70760 Federal Register / Vol. 75, No. 222 / Thursday, November 18, 2010 / Notices 

5 15 U.S.C. 78s(b)(3)(A)(ii). 

6 17 CFR 240.19b–4(f)(2). 

7See Section 19(b)(3)(C) of the Act, 15 U.S.C. 

78s(b)(3)(C). 

8 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(1). 

Section 15B(2)(L) of the Act requires 

that rules adopted by the Board 

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. 

The proposed rule change does not 

impose a regulatory burden on small 

advisors that is not necessary or 

appropriate in the public interest and 

for the protection of investors, 

municipal entities, and obligated 

persons and for the robust protection of 

investors against fraud. The MSRB 

stated that it considers the $100 initial 

fee and $500 annual fee to be de 

minimis. The annual fee is comparable 

to the fees that municipal advisors must 

pay to State regulators if they must 

register as investment advisers. The 

initial fee is less than most States 

impose for the initial registration of 

investment advisers. The MSRB stated 

that, while the proposed rule change, at 

best, imposes only a de minimis burden 

on municipal advisors, the proposed 

rule change is necessary to help defray 

the costs of the MSRB’s registration of 

municipal advisors, which in turn 

permits the MSRB to have a record of 

the municipal advisors it regulates, so 

that it may keep them abreast of 

regulatory developments, better target 

its rulemaking and professional 

qualifications examinations to different 

types of municipal advisors, and 

identify to the Commission those 

municipal advisors who have reportedly 

violated MSRB rules. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The MSRB does not believe that the 

proposed rule change will impose any 

burden on competition not necessary or 

appropriate in furtherance of the 

purposes of the Act, since it would 

apply equally to all municipal advisors. 

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 proposed rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act 5 and Rule 19b– 

4(f)(2) 6 thereunder, in that it establishes 

fees applicable to municipal advisors. 

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.7

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 e-mail to rulecomments@sec.gov. Please include File 

Number SR–MSRB–2010–14 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–MSRB–2010–14. This file 

number should be included on the 

subject line if e-mail 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 

a.m. and 3 p.m. Copies of such 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–2010–14 and should 

be submitted on or before December 9, 

2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–29080 Filed 11–17–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63310; File No. SR–MSRB– 

2010–12] 

Self-Regulatory Organizations; 

Municipal Securities Rulemaking 

Board; Notice of Filing and Immediate 

Effectiveness of Revisions to the 

Study Outline and Selection 

Specifications for the Municipal 

Securities Representative Qualification 

Examination (Series 52) Program 

November 12, 2010. 

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 November 

10, 2010, the Municipal Securities 

Rulemaking Board (‘‘Board’’ or ‘‘MSRB’’) 

filed with the Securities and Exchange 

Commission (‘‘SEC’’ or ‘‘Commission’’) a 

proposed rule change (File No. SR– 

MSRB–2010–12) (‘‘the proposed rule 

change’’) as described in Items I, II, and 

III below, which Items have been 

prepared by the MSRB. The MSRB has 

designated the proposed rule change as 

constituting a stated policy, practice, or 

interpretation with respect to the 

meaning, administration, or 

enforcement of an existing rule of the 

self-regulatory organization pursuant to 

Section 19(b)(3)(A)(i) 3 of the Act and 

Rule 19b–4(f)(1) thereunder,4 which 

renders the proposal effective upon 

filing with the Commission. The MSRB 

proposes to implement the revised 

Series 52 examination program on 

January 3, 2011. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

mstockstill on DSKH9S0YB1PROD with NOTICES

Federal Register / Vol. 75, No. 222 / Thursday, November 18, 2010 / Notices 70761 

5The MSRB is also proposing corresponding 

revisions to the Series 52 question bank, but based 

upon instructions from the Commission staff, the 

MSRB is submitting SR–MSRB–2010–12 for 

immediate effectiveness pursuant to Section 

19(b)(3)(A)(i) of the Act and Rule 19b–4(f)(1) 

thereunder, and is not filing the question bank for 

Commission review. See letter to Diane G. Klinke, 

General Counsel, MSRB, from Belinda Blaine, 

Associate Director, Division of Market Regulation, 

SEC, dated July 24, 2000. The question bank is 

available for Commission review. 

6 15 U.S.C. 78o–4(b)(2)(A). 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The MSRB is filing with the 

Commission revisions to the study 

outline and selection specifications for 

the Municipal Securities Representative 

Qualification Examination (Series 52) 

program.5

The revised study outline is available 

on the MSRB’s Web site at http:// 

www.msrb.org/ 

Rules-and-Interpretations/SEC-Filings/ 

2010-Filings.asp, 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 Board has 

prepared summaries, set forth in 

Sections A, B, and C below, of the most 

significant aspects of such statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

Section 15B(b)(2)(A) of the Act 6

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. The MSRB has developed 

examinations that are designed to 

establish that persons associated with 

brokers, dealers and municipal 

securities dealers that effect transactions 

in municipal securities have attained 

specified levels of competence and 

knowledge. The MSRB periodically 

reviews the content of the examinations 

to determine whether revisions are 

necessary or appropriate in view of 

changes pertaining to the subject matter 

covered by the examinations. 

MSRB Rule G–3(a)(i) states that the 

activities of a municipal securities 

representative include one or more of 

the following activities relating to 

municipal securities: Underwriting, 

trading or selling municipal securities; 

rendering financial advisory or 

consultant services to issuers of 

municipal securities; research or 

investment advice, or communications 

with customers, about any of the 

activities named heretofore. A 

municipal securities representative may 

also qualify as such by taking the 

General Securities Representative 

Examination (Series 7). An individual 

who takes the Investment Company 

Products/Variable Contracts 

Examination (Series 6) may qualify as a 

limited representative, but activities are 

limited to those in municipal fund 

securities. 

A committee of industry members and 

MSRB staff recently undertook a review 

of the Series 52 examination program. 

As a result of this review, the MSRB is 

proposing to make revisions to the study 

outline to regroup certain topics to 

allow more detailed testing of certain 

product knowledge and MSRB rules and 

eliminate redundancy; delete dated 

references to certain topics in the 

current outline; provide detail about 

products covered in the examination; 

and incorporate generic terms instead of 

proprietary names. The revised 

examination continues to cover areas of 

knowledge required to conduct 

municipal securities activities. 

A summary of the changes to the 

content outline for the Series 52 

Examination, detailed by major topic 

headings, is provided below. Changes 

are stated as revisions to the current 

outline. 

Part One: Municipal Securities 

• The emphasis given this section has been 

increased from 55% to 57% of the 

examination. 

Part One—I: Types of Municipal Securities 

Special type bonds 

• ‘‘Variable rate securities’’ is moved and 

tested as ‘‘Variable rate demand obligations’’ 

under ‘‘Short-term obligations.’’ 

• ‘‘Taxable municipals’’ are tested under a 

new section entitled ‘‘Taxable municipal 

securities.’’ 

Taxable municipal securities 

• ‘‘Build America Bonds (BABs),’’ ‘‘Taxable 

municipal bonds’’ and ‘‘Other tax credit 

bonds’’ are added. 

Short-term obligations 

• ‘‘Variable rate demand notes’’ are tested 

as ‘‘Variable rate demand obligations.’’ 

Municipal fund securities 

• ‘‘Municipal fund securities (Basic 

characteristics, ownership and contribution 

limits)’’ are added. 

Part One—II: Characteristics 

Basic characteristics 

• ‘‘Basis price’’ is removed from ‘‘Method of 

quotations.’’ 

• ‘‘Bearer’’ and ‘‘Registered as to principal 

only’’ are deleted from ‘‘Forms of 

Ownership.’’ 

• The subtopics ‘‘Interchangeable with 

bearer’’ and ‘‘Non-interchangeable’’ are 

deleted from ‘‘Fully registered.’’ 

• ‘‘When as and if issued (WI)’’ under 

‘‘Delivery procedures’’ is moved to ‘‘Syndicate 

operational procedures.’’ 

• ‘‘As mutually agreed upon’’ becomes a 

descriptor for ‘‘Special settlement.’’ 

• ‘‘Forwards (forward delivery)’’ is stated 

as ‘‘Forward delivery.’’ 

• ‘‘Zeros’’ are added as a subtopic under 

‘‘Rates.’’ 

• ‘‘Convertible’’ is changed to ‘‘Convertible/ 

stepped coupons.’’ 

Tax considerations 

• ‘‘Original issue discount’’ is tested as 

‘‘Original issue discount/premium.’’ 

• ‘‘Market discount/premium’’ is added. 

Factors affecting marketability and liquidity 

• ‘‘Quality’’ is deleted. 

• ‘‘Dollar price’’ is changed to ‘‘Dollar/yield 

price.’’ 

• ‘‘Registered, bearer, or book-entry only 

form’’ is deleted. 

• ‘‘Credit and liquidity support,’’ 

‘‘Denominations,’’ ‘‘Type of issuance’’ and 

‘‘Source of funds’’ are added. 

Part One—III: The Market for Municipal 

Securities 

Primary market 

Methods of primary financing 

• ‘‘Limited offering’’ is added as a 

parenthetical after ‘‘Private placement.’’ 

Information sources 

• ‘‘Direct mail from issuers or financial 

advisors’’ is stated as ‘‘Issuers or financial 

advisors.’’ 

• The following topics have been deleted: 

‘‘The Bond Buyer;’’ ‘‘Munifacts;’’ ‘‘Dalnet;’’ 

‘‘Newspaper and publications;’’ ‘‘Bond Buyer 

New Issue Worksheets;’’ ‘‘Moody’s Bond 

Survey;’’ ‘‘Bloomberg;’’ and ‘‘Other sources 

(e.g., Bond Express and Bondtrac).’’ 

• The following subtopics are added: 

‘‘EMMA;’’ ‘‘New issue wires;’’ and ‘‘Print and 

electronic news services.’’ 

Underwriting procedures 

• The parenthetical descriptor ‘‘eastern 

account’’ is deleted from the topic 

‘‘Undivided.’’ 

• The parenthetical descriptor ‘‘western 

account’’ is deleted from the topic ‘‘Divided.’’ 

• ‘‘Formation of selling groups’’ is changed 

to ‘‘Selling groups.’’ 

• ‘‘Bid form’’ under topic ‘‘Determination of 

syndicate bid’’ is deleted. 

• ‘‘Terms and conditions’’ and ‘‘Submission 

of bid’’ are added under ‘‘Computation of 

bid.’’ 

mstockstill on DSKH9S0YB1PROD with NOTICES

70762 Federal Register / Vol. 75, No. 222 / Thursday, November 18, 2010 / Notices 

• ‘‘Gross interest cost’’ is added as a 

subtopic under ‘‘Basis for award.’’ 

• ‘‘Bond years’’ is added under 

‘‘Computation of bid.’’ 

Syndicate operational procedures 

• ‘‘Retail orders’’ is added as a subtopic 

under ‘‘Priority provisions.’’ 

• ‘‘Establish time of first trade’’ is added. 

• ‘‘Required disclosures’’ is added with 

subtopics ‘‘(a) EMMA;’’ ‘‘(i) Primary 

offerings;’’ ‘‘(ii) Material event notices;’’ ‘‘(b) 

NIIDS;’’ ‘‘(c) SHORT;’’ and ‘‘(d) Delivery of 

official statement.’’ 

Secondary market 

• Heading ‘‘Characteristics’’ and subtopic 

‘‘Negotiated versus auction’’ are deleted. 

• Subtopic ‘‘Over-the-Counter (OTC)’’ is 

changed to ‘‘Traded over-the-counter (OTC).’’ 

Information sources 

• ‘‘The Bond Buyer,’’ ‘‘Munifacts,’’ and 

‘‘Bloomberg’’ are deleted; ‘‘Alternative trading 

systems (ATS),’’ ‘‘EMMA,’’ and ‘‘Electronic 

information services’’ are added. 

Market participants 

• ‘‘Dealers’’ is added. 

Secondary market procedures 

• ‘‘Quote,’’ ‘‘Firm bid,’’ ‘‘Firm offering,’’ and 

‘‘Multiples of’’ are deleted from ‘‘Trading 

terms.’’ 

• ‘‘Offering,’’ ‘‘Minimums and multiples,’’ 

and ‘‘Cover bid’’ are added to ‘‘Trading terms.’’ 

Market indicators 

• The heading ‘‘The Bond Buyer’’ and 

subtopics ‘‘Placement ratio’’ and ‘‘Indices’’ 

(and indices listed thereunder) are deleted. 

• The following topics are added under 

new heading ‘‘Published indices:’’ ‘‘Bond 

Buyer indices’’ and subtopics ‘‘Visible 

supply’’ and ‘‘Placement ratio’’ thereunder; 

‘‘MMD curve;’’ ‘‘SIFMA index;’’ subtopic ‘‘U.S. 

Treasuries;’’ and ‘‘London Interbank Offered 

Rate (LIBOR).’’ 

Other market-level indicators 

• The following topics are deleted: 

‘‘Secondary market activity;’’ ‘‘Dollar bond 

market activity;’’ ‘‘Financial futures’’ and 

subtopics ‘‘Municipal bond contract’’ and 

‘‘Municipal over bond (MOB) spread’’ 

thereunder. 

Customer suitability considerations 

Kinds of investment risks 

• The following topics are added: 

‘‘Legislative risk;’’ ‘‘Price risk;’’ ‘‘Selection 

risk;’’ ‘‘Timing risk;’’ and ‘‘Liquidity risk.’’ 

Part One—IV: Analyzing Municipal Credit 

Revenue bonds 

Security 

• ‘‘Non-discrimination covenant’’ under 

the topic ‘‘Bond indenture’’ is deleted. 

• The word ‘‘fund’’ has been deleted in 

each of the types of funds named under 

‘‘Flow of funds.’’ 

• The parenthetical ‘‘depreciation’’ has 

been deleted from ‘‘Renewal and 

replacement.’’ 

Sources of credit information 

• ‘‘Continuing disclosure information 

(EMMA)’’ has been added. 

Credit enhancements 

• ‘‘Enhanced securities’’ and ‘‘Guaranteed 

investment contract (GIC)’’ have been deleted. 

• ‘‘Insured’’ has been changed to 

‘‘Insurance.’’ 

• ‘‘Escrow’’ has been added. 

Part One—V: Mathematical Calculations and 

Methods 

• The order of certain topics under this 

section has been changed to facilitate 

assignment of questions on the test. Changes 

in content are as indicated below. 

Relationship of bond prices to change in: 

• ‘‘Call/put features’’ has been added. 

Accretion of discount 

• Parenthetical ‘‘OID’’ has been added. 

Underwriting computations 

• This header has been removed with each 

topic thereunder (‘‘Bond years;’’ ‘‘Production;’’ 

‘‘Spread;’’ ‘‘Net interest cost;’’ and ‘‘True 

interest cost’’) because all are covered under 

‘‘Underwriting procedures.’’ 

Part Two: U.S. Government, Federal Agency 

and Other Financial Instruments 

• The emphasis given this section has 

decreased from 7% to 4% of the examination. 

Part Two—I: Types 

Obligations of the U.S. Treasury 

• ‘‘TIPS’’ has been added. 

Obligations of Federal agencies 

• ‘‘Student Loan Marketing Association 

(SLMA or Sallie Mae)’’ has been deleted. 

Money market instruments 

• ‘‘Bankers acceptances’’ has been deleted. 

Other financial instruments 

• Topics detailed under this heading have 

been removed; revised heading is ‘‘Other 

financial instruments (corporate bonds, 

CMOs, etc.).’’ 

Part Two—II: Characteristics of Various U.S. 

Government, Federal Agency and Other 

Financial Instruments 

Marketability 

• ‘‘Ratings’’ and ‘‘Economic indicators’’ are 

added. 

Delivery 

• Detail under this topic (‘‘Book-entry 

only;’’ ‘‘Bearer;’’ and ‘‘Registered’’) has been 

deleted; revised header is ‘‘Form of Delivery.’’ 

Part Two—III: The Market for U.S. 

Government, Federal Agency and Other 

Financial Instruments 

• The major heading for this section has 

been revised: ‘‘The Market for U.S. 

Government, Federal Agency and Other 

Financial Instruments—Impact and 

Relationship to Other Fixed Income 

Markets.’’ 

• These topics and all associated subtopics 

have been deleted: ‘‘New Issue Marketing 

Methods;’’ ‘‘Secondary market;’’ and ‘‘Federal 

Reserve’s open-market participation in the 

market for each security, where applicable.’’ 

• The topics ‘‘Index floaters’’ and ‘‘Credit 

spreads’’ have been added. 

Part Four: Federal Legal Considerations 

• The emphasis given to this section has 

increased to 26% from 25% of the 

examination. 

Part Four—I: Regulation of Municipal 

Market Professionals Securities Exchange 

Act of 1934 

• The reference to ‘‘National Association of 

Securities Dealers Regulation, Inc. (NASDR)’’ 

under ‘‘Enforcement’’ has been changed to 

‘‘FINRA.’’ 

Part Four—II: Securities Investor Protection 

Act of 1970 

• Heading ‘‘Inapplicable to bank dealers’’ 

has been deleted. 

Part Four—III: MSRB rules 

• Detail under ‘‘Advertising (G–21)’’ has 

been deleted. 

• ‘‘Delivery of Official Statements, 

Advance Refunding Documents and Forms 

G–36 (OS) and G–36 (ARD) to the Board or 

Its Designee (G–36)’’ has been deleted. 

• ‘‘Anti-money laundering compliance 

program (G–41)’’ has been added. 

ATTACHMENT A: Contents of a Typical 

Notice of Bond Sale 

• ‘‘Terms and Conditions’’ has been added. 

ATTACHMENT B: Outline of a Typical 

Official Statement 

• ‘‘Organization and management’’ has 

been revised to ‘‘Organization’’ under 

‘‘Description of issuer.’’ 

The MSRB is proposing similar changes to 

the Series 52 selection specifications and 

question bank. The increased length of the 

examination permits testing of certain key 

concepts or rules without decreasing 

representation of related topics under the 

general topic heading. The examination will 

consist of 115 multiple choice-questions 

assigned to the four areas of the examination 

as shown below. The percentages given for 

each section are rounded to an even number. 

Municipal Securities 57% 

U.S. Government, Federal Agency 

and Other Financial Instruments 4% 

Economic Activity, Government 

Policy and the Behavior of Interest Rates 13% 

Federal Legal Considerations 26% 

Candidates will now be allowed three and 

one-half hours (instead of the current three 

hours) for each testing session because of the 

increase in the length of the examination 

from 100 to 115 questions. Each question will 

continue to count one point, and each 

candidate must correctly answer 70 percent 

of the questions in order to receive a passing 

grade. 

2. Statutory Basis 

The MSRB believes that the proposed 

revisions to the Series 52 examination 

program are consistent with the 

provisions of Section 15B(b)(2)(A) of the 

Act, which authorizes the MSRB to 

prescribe standards of training, 

mstockstill on DSKH9S0YB1PROD with NOTICES

Federal Register / Vol. 75, No. 222 / Thursday, November 18, 2010 / Notices 70763 

7 15 U.S.C. 78s(b)(3)(A)(i). 

8 17 CFR 240.19b–4(f)(1). 

9See Section 19(b)(3)(C) of the Act, 15 U.S.C. 

78s(b)(3)(C). 10 17 CFR 200.30–3(a)(12). 

experience, competence, and such other 

qualifications as the Board finds 

necessary or appropriate in the public 

interest or for the protection of investors 

and municipal entities or obligated 

persons. Section 15B(b)(2)(A) of the Act 

also provides that the Board may 

appropriately classify municipal 

securities brokers, municipal securities 

dealers, and municipal advisors, and 

persons associated with municipal 

securities brokers, municipal securities 

dealers, and municipal advisors and 

require persons in any such class to pass 

tests prescribed by the Board. 

The MSRB believes that the proposed 

revisions to the Series 52 examination 

program are consistent with the 

provisions of Section 15B(b)(2)(A) of the 

Act in that the revisions will provide 

more updated material covered on the 

examination as well as ensure that 

certain key concepts or rules are tested 

on each administration of the 

examination in order to test the 

competency of individuals seeking to 

qualify as municipal securities 

representatives with respect to their 

knowledge about MSRB rules and the 

municipal securities market. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The MSRB does not believe that the 

proposed rule change will impose any 

burden on competition not necessary or 

appropriate in furtherance of the 

purposes of the Act, as amended. 

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 proposed rule change has become 

effective pursuant to Section 

19(b)(3)(A)(i) of the Act 7 and Rule 19b– 

4(f)(1) 8 thereunder, in that the proposed 

rule change constitutes a stated policy, 

practice, or interpretation with respect 

to the meaning, administration, or 

enforcement of an existing rule of the 

self-regulatory organization. The MSRB 

proposes to implement the revised 

Series 52 examination program on 

January 3, 2011. 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.9

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 e-mail to rulecomments@sec.gov. Please include File 

Number SR–MSRB–2010–12 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–MSRB–2010–12. This file 

number should be included on the 

subject line if e-mail 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 

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 

a.m. and 3 p.m. Copies of such filing 

also will be available for inspection and 

copying at the MSRB’s offices. 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–2010–12 and should 

be submitted on or before December 9, 

2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–29078 Filed 11–17–10; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #12377 and #12378] 

Texas Disaster #TX–00363 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a notice of an 

Administrative declaration of a disaster 

for the State of Texas dated 11/09/2010. 

Incident: Tropical Storm Hermine. 

Incident Period: 09/06/2010 through 

09/10/2010. 

Effective Date: 11/09/2010. 

Physical Loan Application Deadline 

Date: 01/10/2011. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 08/09/2011. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street, SW., Suite 6050, 

Washington, DC 20416. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

Administrator’s disaster declaration, 

applications for disaster loans may be 

filed at the address listed above or other 

locally announced locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties: Bell, Tarrant, 

Williamson. 

Contiguous Counties: 

Texas: Bastrop, Burnet, Coryell, 

Dallas, Denton, Ellis, Falls, Johnson, 

Lampasas, Lee, Mclennan, Milam, 

Parker, Travis, Wise. 

The Interest Rates are: 

Percent 

For Physical Damage: 

Homeowners with Credit Available Elsewhere ........................ 5.000 

Homeowners without Credit 

Available Elsewhere ................ 2.500 

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