoing, statements.
SECURITIES AND EXCHANGE
including whether the proposed rule COMMISSION A. Self-Regulatory Organization’s
change is consistent with the Act. Statement of the Purpose of, and the
Comments may be submitted by any of [Release No. 34–75641; File No. SR–
NYSEArca–2015–65] Statutory Basis for, the Proposed Rule
the following methods:
Change
Electronic Comments Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and 1. Purpose
• Use the Commission’s Internet
comment form (http://www.sec.gov/ Immediate Effectiveness of Proposed The Exchange proposes to amend
rules/sro.shtml); or Rule Change Amending Rule 6.15 To
Rule 6.15 to establish Exchange rules
• Send an email to rule-comments@ Establish Exchange Rules Governing
governing the ‘‘give up’’ of a Clearing
sec.gov. Please include File Number SR– the Give Up of a Clearing Member by
Member 4 by Options Trading Permit
MSRB–2015–07 on the subject line. Options Trading Permit Holders and
OTP Firms and Conforming Changes Holders and OTP Firms (each an
Paper Comments to Rules 6.66 and 6.79 ‘‘OTP,’’ collectively, ‘‘OTPs’’). In
addition, the Exchange proposes
• Send paper comments in triplicate August 7, 2015. changes to Rules 6.66 and 6.79 to reflect
to Secretary, Securities and Exchange Pursuant to Section 19(b)(1) 1 of the proposed amendments to Rule 6.15. The
Commission, 100 F Street NE., Securities Exchange Act of 1934 (the Exchange believes that this proposal to
Washington, DC 20549. ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 include the give-up process in Exchange
All submissions should refer to File notice is hereby given that, on July 27, rules would result in the fair and
Number SR–MSRB–2015–07. This file 2015, NYSE Arca, Inc. (the ‘‘Exchange’’ reasonable use of resources by both the
number should be included on the or ‘‘NYSE Arca’’) filed with the Exchange and OTPs. In addition, the
subject line if email is used. To help the Securities and Exchange Commission proposed change would align the
tkelley on DSK3SPTVN1PROD with NOTICES
Commission process and review your (the ‘‘Commission’’) the proposed rule Exchange with competing options
comments more efficiently, please use change as described in Items I and II
only one method. The Commission will
4 Rule 6.1(3) defines ‘‘Clearing Member’’ as an
post all comments on the Commission’s 15 17 CFR 200.30–3(a)(12). Exchange OTP Firm or OTP Holder which has been
1 15 U.S.C.78s(b)(1). admitted to membership in the Options Clearing
13 15 U.S.C. 78s(b)(3)(A). 2 15 U.S.C. 78a.
Corporation pursuant to the provisions of the Rules
14 17 CFR 240.19b–4(f)(6). 3 17 CFR 240.19b–4. of the Options Clearing Corporation.
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Document Created: 2018-02-23 10:57:19
Document Modified: 2018-02-23 10:57:19
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| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
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