52292 Federal Register / Vol. 74, No. 195 / Friday, October 9, 2009 / Notices 

17 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). 

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 Exchange 

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–NYSEArca–2009–83 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–NYSEArca–2009–83. 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 the filing will also be available 

for inspection and copying at NYSE 

Arca’s principal office. 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– 

NYSEArca–2009–83 and should be 

submitted on or before October 30, 

2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–24353 Filed 10–8–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60783; File No. SR–MSRB– 

2009–15] 

Self-Regulatory Organizations; 

Municipal Securities Rulemaking 

Board; Notice of Filing and Immediate 

Effectiveness of Amendments to Rule 

A–13, on Underwriting Assessments 

and Rule G–32, on Disclosures in 

Connection With Primary Offerings 

October 2, 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 

September 30, 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 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 amendments to 

Rule A–13, which provides for fee 

assessments based on underwriting 

activity and Rule G–32, by adding a 

definition of commercial paper. The 

proposed rule change would apply to 

primary offerings of municipal 

securities for which submission of Form 

G–32 under Rule G–32(b)(i)(A) is 

initiated on or after December 1, 2009. 

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 

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–13 to eliminate 

exemptions in Rule A–13 pertaining to 

underwriting assessments for primary 

offerings of municipal securities that: 

(i) Have an aggregate par value less than 

$1,000,000; (ii) have a final stated 

maturity of nine months or less, except 

commercial paper; (iii) at the option of 

the holder thereof, may be tendered to 

an issuer of such securities or its 

designated agent for redemption or 

purchase at par value or more at least 

as frequently as every nine months until 

maturity, earlier redemption, or 

purchase by an issuer or its designated 

agent; and (iv) have authorized 

denominations of $100,000 or more and 

are sold to no more than thirty-five 

persons each of whom the broker, dealer 

or municipal securities dealer (‘‘dealer’’) 

reasonably believes: (A) Has the 

knowledge and experience necessary to 

evaluate the merits and risks of the 

investment; and (B) is not purchasing 

for more than one account, with a view 

toward distributing the securities 

(‘‘limited offering’’). The underwriting 

fee for primary offerings of these 

securities will be $.03 per $1000 par 

value, which is the current underwriting 

fee for primary offerings of municipal 

bonds. Additionally, the proposed rule 

change will further harmonize the 

underwriting fees of notes and bonds by 

changing the underwriting fee on 

primary offerings in which all securities 

offered have a final stated maturity less 

than two years to the rate of $.03 per 

mstockstill on DSKH9S0YB1PROD with NOTICES

Federal Register / Vol. 74, No. 195 / Friday, October 9, 2009 / Notices 52293 

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). 

$1000 par value. For purposes of the 

underwriting assessment under Rule 

A–13, a primary offering will be defined 

to mean a primary offering under 

Exchange Act Rule 15c2–12, but 

excludes subsequent remarketings after 

the initial issuance of the bonds or 

notes. Rule G–32 has also been amended 

to include a new definition of 

commercial paper. 

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 $500 

from each dealer who conducts 

municipal securities activities. 

The underwriting and transaction fees 

in Rule A–13 assess fees that are 

generally proportionate to a dealer’s 

activity within the industry. 

Historically, municipal notes were 

either exempt from underwriting fees or 

were subject to reduced underwriting 

fees ($.01 per $1000), and variable rate 

demand obligations, small issues, and 

limited offerings also were exempt from 

underwriting fees. The MSRB believes 

that such a fee structure has become 

increasingly inequitable as the volume 

of primary offerings in these categories 

(including in particular note issues) has 

grown, and the MSRB’s resources have 

been devoted to supporting both notes 

and bonds. The elimination of 

exemptions for these categories of 

primary offerings will result in fees that 

are more fairly, reasonably and 

equitably allocated to reflect dealer 

participation in the overall municipal 

debt market. 

During the past five years, the Board’s 

ongoing expenses have increased 

significantly due to increased regulatory 

activities and expanded market 

information products and services, 

including the new Electronic Municipal 

Market Access system (‘‘EMMA’’) to 

implement the new ‘‘access equals 

delivery’’ primary market disclosure 

service under MSRB Rule G–32 and the 

new continuing disclosure service to 

implement the Commission’s 

amendments to Exchange Act Rule 

15c2–12 as well as the Short-term 

Obligation Rate Transparency system 

(‘‘SHORT’’) for interest rate 

transparency for variable rate demand 

obligations and auction rate securities. 

These new systems and their associated 

rules greatly enhance the efficiency of 

the municipal securities market and 

provide critical information to dealers 

and investors. The proposed rule change 

is designed to better match the MSRB’s 

revenues with the operating costs 

associated with these important new 

systems and the costs of 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 proposed rule change provides 

for reasonable fees, based on dealer 

involvement in the municipal securities 

market that are necessary to defray 

MSRB expenses. The proposed rule 

change will result in a more equitable 

distribution of fees among dealers in the 

municipal securities market based on 

their level of activity in the primary 

market for municipal bonds and notes. 

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 dealers and would 

be apportioned based on such dealers’ 

level of participation in the municipal 

securities primary market. 

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 proposed 

amendments to Rule A–13 and Rule 

G–32 change fees applicable to brokers, 

dealers and municipal securities 

dealers. The proposed rule change 

would apply to primary offerings of 

municipal securities for which 

submission of Form G–32 under MSRB 

Rule G–32(b)(i)(A) is initiated on or after 

December 1, 2009. 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–2009–15 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–2009–15. 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 

mstockstill on DSKH9S0YB1PROD with NOTICES

52294 Federal Register / Vol. 74, No. 195 / Friday, October 9, 2009 / Notices 

9 17 CFR 200.30–3(a)(12). 

1By decision and notice served on July 27, 2001, 

in STB Docket No. AB–55 (Sub–No. 586X), CSXT 

was granted an exemption from the prior approval 

requirements of 49 U.S.C. 10903 to abandon a larger 

rail line between milepost OKW 333.40, and 

milepost OKW 334.24. That exemption included 

the smaller line segment at issue here, between 

milepost OKW 333.40 and milepost OKW 333.62. 

CSXT allowed the abandonment authority for this 

smaller segment to expire when it did not, by July 

27, 2002, file with the Board a notice of 

consummation of abandonment of this smaller 

segment. 

2The Board will grant a stay if an informed 

decision on environmental issues (whether raised 

by a party or by the Board’s Section of 

Environmental Analysis (SEA) in its independent 

investigation) cannot be made before the 

exemption’s effective date. See Exemption of Outof-Service Rail Lines, 5 I.C.C.2d 377 (1989). Any 

request for a stay should be filed as soon as possible 

so that the Board may take appropriate action before 

the exemption’s effective date. 

3Each OFA must be accompanied by the filing 

fee, which is currently set at $1,500. See 49 CFR 

1002.2(f)(25). 

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–2009–15 and should 

be submitted on or before October 30, 

2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–24354 Filed 10–8–09; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF TRANSPORTATION 

Surface Transportation Board 

[STB Docket No. AB–55 (Sub–No. 699X)] 

CSX Transportation, Inc.— 

Abandonment Exemption—in McMinn 

County, TN 

CSX Transportation, Inc. (CSXT) has 

filed a notice of exemption under 49 

CFR 1152 Subpart F—Exempt 

Abandonments to abandon a 0.22-mile 

line of railroad on CSXT’s Southern 

Region, Huntington-West Division, KD 

Subdivision, extending from milepost 

OKW 333.40 to milepost OKW 333.62, 

in Athens, McMinn County, TN.1 The 

line traverses United States Postal 

Service Zip Code 37303. 

CSXT has certified that: (1) No local 

traffic has moved over the line for at 

least 2 years; (2) any overhead traffic on 

the line can be rerouted over other lines; 

(3) no formal complaint filed by a user 

of rail service on the line (or by a state 

or local government entity acting on 

behalf of such user) regarding cessation 

of service over the line either is pending 

with the Board or with any U.S. District 

Court or has been decided in favor of 

complainant within the 2-year period; 

and (4) the requirements of 49 CFR 

1105.7 (environmental report), 49 CFR 

1105.8 (historic report), 49 CFR 1105.11 

(transmittal letter), 49 CFR 1105.12 

(newspaper publication), and 49 CFR 

1152.50(d)(1) (notice to governmental 

agencies) have been met. 

As a condition to this exemption, any 

employee adversely affected by the 

abandonment shall be protected under 

Oregon Short Line R. Co.— 

Abandonment—Goshen, 360 I.C.C. 91 

(1979). To address whether this 

condition adequately protects affected 

employees, a petition for partial 

revocation under 49 U.S.C. 10502(d) 

must be filed. 

Provided no formal expression of 

intent to file an offer of financial 

assistance (OFA) has been received, this 

exemption will be effective on 

November 10, 2009, unless stayed 

pending reconsideration. Petitions to 

stay that do not involve environmental 

issues,2 formal expressions of intent to 

file an OFA under 49 CFR 

1152.27(c)(2),3 and trail use/rail banking 

requests under 49 CFR 1152.29 must be 

filed by October 19, 2009. Petitions to 

reopen or requests for public use 

conditions under 49 CFR 1152.28 must 

be filed by October 29, 2009, with the 

Surface Transportation Board, 395 E 

Street, SW., Washington, DC 20423– 

0001. 

A copy of any petition filed with the 

Board should be sent to CSXT’s 

representative: Kathryn R. Barney, 500 

Water Street, J–150, Jacksonville, FL 

32202. 

If the verified notice contains false or 

misleading information, the exemption 

is void ab initio. 

CSXT has filed environmental and 

historic reports which address the 

effects, if any, of the abandonment on 

the environment and historic resources. 

SEA will issue an environmental 

assessment (EA) by October 16, 2009. 

Interested persons may obtain a copy of 

the EA by writing to SEA (Room 1100, 

Surface Transportation Board, 

Washington, DC 20423–0001) or by 

calling SEA, at (202) 245–0305. 

[Assistance for the hearing impaired is 

available through the Federal 

Information Relay Service (FIRS) at 1– 

800–877–8339.] Comments on 

environmental and historic preservation 

matters must be filed within 15 days 

after the EA becomes available to the 

public. 

Environmental, historic preservation, 

public use, or trail use/rail banking 

conditions will be imposed, where 

appropriate, in a subsequent decision. 

Pursuant to the provisions of 49 CFR 

1152.29(e)(2), CSXT shall file a notice of 

consummation with the Board to signify 

that it has exercised the authority 

granted and fully abandoned the line. If 

consummation has not been effected by 

CSXT’s filing of a notice of 

consummation by October 9, 2010, and 

there are no legal or regulatory barriers 

to consummation, the authority to 

abandon will automatically expire. 

Board decisions and notices are 

available on our Web site at http:// 

www.stb.dot.gov. 

Decided: October 2, 2009. 

By the Board, Rachel D. Campbell, 

Director, Office of Proceedings. 

Kulunie L. Cannon, 

Clearance Clerk. 

[FR Doc. E9–24258 Filed 10–8–09; 8:45 am] 

BILLING CODE 4915–01–P 

DEPARTMENT OF THE TREASURY 

Senior Executive Service; 

Departmental Offices Performance 

Review Board 

AGENCY: Treasury Department. 

ACTION: Notice of members of the 

Departmental Offices Performances 

Review Board. 

SUMMARY: Pursuant to 5 U.S.C. 

4314(c)(4), this notice announces the 

appointment of members of the 

Departmental Offices Performance 

Review Board (PRB). The purpose of 

this Board is to review and make 

recommendations concerning proposed 

performance appraisals, ratings, bonuses 

and other appropriate personnel actions 

for incumbents of SES positions in the 

Departmental Offices, excluding the 

Legal Division. The Board will perform 

PRB functions for other bureau 

positions if requested. 

Composition of Departmental Offices 

PRB: The Board shall consist of at least 

three members. In the case of an 

appraisal of a career appointee, more 

than half the members shall consist of 

career appointees. The names and titles 

of the Board members are as follows: 

Coloretti, Nani Ann, Deputy Assistant 

Secretary for Management and 

Budget. 

Dohner, Robert S., Deputy Assistant 

Secretary for South and East Asia. 

Duffy, Michael D., Deputy Assistant 

Secretary for Information Systems and 

Chief Information Officer. 

Fitzpayne, Alistair M., Deputy Chief of 

Staff. 

mstockstill on DSKH9S0YB1PROD with NOTICES