81254 Federal Register / Vol. 85, No. 241 / Tuesday, December 15, 2020 / Notices 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3Section 15B(c)(7) of the Exchange Act provides 

that periodic examinations of municipal securities 

brokers and municipal securities dealers shall be 

conducted by a registered securities association, in 

the case of municipal securities brokers and 

municipal securities dealers that are members of 

such association. The Financial Industry Regulatory 

Authority (‘‘FINRA’’) is currently the only 

registered securities association. See 15 U.S.C. 78o– 

4(c)(7). 

4Pursuant to Section 15B(c)(7) of the Exchange 

Act, municipal securities brokers and municipal 

securities dealers who are not members of a 

registered securities association shall be examined 

by their appropriate regulatory agency. The term 

‘‘appropriate regulatory agency’’ when used with 

respect to municipal securities dealers means, in 

part, the Office of the Comptroller of the Currency 

(‘‘OCC’’), the Board of Governors of the Federal 

Reserve System (‘‘FRB’’), and the Federal Deposit 

Insurance Corporation (‘‘FDIC’’). See 15 U.S.C. 

78c(a)(34)(A). The Commission also has the 

authority to examine all registered municipal 

securities dealers. See 15 U.S.C. 78q(b)(1). 

5The term ‘‘municipal advisor principal’’ is 

defined in Rule G–3(e)(i) to mean a natural person 

associated with a municipal advisor who is 

qualified as a municipal advisor representative and 

is directly engaged in the management, direction or 

supervision of the municipal advisory activities of 

the municipal advisor and its associated persons. 

6 15 U.S.C. 78s(b)(3)(A). 

7 17 CFR 240.19b–4(f)(6). 

8See The White House, ‘‘Proclamation on 

Declaring a National Emergency Concerning the 

Novel Coronavirus Disease (COVID–19) Outbreak,’’ 

(March 13, 2020) https://www.whitehouse.gov/ 

presidential-actions/proclamation-declaringnational-emergency-concerning-novel-coronavirusdisease-covid-19-outbreak/#:∼:text=On%20

March%2011%2C%202020

%2C%20the,and%20across

%20the%20United%20States. 

9See Release No. 34–88694 (April 20, 2020), 85 

FR 23088 (April 24, 2020) (File No. SR–MSRB– 

2020–01) (‘‘April relief’’). 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90621; File No. SR–MSRB– 

2020–09] 

Self-Regulatory Organizations; 

Municipal Securities Rulemaking 

Board; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Provide Additional 

Regulatory Relief on a Temporary 

Basis to Dealers and Municipal 

Advisors Due to the Sustained 

Coronavirus (COVID–19) Pandemic 

December 9, 2020. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (‘‘Act’’ 

or ‘‘Exchange Act’’) 1 and Rule 19b–4 

thereunder,2 notice is hereby given that 

on December 2, 2020 the Municipal 

Securities Rulemaking Board (‘‘MSRB’’ 

or ‘‘Board’’) filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘Commission’’) the proposed rule 

change as described in Items I and II, 

below, which Items have been prepared 

by the MSRB. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

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 (i) amend 

Supplementary Material .01, Temporary 

Relief for Completing Office 

Inspections, of MSRB G–27, on 

supervision, to allow internal 

inspections of brokers, dealers and 

municipal securities dealers 

(collectively, ‘‘dealers’’) to be conducted 

remotely, subject to certain conditions, 

for calendar year 2020 and calendar year 

2021, without an on-site visit to the 

office or location; (ii) amend MSRB Rule 

G–16, on periodic compliance 

examinations, to add Supplementary 

Material .01, Temporary Relief for 

Completing Periodic Compliance 

Examination, to provide a temporary 

extension of time for registered 

securities associations 3 and appropriate 

regulatory agencies 4 (collectively, 

‘‘examining authorities’’) to initiate 

periodic examinations of dealers; (iii) 

amend Supplementary Material .09, 

Temporary Relief for Municipal Advisor 

Principal, of MSRB Rule G–3, on 

professional qualification requirements, 

to provide a further extension of time 

for those individuals who meet the 

definition of a municipal advisor 

principal 5 to become appropriately 

qualified by passing the Municipal 

Advisor Principal Qualification 

Examination (Series 54); and (iv) make 

a technical change to Supplementary 

Material .12, Temporary Relief for 

Municipal Advisor Continuing 

Education Requirements, of MSRB Rule 

G–3 to update a cross-reference 

(collectively the ‘‘proposed rule 

change’’). 

The MSRB has designated the 

proposed rule change as constituting a 

‘‘noncontroversial’’ rule change under 

Section 19(b)(3)(A) 6 of the Act and Rule 

19b–4(f)(6) 7 thereunder, which renders 

the proposal effective upon receipt of 

this filing by the Commission and has 

requested that the Commission waive 

the requirement that the proposed rule 

change not become operative for 30 days 

after the date of the filing, so that the 

MSRB can implement the proposed rule 

change immediately. 

The text of the proposed rule change 

is available on the MSRB’s website at 

www.msrb.org/Rules-andInterpretations/SEC-Filings/2020- 

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 

In March of this year, the United 

States declared a national emergency in 

response to the coronavirus disease 

(‘‘COVID–19’’) pandemic.8 In light of 

the operational challenges and 

disruptions to normal business 

functions as a result of COVID–19 

pandemic, the MSRB filed a proposed 

rule change for immediate effectiveness 

with the SEC in April of this year that 

provided regulatory relief on a 

temporary basis to dealers and 

municipal advisors (collectively 

‘‘regulated entities’’). The MSRB stated 

it would continue to monitor the impact 

of COVID–19 and work in close 

coordination with other financial 

regulators and governmental 

authorities.9

The MSRB recognizes that a vast 

number of regulated entities are still 

operating under business continuity 

plans and continue to manage 

operations from alternate sites with 

employees working from diverse work 

locations and telework arrangements. 

The impacts of the COVID–19 pandemic 

persist and, in an effort to slow the 

spread of COVID–19, many states are 

continuing to impose stay-at-home 

orders, limitations on in-person 

interactions and travel restrictions. Due 

to the ongoing pandemic-related health 

and safety concerns and the operational 

challenges regulated entities continue to 

experience, the MSRB believes the 

additional tailored temporary relief 

provided in the proposed rule change is 

warranted. 

Temporary Relief Under Rule G–27 To 

Allow Remote Inspections for Calendar 

Year 2020 and Calendar Year 2021 

With respect to Rule G–27, the April 

relief extended the deadline until March 

31, 2021 for dealers to complete their 

Federal Register / Vol. 85, No. 241 / Tuesday, December 15, 2020 / Notices 81255 

10 Id. 

11The proposed amendment to Supplementary 

Material .01 would be analogous to FINRA’s rule 

change, File No. SR–FINRA–2020–04, which was 

filed on November 6, 2020 and was effective upon 

filing. See Release No. 34–90454 (Nov. 6, 2020) 

https://www.sec.gov/rules/sro/finra/2020/34- 

90454.pdf. 

12 15 U.S.C. 78o–4(b)(c)(7). 

13See supra note 9. 

14FINRA, as appointed by the Commission, 

provides test administration services to the MSRB 

for the delivery of MSRB-owned professional 

qualification examinations. See, e.g., Release No. 

34–75714 (Aug. 17, 2015) (Designation of the 

Financial Industry Regulatory Authority to 

Administer Professional Qualification Tests for 

Associated Persons of Registered Municipal 

Advisors). FINRA uses Prometric as its single 

vendor for the delivery of the professional 

qualification examinations that FINRA is charged 

with administering, including MSRB-owned 

professional qualification examinations. 

15 In the April relief, the MSRB provided 

temporary relief for dealers by permitting any 

individual qualified to function in the capacity as 

a municipal securities principal, municipal fund 

securities limited principal or a municipal 

securities sales principal additional time to engage 

in the principal activity before passing the 

applicable principal-level qualification 

examination. The April relief extended the 

requirement to 120 days from the time the MSRB 

announces that Prometric testing centers have 

resumed sufficient access to its testing centers. See 

Rules G–3(b)(ii)(D), G–3(b)(iv)(B)(4) and G– 

3(c)(ii)(D). The MSRB stated in the April relief that 

it would publish a notice on its website announcing 

when Prometric resumes operations in its testing 

centers, so regulated entities are on notice of when 

the 120-day period begins to toll. See supra note 9. 

The MSRB notes dealer firms are still covered 

under the April relief because, given the exigent 

circumstances surrounding the sustained pandemic, 

the MSRB has not yet announced when the 

obligation to take and pass the applicable principal 

examination must be completed. 

16The MSRB had previously stated, to facilitate 

the transition to the new exam requirement, the 

MSRB was providing a one-year grace period, 

sunsetting on November 12, 2020, during which 

individuals qualified with the Series 50 

examination would be able to take the Series 54 

examination while continuing to engage in 

principal-level activities. See Release No. 34–84630 

(Nov. 20, 2018), 83 FR 60927 (Nov. 27, 2018) (File 

No. SR–MSRB–2018–07). 

17 15 U.S.C. 78o–4(b)(2)(C). 

calendar year 2020 inspections.10

However, in light of the health and 

safety concerns coupled with the 

continued restrictions on social 

interactions and travel, the April relief 

is no longer sufficient. To help 

proactively address the challenges 

resulting from the sustained pandemic, 

the MSRB is proposing to amend 

temporary Supplementary Material .01 

under Rule G–27, on supervision, to 

provide dealers, subject to specified 

requirements therein, the ability to 

conduct the inspections of their offices 

and locations for calendar year 2020 and 

calendar year 2021 remotely without the 

need to conduct an onsite visit to such 

office or location.11

The proposed amendment to 

Supplementary Material .01 would set 

forth that inspections are due to be 

completed by March 31, 2021 for 

calendar year 2020 and completed by 

December 31, 2021 for calendar year 

2021, the requirement to amend or 

supplement written supervisory 

procedures for remote inspections, the 

use of remote inspections as part of an 

effective supervisory system, and 

documentation requirements. The 

MSRB believes affording dealers the 

option to conduct remote inspections is 

a prudent regulatory approach during 

these unprecedented times while 

continuing to serve the important 

investor protection objectives of the 

inspection requirements under these 

unique circumstances. The temporary 

proposed supplementary material makes 

clear that it is not intended to alter a 

dealer’s core responsibility, embodied 

in Rule G–27, to establish and maintain 

a system to supervise the activities of 

each associated person that is 

reasonably designed to ensure 

compliance with Board rules and the 

applicable provisions of the Act and 

rules thereunder. 

Temporary Relief Under Rule G–16 To 

Extend the Time To Complete Periodic 

Compliance Examinations 

MSRB Rule G–16, on periodic 

compliance examination, provides that 

at least once every four calendar years, 

each dealer that is a member of a 

registered securities association, must 

be examined by such registered 

securities association (i.e., FINRA); and 

at least once every two calendar years, 

each municipal securities dealer that is 

a bank or subsidiary or department or 

division of a bank must be examined by 

the appropriate regulatory agency (i.e., 

OCC, FRB, or FDIC), in accordance with 

Section 15B(c)(7) of the Exchange Act 12

for compliance with applicable rules of 

the Board and applicable provisions of 

the Act and rules and regulations of the 

Commission thereunder. 

In an effort to provide examining 

authorities with an opportunity to better 

manage and allocate resources during 

these exigent circumstances; and in 

working with dealers as they manage 

operational challenges due to the 

pandemic, the MSRB is proposing to 

temporarily modify the date by which 

compliance examinations under Rule 

G–16 must be met. Specifically, the 

proposed rule change would deem any 

examination initiated between January 

1, 2020 and March 31, 2021 to have 

occurred in calendar year 2020. 

Temporary Relief Under Rule G–3 To 

Extend Time To Complete Professional 

Qualification Requirements and 

Technical Amendment 

In connection with the MSRB’s April 

relief, the MSRB provided additional 

time to allow individuals to fulfill 

certain professional qualification 

standards under Rule G–3, on 

professional qualification 

requirements.13 At that time, due to the 

uncertainty regarding ongoing stay-athome orders and social distance 

restrictions that could impact capacity 

at Prometric testing centers,14 the MSRB 

extended the date by which individuals 

are required to become qualified with 

the Series 54 examination from 

November 12, 2020 to March 31, 2021.15

Given the protracted period of the 

COVID–19 pandemic, the MSRB is 

taking proactive measures and is 

proposing to amend Supplementary 

Material .09 of Rule G–3 to extend the 

time period from March 31, 2021 to 

November 12, 2021, by which 

individuals who meet the definition of 

a municipal advisor principal must 

become appropriately qualified by 

passing the Series 54 examination. This 

extension of time affords municipal 

advisors and individuals functioning as 

municipal advisor principals a full year 

from the sunsetting of the original graceperiod 16 to continue to engage in the 

management, direction or supervision of 

the municipal advisory activities of the 

municipal advisor and its associated 

persons, so long as such persons are 

qualified with the Municipal Advisor 

Representative Qualification 

Examination (Series 50). 

The proposed rule change also makes 

a technical amendment to 

Supplementary Material .12 under Rule 

G–3, providing for the temporary relief 

for municipal advisor continuing 

education requirements, by correcting 

the cross-reference under the provision 

from (i)(ii)(B)(2) to (i)(ii)(B). 

2. Statutory Basis 

The MSRB believes that the proposed 

rule change is consistent with Section 

15B(b)(2)(C) of the Exchange Act,17

which provides that the MSRB’s rules 

shall: 

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. 

81256 Federal Register / Vol. 85, No. 241 / Tuesday, December 15, 2020 / Notices 

18 15 U.S.C. 78o–4(b)(2)(E). 

19The MSRB stated in a filing made with the SEC, 

in 2011, that firms that are members of a registered 

securities association are risk-ranked based on an 

analysis of various identified risks and related 

factors. See Release No. 34–65992 (Dec. 16, 2011), 

76 FR 79738 (Dec. 22, 2011) (File No. SR–MSRB– 

2011–19). 

20 15 U.S.C. 78o–4(b)(2)(A). 

21See Release No. 34–84630 (Nov. 20, 2018), 83 

FR 60927 (Nov. 27, 2018) (File No. SR–MSRB– 

2018–07). 

22 15 U.S.C. 78o–4(b)(2)(C). 

23 15 U.S.C. 78o–4(b)(2)(L)(iv). 

24 Id. 

25 15 U.S.C. 78s(b)(3)(A). 

26 17 CFR 240.19b–4(f)(6). 

27 Id. 

28 17 CFR 240.19b–4(f)(6)(iii). 

The proposed rule change is designed 

to provide regulated entities additional 

time to comply with certain obligations 

under MSRB rules for a temporary 

period of time; it does not relieve such 

entities from compliance with 

underlying obligations that directly 

serve to protect investors, municipal 

entities, obligated persons and the 

public interest or market transparency 

goals. In a time when faced with unique 

challenges resulting from the sustained 

pandemic, the proposed rule change 

will afford dealers, municipal advisors 

and the examining authorities the 

ability to safeguard the health and safety 

of their personnel and to more 

effectively allocate resources to serve 

and promote the protection of investors, 

municipal entities, obligated persons 

and the public interest. In addition, the 

proposed rule change will also alleviate 

some of the operational challenges these 

regulated entities may be experiencing, 

which will allow them to more 

effectively allocate resources to the 

provision of advice and the operations 

that facilitate 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. 

Additionally, the proposed rule 

change is consistent with Section 

15B(b)(2)(E) of the Exchange Act,18

which provides that the MSRB’s rules 

shall provide: 

for the periodic examination in accordance 

with subsection (c)(7) of this section of 

municipal securities brokers, municipal 

securities dealers, and municipal advisors to 

determine compliance with applicable 

provisions of this title, the rules and 

regulations thereunder, and the rules of the 

Board. Such rules shall specify the minimum 

scope and frequency of such examinations 

and shall be designed to avoid unnecessary 

regulatory duplication or undue regulatory 

burdens for any such municipal securities 

broker, municipal securities dealer, or 

municipal advisor. 

Given the potential period of the 

pandemic and resulting persistent 

challenges to business operations, the 

proposed rule change provides 

examining authorities, not only with the 

ability to appropriately allocate their 

resources, but with a degree of 

flexibility to be responsive to the 

challenges dealers may face and 

minimize, to the extent possible, undue 

regulatory burdens, while not 

substantively altering examining 

authorities’ obligations to examine for 

compliance with applicable rules of the 

Board and applicable provisions of the 

Act. The MSRB believes the temporary 

relief to provide for an extension of time 

for examining authorities to initiate 

periodic compliance examinations is 

not likely to, in isolation, create an 

investor protection harm given that, 

through risk assessments, dealers are 

prioritized and examined with a greater 

frequency than the timeline Rule G–16 

allows.19

The MSRB believes that the proposed 

rule change is also consistent with 

Section 15B(b)(2)(A) of the Act,20 which 

authorizes the MSRB to prescribe 

‘‘standards of training, experience, 

competence, and such other 

qualifications as the Board finds 

necessary or appropriate in the public 

interest or for the protection of investors 

and municipal entities or obligated 

persons,’’ in that those acting in the 

capacity of a municipal advisor 

principal would still be subject to the 

regulatory requirements under Rule G– 

3, including the requirement to be 

qualified with the Series 50 

examination. Additionally, continuing 

to allow individuals to function in a 

principal capacity with the Series 50 for 

a period of time before having to pass 

the Series 54 examination, given this 

protracted period of the pandemic, 

provides individuals flexibility to 

prioritize safeguarding their health and 

safety and the proposed rule change is 

not inconsistent with the purpose of the 

grace period that the MSRB originally 

provided such professionals to qualify 

by the Series 54 examination, which is 

to minimize disruptions and to provide 

an orderly transition to the new 

qualification requirements.21

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

Section 15B(b)(2)(C) of the Act 

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.22 The MSRB does 

not believe that the proposed rule 

change will impose any burden on 

competition not necessary or 

appropriate in furtherance of the 

Exchange Act. The goal of the proposed 

rule change is to provide temporary 

relief to grant additional time for 

regulated entities and the examining 

authorities to meet certain obligations 

under MSRB rules during the exigent 

circumstances of the COVID–19 

pandemic but would not alter their 

underlying obligations under MSRB 

rules. 

Additionally, Section 15B(b)(2)(L)(iv) 

of the Exchange Act, requires that MSRB 

rules not impose a regulatory burden on 

small municipal advisors that is not 

necessary or appropriate in the public 

interest and for the protection of 

investors, municipal entities, and 

obligated persons, provided that there is 

robust protection of investors against 

fraud.23 The MSRB believes that the 

proposed rule change is consistent with 

Section 15B(b)(2)(L)(iv) of the Exchange 

Act 24 in that, while the proposed rule 

change to extend the date by which 

individuals have to pass the Series 54 

examination will affect all municipal 

advisors, including small municipal 

advisors, there is no new regulatory 

burden that results. Small municipal 

advisors typically have fewer associated 

persons and, as a result, their resources 

may be more limited during the 

pandemic and the benefits of the 

proposed rule change may provide 

smaller municipal advisors a greater 

benefit given their limited resources. 

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) 25 of 

the Act and Rule 19b–4(f)(6) 26

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.27 However, Rule 19b– 

4(f)(6)(iii) 28 permits the Commission to 

Federal Register / Vol. 85, No. 241 / Tuesday, December 15, 2020 / Notices 81257 

29 In addition, Rule 19b–4(f)(6)(iii) requires a selfregulatory 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. 

30See SR–MSRB–2018–10. 

31 17 CFR 240.19b–4(f)(6)(iii). 

32For the purpose of waiving the 30-day 

operative delay for this proposal, the Commission 

has considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

33 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 90177 

(October 14, 2020), 85 FR 66620. Comments on the 

proposed rule change can be found at: https://

www.sec.gov/comments/sr-nasdaq-2020-065/ 

srnasdaq2020065.htm. 

designate a shorter time if such action 

is consistent with the protection of 

investors and the public interest.29 The 

MSRB has requested that the 

Commission designate the proposed 

rule change operative upon filing,30 as 

specified in Rule 19b–4(f)(6)(iii),31

which would make the proposed rule 

change operative on December 2, 2020. 

The MSRB notes that the proposed 

rule change does not relieve regulated 

entities from compliance with 

underlying obligations. Rather, the 

proposed rule change provides 

regulated entities with additional time 

and flexibility to comply with certain 

compliance obligations for a temporary 

period of time. Additionally, it grants 

examining authorities an extension of 

time to examine dealers without 

substantially altering the examining 

authorities’ obligations. The MSRB 

believes the proposed rule change will 

afford regulated entities the ability to 

more effectively allocate resources to 

serve and promote the protection of 

investors, municipal entities, obligated 

persons and the public interest during 

the sustained pandemic. Further the 

MSRB stated, that by alleviating 

operational challenges, the proposed 

rule change will allow regulated entities 

to focus resources on the provision of 

advice and operations that facilitate 

transactions in municipal securities and 

municipal financial products. 

The Commission believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and the public interest. The 

proposed rule change does not relieve 

regulated entities from compliance with 

underlying obligations and will allow 

regulated entities to more effectively 

allocate resources during ongoing 

disruption to normal business functions 

as a result of the pandemic. Waiver of 

the 30-day operative period will 

alleviate operational challenges and 

facilitate the provision of advice and 

transactions in the municipal securities 

market in light of the ongoing impacts 

to in-person interactions, travel, health 

and safety presented by the pandemic. 

Accordingly, the Commission hereby 

waives the 30-day operative delay 

specified in Rule 19b–4(f)(6)(iii) and 

designates the proposed rule change to 

be operative upon filing.32

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

MSRB–2020–09 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–2020–09. 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 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–MSRB–2020–09 and should 

be submitted on or before January 5, 

2021. 

For the Commission, pursuant to delegated 

authority.33

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–27486 Filed 12–14–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90615; File No. SR– 

NASDAQ–2020–065] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Withdrawal of Proposed Rule Change 

To Lower the Enterprise License Fee 

for Broker-Dealers Distributing Nasdaq 

Basic to Internal Professional 

Subscribers as Set Forth in the Equity 

7 Pricing Schedule, Section 147, and 

the Enterprise License Fee for BrokerDealers Distributing Nasdaq Last Sale 

to Professional Subscribers at Equity 

7, Section 139 

December 9, 2020. 

On September 30, 2020, The Nasdaq 

Stock Market LLC (‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

to Section 19(b)(1) of the Securities 

Exchange Act of 1934 1 and Rule 19b– 

4 thereunder,2 a proposed rule change 

to lower the enterprise license fee for 

broker-dealers distributing Nasdaq Basic 

to internal professional subscribers as 

set forth in the Equity 7 Pricing 

Schedule, Section 147, and the 

enterprise license fee for broker-dealers 

distributing Nasdaq Last Sale to 

professional subscribers at Equity 7, 

Section 139. The proposed rule change 

was published for comment in the 

Federal Register on October 20, 2020.3

On November 23, 2020, the Exchange 

withdrew the proposed rule change 

(SR–NASDAQ–2020–065).