80 FR 79386 - Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Forms G-37, G-37x and G-38t To Change the MSRB's Address on the Forms

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 244 (December 21, 2015)

Page Range		79386-79387
FR Document		2015-31924
Federal Register, Volume 80 Issue 244 (Monday, December 21, 2015)
[Federal Register Volume 80, Number 244 (Monday, December 21, 2015)]
[Notices]
[Pages 79386-79387]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-31924]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76653; File No. SR-MSRB-2015-13]


Self-Regulatory Organizations; Municipal Securities Rulemaking 
Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule 
Change To Amend Forms G-37, G-37x and G-38t To Change the MSRB's 
Address on the Forms

December 15, 2015.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act'' or ``Exchange Act'') \1\ and Rule 19bb-4-4 thereunder,\2\ 
notice is hereby given that on December 4, 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, 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19bb-4-4.
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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 amend 
Forms G-37, G-37x and G-38t to change the MSRB's address on the forms 
(the ``proposed rule change''). The MSRB has designated the proposed 
rule change as concerned solely with the administration of the self-
regulatory organization under paragraph (f)(3) of Rule 19bb-4-4 under 
the Act,\3\ which renders the proposal effective upon receipt of this 
filing by the Commission. The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested persons.
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    \3\ 17 CFR 240.19bb-4-4(f)(3).
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    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
    As of December 14, 2015, the MSRB is re-locating its offices from 
1900 Duke Street, Suite 600, Alexandria, VA 22314, to 1300 I Street 
NW., Suite 1000, Washington DC 20005-3314 (the ``MSRB's new address''). 
Currently, brokers, dealers and municipal securities dealers 
(``dealers'') submitting Form G-37 or Form G-37x pursuant to MSRB Rule 
G-37, on political contributions and prohibitions on municipal 
securities business,\4\ or Form G-38t, pursuant to MSRB Rule G-38, on 
solicitation of municipal securities business,\5\ may submit these 
forms to the MSRB either electronically, via a web submission portal, 
or in paper form to the MSRB's address. The MSRB proposes to amend 
Forms G-37, G-37x and G-38t solely to change the address of the MSRB on 
the forms to reflect the MSRB's new address, so that dealers that mail 
any of the forms to the MSRB will be apprised by the form of the 
correct address.
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    \4\ Rule G-37 requires dealers to disclose to the MSRB on Form 
G-37 information about certain: Contributions to officials of an 
issuer; payments to political parties of states or political 
subdivisions; contributions to bond ballot campaigns; and 
information regarding municipal securities business with issuers.
    \5\ Rule G-38 prohibits dealers from making any direct or 
indirect payment to any person who is not an affiliated person of 
the dealer for a solicitation of municipal securities business on 
behalf of the dealer. Under Rule G-38(c), a limited exception exists 
for payments made with respect solely to solicitation activities 
undertaken prior to August 29, 2005 pursuant to a consultant 
agreement under former Rule G-38, if, among other things, the dealer 
submits to the MSRB Form G-38t setting forth certain information 
related to the consultant agreement.
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2. Statutory Basis
    The MSRB believes that the proposed rule change is consistent with 
Section 15B(b)(2)(C) of the Act,\6\ which provides that the MSRB's 
rules shall:
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    \6\ 15 U.S.C. 78o-4(b)(2)(C).

be designed to prevent fraudulent and manipulative acts and 
practices, to promote just and equitable principles of trade, to 
foster cooperation and coordination with persons engaged in 
regulating, clearing, settling, processing information with respect 
to, and facilitating transactions in municipal securities and 
municipal financial products, to remove impediments to and perfect 
the mechanism of a free and open market in municipal securities and 
municipal financial products, and, in general, to protect investors, 
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municipal entities, obligated persons, and the public interest.

    The proposed rule change would amend Forms G-37, G-37x and G-38t 
solely to reflect the MSRB's new address that must be used by a dealer, 
as of and after December 14, 2015, if the dealer is submitting such 
forms to the MSRB in paper form, but would not amend, in any manner, 
the information that must be provided to the MSRB pursuant to Rule G-37 
and Rule G-38, as applicable. By updating the MSRB's address on Forms 
G-37, G-37x and G-38t, the proposed rule change will promote compliance 
with the reporting provisions of Rule G-37 and Rule G-38. As the MSRB 
makes all Form G-37, G-37x and G-38t submissions available to the 
public at no charge on its Electronic Municipal Market Access (EMMA) 
Web site, these provisions serve to give the market, including 
regulators, dealers, issuers and investors, transparency regarding the 
political contributions of dealers and the third-party solicitors 
compensated by dealers. Such transparency serves to combat quid pro quo 
corruption or the appearance thereof in connection with the awarding of 
municipal securities business and promote market integrity and a free 
and open municipal securities market. The reporting provisions also 
enhance the ability of the MSRB and other regulators to detect and 
deter fraudulent or manipulative acts and practices in connection with 
the awarding of municipal securities business. The proposed rule change 
will help ensure that dealers that elect to provide the applicable 
required form(s) to the MSRB in paper form are aware of the correct 
address to which they should send their information.

[[Page 79387]]

B. Self-Regulatory Organization's Statement on Burden on Competition

    Section 15B(b)(2)(C) of the Act \7\ requires that MSRB rules not be 
designed to impose any burden on competition not necessary or 
appropriate in furtherance of the purposes of the Act. The MSRB 
believes that the proposed rule change, which does not change, in any 
substantive respect, dealers' obligations to provide information 
required by any MSRB rule, does not impose any burden on competition 
not necessary or appropriate in furtherance of the Act. The proposed 
rule change merely technically amends Forms G-37, G-37x and G-38t to 
reflect the MSRB's new address.
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    \7\ 15 U.S.C. 78o-4(b)(2)(C).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received on the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing proposed rule change has become effective pursuant to 
Section 19(b)(3)(A) of the Act \8\ and paragraph (f) of Rule 19b-4 
thereunder.\9\ 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.
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    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f).
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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-2015-13 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-2015-13. 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-2015-13 and should be 
submitted on or before January 11, 2016.

    For the Commission, pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-31924 Filed 12-18-15; 8:45 am]
BILLING CODE 8011-01-P
79386 Federal Register / Vol. 80, No. 244 / Monday, December 21, 2015 / Notices

For the Commission, by the Division of office, and at the Commission’s Public 2. Statutory Basis
Trading and Markets, pursuant to delegated Reference Room.
authority.12 The MSRB believes that the proposed
Robert W. Errett, II. Self-Regulatory Organization’s rule change is consistent with Section
Deputy Secretary. Statement of the Purpose of, and 15B(b)(2)(C) of the Act,6 which provides
[FR Doc. 2015–31935 Filed 12–18–15; 8:45 am] Statutory Basis for, the Proposed Rule that the MSRB’s rules shall:
Change
BILLING CODE 8011–01–P be designed to prevent fraudulent and
In its filing with the Commission, the manipulative acts and practices, to promote
MSRB included statements concerning just and equitable principles of trade, to
SECURITIES AND EXCHANGE foster cooperation and coordination with
COMMISSION the purpose of and basis for the
persons engaged in regulating, clearing,
proposed rule change and discussed any
settling, processing information with respect
comments it received on the proposed
[Release No. 34–76653; File No. SR–MSRB– to, and facilitating transactions in municipal
2015–13] rule change. The text of these statements securities and municipal financial products,
may be examined at the places specified to remove impediments to and perfect the
Self-Regulatory Organizations; in Item IV below. The MSRB has mechanism of a free and open market in
Municipal Securities Rulemaking prepared summaries, set forth in municipal securities and municipal financial
Board; Notice of Filing and Immediate Sections A, B, and C below, of the most products, and, in general, to protect
Effectiveness of a Proposed Rule significant aspects of such statements. investors, municipal entities, obligated
Change To Amend Forms G–37, G–37x persons, and the public interest.
and G–38t To Change the MSRB’s A. Self-Regulatory Organization’s
Address on the Forms Statement of the Purpose of, and The proposed rule change would
Statutory Basis for, the Proposed Rule amend Forms G–37, G–37x and G–38t
December 15, 2015. Change solely to reflect the MSRB’s new address
Pursuant to Section 19(b)(1) of the that must be used by a dealer, as of and
Securities Exchange Act of 1934 (the 1. Purpose
after December 14, 2015, if the dealer is
‘‘Act’’ or ‘‘Exchange Act’’) 1 and Rule As of December 14, 2015, the MSRB submitting such forms to the MSRB in
19bb–4–4 thereunder,2 notice is hereby is re-locating its offices from 1900 Duke paper form, but would not amend, in
given that on December 4, 2015, the Street, Suite 600, Alexandria, VA 22314, any manner, the information that must
Municipal Securities Rulemaking Board
to 1300 I Street NW., Suite 1000, be provided to the MSRB pursuant to
(the ‘‘MSRB’’ or ‘‘Board’’) filed with the
Washington DC 20005–3314 (the Rule G–37 and Rule G–38, as applicable.
Securities and Exchange Commission
‘‘MSRB’s new address’’). Currently, By updating the MSRB’s address on
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and brokers, dealers and municipal Forms G–37, G–37x and G–38t, the
III below, which Items have been securities dealers (‘‘dealers’’) submitting proposed rule change will promote
prepared by the MSRB. The Form G–37 or Form G–37x pursuant to compliance with the reporting
Commission is publishing this notice to MSRB Rule G–37, on political provisions of Rule G–37 and Rule G–38.
solicit comments on the proposed rule contributions and prohibitions on As the MSRB makes all Form G–37, G–
change from interested persons. municipal securities business,4 or Form 37x and G–38t submissions available to
G–38t, pursuant to MSRB Rule G–38, on the public at no charge on its Electronic
I. Self-Regulatory Organization’s solicitation of municipal securities Municipal Market Access (EMMA) Web
Statement of the Terms of Substance of business,5 may submit these forms to site, these provisions serve to give the
the Proposed Rule Change the MSRB either electronically, via a market, including regulators, dealers,
The MSRB filed with the Commission web submission portal, or in paper form issuers and investors, transparency
a proposed rule change to amend Forms to the MSRB’s address. The MSRB regarding the political contributions of
G–37, G–37x and G–38t to change the proposes to amend Forms G–37, G–37x dealers and the third-party solicitors
MSRB’s address on the forms (the and G–38t solely to change the address compensated by dealers. Such
‘‘proposed rule change’’). The MSRB has of the MSRB on the forms to reflect the transparency serves to combat quid pro
designated the proposed rule change as MSRB’s new address, so that dealers quo corruption or the appearance
concerned solely with the that mail any of the forms to the MSRB thereof in connection with the awarding
administration of the self-regulatory will be apprised by the form of the of municipal securities business and
organization under paragraph (f)(3) of correct address. promote market integrity and a free and
Rule 19bb–4–4 under the Act,3 which
open municipal securities market. The
renders the proposal effective upon 4 Rule G–37 requires dealers to disclose to the
reporting provisions also enhance the
receipt of this filing by the Commission. MSRB on Form G–37 information about certain:
The Commission is publishing this Contributions to officials of an issuer; payments to ability of the MSRB and other regulators
notice to solicit comments on the political parties of states or political subdivisions; to detect and deter fraudulent or
contributions to bond ballot campaigns; and manipulative acts and practices in
proposed rule change from interested information regarding municipal securities business
persons. with issuers.
connection with the awarding of
The text of the proposed rule change 5 Rule G–38 prohibits dealers from making any municipal securities business. The
is available on the MSRB’s Web site at direct or indirect payment to any person who is not proposed rule change will help ensure
an affiliated person of the dealer for a solicitation
mstockstill on DSK4VPTVN1PROD with NOTICES

www.msrb.org/Rules-and- that dealers that elect to provide the
of municipal securities business on behalf of the
Interpretations/SEC-Filings/2015- dealer. Under Rule G–38(c), a limited exception applicable required form(s) to the MSRB
Filings.aspx, at the MSRB’s principal exists for payments made with respect solely to in paper form are aware of the correct
solicitation activities undertaken prior to August address to which they should send their
29, 2005 pursuant to a consultant agreement under
12 17 CFR 200.30–3(a)(57). former Rule G–38, if, among other things, the dealer
information.
1 15 U.S.C. 78s(b)(1). submits to the MSRB Form G–38t setting forth
2 17 CFR 240.19bb–4–4.
certain information related to the consultant
3 17 CFR 240.19bb–4–4(f)(3). agreement. 6 15 U.S.C. 78o–4(b)(2)(C).

VerDate Sep<11>2014 17:38 Dec 18, 2015 Jkt 238001 PO 00000 Frm 00085 Fmt 4703 Sfmt 4703 E:\FR\FM\21DEN1.SGM 21DEN1
Document Created: 2015-12-19 02:56:49
Document Modified: 2015-12-19 02:56:49
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 79386