Federal Register / Vol. 74, No. 164 / Wednesday, August 26, 2009 / Notices 43205 

11 15 U.S.C. 78f(b). 

12 15 U.S.C. 78f(b)(4). 

13 15 U.S.C. 78s(b)(3)(A). [sic] 

14 17 CFR 240.19b–4(f)(2). 15 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)(ii). 

4 17 CFR 240.19b–4(f)(2). 

goal of introducing new products to the 

marketplace that are competitively 

priced. 

2. Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the objectives of Section 6 of the Act,11

in general, and furthers the objectives of 

Section 6(b)(4),12 in particular, in that it 

is designed to provide for the equitable 

allocation of reasonable dues, fees and 

other charges among its members and 

other persons using its facilities. The 

Exchange believes that the proposed 

incentive plan will generate additional 

order flow to the Exchange by creating 

incentives to trade these FX Options as 

well as defray operational costs for Early 

Adopter Market Makers. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The proposed rule change does not 

impose any burden on competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

The Exchange has not solicited, and 

does not intend to solicit, comments on 

this proposed rule change. The 

Exchange has not received any 

unsolicited written comments from 

members or other interested parties. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 19(b)(3) of 

the Act 13 and Rule 19b–4(f)(2) 14

thereunder. At any time within 60 days 

of the filing of such proposed rule 

change, the Commission may summarily 

abrogate 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 rulecomments@sec.gov. Please include File 

Number SR–ISE–2009–59 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–ISE–2009–59. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

Internet Web site (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for inspection and copying 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 the filing also will be available 

for inspection and copying at the 

principal office of the Exchange. 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–ISE–2009–59 and should be 

submitted on or before September 16, 

2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–20540 Filed 8–25–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60528; File No. SR–MSRB– 

2009–13] 

Self-Regulatory Organizations; 

Municipal Securities Rulemaking 

Board; Notice of Filing and Immediate 

Effectiveness of Amendment to Rule 

A–14, on Annual Fee 

August 18, 2009. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on August 

13, 2009, the Municipal Securities 

Rulemaking Board (‘‘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 substantially prepared by the 

MSRB. The MSRB has designated the 

proposed rule change as changing a fee 

applicable to brokers, dealers and 

municipal securities dealers pursuant to 

Section 19(b)(3)(A)(ii) of the Act,3 and 

Rule 19b–4(f)(2) thereunder,4 which 

renders the proposal effective upon 

filing with the Commission. 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 is filing an amendment to 

Rule A–14, which provides for an 

annual fee paid by dealers to the MSRB. 

The MSRB is amending the rule to 

increase the annual fee paid by dealers 

from $300 to $500. The text of the 

proposed rule change is available on the 

MSRB’s Web site at http:// 

www.msrb.org/msrb1/sec.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 MSRB has 

prepared summaries, set forth in 


jlentini on DSKJ8SOYB1PROD with NOTICES
43206 Federal Register / Vol. 74, No. 164 / Wednesday, August 26, 2009 / Notices 

5 15 U.S.C. 78o–4(b)(2)(J). 

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

7 17 CFR 240.19b–4(f)(2). 

8See Section 19(b)(3)(C) of the Act, 15 U.S.C. 

78s(b)(3)(C). 9 17 CFR 200.30–3(a)(12). 

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 purpose of the proposed rule 

change is to assess reasonable fees 

necessary to defray the costs and 

expenses of operating and administering 

the MSRB. The proposed rule change 

would partially accomplish this purpose 

by amending Rule A–14 to increase the 

annual fee assessed to dealers from $300 

to $500 per dealer. 

The MSRB currently levies three 

types of fees that are generally 

applicable to dealers. Rule A–12 

provides for a $100 initial fee paid once 

by a dealer when it enters the municipal 

securities business. Rule A–13 provides 

for an underwriting fee of $.03 per 

$1000 par value of bonds and $.01 per 

$1000 par value of notes (with specified 

exceptions), and a transaction fee of 

$.005 per $1000 par value of sale 

transactions of specified securities. Rule 

A–14 provides for an annual fee of $300 

from each dealer who conducts 

municipal securities activities. The 

annual fee imposed by Rule A–14 was 

last increased from $200 to $300 in 

2003. 

The underwriting and transaction fees 

in Rule A–13 assess fees that are 

generally proportionate to a dealer’s 

activity within the industry. However, 

MSRB’s regulatory activities affect all 

participants in the dealer community 

and a number of dealers do not 

participate in traditional municipal 

securities underwriting activities or are 

not actively involved in the trading of 

traditional municipal securities subject 

to a transaction fee. 

The MSRB accordingly is raising the 

annual fee from $300 to $500, which 

will result in an increase of 

approximately $280,000 to the MSRB’s 

revenues in fiscal year 2010. The 

proposed rule change will enhance the 

equitable distribution of fees among 

dealers in the municipal securities 

market and increase the MSRB’s 

revenues, in order to partially offset a 

decrease in revenue and increased costs 

associated with operating market 

information services and regulating the 

municipal securities market. 

2. Statutory Basis 

The MSRB believes that the proposed 

rule change is consistent with the 

requirements of Section 15B(b)(2)(J) of 

the Act,5 which requires, in pertinent 

part, that the MSRB’s rules shall: 

Provide that each municipal securities 

broker and each municipal securities dealer 

shall pay to the Board such reasonable fees 

and charges as may be necessary or 

appropriate to defray the costs and expenses 

of operating and administering the Board. 

Such rules shall specify the amount of such 

fees and charges. 

The MSRB believes that the proposed 

rule change is consistent with this 

provision because the proposed rule 

change provides for reasonable fees, 

based on dealer involvement in the 

municipal securities market that are 

necessary to defray MSRB expenses. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The MSRB does not believe 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 brokers, dealers and 

municipal securities dealers. 

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. 

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 6 and Rule 19b– 

4(f)(2) thereunder,7 in that the 

amendment to Rule A–14 changes a fee 

applicable to brokers, dealers and 

municipal securities dealers. At any 

time within 60 days of the filing of the 

proposed rule change, the Commission 

may summarily abrogate 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.8

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–2009–13 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–2009–13. 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 inspection and copying 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–2009–13 and should 

be submitted on or before September 16, 

2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–20534 Filed 8–25–09; 8:45 am] 

BILLING CODE 8010–01–P 


jlentini on DSKJ8SOYB1PROD with NOTICES