31580 Federal Register / Vol. 83, No. 130 / Friday, July 6, 2018 / Notices 

investment company. On September 29, 

2017, applicant made a liquidating 

distribution to its shareholders, based 

on net asset value. Expenses of $51,000 

incurred in connection with the 

liquidation were paid by the applicant. 

Filing Dates: The application was 

filed on May 30, 2018, and amended on 

June 14, 2018. 

Applicant’s Address: c/o Morgan 

Stanley Investment Management Inc., 

522 Fifth Avenue, New York, New York 

10036. 

Oppenheimer Global Multi-Alternatives 

Fund [File No. 811–22760] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. On March 9, 2018, 

applicant made a liquidating 

distribution to its shareholders, based 

on net asset value. Expenses of $11,608 

incurred in connection with the 

liquidation were paid by the applicant’s 

investment adviser. 

Filing Date: The application was filed 

on June 6, 2018. 

Applicant’s Address: 6803 S. Tucson 

Way Centennial, Colorado 80112. 

Oppenheimer Global Multi Strategies 

Fund [File No. 811–21918] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. On March 16, 

2018, applicant made a liquidating 

distribution to its shareholders, based 

on net asset value. Expenses of $14,223 

incurred in connection with the 

liquidation were paid by the applicant’s 

investment adviser. 

Filing Date: The application was filed 

on June 12, 2018. 

Applicant’s Address: 6803 S. Tucson 

Way Centennial, Colorado 80112. 

Oppenheimer Rochester Maryland 

Municipal Fund [File No. 811–21878] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. On March 23, 

2018, applicant made a liquidating 

distribution to its shareholders, based 

on net asset value. Expenses of 

approximately $11,480 incurred in 

connection with the liquidation were 

paid by the applicant’s investment 

adviser. 

Filing Date: The application was filed 

on June 12, 2018. 

Applicant’s Address: 6803 S. Tucson 

Way Centennial, Colorado 80112. 

Oppenheimer Rochester Virginia 

Municipal Fund [File No. 811–21884] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. On March 23, 

2018, applicant made a liquidating 

distribution to its shareholders, based 

on net asset value. Expenses of 

approximately $12,230 incurred in 

connection with the liquidation were 

paid by the applicant’s investment 

adviser. 

Filing Date: The application was filed 

on June 12, 2018. 

Applicant’s Address: 6803 S. Tucson 

Way Centennial, Colorado 80112. 

PNMAC Mortgage Opportunity Fund, 

LLC [File No. 811- 22229] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. The applicant is 

liquidating and will make a final 

distribution, promptly following its 

deregistration, on the basis of net assets 

and pro rata based on share ownership 

after payment of any liabilities or 

expenses in connection with the 

liquidation. Expenses of $10,000 

incurred in connection with the 

liquidation have been paid by the 

applicant. Applicant also has retained 

approximately $1.3 million for the 

purpose of paying liabilities and 

expenses incurred in connection with 

the liquidation. 

Filing Dates: The application was 

filed on May 23, 2018, and amended on 

June 20, 2018 and June 29, 2018. 

Applicant’s Address: 3043 Townsgate 

Road, Westlake Village, California 

91361. 

PNMAC Mortgage Opportunity Fund LP 

[File No. 811- 22228] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. The applicant is 

liquidating and will make a final 

distribution, promptly following its 

deregistration, on the basis of net assets 

and pro rata based on share ownership 

after payment of any liabilities or 

expenses in connection with the 

liquidation. Expenses of $10,000 

incurred in connection with the 

liquidation have been paid by the 

applicant. Applicant also has retained 

approximately $1.2 million for the 

purpose of paying liabilities and 

expenses incurred in connection with 

the liquidation. 

Filing Dates: The application was 

filed on May 23, 2018, and amended on 

June 20, 2018. 

Applicant’s Address: 3043 Townsgate 

Road, Westlake Village, California 

91361. 

Triloma EIG Energy Income Fund [File 

No. 811–23040] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. On May 15, 2018, 

applicant made a liquidating 

distribution to its shareholders, based 

on net asset value. Expenses of $443,746 

incurred in connection with the 

liquidation were paid by the applicant 

and the applicant’s investment adviser 

and/or an affiliate thereof. Applicant 

has retained $121,293 in cash and cash 

equivalents for the purpose of paying 

claims and obligations of the fund. 

Filing Dates: The application was 

filed on May 23, 2018, and amended on 

June 13, 2018. 

Applicant’s Address: 201 North New 

York Avenue, Suite 200, Winter Park, 

Florida 32789. 

Triloma EIG Energy Income Fund— 

Term I [File No. 811–23032] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. On May 15, 2018, 

applicant made a liquidating 

distribution to its shareholders, based 

on net asset value. Expenses of $393,746 

incurred in connection with the 

liquidation were paid by the applicant 

and the applicant’s investment adviser 

and/or an affiliate thereof. Applicant 

has retained $108,294 in cash and cash 

equivalents for the purpose of paying 

claims and obligations of the fund. 

Filing Dates: The application was 

filed on May 23, 2018, and amended on 

June 13, 2018. 

Applicant’s Address: 201 North New 

York Avenue, Suite 200, Winter Park, 

Florida 32789. 

For the Commission, by the Division of 

Investment Management, pursuant to 

delegated authority. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–14458 Filed 7–5–18; 8:45 am] 

BILLING CODE 8011–01–P 

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 


daltland on DSKBBV9HB2PROD with NOTICES
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1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3The 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. 

4On 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). 

5MSRB 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. 

6Public 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. 

8 15 U.S.C. 78s(b)(3)(A). 

9 17 CFR 240.19b–4(f)(1). 10 15 U.S.C. 78o–4(b)(2)(A). 

‘‘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. 

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. 

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. 

The text of the proposed rule change 

is available on the MSRB’s website at 

www.msrb.org/Rules-andInterpretations/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. 

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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11See supra note 4. 

12FINRA 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). 

13An 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. 

14The 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. 

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. 

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 

• Subtopics area being removed 

under each topic header. 

• Part 2 on ‘‘U.S. Government, 

Federal Agency and Other Financial 

Instruments’’ is being removed; the 

other parts are being renumbered 

accordingly.14

• 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. 

• ‘‘Reference Material’’ is being 

revised to ‘‘References.’’ 

Introduction 

The Examination 

• 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%). 

• 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 

• The parenthetical to the topic 

header is being revised from 57% to 

60%. 

• The following subtopics are being 

revised: 

Æ 1.2.1.1 on ‘‘method of quotations’’ 

is being revised to add ‘‘bid/ask 

spread;’’ 

Æ 1.3.1.2.4 the acronym ‘‘EMMA’’ is 

being revised to ‘‘Electronic Municipal 

Market Access website;’’ 

Æ 1.3.1.2.5 on ‘‘new issue wires’’ is 

being revised to ‘‘new issue/ 

commitment wires;’’ 

Æ 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;’’ 

Æ 1.3.2.4.1 on ‘‘kinds of transactions’’ 

is being revised to add ‘‘riskless 

principal;’’ and 

Æ 1.3.3.1 on ‘‘published indices’’ is 

being revised to add the abbreviation for 

‘‘ICE’’ to the parenthetical for ‘‘London 

Interbank Offered Rate.’’ 

• 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 

• The parenthetical to the topic 

header is being revised from 13% to 

14%. 

• Topic headers and subtopics are 

being renumbered in their entirety from 

part 3 to part 2. 

• 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 

• Topic headers and subtopics are 

being renumbered in their entirety from 

part 4 to part 3. 

• Topic headers on 4.2–4.2.2 on 

‘‘SIPC’’ are being removed. 

• The following subtopics are being 

revised: 

Æ 4.3.4 on ‘‘delivery of investor 

brochure’’ is being revised to ‘‘investor 

and municipal advisory client education 

and protection;’’ 

Æ 4.3.7 on ‘‘quotations and sales 

reports’’ is being revised to ‘‘quotations 

and reports of sales or purchases 

(transaction reporting);’’ 

Æ 4.3.8 on ‘‘confirmation, clearance, 

settlement and other uniform practice 


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15See FAQs on Municipal Advisor Professional 

Qualification and Examination Requirements (May 

2018). 

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.’’ 

• Topic headers 4.3.25 on 

‘‘calculations;’’ 4.3.29 on 

‘‘telemarketing;’’ and 4.3.30 on ‘‘antimoney 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 

• Footnote 1 referencing Rule D–12 is 

being removed. 

Part 2: Product Knowledge 

• Subtopic header 2.3.2 on ‘‘529 

college savings plans’’ is being revised 

to ‘‘529 savings plans.’’ 

• 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. 

• 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 

• 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 

• Subtopic header 4.3.1 on ‘‘fair 

dealing’’ is being revised to ‘‘conduct of 

municipal securities and municipal 

advisory activities.’’ 

Part 5: Sales Supervision 

• 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 

• The following subtopics are being 

revised: 

Æ 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 

Æ 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 

• Footnote 1 on referenced MSRB 

rules is being removed and all other 

footnotes renumbered. 

Part 2: General Supervision 

• The following subtopics are being 

revised: 

Æ 2.2.1.5. on ‘‘classification of 

principals and representatives and 

qualification requirements’’ is being 

revised to ‘‘professional qualification 

requirements;’’ 

Æ 2.4.1.1 on ‘‘fair dealing rule’’ is 

being revised to ‘‘conduct of municipal 

securities and municipal advisory 

activities;’’ 

Æ 2.4.3 on ‘‘gifts and gratuities’’ is 

being revised to ‘‘gifts, gratuities, noncash compensation and expenses of 

issuance;’’ and 

Æ 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.’’ 

• 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 

• The following subtopics are being 

revised: 

Æ 3.3.4 on ‘‘sophisticated municipal 

market professionals (SMMP)’’ is being 

revised to ‘‘transactions with 

sophisticated municipal market 

professionals (SMMP);’’ 

Æ 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 

Æ 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 

• The following subtopics are being 

revised: 

Æ 4.1 on ‘‘financial advisors’’ is being 

revised to ‘‘activities of financial 

advisors;’’ 

Æ 4.2. on ‘‘new issue syndicate 

practices’’ is being revised to ‘‘primary 

offering practices;’’ 

Æ 4.2.3 on ‘‘disclosures in connection 

with new issues’’ is being revised to 

‘‘disclosures in connection with primary 

offerings;’’ and 

Æ 4.2.3.2 on ‘‘underwriter 

submissions to EMMA’’ is revised to 

spell out ‘‘EMMA’’ as ‘‘Electronic 

Municipal Market Access.’’ 

Part 5: Trading 

• 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 

• Section headers revised from 

‘‘function’’ to ‘‘part;’’ references to 

‘‘college’’ removed from ‘‘529 savings 

plans.’’ 

Eligibility Requirements 

• 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

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 


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31584 Federal Register / Vol. 83, No. 130 / Friday, July 6, 2018 / Notices 

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). 

19 Id. 

20 Id. 

21 15 U.S.C. 78o–4(b)(2)(C). 

22 Id. 

23 15 U.S.C. 78s(b)(3)(A). 

24 17 CFR 240.19b–4(f)(1). 

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. 

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. 

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. 

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. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

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

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

MSRB–2018–05 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549. 

All submissions should refer to File 

Number SR–MSRB–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 


daltland on DSKBBV9HB2PROD with NOTICES
Federal Register / Vol. 83, No. 130 / Friday, July 6, 2018 / Notices 31585 

25 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4NMS Stock is defined in Rule 600 of Regulation 

NMS, 17 CFR 242.600(b)(47). 

5See, Securities Exchange Act Release No. 80214 

(March 10, 2017), 82 FR 14050 (March 16, 2017) 

(SR–NYSE–2016–44) (Approval Order) (‘‘NYSE ETP 

Listing Rules Filing’’). In connection with the 

Exchange’s implementation of Pillar for Tape B and 

C securities, NYSE filed several additional rule 

changes. See Securities Exchange Act Release Nos. 

76803 (December 30, 2015), 81 FR 536 (January 6, 

2016) (SR–NYSE–2015–67) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change); 

81225 (July 27, 2017), 82 FR 36033 (August 2, 2017) 

(SR–NYSE–2017–35) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change); 

and 82945 (March 26, 2018), 83 FR 13553 (March 

29, 2018) (SR–NYSE–2017–36) (Approval Order) 

(‘‘NYSE Trading Rules Filing’’). 

6See id. NYSE ETP Listing Rules Filing. 

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. 

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 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83560; File No. SR–NYSE– 

2018–30] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing of Proposed Rule Change To 

Provide for the Listing of Exchange 

Traded Products With No Component 

NMS Stock Listed on the Exchange, 

Amend Its Rules Regarding Unlisted 

Trading Privileges, and Make 

Corresponding Changes 

June 29, 2018. 

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

Securities Exchange Act of 1934 

(‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on June 15, 

2018, New York Stock Exchange LLC 

(‘‘NYSE’’ or the ‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the self-regulatory 

organization. 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 Exchange proposes to to [sic] 

amend its rules to (1) provide for the 

listing of exchange traded products 

(‘‘ETPs’’) that do not have any 

component NMS Stock 4 that is listed on 

the Exchange or that is based on, or 

represents an interest in, an underlying 

index or reference asset that includes an 

NMS Stock listed on the Exchange; (2) 

delete certain redundant listing rules 

that would be superseded by these 

initial and continued listing and trading 

requirements for the listing of ETPs; and 

(3) make changes to its unlisted trading 

privileges (‘‘UTP’’) Rule 5.1(a)(2), as 

well as certain supplementary changes 

throughout Rules 5P and 8P, to conform 

to the rules of the Exchange’s affiliate, 

NYSE National, Inc. (‘‘NYSE National’’). 

The proposed rule change is available 

on the Exchange’s website at 

www.nyse.com, at the principal office of 

the Exchange, 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 

self-regulatory organization 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 those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

set forth in sections A, B, and C below, 

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend its 

rules to provide for the listing of 

Exchange Traded Products (‘‘ETPs’’) 

that do not have any component NMS 

Stock that is listed on the Exchange or 

that is based on, or represents an 

interest in, an underlying index or 

reference asset that includes an NMS 

Stock listed on the Exchange; (2) delete 

certain redundant listing rules that 

would be superseded by these initial 

and continued listing and trading 

requirements for the listing of ETPs; and 

(3) make changes to its unlisted trading 

privileges (‘‘UTP’’) Rule 5.1(a)(2), as 

well as certain supplementary changes 

throughout Rules 5P and 8P, to conform 

to the rules of the Exchange’s affiliate, 

NYSE National, Inc. (‘‘NYSE National’’). 

Background 

Currently, the Exchange trades ETPs 

on an UTP basis only pursuant to Rules 

5P and 8P.5 In the NYSE ETP Listing 

Rules Filing, the Exchange represented 

that Rules 5P and 8P would contain 

initial and continued listing and trading 

requirements for ETPs, but that they 

would apply only to the trading 

pursuant to UTP of ETPs on the 

Exchange.6 Accordingly, the Exchange 

included preambles to both Rules 5P 

and 8P that provide that ‘‘the provisions 

of this Rule [5P/8P] shall apply to the 

trading pursuant to UTP of Exchange 

Traded Products on the Exchange. This 

Rule [5P/8P] shall not apply to the 

listing of Exchange Traded Products on 

the Exchange.’’ Rule 5.1(a)(1), which 

was adopted in the NYSE ETP Listing 

Rules Filing, further provides that ‘‘the 

provisions of Rules 5P and 8P that 

permit the listing of Exchange Traded 

Products would not be effective until 

the Exchange files a proposed rule 

change to amend its rules to comply 

with Rules 10A–3 and 10C–1 under the 

Exchange Act and to incorporate 

qualitative listing criteria, and such 

proposed rule change is approved by the 

Commission.’’ Because Rules 5P and 8P 

were designed to support the trading of 

ETPs on a UTP basis only, the Exchange 

did not change any of its rules relating 

to the listing of ETPs. 

Proposed Rule Changes To Provide for 

Listing of Certain ETPs 

The Exchange is proposing to list 

certain ETPs. Specifically, the Exchange 

proposes to list ETPs that meet the 

requirements of Rules 5P and 8P, 

provided such ETPs do not have any 

component NMS Stock that is listed on 

the Exchange or that is based on, or 

represents an interest in, an underlying 

index or reference asset that includes an 


daltland on DSKBBV9HB2PROD with NOTICES