[Federal Register Volume 83, Number 130 (Friday, July 6, 2018)]
[Notices]
[Pages 31580-31585]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-14469]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83572; File No. SR-MSRB-2018-05]


Self-Regulatory Organizations; Municipal Securities Rulemaking 
Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule 
Change To Revise the Content Outline and Selection Specifications for 
the Series 52 Examination and To Revise the Content Outlines for the 
Series 50, Series 51 and Series 53 Examinations

June 29, 2018.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the

[[Page 31581]]

``Act'' or ``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ notice 
is hereby given that on June 25, 2018 the Municipal Securities 
Rulemaking Board (the ``MSRB'' or ``Board'') filed with the Securities 
and Exchange Commission (``Commission'') the proposed rule change as 
described in Items I, II, and III below, which Items have been prepared 
by the MSRB. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The MSRB filed with the Commission proposed (i) revisions to the 
content outline and selection specifications for the Municipal 
Securities Representative Qualification Examination (``Series 52 
exam'') \3\ to remove general securities knowledge content as part of 
modifications to the MSRB's qualification examination program; \4\ (ii) 
revisions to the content outline for the Municipal Fund Securities 
Limited Principal Qualification Examination (``Series 51 exam'') to 
reflect changes to laws, rules and regulations covered by the 
examination \5\ in response to amendments to the tax code following the 
enactment of the Jobs Act; \6\ and (iii) revisions to the content 
outlines for the Municipal Securities Principal Qualification 
Examination (``Series 53 exam'') and Municipal Advisor Representative 
Qualification Examination (``Series 50 exam'') \7\ to delete or update 
subject matter topics to reflect current references and nomenclatures 
and to update current rule citations as part of the MSRB's periodic 
review of its content outlines (collectively, the ``proposed revisions 
to the content outlines''). The MSRB is not proposing any textual 
changes to its rules.
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    \3\ The Series 52 exam selection specifications have been 
submitted to the Commission under a separate cover with a request 
for confidential treatment pursuant to SEC Rule 24b-2. The MSRB also 
is proposing corresponding revisions to the bank of examination 
questions for the Series 52 exam. The MSRB is submitting this filing 
for immediate effectiveness pursuant to Section 19(b)(3)(A) of the 
Act and Rule 19b-4(f)(1) thereunder and, based on established 
instructions from the Commission staff, is not filing the Series 52 
exam 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 otherwise available for Commission review.
    \4\ On June 8, 2018, the MSRB filed amendments to MSRB Rule G-3, 
on professional qualification requirements, to modify the MSRB's 
qualification examination program by, among other things, accepting 
the Financial Industry Regulatory Authority's (FINRA) Securities 
Industry Essentials Examination (``SIE exam'') as a prerequisite to 
qualification as a municipal securities representative and further 
tailor the Series 52 exam as a specialized knowledge exam. The SIE 
exam, a general knowledge exam, will test fundamental securities-
related knowledge, including knowledge of basic products, the 
structure and function of the securities industry, the regulatory 
agencies and their functions. See Exchange Act Release No. 83483 
(June 20, 2018) (Notice of Filing and Immediate Effectiveness) (SR-
MSRB-2018-04).
    \5\ MSRB staff reviewed the Series 51 exam bank and removed or 
updated the impacted questions relating to 529 plans and municipal 
fund securities to align with the Tax Cuts and Jobs Act of 2017 
(``Jobs Act'') effective date of January 1, 2018. Thus, because of 
the changes to the affected examination items, revisions to the 
Series 51 exam content outline are required. For example, deleting 
the term ``college'' from the phrase ``529 college savings plans'' 
to reflect that the tax code now allows for money saved in a 529 
plan to be used for qualified K-12 education expenses.
    \6\ Public Law 115-97, 131 Stat. 2054 (2017).
    \7\ In addition to these examinations, the MSRB is in the 
process of developing another professional qualification 
examination, the Municipal Advisor Principal Qualification 
Examination (Series 54 exam). The MSRB anticipates filing a proposed 
rule change regarding the development of the Series 54 exam, 
including a proposed content outline, in August 2018.
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    The proposed revisions to the content outlines have been filed for 
immediate effectiveness pursuant to Section 19(b)(3)(A) of the Act \8\ 
and Rule 19b-4(f)(1) thereunder.\9\ The implementation date for the 
revised Series 52 exam content outline and selection specifications 
will be October 1, 2018, to coincide with the modifications to the 
MSRB's qualification examination program and launch of the SIE exam, 
while the technical amendments to the content outlines for the Series 
50 exam, Series 51 exam and Series 53 exam will be announced by the 
MSRB and implemented no sooner than 30 days after filing with the SEC.
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    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(1).
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    The text of the proposed rule change is available on the MSRB's 
website at www.msrb.org/Rules-and-Interpretations/SEC-Filings/2018-Filings.aspx, at the MSRB's principal office, and at the Commission's 
Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the MSRB included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The MSRB has prepared summaries, set forth in Sections 
A, B, and C below, of the most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The MSRB is charged with setting professional qualification 
standards for brokers, dealers, and municipal securities dealers 
(collectively, ``dealers''), and municipal advisors. Specifically, 
Section 15B(b)(2)(A) of the Act 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.'' \10\ A professional qualification 
examination is intended to determine whether an individual meets the 
MSRB's required qualification standards. More specifically, the MSRB 
has developed professional qualification examinations that are designed 
to establish that persons associated with a dealer who engage in 
municipal securities activities and persons associated with a municipal 
advisor who engage in municipal advisory activities have demonstrated 
minimum levels of competence and knowledge of the municipal market 
activities they engage in, as well as the regulatory requirements 
applicable to a particular qualification category.
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    \10\ 15 U.S.C. 78o-4(b)(2)(A).
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    The content outline for each MSRB examination serves as a guide to 
the subject matter tested on the examination and prescribes the 
baseline knowledge required in each functional area that is specific to 
the role and responsibilities of associated persons. In addition, the 
MSRB provides sample questions in the content outlines that are similar 
to the type of questions that may be found on an examination. The MSRB 
periodically reviews the content outline for each examination to 
determine whether revisions are necessary or appropriate in light of 
changes to rules or rule interpretations, or subject matter covered by 
the examinations.
    The MSRB is proposing to standardize certain information that 
appears across the content outlines for the Series 50 exam, Series 51 
exam, Series 52 exam and Series 53 exam as well as to make technical 
changes to the format of each of the exam content outlines. 
Specifically, the proposed revisions applicable to each content outline 
are as follows: (i) Update the introductory

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statement to clarify the intended goal of the content outline; (ii) 
streamline details regarding the purpose of the examination and the 
review process of the examination question bank; (iii) provide 
information on the intention of pretesting questions; (iv) retire old 
sample questions and provide a new set of sample questions for each 
exam; and (v) replace the current list of reference materials with a 
list of government and self-regulatory organization websites.
    A more detailed summary of changes to the content outline for each 
examination is outlined below.

Revisions to the Current Series 52 Content Outline

    With the recently filed rule change to modify the MSRB's 
professional qualification examination program,\11\ as of October 1, 
2018, the new, restructured examination format for the Series 52 exam 
will require individuals to take and pass the SIE exam \12\ and the 
revised Series 52 exam to be qualified as a municipal securities 
representative pursuant to Rule G-3.\13\ The MSRB's Series 52/53 
Subcommittee of the Professional Qualification Advisory Committee has 
worked to revise the Series 52 exam question bank and content outline 
to reduce areas of duplication with the content to be tested on the SIE 
exam. Upon the filing of the proposed revisions to the content 
outlines, the MSRB will make available on its website, in addition to 
the current Series 52 exam content outline, the revised Series 52 exam 
content outline that will apply to the revised Series 52 exam effective 
October 1, 2018. Individuals who open an exam enrollment window prior 
to October 1, 2018 will be enrolling to take the current Series 52 
exam, whereas individuals who open an exam enrollment window on or 
after October 1, 2018 will be enrolling to take the revised Series 52 
exam as well as the SIE exam.
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    \11\ See supra note 4.
    \12\ FINRA filed the content outline for the SIE exam earlier 
this year. See Exchange Act Release No. 82578 (January 24, 2018), 83 
FR 4375 (January 30, 2018) (SR-FINRA-2018-002).
    \13\ An individual does not have to take the SIE exam before 
taking the revised Series 52 exam, but an individual will not be 
qualified as a municipal securities representative until passing 
both the SIE exam and the revised Series 52 exam.
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    The number of scored questions on the revised Series 52 exam will 
be reduced from 115 multiple-choice questions to 75 multiple-choice 
questions. Additionally, the test time, which is the amount of time 
individuals would have to complete the examination questions, will be 
reduced from three and one-half hours to two and one-half hours. As 
currently is the case, each multiple-choice question would be worth one 
point and the passing score will remain 70%.
    Below is a summary of the proposed revisions to the Series 52 exam 
content outline, which removes duplicative general knowledge content 
that will appear on the SIE exam, and updates or deletes reference 
information appearing on the outline to provide greater clarity on 
topic areas covered on the exam. As previously referenced, the 
selection specifications for the Series 52 exam submitted to the 
Commission under a separate cover describe additional confidential 
information regarding the Series 52 exam.

Contents Page

    <bullet> Subtopics area being removed under each topic header.
    <bullet> Part 2 on ``U.S. Government, Federal Agency and Other 
Financial Instruments'' is being removed; the other parts are being 
renumbered accordingly.\14\
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    \14\ The subject matter ``U.S. Government, Federal Agency and 
Other Financial Instruments'' is proposed for deletion from the 
Series 52 exam to avoid duplication of subject matter that will be 
covered on the SIE exam. See supra note 13.
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    <bullet> The following attachments: ``Attachment A: Contents of a 
Typical Notice of Bond Sale'' and ``Attachment B: Outline of a Typical 
Official Statement'' are being removed in addition to references to the 
attachments within the outline.
    <bullet> ``Reference Material'' is being revised to ``References.''

Introduction

The Examination

    <bullet> The percentages assigned to each topic on the Series 52 
exam are being adjusted due to the deletion of the topic ``U.S. 
Government, Federal Agency and Other Financial Instruments'' with the 
(4%) weighting for that topic reallocated to other topic areas; the 
revised percentages for each topic area will be: Municipal Securities--
(60%); Economic Activity, Government Policy and the Behavior of 
Interest Rates--(14%); and Securities Laws and Regulations--(26%).
    <bullet> The reference to the number of questions on the Series 52 
exam is being revised to update the number from 115 to 75 multiple-
choice questions and the time to complete the exam adjusted from 
``three and one-half hours'' to ``two and one-half hours.''
Part 1: Municipal Securities
    <bullet> The parenthetical to the topic header is being revised 
from 57% to 60%.
    <bullet> The following subtopics are being revised:
    [cir] 1.2.1.1 on ``method of quotations'' is being revised to add 
``bid/ask spread;''
    [cir] 1.3.1.2.4 the acronym ``EMMA'' is being revised to 
``Electronic Municipal Market Access website;''
    [cir] 1.3.1.2.5 on ``new issue wires'' is being revised to ``new 
issue/commitment wires;''
    [cir] 1.3.2.2 on ``information sources'' is being revised to remove 
the phrase ``alternative trading systems (ATS)'' and the phrase is 
being added to 1.3.2.3 on the subtopic of ``market participants;''
    [cir] 1.3.2.4.1 on ``kinds of transactions'' is being revised to 
add ``riskless principal;'' and
    [cir] 1.3.3.1 on ``published indices'' is being revised to add the 
abbreviation for ``ICE'' to the parenthetical for ``London Interbank 
Offered Rate.''
    <bullet> Subtopic headers 1.5.2 on ``relationship of bond prices to 
change in maturity'' and 1.5.9 on ``day-count basis of computations of 
dollar price and accrued interest'' are being removed; and the section 
renumbered accordingly.
Part 2: Economic Activity, Government Policy and the Behavior of 
Interest Rates
    <bullet> The parenthetical to the topic header is being revised 
from 13% to 14%.
    <bullet> Topic headers and subtopics are being renumbered in their 
entirety from part 3 to part 2.
    <bullet> Under the topic header ``monetary policy'' the subtopics 
on ``objectives of Federal Reserve monetary policy;'' ``operating tools 
of the Federal Reserve;'' and ``operations of the Federal Reserve'' are 
being removed.
Part 3: Securities Laws and Regulations
    <bullet> Topic headers and subtopics are being renumbered in their 
entirety from part 4 to part 3.
    <bullet> Topic headers on 4.2-4.2.2 on ``SIPC'' are being removed.
    <bullet> The following subtopics are being revised:
    [cir] 4.3.4 on ``delivery of investor brochure'' is being revised 
to ``investor and municipal advisory client education and protection;''
    [cir] 4.3.7 on ``quotations and sales reports'' is being revised to 
``quotations and reports of sales or purchases (transaction 
reporting);''
    [cir] 4.3.8 on ``confirmation, clearance, settlement and other 
uniform practice

[[Page 31583]]

requirements'' is being revised to add the parenthetical ``minimum 
denominations;'' and 4.3.10 on ``best execution'' is being revised to 
add the parenthetical ``execution quality.''
    <bullet> Topic headers 4.3.25 on ``calculations;'' 4.3.29 on 
``telemarketing;'' and 4.3.30 on ``anti-money laundering compliance 
program'' are being removed.

Revisions to Other MSRB Content Outlines

    Below is a summary of the proposed revisions to the content 
outlines for the Series 50 exam, Series 51 exam and Series 53 exam as 
part of the MSRB's periodic review of the content outlines for its 
examinations. The proposed revisions to the content outlines are 
technical in nature to delete or update topics to reflect current 
references and nomenclatures and to update current rule requirements 
and citations where identified. The proposed revisions to the content 
outlines for the Series 50 exam, Series 51 exam and Series 53 exam do 
not alter the content, specifications or scoring of these examinations.

Municipal Fund Securities Representative Examination--Series 51

Introduction

    <bullet> Footnote 1 referencing Rule D-12 is being removed.
Part 2: Product Knowledge
    <bullet> Subtopic header 2.3.2 on ``529 college savings plans'' is 
being revised to ``529 savings plans.''
    <bullet> Under the subtopic header 2.3.2.1 on ``federal tax law 
issues'' the term ``higher'' is being removed as part of the 
explanatory description.
    <bullet> Under the subtopic header 2.3.3 on ``education savings 
alternatives'' the term `UGMA'' is being removed as part of the 
explanatory description.
Part 3: General Supervision
    <bullet> Topic header 3.2 on ``availability of MSRB rules'' is 
being revised to ``availability of Board rules.''
Part 4: Fair Practice and Conflicts of Interest
    <bullet> Subtopic header 4.3.1 on ``fair dealing'' is being revised 
to ``conduct of municipal securities and municipal advisory 
activities.''
Part 5: Sales Supervision
    <bullet> Subtopic header 5.5.3 on ``delivery of MSRB investor 
brochure'' is being revised to ``investor and municipal advisory client 
education and protection.''
Part 7: Operations
    <bullet> The following subtopics are being revised:
    [cir] 7.1 on ``confirmation of transactions'' is being revised to 
``confirmation, clearance, settlement and other uniform practice 
requirements with respect to transactions with customers;'' and
    [cir] 7.3 on ``books and records'' is being revised to ``books and 
records to be made by brokers, dealers, and municipal securities 
dealers and municipal advisors.''

Municipal Securities Principal Examination--Series 53

Introduction

    <bullet> Footnote 1 on referenced MSRB rules is being removed and 
all other footnotes renumbered.
Part 2: General Supervision
    <bullet> The following subtopics are being revised:
    [cir] 2.2.1.5. on ``classification of principals and 
representatives and qualification requirements'' is being revised to 
``professional qualification requirements;''
    [cir] 2.4.1.1 on ``fair dealing rule'' is being revised to 
``conduct of municipal securities and municipal advisory activities;''
    [cir] 2.4.3 on ``gifts and gratuities'' is being revised to 
``gifts, gratuities, non-cash compensation and expenses of issuance;'' 
and
    [cir] 2.4.4 on ``political contributions and prohibition from 
engaging in municipal securities business'' is being revised to 
``political contributions and prohibitions on municipal securities 
business.''
    <bullet> Under the subtopic header 2.4.6.4 on ``product 
advertisements for municipal fund securities'' the term ``college'' is 
being removed from the parenthetical phrase ``including 529 college 
savings plans.''
Part 3: Sales Supervision
    <bullet> The following subtopics are being revised:
    [cir] 3.3.4 on ``sophisticated municipal market professionals 
(SMMP)'' is being revised to ``transactions with sophisticated 
municipal market professionals (SMMP);''
    [cir] 3.4.5 on ``prohibition against reciprocal dealings with 
municipal securities investment companies'' is being revised to 
``reciprocal dealings with municipal securities investment companies;'' 
and
    [cir] 3.6.3 on ``delivery of investor brochure'' is being revised 
to ``investor and municipal advisory client education and protection.''
Part 4: Origination and Syndication
    <bullet> The following subtopics are being revised:
    [cir] 4.1 on ``financial advisors'' is being revised to 
``activities of financial advisors;''
    [cir] 4.2. on ``new issue syndicate practices'' is being revised to 
``primary offering practices;''
    [cir] 4.2.3 on ``disclosures in connection with new issues'' is 
being revised to ``disclosures in connection with primary offerings;'' 
and
    [cir] 4.2.3.2 on ``underwriter submissions to EMMA'' is revised to 
spell out ``EMMA'' as ``Electronic Municipal Market Access.''
Part 5: Trading
    <bullet> The subtopic header 5.5 on ``recordkeeping 
responsibilities'' is being revised to ``books and records to be made 
by brokers, dealers, municipal securities dealers and municipal 
advisors.''
Municipal Advisor Representative Examination--Series 50
    <bullet> Section headers revised from ``function'' to ``part;'' 
references to ``college'' removed from ``529 savings plans.''
Eligibility Requirements
    <bullet> The sentence, ``In order to register for the Series 50 
examination, a candidate must be associated with a municipal advisor 
firm that is registered with both the Securities and Exchange 
Commission and the MSRB'' is being removed to reflect changes in 
processes post-September 12, 2017.
    More specifically, the above referenced sentence refers to the 
eligibility requirement that was put into place during the period in 
which persons were able to engage in municipal advisory activities on 
behalf of a municipal advisor prior to being qualified as a municipal 
advisor representative. Currently, an individual must take and pass the 
Series 50 exam prior to engaging in municipal advisory activities on 
behalf of a municipal advisor.\15\
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    \15\ See FAQs on Municipal Advisor Professional Qualification 
and Examination Requirements (May 2018). 
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    As noted above, the MSRB has designated the proposed revisions to 
the content outlines for immediate effectiveness. The implementation 
date for the revised Series 52 exam content outline and selection 
specifications will be October 1, 2018, to coincide with the 
modifications to the MSRB's qualification examination program, while 
the technical amendments to the

[[Page 31584]]

content outlines for the Series 50 exam, Series 51 exam and Series 53 
exam will be announced by the MSRB and implemented no sooner than 30 
days after filing with the SEC.

2. Statutory Basis

    The MSRB believes that the proposed revisions to the content 
outlines are consistent with Section 15B(b)(2)(A) of the Act,\16\ 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'' and Section 
15B(b)(2)(C) of the Act,\17\ which requires, among other things, that 
MSRB rules ``be designed to prevent fraudulent and manipulative acts 
and practices, to promote just and equitable principles of trade, . . . 
and, in general, to protect investors, municipal entities, obligated 
persons, and the public interest. . .'' Section 15B(b)(2)(A) of the Act 
\18\ provides the MSRB with authority to establish standards of 
competence. The MSRB's professional qualification examinations are 
designed to measure knowledge of the business activities and the 
regulatory requirements, including MSRB rules, rule interpretations and 
federal law, applicable to a particular qualification category.
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    \16\ 15 U.S.C. 78o-4(b)(2)(A).
    \17\ 15 U.S.C. 78o-4(b)(2)(C).
    \18\ 15 U.S.C. 78o-4(b)(2)(A).
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    The proposed revisions to the Series 52 exam content outline and 
selection specifications are consistent with Section 15B(b)(2)(A) of 
the Act \19\ because ensuring the Series 52 exam is uniquely tailored 
to the relevant laws, rules and regulations of the municipal securities 
market ensures that municipal securities representatives attain a 
specified level of competence that would be appropriate and in 
furtherance of the public interest. Additionally, removal of the 
general securities knowledge content currently on the Series 52 exam 
would provide the MSRB with greater flexibility to adapt the Series 52 
exam to more specifically address municipal securities knowledge and, 
in doing so, deepening municipal professionals' knowledge base in the 
interest of investor protection. Also, proposed revisions to the 
content outlines for MSRB-owned examinations (the Series 50 exam, 
Series 51 exam and Series 53 exam) to reflect current references and 
nomenclatures and to update current rule requirements and citations 
where identified are likewise consistent with the purpose of Section 
15B(b)(2)(A) of the Act \20\ because providing individuals with a 
current guide to the subject matter covered on the examinations can aid 
individuals' preparation for such professional qualification 
examinations and facilitates standards of competence in furtherance of 
the public interest.
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    \19\ Id.
    \20\ Id.
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    The proposed revisions to the Series 52 exam content outline 
together with the MSRB's larger effort to modify its current 
qualification program are designed to achieve the stated objective of 
Section 15B(b)(2)(C) of the Act \21\ to foster the prevention of 
fraudulent practices by enhancing the overall professional 
qualification program and establishing standards for professionals in 
the municipal securities market. Additionally, ensuring municipal 
securities professionals are familiar with the rules and regulations 
that would be applicable to their role and responsibilities in the 
municipal securities market is in furtherance of and consistent with 
Section 15B(b)(2)(C) of the Act \22\ to facilitate the prevention of 
fraudulent practices.
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    \21\ 15 U.S.C. 78o-4(b)(2)(C).
    \22\ Id.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The MSRB does not believe that the proposed revisions to the 
content outlines will result in any burden on competition that is not 
necessary or appropriate in furtherance of the purposes of the Act. The 
proposed revisions to the Series 52 exam content outline and changes to 
the selection specifications for the Series 52 exam to reflect a more 
tailored Series 52 exam would ensure the standard for qualification 
remains robust to maintain an efficient and effective qualification 
examination program. Additionally, the proposed revisions to the 
content outlines for the Series 50 exam, Series 51 exam and Series 53 
exam remain in alignment with the functions and associated tasks 
currently performed by municipal securities representatives, municipal 
fund securities limited principals, municipal securities principals and 
municipal advisor representatives as well as serve as a guide to the 
subject matter tested on the examinations with respect to the relevant 
laws, rules and regulations. Additionally, the proposed revisions to 
the content outlines for the Series 50 exam, Series 51 exam and Series 
53 exam do not alter the content, specifications or scoring of these 
examinations.

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 foregoing proposed rule change has become effective pursuant to 
Section 19(b)(3)(A) of the Act \23\ and paragraph (f)(1) of Rule 19b-4 
thereunder.\24\ At any time within 60 days of the filing of the 
proposed rule change, the Commission summarily may temporarily suspend 
such rule change if it appears to the Commission that such action is 
necessary or appropriate in the public interest, for the protection of 
investors, or otherwise in furtherance of the purposes of the Act.
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    \23\ 15 U.S.C. 78s(b)(3)(A).
    \24\ 17 CFR 240.19b-4(f)(1).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

    <bullet> Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
    <bullet> Send an email to <a href="/cdn-cgi/l/email-protection#5220273e377f313d3f3f373c2621122137317c353d24"><span class="__cf_email__" data-cfemail="0c7e796069216f6361616962787f4c7f696f226b637a">[email protected]</span></a>. Please include 
File Number SR-MSRB-2018-05 on the subject line.

Paper Comments

    <bullet> Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE, Washington, DC 20549.

All submissions should refer to File Number SR-MSRB-2018-05. 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

[[Page 31585]]

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-2018-05 and should be 
submitted on or before July 27, 2018.
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    \25\ 17 CFR 200.30-3(a)(12).

    For the Commission, pursuant to delegated authority.\25\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-14469 Filed 7-5-18; 8:45 am]
 BILLING CODE 8011-01-P


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