80 FR 57410 - Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Revise the Effective Date of New Rule G-18, on Best Execution of Transactions in Municipal Securities, and Amendments to Rule G-48, on Transactions With Sophisticated Municipal Market Professionals, and Rule D-15, on the Definition of Sophisticated Municipal Market Professional
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 184 (September 23, 2015)
Federal Register Volume 80, Issue 184 (September 23, 2015)
| Page Range | 57410-57412 | |
| FR Document | 2015-24059 |
[Federal Register Volume 80, Number 184 (Wednesday, September 23, 2015)] [Notices] [Pages 57410-57412] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-24059] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75934; File No. SR-MSRB-2015-10] Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Revise the Effective Date of New Rule G-18, on Best Execution of Transactions in Municipal Securities, and Amendments to Rule G-48, on Transactions With Sophisticated Municipal Market Professionals, and Rule D-15, on the Definition of Sophisticated Municipal Market Professional September 17, 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 September 3, 2015, the Municipal Securities Rulemaking Board (the ``MSRB'' or ``Board'') filed with the Securities and Exchange Commission (``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 to revise the effective date of new Rule G-18, on best execution of transactions in municipal securities, and amendments to Rule G-48, on transactions with sophisticated municipal market professionals (``SMMPs''), and Rule D-15, on the definition of SMMP (``proposed rule change'').\3\ The MSRB has designated the proposed rule change for immediate effectiveness. The new effective date of Rule G-18 and the related amendments to Rules G-48 and D-15 (``related amendments'') will be 120 days from the date of publication by the MSRB of implementation guidance on those rules, but no later than April 29, 2016. Upon publication of the implementation [[Page 57411]] guidance, the MSRB will announce the resulting specific effective date. --------------------------------------------------------------------------- \3\ The Commission approved new Rule G-18 and amendments to Rule G-48 and Rule D-15 on December 5, 2014, which were previously scheduled to become effective on December 7, 2015. See Exchange Act Release No. 73764 (Dec. 5, 2014), 79 FR 73658 (Dec. 11, 2014) (SR- MSRB-2014-07) (``SEC Approval Order''). --------------------------------------------------------------------------- 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 The MSRB proposes to revise the effective date of Rule G-18 and the related amendments. On December 5, 2014, the Commission approved Rule G-18 and the related amendments with an effective date of one year after Commission approval, which is December 7, 2015.\4\ The core provision of Rule G-18 generally will require dealers, in any transaction for or with a customer or a customer of another dealer, to use reasonable diligence to ascertain the best market for the subject security and to buy or sell in that market so that the resultant price to the customer is as favorable as possible under prevailing market conditions. --------------------------------------------------------------------------- \4\ Id. --------------------------------------------------------------------------- In its 2012 Report on the Municipal Securities Market,\5\ the Commission recommended that the MSRB consider buttressing existing fair-pricing standards by establishing a best-execution obligation and providing guidance to dealers on how best-execution concepts would be applied to municipal securities transactions. After the final terms of the new obligation were established through the Commission's approval of Rule G-18 and the related amendments on December 5, 2014, the MSRB began an initiative to develop implementation guidance consistent with the Commission's additional recommendation. As previously indicated during the rulemaking process, the MSRB has planned to publish the implementation guidance prior to Rule G-18 and the related amendments becoming effective \6\ and to coordinate with the Financial Industry Regulatory Authority (``FINRA'') with the aim to establish consistent guidance, as appropriate, on the application of best-execution standards in both the municipal securities and corporate debt markets.\7\ Also as publicly announced, the Commission committed to work closely with the MSRB and FINRA as they work together to provide guidance on best-execution obligations under their respective rules.\8\ Throughout the initiative to develop implementation guidance, the MSRB has coordinated with the Commission and FINRA and, currently, this process continues. --------------------------------------------------------------------------- \5\ SEC Report on the Municipal Securities Markets (July 31, 2012), 149-50, available at http://www.sec.gov/news/studies/2012/munireport073112.pdf. \6\ See the MSRB's proposed rule change, available at http:// www.msrb.org/~/media/Files/SEC-Filings/2014/MSRB-2014-07.ashx?la=en; Exchange Act Release No. 72956 (September 2, 2014), 79 FR 53236, 53245 (September 8, 2014) (SR-MSRB-2014-07), available at http:// www.msrb.org/~/media/Files/SEC-Filings/2014/MSRB-2014-07-Fed-Reg- Notice.ashx?la=en; MSRB response to comments, available at http://www.sec.gov/comments/sr-msrb-2014-07/msrb201407-8.pdf; SEC Approval Order at 73662; MSRB Notice 2014-22, available at http:// www.msrb.org/~/media/Files/Regulatory-Notices/Announcements/2014- 22.ashx?n=1 (``Approval Notice''). \7\ See MSRB response to comments (SR-MSRB-2014-07), SEC Approval Order, and Approval Notice. \8\ See Mary Jo White, Chair, Securities and Exchange Commission, Intermediation in the Modern Securities Markets: Putting Technology and Competition to Work for Investors (June 20, 2014) (``[T]o assure that brokers are subject to meaningful obligations to achieve the best executions for investors in both corporate and municipal bond transactions, we will be working closely with . . . FINRA and the MSRB as they work together to provide practical guidance on how brokers might effectively achieve best execution.''). --------------------------------------------------------------------------- The MSRB has intended, in part based on dialogue with market participants, to publish the implementation guidance approximately four months in advance of the effective date to provide dealers sufficient time to review the guidance and utilize it, for example, in their development or revision of policies and procedures necessary to comply with Rule G-18 and the related amendments. Accordingly, the MSRB submits this proposed rule change to revise the effective date of Rule G-18 and the related amendments to be 120 days from the date the implementation guidance is published by the MSRB, but no later than April 29, 2016. The proposed rule change is designed to afford dealers four months with the use of the published implementation guidance to prepare to comply with the requirements of Rule G-18 and the related amendments, as the MSRB has intended and believes to be sufficient. 2. Statutory Basis The MSRB believes that the proposed rule change is consistent with Section 15B(b)(2)(C) of the Act,\9\ which provides that the MSRB's rules shall: --------------------------------------------------------------------------- \9\ 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. The proposed rule change does not alter any rule language but revises the effective date of Rule G-18 and the related amendments, which were previously approved by the Commission. By providing a period of four months from the date the implementation guidance is published by the MSRB (ending no later than April 29, 2016), the MSRB believes the proposed rule change will promote compliance with the new best- execution rule and will further the stated purposes of Rule G-18 and the related amendments to promote just and equitable principles of trade, facilitate transactions in municipal securities, remove impediments to and perfect the mechanism of a free and open market in municipal securities and protect investors. In addition, by generally making the effective date a function of the publication of the implementation guidance by the MSRB, the revision provides the municipal securities industry with greater certainty regarding the length and adequacy of the implementation period. B. Self-Regulatory Organization's Statement on Burden on Competition Section 15B(b)(2)(C) of the Act \10\ 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 will impose any burden on competition not necessary or appropriate in furtherance of the Act. The proposed rule change will not alter any rule language and will, instead, only revise the effective date of Rule G-18 and the [[Page 57412]] related amendments to be 120 days after the publication of the implementation guidance by the MSRB, but no later than April 29, 2016. --------------------------------------------------------------------------- \10\ 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) \11\ of the Act and Rule 19b- 4(f)(6) \12\ 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. A proposed rule change filed under Rule 19b-4(f)(6) normally does not become operative until 30 days after the date of filing.\13\ However, Rule 19b-4(f)(6)(iii) permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest.\14\ The MSRB has requested that the Commission designate the proposed rule change operative upon filing, as specified in Rule 19b-4(f)(6)(iii), which would make the proposed rule change operative on September 3, 2015.\15\ --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A). \12\ 17 CFR 240.19b-4(f)(6). \13\ Id. \14\ 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 Commission has designated a shorter time for delivery of such written notice. \15\ See SR-MSRB-2015-10 (September 3, 2015). --------------------------------------------------------------------------- According to the MSRB, the proposed rule change is designed to afford dealers four months with the use of the published implementation guidance to prepare to comply with the requirements of new Rule G-18 and the related amendments. The MSRB believes the proposed rule change provides dealers with sufficient time to review such guidance and utilize it, for example, in their development or revision of policies and procedures necessary to comply with new Rule G-18 and the related amendments. The MSRB also stated that the proposed rule change provides the municipal securities industry with greater certainty regarding the length and adequacy of the implementation period. The Commission believes the proposed rule change is consistent with the protection of investors and the public interest because it will help promote consistent and accurate compliance and further the stated purposes of new Rule G-18 and the related amendments. In addition, the proposed rule change does not alter any rule language and will, instead, only revise the effective date of new Rule G-18 and the related amendments, which were previously approved by the Commission. Therefore, the Commission hereby designates the proposed rule change operative upon filing. 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 [email protected]. Please include File Number SR-MSRB-2015-10 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-2015-10. 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-2015-10 and should be submitted on or before October 14, 2015. For the Commission, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-24059 Filed 9-22-15; 8:45 am] BILLING CODE 8011-01-P
![57410 Federal Register / Vol. 80, No. 184 / Wednesday, September 23, 2015 / Notices
and reasonable and any national subject line if email is used. To help the SECURITIES AND EXCHANGE
securities exchange that distributes such Commission process and review your COMMISSION
information do so on terms that are not comments more efficiently, please use
unreasonably discriminatory. only one method. The Commission will [Release No. 34–75934; File No. SR–MSRB–
V. Procedure: Request for Written post all comments on the Commission’s 2015–10]
Comments Internet Web site (http://www.sec.gov/
rules/sro.shtml). Copies of the Self-Regulatory Organizations;
The Commission requests that Municipal Securities Rulemaking
submission, all subsequent
interested persons provide written Board; Notice of Filing and Immediate
amendments, all written statements
submissions of their views, data, and Effectiveness of a Proposed Rule
arguments with respect to the concerns with respect to the proposed rule
change that are filed with the Change To Revise the Effective Date of
identified above or any others they may New Rule G–18, on Best Execution of
have with the proposed rule changes. In Commission, and all written
communications relating to the Transactions in Municipal Securities,
particular, the Commission invites the and Amendments to Rule G–48, on
written views of interested persons proposed rule changes between the
Commission and any person, other than Transactions With Sophisticated
concerning whether the proposed rule Municipal Market Professionals, and
changes are inconsistent with Sections those that may be withheld from the
Rule D–15, on the Definition of
11A and 6(b)(5) of the Act or any other public in accordance with the
Sophisticated Municipal Market
provision of the Act, and Rule 603 provisions of 5 U.S.C. 552, will be
Professional
thereunder or any other rules and available for Web site viewing and
regulation thereunder. Although there printing in the Commission’s Public September 17, 2015.
do not appear to be any issues relevant Reference Room, 100 F Street NE., Pursuant to Section 19(b)(1) of the
to approval or disapproval which would Washington, DC 20549, on official Securities Exchange Act of 1934 (the
be facilitated by an oral presentation of business days between the hours of ‘‘Act’’) 1 and Rule 19b–4 thereunder,2
views, data, and arguments, the 10:00 a.m. and 3:00 p.m. All comments notice is hereby given that on
Commission will consider, pursuant to received will be posted without change; September 3, 2015, the Municipal
Rule 19b–4, any request for an the Commission does not edit personal Securities Rulemaking Board (the
opportunity to make an oral identifying information from ‘‘MSRB’’ or ‘‘Board’’) filed with the
presentation.22 submissions. You should submit only Securities and Exchange Commission
Interested persons are invited to information that you wish to make (‘‘Commission’’) the proposed rule
submit written data, views, and
publicly available. All submissions change as described in Items I and II
arguments regarding whether the
should refer to File Numbers SR–NYSE– below, which Items have been prepared
proposed rule changes should be
2015–31, NYSEMKT–2015–56, or both by the MSRB. The Commission is
approved or disapproved by October 14,
and should be submitted on or before publishing this notice to solicit
2015. Any person who wishes to file a
October 14, 2015. Rebuttal comments comments on the proposed rule change
rebuttal to any other person’s
should be submitted by October 28, from interested persons.
submission must file that rebuttal by
October 28, 2015. 2015. I. Self-Regulatory Organization’s
Comments may be submitted by any For the Commission, by the Division of Statement of the Terms of Substance of
of the following methods: Trading and Markets, pursuant to delegated the Proposed Rule Change
Electronic Comments authority.23
Brent J. Fields,
The MSRB filed with the Commission
• Use the Commission’s Internet a proposed rule change to revise the
comment form (http://www.sec.gov/ Secretary. effective date of new Rule G–18, on best
rules/sro.shtml); or [FR Doc. 2015–24061 Filed 9–22–15; 8:45 am] execution of transactions in municipal
• Send an email to rule-comments@ BILLING CODE 8011–01–P securities, and amendments to Rule G–
sec.gov. Please include File Numbers 48, on transactions with sophisticated
SR–NYSE–2015–31 or NYSEMKT– municipal market professionals
2015–56 on the subject line. (‘‘SMMPs’’), and Rule D–15, on the
Paper Comments definition of SMMP (‘‘proposed rule
change’’).3 The MSRB has designated
• Send paper comments in triplicate the proposed rule change for immediate
to Secretary, Securities and Exchange effectiveness. The new effective date of
Commission, 100 F Street NE., Rule G–18 and the related amendments
Washington, DC 20549–1090. to Rules G–48 and D–15 (‘‘related
All submissions should refer to File amendments’’) will be 120 days from
Numbers SR–NYSE–2015–31, the date of publication by the MSRB of
NYSEMKT–2015–56, or both. These file implementation guidance on those
numbers should be included on the rules, but no later than April 29, 2016.
Upon publication of the implementation
22 Section 19(b)(2) of the Act, as amended by the
Securities Act Amendments of 1975, Public Law
mstockstill on DSK4VPTVN1PROD with NOTICES
1 15 U.S.C. 78s(b)(1).
94–29 (June 4, 1975), grants the Commission
2 17 CFR 240.19b–4.
flexibility to determine what type of proceeding—
either oral or notice and opportunity for written 3 The Commission approved new Rule G–18 and
comments—is appropriate for consideration of a amendments to Rule G–48 and Rule D–15 on
particular proposal by a self-regulatory December 5, 2014, which were previously
organization. See Securities Act Amendments of scheduled to become effective on December 7, 2015.
1975, Senate Comm. on Banking, Housing & Urban See Exchange Act Release No. 73764 (Dec. 5, 2014),
Affairs, S. Rep. No. 75, 94th Cong., 1st Sess. 30 79 FR 73658 (Dec. 11, 2014) (SR–MSRB–2014–07)
(1975). 23 17 CFR 200.30–3(a)(57). (‘‘SEC Approval Order’’).
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![Federal Register / Vol. 80, No. 184 / Wednesday, September 23, 2015 / Notices 57411
guidance, the MSRB will announce the guidance consistent with the G–18 and the related amendments, as
resulting specific effective date. Commission’s additional the MSRB has intended and believes to
The text of the proposed rule change recommendation. As previously be sufficient.
is available on the MSRB’s Web site at indicated during the rulemaking
2. Statutory Basis
www.msrb.org/Rules-and- process, the MSRB has planned to
Interpretations/SEC-Filings/2015- publish the implementation guidance The MSRB believes that the proposed
Filings.aspx, at the MSRB’s principal prior to Rule G–18 and the related rule change is consistent with Section
office, and at the Commission’s Public amendments becoming effective 6 and to 15B(b)(2)(C) of the Act,9 which provides
Reference Room. coordinate with the Financial Industry that the MSRB’s rules shall:
Regulatory Authority (‘‘FINRA’’) with be designed to prevent fraudulent and
II. Self-Regulatory Organization’s
the aim to establish consistent guidance, manipulative acts and practices, to promote
Statement of the Purpose of, and just and equitable principles of trade, to
as appropriate, on the application of
Statutory Basis for, the Proposed Rule foster cooperation and coordination with
best-execution standards in both the
Change persons engaged in regulating, clearing,
municipal securities and corporate debt
In its filing with the Commission, the settling, processing information with respect
markets.7 Also as publicly announced, to, and facilitating transactions in municipal
MSRB included statements concerning the Commission committed to work securities and municipal financial products,
the purpose of and basis for the closely with the MSRB and FINRA as to remove impediments to and perfect the
proposed rule change and discussed any they work together to provide guidance mechanism of a free and open market in
comments it received on the proposed on best-execution obligations under municipal securities and municipal financial
rule change. The text of these statements their respective rules.8 Throughout the products, and, in general, to protect
may be examined at the places specified initiative to develop implementation investors, municipal entities, obligated
in Item IV below. The MSRB has guidance, the MSRB has coordinated persons, and the public interest.
prepared summaries, set forth in with the Commission and FINRA and, The proposed rule change does not
Sections A, B, and C below, of the most currently, this process continues. alter any rule language but revises the
significant aspects of such statements. The MSRB has intended, in part based effective date of Rule G–18 and the
on dialogue with market participants, to related amendments, which were
A. Self-Regulatory Organization’s
publish the implementation guidance previously approved by the
Statement of the Purpose of, and approximately four months in advance Commission. By providing a period of
Statutory Basis for, the Proposed Rule of the effective date to provide dealers four months from the date the
Change sufficient time to review the guidance implementation guidance is published
1. Purpose and utilize it, for example, in their by the MSRB (ending no later than April
The MSRB proposes to revise the development or revision of policies and 29, 2016), the MSRB believes the
effective date of Rule G–18 and the procedures necessary to comply with proposed rule change will promote
related amendments. On December 5, Rule G–18 and the related amendments. compliance with the new best-execution
2014, the Commission approved Rule Accordingly, the MSRB submits this rule and will further the stated purposes
G–18 and the related amendments with proposed rule change to revise the of Rule G–18 and the related
effective date of Rule G–18 and the amendments to promote just and
an effective date of one year after
related amendments to be 120 days from equitable principles of trade, facilitate
Commission approval, which is
the date the implementation guidance is transactions in municipal securities,
December 7, 2015.4 The core provision
published by the MSRB, but no later remove impediments to and perfect the
of Rule G–18 generally will require
than April 29, 2016. The proposed rule mechanism of a free and open market in
dealers, in any transaction for or with a
change is designed to afford dealers four municipal securities and protect
customer or a customer of another
months with the use of the published investors. In addition, by generally
dealer, to use reasonable diligence to
implementation guidance to prepare to making the effective date a function of
ascertain the best market for the subject
comply with the requirements of Rule the publication of the implementation
security and to buy or sell in that market
guidance by the MSRB, the revision
so that the resultant price to the 6 See the MSRB’s proposed rule change, available
provides the municipal securities
customer is as favorable as possible at http://www.msrb.org/∼/media/Files/SEC-Filings/ industry with greater certainty regarding
under prevailing market conditions. 2014/MSRB–2014-07.ashx?la=en; Exchange Act
In its 2012 Report on the Municipal Release No. 72956 (September 2, 2014), 79 FR the length and adequacy of the
Securities Market,5 the Commission 53236, 53245 (September 8, 2014) (SR–MSRB– implementation period.
2014–07), available at http://www.msrb.org/∼/
recommended that the MSRB consider media/Files/SEC-Filings/2014/MSRB-2014-07-Fed- B. Self-Regulatory Organization’s
buttressing existing fair-pricing Reg-Notice.ashx?la=en; MSRB response to Statement on Burden on Competition
standards by establishing a best- comments, available at http://www.sec.gov/
comments/sr-msrb-2014–07/msrb201407–8.pdf; Section 15B(b)(2)(C) of the Act 10
execution obligation and providing SEC Approval Order at 73662; MSRB Notice 2014– requires that MSRB rules be designed
guidance to dealers on how best- 22, available at http://www.msrb.org/∼/media/Files/ not to impose any burden on
execution concepts would be applied to Regulatory-Notices/Announcements/2014-
competition not necessary or
municipal securities transactions. After 22.ashx?n=1 (‘‘Approval Notice’’).
7 See MSRB response to comments (SR–MSRB– appropriate in furtherance of the
the final terms of the new obligation purposes of the Act. The MSRB does not
2014–07), SEC Approval Order, and Approval
were established through the Notice. believe that the proposed rule change
Commission’s approval of Rule G–18 8 See Mary Jo White, Chair, Securities and
will impose any burden on competition
and the related amendments on Exchange Commission, Intermediation in the
mstockstill on DSK4VPTVN1PROD with NOTICES
Modern Securities Markets: Putting Technology and
not necessary or appropriate in
December 5, 2014, the MSRB began an furtherance of the Act. The proposed
Competition to Work for Investors (June 20, 2014)
initiative to develop implementation (‘‘[T]o assure that brokers are subject to meaningful rule change will not alter any rule
obligations to achieve the best executions for language and will, instead, only revise
4 Id.
investors in both corporate and municipal bond
5 SEC Report on the Municipal Securities Markets transactions, we will be working closely with . . .
the effective date of Rule G–18 and the
(July 31, 2012), 149–50, available at http:// FINRA and the MSRB as they work together to
9 15 U.S.C. 78o–4(b)(2)(C).
www.sec.gov/news/studies/2012/ provide practical guidance on how brokers might
munireport073112.pdf. effectively achieve best execution.’’). 10 Id.
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![57412 Federal Register / Vol. 80, No. 184 / Wednesday, September 23, 2015 / Notices
related amendments to be 120 days after change provides the municipal Commission and any person, other than
the publication of the implementation securities industry with greater certainty those that may be withheld from the
guidance by the MSRB, but no later than regarding the length and adequacy of public in accordance with the
April 29, 2016. the implementation period. The provisions of 5 U.S.C. 552, will be
Commission believes the proposed rule available for Web site viewing and
C. Self-Regulatory Organization’s
change is consistent with the protection printing in the Commission’s Public
Statement on Comments on the
of investors and the public interest Reference Room, 100 F Street NE.,
Proposed Rule Change Received From
because it will help promote consistent Washington, DC 20549 on official
Members, Participants, or Others
and accurate compliance and further the business days between the hours of
Written comments were neither stated purposes of new Rule G–18 and 10:00 a.m. and 3:00 p.m. Copies of the
solicited nor received on the proposed the related amendments. In addition, filing also will be available for
rule change. the proposed rule change does not alter inspection and copying at the principal
III. Date of Effectiveness of the any rule language and will, instead, office of the MSRB. All comments
Proposed Rule Change and Timing for only revise the effective date of new received will be posted without change;
Commission Action Rule G–18 and the related amendments, the Commission does not edit personal
which were previously approved by the identifying information from
Pursuant to Section 19(b)(3)(A) 11 of Commission. Therefore, the submissions. You should submit only
the Act and Rule 19b–4(f)(6) 12 Commission hereby designates the information that you wish to make
thereunder, the MSRB has designated proposed rule change operative upon available publicly. All submissions
the proposed rule change as one that filing. should refer to File Number SR–MSRB–
effects a change that: (i) Does not At any time within 60 days of the 2015–10 and should be submitted on or
significantly affect the protection of filing of the proposed rule change, the before October 14, 2015.
investors or the public interest; (ii) does Commission summarily may
not impose any significant burden on For the Commission, pursuant to delegated
temporarily suspend such rule change if authority.16
competition; and (iii) by its terms, does it appears to the Commission that such
not become operative for 30 days after Brent J. Fields,
action is necessary or appropriate in the Secretary.
the date of the filing, or such shorter public interest, for the protection of
time as the Commission may designate. [FR Doc. 2015–24059 Filed 9–22–15; 8:45 am]
investors, or otherwise in furtherance of
A proposed rule change filed under the purposes of the Act.
BILLING CODE 8011–01–P
Rule 19b–4(f)(6) normally does not
become operative until 30 days after the IV. Solicitation of Comments
date of filing.13 However, Rule 19b– SECURITIES AND EXCHANGE
Interested persons are invited to
4(f)(6)(iii) permits the Commission to COMMISSION
submit written data, views, and
designate a shorter time if such action arguments concerning the foregoing, [Release No. 34–75943; File No. SR–CBOE–
is consistent with the protection of including whether the proposed rule 2015–078]
investors and the public interest.14 The change is consistent with the Act.
MSRB has requested that the Comments may be submitted by any of Self-Regulatory Organizations;
Commission designate the proposed the following methods: Chicago Board Options Exchange,
rule change operative upon filing, as Incorporated; Notice of Filing and
specified in Rule 19b–4(f)(6)(iii), which Electronic Comments Immediate Effectiveness of a Proposed
would make the proposed rule change • Use the Commission’s Internet Rule Change To Amend the Fees
operative on September 3, 2015.15 comment form (http://www.sec.gov/ Schedule
According to the MSRB, the proposed rules/sro.shtml); or September 17, 2015.
rule change is designed to afford dealers • Send an email to rule-comments@
Pursuant to Section 19(b)(1) of the
four months with the use of the sec.gov. Please include File Number SR–
Securities Exchange Act of 1934 (the
published implementation guidance to MSRB–2015–10 on the subject line. ‘‘Act’’),1 and Rule 19b–4 thereunder,2
prepare to comply with the
Paper Comments notice is hereby given that on
requirements of new Rule G–18 and the
• Send paper comments in triplicate September 8, 2015, Chicago Board
related amendments. The MSRB Options Exchange, Incorporated (the
believes the proposed rule change to Secretary, Securities and Exchange
Commission, 100 F Street NE., ‘‘Exchange’’ or ‘‘CBOE’’) filed with the
provides dealers with sufficient time to Securities and Exchange Commission
review such guidance and utilize it, for Washington, DC 20549.
(the ‘‘Commission’’) the proposed rule
example, in their development or All submissions should refer to File
change as described in Items I, II, and
revision of policies and procedures Number SR–MSRB–2015–10. This file
III below, which Items have been
necessary to comply with new Rule G– number should be included on the
prepared by the Exchange. The
18 and the related amendments. The subject line if email is used. To help the
Commission is publishing this notice to
MSRB also stated that the proposed rule Commission process and review your
solicit comments on the proposed rule
comments more efficiently, please use
change from interested persons.
11 15 U.S.C. 78s(b)(3)(A). only one method. The Commission will
12 17 CFR 240.19b–4(f)(6). post all comments on the Commission’s I. Self-Regulatory Organization’s
13 Id.
Internet Web site (http://www.sec.gov/ Statement of the Terms of Substance of
14 In addition, Rule 19b–4(f)(6)(iii) requires a self-
the Proposed Rule Change
mstockstill on DSK4VPTVN1PROD with NOTICES
rules/sro.shtml). Copies of the
regulatory organization to give the Commission
written notice of its intent to file a proposed rule submission, all subsequent The Exchange proposes to amend the
change, along with a brief description and text of amendments, all written statements Fees Schedule to codify an existing fee
such proposed rule change, at least five business with respect to the proposed rule related to catastrophic error reviews.
days prior to the date of filing, or such shorter time change that are filed with the
as designated by the Commission. The Commission
has designated a shorter time for delivery of such Commission, and all written 16 17 CFR 200.30–3(a)(12).
written notice. communications relating to the 1 15 U.S.C. 78s(b)(1).
15 See SR–MSRB–2015–10 (September 3, 2015). proposed rule change between the 2 17 CFR 240.19b–4.
VerDate Sep<11>2014 18:00 Sep 22, 2015 Jkt 235001 PO 00000 Frm 00081 Fmt 4703 Sfmt 4703 E:\FR\FM\23SEN1.SGM 23SEN1](https://thefederalregister.org/doc/80_FR_57594/page/3.svg)
Document Created: 2015-12-15 09:44:28
Document Modified: 2015-12-15 09:44:28
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 57410 |
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