83 FR 22726 - Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Revise the Language of Certain Administrative Rules To Continue To Help Ensure That They Reflect MSRB Practices and Improve Consistency Among the Rules

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 95 (May 16, 2018)

Page Range		22726-22728
FR Document		2018-10378
Federal Register, Volume 83 Issue 95 (Wednesday, May 16, 2018)
[Federal Register Volume 83, Number 95 (Wednesday, May 16, 2018)]
[Notices]
[Pages 22726-22728]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-10378]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83207; File No. SR-MSRB-2018-03]


Self-Regulatory Organizations; Municipal Securities Rulemaking 
Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule 
Change To Revise the Language of Certain Administrative Rules To 
Continue To Help Ensure That They Reflect MSRB Practices and Improve 
Consistency Among the Rules

May 10, 2018.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act'' or ``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ 
notice is hereby given that on May 1, 2018 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 240.19b-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 proposed amendments to MSRB Rule 
A-3, on membership on the Board, MSRB Rule A-4, on meetings of the 
Board, MSRB Rule A-5, on officers and employees of the Board, and MSRB 
Rule A-17, on confidentiality of examination reports, to revise the 
language of the rules to continue to help ensure that they reflect MSRB 
practices and improve consistency among the rules (collectively, the 
``proposed rule change''). The MSRB has designated the proposed rule 
change as being immediately effective upon filing pursuant to Section 
19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(3) \4\ thereunder. 
The proposed rule change is concerned solely with the administration of 
the MSRB in that it amends certain rules that relate exclusively to the 
internal operation of the Board.
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    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(3).
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    The text of the proposed rule change is available on the MSRB's 
website at www.msrb.org/Rules-and-Interpretations/SEC-Filings/2018-Filings.aspx, at the MSRB's principal

[[Page 22727]]

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 has adopted administrative rules (``A-Rules'') that 
pertain to the operation and administration of the Board, which are 
identified by the prefix A.\5\ The MSRB routinely reviews its A-Rules 
for accuracy and adherence to governance best practices. As a result of 
a recent review of certain A-Rules, the MSRB is proposing to amend 
Rules A-3, A-4, A-5 and A17.
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    \5\ See MSRB Rule A-1.
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Rule A-3(b)(i)
    As part of its review of the A-Rules, the MSRB sought to improve 
internal consistency among its rules. The MSRB has adopted certain 
definitional rules which define terms used in the rules of the 
Board.\6\ Rule D-4 defines the term ``Board'' as the Municipal 
Securities Rulemaking Board, but in one instance Rule A-3(b)(i) refers 
to the ``Board of Directors.'' The proposed rule change would replace 
this reference to ``Board of Directors'' with the defined term 
``Board'' for consistency.
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    \6\ Id.
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Rule A-3(b)(iii) and (iv)
    Rule A-3(b)(iii) sets forth information regarding the Board 
application process, including the public notices which the Nominating 
and Governance Committee (``Committee'') publishes and the information 
that applicants must provide to the Committee. In describing the 
information that the Committee's public notice will require, Rule A-
3(b)(iii) references ``applicant recommendations.'' In practice, the 
Committee solicits applications through an application form completed 
by applicants.
    While applicants can recommend themselves and this phrasing is 
therefore not inaccurate, the proposed rule change would amend Rule A-
3(b)(iii) and (iv) to better reflect the manner in which the Board 
conducts the application process by replacing references to 
``recommendations'' with ``applications'' and making other conforming 
changes.
Rule A-3(d)
    During the review, the MSRB noted an obsolete cross-reference in 
Rule A-3(d), which stems from previous amendments to Rule A-3. 
Specifically, on January 25, 2011, the Commission approved amendments 
to former Rule A-3(c) (now Rule A-3(b)) \7\ to reflect changes made by 
the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 
(the ``Dodd-Frank Act''),\8\ which amended Section 15B of the Exchange 
Act.\9\ Subsection (vi) of the former Rule A-3(c) (now Rule A-3(b)) was 
deleted, which included a requirement that the public representatives 
on the Board, prior to assuming office, be subject to approval by the 
Commission to assure that they were not disqualified as public members 
by reason of association with a broker, dealer or municipal securities 
dealer. The deletion was made as the MSRB took the process of assuring 
public status upon itself.
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    \7\ Release No. 34-63764 (January 25, 2011), 76 FR 5417 (January 
31, 2011) (SR-MSRB-2010-17).
    \8\ Public Law 111-203, 124 Stat. 1376 (2010).
    \9\ 15 U.S.C. 78o-4.
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    At the time of this change, a cross-reference in another part of 
Rule A-3 to the Commission's approval function was inadvertently not 
deleted. This cross-reference is currently contained in Rule A-3(d), on 
vacancies, and it provides that vacancies on the Board with respect to 
public representatives are filled by Board vote, ``subject to the 
Commission's power of approval referred to in section (c) of [Rule A-3] 
. . . .'' As noted, however, after the 2011 amendments, there is no 
longer any Commission approval function for public representatives, as 
was previously described in Rule A-3(c). The cross-reference, 
therefore, has been without any effect. The proposed rule change would 
delete the obsolete cross-reference in Rule A-3(d).
Rule A-3(c) and (f)
    The Dodd-Frank Act grants the MSRB broad rulemaking authority over 
municipal advisors and municipal advisory activities \10\ and requires 
that the Board include at least one individual who is associated with 
and representative of municipal advisors (``municipal advisor 
representative'').\11\ As indicated above, the MSRB amended its A-Rules 
to reflect certain changes made by the Dodd-Frank Act. However, the 
more recent review of the A-Rules identified two provisions which refer 
generally to other Board member categories but have not been amended to 
address municipal advisor representatives.
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    \10\ See Section 15B(b)(2) of the Exchange Act (15 U.S.C. 78o-
4(b)(2)).
    \11\ Id. In addition, not less than 30 percent of the total 
number of regulated representatives must be municipal advisor 
representatives. MSRB Rule A-3 (Membership on the Board).
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    On July 29, 2009, an amendment to Rule A-3 became effective to add 
section (g) (now Rule A-3(f)), on affiliations, which prohibits two 
persons associated with the same dealer from serving as members of the 
Board at the same time.\12\ The same concerns that arise from two 
representatives of the same dealer serving on the Board at the same 
time could also arise with municipal advisor representatives and, 
accordingly, the rationale underlying Rule A-3(f) should apply evenly 
to all categories of regulated representatives. Thus, the proposed rule 
change would amend Rule A-3(f) also to address municipal advisors, such 
that two persons associated with the same municipal advisor would be 
prohibited from serving on the Board at the same time.
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    \12\ Release No. 34-60408 (July 30, 2009), 74 FR 39372 (August 
6, 2009) (SR-MSRB-2009-11).
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    Similarly, Rule A-3(c), which provides that an affirmative vote of 
two-thirds of the whole Board is needed to remove a member from office, 
requires that the vote to remove include the affirmative vote of at 
least one public representative, one broker-dealer representative and 
one bank representative. The rationale of this provision is to require 
the affirmative vote of at least one member of each Board category in 
the decision to remove a member. According to the same rationale, this 
provision should be extended also to require the affirmative vote of at 
least one municipal advisor representative to remove a Board member 
from office; thus, the proposed rule change would so amend Rule A-3(c).
Rule A-4(d), Rule A-5(c) and Rule A-17
    Lastly, the proposed rule change would amend certain provisions in 
Rules A-4, A-5 and A-17 to refer to the MSRB's most senior executive as 
``Chief Executive Officer'' instead of the current title of ``Executive 
Director'' due to an

[[Page 22728]]

intended alignment with other existing MSRB officer titles.
2. Statutory Basis
    The MSRB believes that the proposed rule change is consistent with 
the requirements of Section 15B(b)(2)(B) and (I) of the Act.\13\ 
Section 15B(b)(2)(B) provides that the MSRB's rules shall ``establish 
fair procedures for the nomination and election of members of the Board 
and assure fair representation in such nominations and elections of 
public representatives, broker dealer representatives, bank 
representatives, and advisor representatives.'' While the proposed rule 
change would not alter the MSRB's Board nomination or election process, 
it would help to continue to ensure that the MSRB's rules reflect that 
process.
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    \13\ 15 U.S.C. 78o-4(b)(2)(B) and 15 U.S.C. 78o-4(b)(2)(I).
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    Section 15B(2)(I) provides that the MSRB's rules shall provide for 
the operation and administration of the MSRB. The proposed rule change 
amends provisions of the A-Rules that relate to the operation and 
administration of the MSRB. The MSRB also believes that the proposed 
rule change will further enhance the Board's governance procedures by 
improving descriptions of the MSRB's practices and improving internal 
consistency.

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

    Section 15B(b)(2)(C) of the Act \14\ 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 does not impose any burden on 
competition not necessary or appropriate in furtherance of the purposes 
of the Act, in that the proposed rule change simply amends language in 
the A-Rules to continue to help ensure they reflect the MSRB's 
practices and improve consistency among MSRB rules.
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    \14\ 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 \15\ and paragraph (f) of Rule 19b-4 
thereunder.\16\ 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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    \15\ 15 U.S.C. 78s(b)(3)(A).
    \16\ 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-2018-03 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-2018-03. 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 website (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 website 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. Persons submitting comments are 
cautioned that we do not redact or 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-2018-03 and should be submitted on or before June 
6, 2018.
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    \17\ 17 CFR 200.30-3(a)(12).

    For the Commission, pursuant to delegated authority.\17\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-10378 Filed 5-15-18; 8:45 am]
 BILLING CODE 8011-01-P
22726 Federal Register / Vol. 83, No. 95 / Wednesday, May 16, 2018 / Notices

investors will have ready access to Comments may be submitted by any of SECURITIES AND EXCHANGE
information regarding the IIV and the following methods: COMMISSION
quotation and last sale information for
Electronic Comments
the shares of the Fund. [Release No. 34–83207; File No. SR–MSRB–
For the above reasons, the Exchange • Use the Commission’s internet 2018–03]
believes that the proposed rule change comment form (http://www.sec.gov/
is consistent with the requirements of Self-Regulatory Organizations;
rules/sro.shtml); or
Section 6(b)(5) of the Act. Municipal Securities Rulemaking
• Send an email to rule-comments@ Board; Notice of Filing and Immediate
B. Self-Regulatory Organization’s sec.gov. Please include File Number Effectiveness of a Proposed Rule
Statement on Burden on Competition CboeBZX–2018–033 on the subject line. Change To Revise the Language of
The Exchange does not believe that Paper Comments Certain Administrative Rules To
the proposed rule change will impose Continue To Help Ensure That They
any burden on competition that is not • Send paper comments in triplicate Reflect MSRB Practices and Improve
necessary or appropriate in furtherance to Secretary, Securities and Exchange Consistency Among the Rules
of the purpose of the Act. The Exchange Commission, 100 F Street NE,
May 10, 2018.
notes that the proposed rule change will Washington, DC 20549–1090.
facilitate the listing and trading of an Pursuant to Section 19(b)(1) of the
All submissions should refer to File Securities Exchange Act of 1934 (the
additional exchange-traded product that
Number CboeBZX–2018–033. This file ‘‘Act’’ or ‘‘Exchange Act’’) 1 and Rule
will enhance competition among market
number should be included on the 19b–4 thereunder,2 notice is hereby
participants, to the benefit of investors
subject line if email is used. To help the given that on May 1, 2018 the Municipal
and the marketplace.
Commission process and review your Securities Rulemaking Board (the
C. Self-Regulatory Organization’s comments more efficiently, please use ‘‘MSRB’’ or ‘‘Board’’) filed with the
Statement on Comments on the only one method. The Commission will Securities and Exchange Commission
Proposed Rule Change Received From post all comments on the Commission’s (‘‘Commission’’) the proposed rule
Members, Participants, or Others internet website (http://www.sec.gov/ change as described in Items I, II, and
The Exchange has neither solicited rules/sro.shtml). Copies of the III below, which Items have been
nor received written comments on the submission, all subsequent prepared by the MSRB. The
proposed rule change. amendments, all written statements Commission is publishing this notice to
with respect to the proposed rule solicit comments on the proposed rule
III. Date of Effectiveness of the change that are filed with the change from interested persons.
Proposed Rule Change and Timing for Commission, and all written
Commission Action communications relating to the I. Self-Regulatory Organization’s
proposed rule change between the Statement of the Terms of Substance of
Because the foregoing proposed rule
Commission and any person, other than the Proposed Rule Change
change does not: (i) Significantly affect
the protection of investors or the public those that may be withheld from the The MSRB filed with the Commission
interest; (ii) impose any significant public in accordance with the proposed amendments to MSRB Rule
burden on competition; and (iii) become provisions of 5 U.S.C. 552, will be A–3, on membership on the Board,
operative for 30 days from the date on available for website viewing and MSRB Rule A–4, on meetings of the
which it was filed, or such shorter time printing in the Commission’s Public Board, MSRB Rule A–5, on officers and
as the Commission may designate, it has Reference Room, 100 F Street NE, employees of the Board, and MSRB Rule
become effective pursuant to Section Washington, DC 20549, on official A–17, on confidentiality of examination
19(b)(3)(A) of the Act 18 and Rule 19b– business days between the hours of reports, to revise the language of the
4(f)(6) thereunder.19 10:00 a.m. and 3:00 p.m. Copies of the rules to continue to help ensure that
At any time within 60 days of the filing will also be available for they reflect MSRB practices and
filing of the proposed rule change, the inspection and copying at the principal improve consistency among the rules
Commission summarily may office of the Exchange. All comments (collectively, the ‘‘proposed rule
temporarily suspend such rule change if received will be posted without change. change’’). The MSRB has designated the
it appears to the Commission that such Persons submitting comments are proposed rule change as being
action is necessary or appropriate in the cautioned that we do not redact or edit immediately effective upon filing
public interest, for the protection of personal identifying information from pursuant to Section 19(b)(3)(A)(iii) of
investors, or otherwise in furtherance of comment submissions. You should the Act 3 and Rule 19b–4(f)(3) 4
the purposes of the Act. If the submit only information that you wish thereunder. The proposed rule change is
Commission takes such action, the to make available publicly. All concerned solely with the
Commission shall institute proceedings submissions should refer to File administration of the MSRB in that it
to determine whether the proposed rule Number CboeBZX–2018–033 and amends certain rules that relate
change should be approved or should be submitted on or before June exclusively to the internal operation of
disapproved. 6,2018. the Board.
For the Commission, by the Division of The text of the proposed rule change
IV. Solicitation of Comments is available on the MSRB’s website at
Trading and Markets, pursuant to delegated
sradovich on DSK3GMQ082PROD with NOTICES

Interested persons are invited to authority.20 www.msrb.org/Rules-and-
submit written data, views, and Eduardo A. Aleman, Interpretations/SEC-Filings/2018-
arguments concerning the foregoing, Filings.aspx, at the MSRB’s principal
Assistant Secretary.
including whether the proposed rule
[FR Doc. 2018–10377 Filed 5–15–18; 8:45 am]
change is consistent with the Act. 1 15 U.S.C. 78s(b)(1).
BILLING CODE 8011–01–P 2 17 CFR 240.19b–4.
18 15 U.S.C. 78s(b)(3)(A). 3 15 U.S.C. 78s(b)(3)(A)(iii).
19 17 CFR 240.19b–4(f)(6). 20 17 CFR 200.30–3(a)(12). 4 17 CFR 240.19b–4(f)(3).

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Federal Register / Vol. 83, No. 95 / Wednesday, May 16, 2018 / Notices 22727

office, and at the Commission’s Public While applicants can recommend individual who is associated with and
Reference Room. themselves and this phrasing is representative of municipal advisors
therefore not inaccurate, the proposed (‘‘municipal advisor representative’’).11
II. Self-Regulatory Organization’s
rule change would amend Rule A– As indicated above, the MSRB amended
Statement of the Purpose of, and
3(b)(iii) and (iv) to better reflect the its A-Rules to reflect certain changes
Statutory Basis for, the Proposed Rule
manner in which the Board conducts made by the Dodd-Frank Act. However,
Change
the application process by replacing the more recent review of the A-Rules
In its filing with the Commission, the references to ‘‘recommendations’’ with identified two provisions which refer
MSRB included statements concerning ‘‘applications’’ and making other generally to other Board member
the purpose of and basis for the conforming changes. categories but have not been amended to
proposed rule change and discussed any address municipal advisor
comments it received on the proposed Rule A–3(d)
representatives.
rule change. The text of these statements During the review, the MSRB noted On July 29, 2009, an amendment to
may be examined at the places specified an obsolete cross-reference in Rule A– Rule A–3 became effective to add
in Item IV below. The MSRB has 3(d), which stems from previous section (g) (now Rule A–3(f)), on
prepared summaries, set forth in amendments to Rule A–3. Specifically, affiliations, which prohibits two persons
Sections A, B, and C below, of the most on January 25, 2011, the Commission associated with the same dealer from
significant aspects of such statements. approved amendments to former Rule serving as members of the Board at the
A–3(c) (now Rule A–3(b)) 7 to reflect same time.12 The same concerns that
A. Self-Regulatory Organization’s
changes made by the Dodd-Frank Wall arise from two representatives of the
Statement of the Purpose of, and
Street Reform and Consumer Protection same dealer serving on the Board at the
Statutory Basis for, the Proposed Rule
Act of 2010 (the ‘‘Dodd-Frank Act’’),8 same time could also arise with
Change
which amended Section 15B of the municipal advisor representatives and,
1. Purpose Exchange Act.9 Subsection (vi) of the accordingly, the rationale underlying
The MSRB has adopted former Rule A–3(c) (now Rule A–3(b)) Rule A–3(f) should apply evenly to all
administrative rules (‘‘A-Rules’’) that was deleted, which included a
categories of regulated representatives.
pertain to the operation and requirement that the public
Thus, the proposed rule change would
administration of the Board, which are representatives on the Board, prior to
amend Rule A–3(f) also to address
identified by the prefix A.5 The MSRB assuming office, be subject to approval
municipal advisors, such that two
routinely reviews its A-Rules for by the Commission to assure that they
persons associated with the same
accuracy and adherence to governance were not disqualified as public members
municipal advisor would be prohibited
best practices. As a result of a recent by reason of association with a broker,
from serving on the Board at the same
review of certain A-Rules, the MSRB is dealer or municipal securities dealer.
time.
proposing to amend Rules A–3, A–4, A– The deletion was made as the MSRB
took the process of assuring public Similarly, Rule A–3(c), which
5 and A17. provides that an affirmative vote of two-
status upon itself.
Rule A–3(b)(i) At the time of this change, a cross- thirds of the whole Board is needed to
reference in another part of Rule A–3 to remove a member from office, requires
As part of its review of the A-Rules,
the Commission’s approval function that the vote to remove include the
the MSRB sought to improve internal
was inadvertently not deleted. This affirmative vote of at least one public
consistency among its rules. The MSRB
cross-reference is currently contained in representative, one broker-dealer
has adopted certain definitional rules
Rule A–3(d), on vacancies, and it representative and one bank
which define terms used in the rules of
provides that vacancies on the Board representative. The rationale of this
the Board.6 Rule D–4 defines the term
with respect to public representatives provision is to require the affirmative
‘‘Board’’ as the Municipal Securities
are filled by Board vote, ‘‘subject to the vote of at least one member of each
Rulemaking Board, but in one instance
Commission’s power of approval Board category in the decision to
Rule A–3(b)(i) refers to the ‘‘Board of
referred to in section (c) of [Rule A–3] remove a member. According to the
Directors.’’ The proposed rule change
. . . .’’ As noted, however, after the same rationale, this provision should be
would replace this reference to ‘‘Board
2011 amendments, there is no longer extended also to require the affirmative
of Directors’’ with the defined term
any Commission approval function for vote of at least one municipal advisor
‘‘Board’’ for consistency.
public representatives, as was representative to remove a Board
Rule A–3(b)(iii) and (iv) previously described in Rule A–3(c). member from office; thus, the proposed
Rule A–3(b)(iii) sets forth information The cross-reference, therefore, has been rule change would so amend Rule
regarding the Board application process, without any effect. The proposed rule A–3(c).
including the public notices which the change would delete the obsolete cross- Rule A–4(d), Rule A–5(c) and Rule
Nominating and Governance Committee reference in Rule A–3(d). A–17
(‘‘Committee’’) publishes and the Rule A–3(c) and (f)
information that applicants must Lastly, the proposed rule change
provide to the Committee. In describing The Dodd-Frank Act grants the MSRB would amend certain provisions in
the information that the Committee’s broad rulemaking authority over Rules A–4, A–5 and A–17 to refer to the
public notice will require, Rule A– municipal advisors and municipal MSRB’s most senior executive as ‘‘Chief
advisory activities 10 and requires that Executive Officer’’ instead of the current
sradovich on DSK3GMQ082PROD with NOTICES

3(b)(iii) references ‘‘applicant
recommendations.’’ In practice, the the Board include at least one title of ‘‘Executive Director’’ due to an
Committee solicits applications through 7 Release No. 34–63764 (January 25, 2011), 76 FR 11 Id. In addition, not less than 30 percent of the
an application form completed by 5417 (January 31, 2011) (SR–MSRB–2010–17). total number of regulated representatives must be
applicants. 8 Public Law 111–203, 124 Stat. 1376 (2010).
municipal advisor representatives. MSRB Rule A–
9 15 U.S.C. 78o–4. 3 (Membership on the Board).
5 See MSRB Rule A–1. 10 See Section 15B(b)(2) of the Exchange Act (15 12 Release No. 34–60408 (July 30, 2009), 74 FR
6 Id. U.S.C. 78o–4(b)(2)). 39372 (August 6, 2009) (SR–MSRB–2009–11).

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22728 Federal Register / Vol. 83, No. 95 / Wednesday, May 16, 2018 / Notices

intended alignment with other existing Section 19(b)(3)(A) of the Act 15 and cautioned that we do not redact or edit
MSRB officer titles. paragraph (f) of Rule 19b–4 personal identifying information from
thereunder.16 At any time within 60 submissions. You should submit only
2. Statutory Basis
days of the filing of the proposed rule information that you wish to make
The MSRB believes that the proposed change, the Commission summarily may available publicly. All submissions
rule change is consistent with the temporarily suspend such rule change if should refer to File Number SR–MSRB–
requirements of Section 15B(b)(2)(B) it appears to the Commission that such 2018–03 and should be submitted on or
and (I) of the Act.13 Section 15B(b)(2)(B) action is necessary or appropriate in the before June 6, 2018.
provides that the MSRB’s rules shall public interest, for the protection of For the Commission, pursuant to delegated
‘‘establish fair procedures for the investors, or otherwise in furtherance of authority.17
nomination and election of members of the purposes of the Act. Eduardo A. Aleman,
the Board and assure fair representation
IV. Solicitation of Comments Assistant Secretary.
in such nominations and elections of
Interested persons are invited to [FR Doc. 2018–10378 Filed 5–15–18; 8:45 am]
public representatives, broker dealer
representatives, bank representatives, submit written data, views, and BILLING CODE 8011–01–P

and advisor representatives.’’ While the arguments concerning the foregoing,
proposed rule change would not alter including whether the proposed rule
change is consistent with the Act. SECURITIES AND EXCHANGE
the MSRB’s Board nomination or
Comments may be submitted by any of COMMISSION
election process, it would help to
continue to ensure that the MSRB’s the following methods: [Release No. 34–83210; File No. SR–
rules reflect that process. Electronic Comments CboeBZX–2018–030]
Section 15B(2)(I) provides that the
MSRB’s rules shall provide for the • Use the Commission’s internet Self-Regulatory Organizations; Cboe
operation and administration of the comment form (http://www.sec.gov/ BZX Exchange, Inc.; Notice of Filing
MSRB. The proposed rule change rules/sro.shtml); or and Immediate Effectiveness of a
• Send an email to rule-comments@ Proposed Rule Change Related to Fees
amends provisions of the A-Rules that
sec.gov. Please include File Number SR– for Use on Cboe BZX Exchange, Inc.
relate to the operation and
MSRB–2018–03 on the subject line.
administration of the MSRB. The MSRB May 10, 2018.
also believes that the proposed rule Paper Comments
Pursuant to Section 19(b)(1) of the
change will further enhance the Board’s • Send paper comments in triplicate Securities Exchange Act of 1934 (the
governance procedures by improving to Secretary, Securities and Exchange ‘‘Act’’),1 and Rule 19b–4 thereunder,2
descriptions of the MSRB’s practices Commission, 100 F Street NE, notice is hereby given that on May 1,
and improving internal consistency. Washington, DC 20549. 2018, Cboe BZX Exchange, Inc. (the
B. Self-Regulatory Organization’s All submissions should refer to File ‘‘Exchange’’ or ‘‘BZX’’) filed with the
Statement on Burden on Competition Number SR–MSRB–2018–03. This file Securities and Exchange Commission
number should be included on the (‘‘Commission’’) the proposed rule
Section 15B(b)(2)(C) of the Act 14
subject line if email is used. To help the change as described in Items I, II and III
requires that MSRB rules not be
Commission process and review your below, which Items have been prepared
designed to impose any burden on
comments more efficiently, please use by the Exchange. The Exchange has
competition not necessary or
only one method. The Commission will designated the proposed rule change as
appropriate in furtherance of the
post all comments on the Commission’s one establishing or changing a member
purposes of the Act. The MSRB believes
internet website (http://www.sec.gov/ due, fee, or other charge imposed by the
that the proposed rule change does not
rules/sro.shtml). Copies of the Exchange under Section 19(b)(3)(A)(ii)
impose any burden on competition not
submission, all subsequent of the Act 3 and Rule 19b–4(f)(2)
necessary or appropriate in furtherance
amendments, all written statements thereunder,4 which renders the
of the purposes of the Act, in that the
with respect to the proposed rule proposed rule change effective upon
proposed rule change simply amends
change that are filed with the filing with the Commission. The
language in the A-Rules to continue to
Commission, and all written Commission is publishing this notice to
help ensure they reflect the MSRB’s
communications relating to the solicit comments on the proposed rule
practices and improve consistency
proposed rule change between the change from interested persons.
among MSRB rules.
Commission and any person, other than
C. Self-Regulatory Organization’s those that may be withheld from the I. Self-Regulatory Organization’s
Statement on Comments on the public in accordance with the Statement of the Terms of Substance of
Proposed Rule Change Received From provisions of 5 U.S.C. 552, will be the Proposed Rule Change
Members, Participants, or Others available for website viewing and The Exchange filed a proposal to
Written comments were neither printing in the Commission’s Public amend the fee schedule applicable to
solicited nor received on the proposed Reference Room, 100 F Street NE, Members 5 and non-Members of the
rule change. Washington, DC 20549 on official Exchange pursuant to BZX Rules 15.1(a)
business days between the hours of and (c).
III. Date of Effectiveness of the 10:00 a.m. and 3:00 p.m. Copies of the
Proposed Rule Change and Timing for
sradovich on DSK3GMQ082PROD with NOTICES

filing also will be available for 17 17 CFR 200.30–3(a)(12).
Commission Action inspection and copying at the principal 1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
The foregoing proposed rule change office of the MSRB. All comments
3 15 U.S.C. 78s(b)(3)(A)(ii).
has become effective pursuant to received will be posted without change. 4 17 CFR 240.19b–4(f)(2).
Persons submitting comments are 5 The term ‘‘Member’’ is defined as ‘‘any
13 15 U.S.C. 78o–4(b)(2)(B) and 15 U.S.C. 78o–
registered broker or dealer that has been admitted
4(b)(2)(I). 15 15 U.S.C. 78s(b)(3)(A). to membership in the Exchange.’’ See Exchange
14 15 U.S.C. 78o–4(b)(2)(C). 16 17 CFR 240.19b–4(f). Rule 1.5(n).

VerDate Sep<11>2014 17:34 May 15, 2018 Jkt 244001 PO 00000 Frm 00118 Fmt 4703 Sfmt 4703 E:\FR\FM\16MYN1.SGM 16MYN1
Document Created: 2018-11-02 09:13:35
Document Modified: 2018-11-02 09:13:35
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		83 FR 22726