14574 Federal Register / Vol. 77, No. 48 / Monday, March 12, 2012 / Notices 

10The MSRB notes that purchasers may be 

subject to proprietary rights of third parties in 

information provided by such third parties that is 

made available through the purchase agreement. 11 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3EMMA is a facility of the MSRB for receiving 

electronic submissions of municipal securities 

disclosure and other key documents and related 

information and for making such documents and 

information available to the public, at no charge on 

a Web portal or by paid subscription feed. 

additional avenue for obtaining 

information that is submitted to the 

EMMA short-term obligation rate 

transparency service. Broad access to 

the information collected by the SHORT 

System, in addition to the public access 

through the EMMA short-term 

obligation rate transparency service web 

portal, should further assist in 

preventing fraudulent and manipulative 

acts and practices by improving the 

opportunity for public investors to 

access material information about 

SHORT System disclosure information. 

The proposed rule change also provides 

for commercially reasonable fees to 

partially offset costs associated with 

operating the SHORT System and 

producing and disseminating 

information products to purchasers. 

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 Exchange Act since it 

will apply equally to all persons who 

choose to purchase 10 the SHORT 

Historical Data Product, and those who 

choose not to pay the charge may view 

the same information for free on the 

EMMA Web site. 

C. Self-Regulatory Organization’s 

Statement on Comments Received on 

the Proposed Rule Change by Members, 

Participants, or Others 

Written comments were neither 

solicited nor received on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding or 

(ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

(A) by order approve or disapprove 

such proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

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 email to rulecomments@sec.gov. Please include File 

Number SR–MSRB–2012–03 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–2012–03. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

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

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

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

available for Web site viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE., 

Washington, DC 20549, on official 

business days between the hours of 10 

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

also will be available for inspection and 

copying at the MSRB’s offices. All 

comments received will be posted 

without change; the Commission does 

not edit personal identifying 

information from submissions. You 

should submit only information that 

you wish to make available publicly. All 

submissions should refer to File 

Number SR–MSRB–2012–03 and should 

be submitted on or before April 2, 2012. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–5906 Filed 3–9–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66522; File No. SR–MSRB– 

2012–02] 

Self-Regulatory Organizations; 

Municipal Securities Rulemaking 

Board; Notice of Filing of Proposed 

Rule Change Consisting of 

Establishment of Historical Data 

Subscription from Submissions to the 

MSRB Electronic Municipal Market 

Access System (‘‘EMMA’’) 

March 6, 2012. 

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

Securities Exchange Act of 1934 (the 

‘‘Exchange Act’’) 1 and Rule 19b–4 

thereunder,2 notice is hereby given that 

on February 27, 2012, the Municipal 

Securities Rulemaking Board (‘‘MSRB’’) 

filed with the Securities and Exchange 

Commission (‘‘SEC’’ or ‘‘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 has filed with the SEC a 

proposed rule change to establish a 

subscription containing historical 

documents and data obtained from 

submissions to the MSRB Electronic 

Municipal Market Access System 

(EMMA®).3

The text of the proposed rule change 

is available on the MSRB’s Web site at 

http://www.msrb.org/Rules-andInterpretations/SEC-Filings/2012- 

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 


pmangrum on DSK3VPTVN1PROD with NOTICES
Federal Register / Vol. 77, No. 48 / Monday, March 12, 2012 / Notices 14575 

4See Exchange Act Release No. 59966 (May 21, 

2009). 

5See Exchange Act Release No. 59061 (December 

5, 2008). 

6The Primary Market Disclosure Subscription 

Service provides subscribers all primary market 

disclosure documents, including official statements, 

preliminary official statements, advance refunding 

documents (‘‘primary market disclosure 

documents’’), and any amendments thereto, 

together with related indexing information, 

provided by submitters through EMMA, for an 

annual fee of $20,000. 

7The Continuing Disclosure Subscription Service 

provides subscribers all continuing disclosure 

documents, together with related indexing 

information, provided by submitters through 

EMMA, for an annual fee of $45,000. 

8The EMMA Primary Market Subscriber Manual 

provides a complete, up-to-date listing of all data 

elements made available through the EMMA 

Primary Market Disclosure Subscription Service. 

The primary market disclosure documents and data 

elements provided in the Primary Market 

Disclosure Historical Product are the same as those 

currently provided in the EMMA Primary Market 

Disclosure Subscription Service. 

9The EMMA Continuing Disclosure Subscriber 

Manual provides a complete, up-to-date listing of 

all data elements made available through the 

EMMA Continuing Disclosure Subscriber Manual. 

The continuing disclosure documents and data 

elements provided in the Continuing Disclosure 

Historical Product are the same as those currently 

provided in the EMMA Continuing Disclosure 

Subscription Service. 

10The MSRB will choose an appropriate physical 

medium for delivering the EMMA primary market 

disclosure historical product based upon the 

quantity of data included in a data set and 

technological advances in physical media. 

11Purchasers would be subject to all of the terms 

of the MSRB Historical Product Purchase 

Agreement to be entered into between the MSRB 

and each purchaser, including terms relating to the 

proprietary and intellectual property rights of third 

parties in information provided by such third 

parties that is made available through the products. 

12The purchase price does not include sales tax 

as required by Virginia state law. The purchase 

price is a one-time charge for the Primary Market 

Disclosure and Continuing Disclosure Historical 

Products, as applicable, and will not include any 

future additions or enhancements that may be 

added to the data. The MSRB could, in its 

discretion, waive or reduce the purchase price for 

not-for-profit organizations that desire the product 

for non-profit or research purposes consistent with 

their stated charitable or other public purpose. 

13The MSRB could, in its discretion, waive or 

reduce the product set-up fee(s) for not-for-profit 

organizations that desire the product for non-profit 

or research purposes consistent with their stated 

charitable or other public purpose. 

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 

In June 2009, the MSRB implemented 

an electronic system for free public 

access to primary market disclosure 

documents and related information for 

the municipal securities market through 

EMMA (the ‘‘Primary Market Disclosure 

Service’’).4 In July 2009, the MSRB 

implemented a permanent continuing 

disclosure service to receive electronic 

submissions of, and make publicly 

available access to, continuing 

disclosure documents and related 

information through EMMA (the 

‘‘Continuing Disclosure Service’’).5

EMMA provides subscription services, 

including the Primary Market 

Disclosure Subscription Service 6 and 

the Continuing Disclosure Subscription 

Service, that make documents and 

related indexing information available 

on a current basis to subscribers through 

a real-time data stream.7 The proposed 

rule change would clarify that 

subscribers to the Primary Market 

Disclosure Service and Continuing 

Disclosure Service would be able to 

access historical data for the most recent 

six months on a daily rolling basis and 

establish purchase agreements for 

historical products consisting of twelve 

consecutive complete month data sets of 

the documents and related indexing 

information obtained through 

submissions to the Primary Market 

Disclosure Service (the ‘‘Primary Market 

Disclosure Historical Product’’) received 

since June 1, 2009 8 and submissions to 

the Continuing Disclosure Service (the 

‘‘Continuing Disclosure Historical 

Product’’) received since July 1, 2009.9

The purpose of the proposed rule 

change is to provide historical products 

for the Primary Market Disclosure and 

Continuing Disclosure Subscription 

Services, which are currently only 

available on a current basis through the 

real-time data stream. 

The Primary Market Disclosure 

Historical Product and the Continuing 

Disclosure Historical Product would be 

made available to purchasers in 

electronic format using a physical 

medium (such as an optical disc, flash 

memory card or external hard drive),10

pursuant to the terms of the MSRB 

Historical Product Purchase Agreement, 

which would be executed by purchasers 

prior to delivery of either historical 

product.11 The MSRB proposes to 

charge $10,000 for any twelve 

consecutive complete month data set for 

the Primary Market Disclosure 

Historical Data Product and $22,500 for 

any twelve consecutive complete month 

data set for the Continuing Disclosure 

Historical Data Product.12 In general, no 

smaller data sets for either historical 

product will be made available. A onetime set-up fee of $2,000 (the ‘‘set-up 

fee’’) would be charged to new 

purchasers of the Primary Market 

Disclosure and Continuing Disclosure 

Historical Products, unless the 

purchaser subscribes to an MSRB 

Subscription Service, including, but not 

limited to, the MSRB Real-Time 

Transaction Data Subscription Service, 

Comprehensive Transaction Data 

Subscription Service, Short-Term 

Obligation Rate Transparency 

Subscription Service, Primary Market 

Disclosure Subscription Service, or the 

Continuing Disclosure Subscription 

Service, or has previously purchased a 

historical product.13

2. Statutory Basis 

The MSRB has adopted the proposed 

rule change pursuant to Section 

15B(b)(2)(C) of the Exchange Act, which 

provides that MSRB’s rules shall: 

Be designed to prevent fraudulent and 

manipulative acts and practices, to promote 

just and equitable principles of trade, to 

foster cooperation and coordination with 

persons engaged in regulating, clearing, 

settling, processing information with respect 

to, and facilitating transactions in municipal 

securities and municipal financial products, 

to remove impediments to and perfect the 

mechanism of a free and open market in 

municipal securities and municipal financial 

products, and, in general, to protect 

investors, municipal entities, obligated 

persons, and the public interest; and 

The MSRB has also adopted the 

proposed rule change pursuant to 

Section 15B(b)(3)(B)(ii) of the Exchange 

Act, which provides that the MSRB 

shall: 

Not be prohibited from charging 

commercially reasonable fees for automated 

subscription-based feeds or similar services, 

or for charging for other data or documentbased services customized upon request of 

any person, made available to commercial 

enterprises, municipal securities market 

professionals, or the general public, whether 

delivered through the Internet or any other 

means, that contain all or part of the 

documents or information, subject to 

approval of the fees by the Commission 

under section 19(b). 

The MSRB believes that the proposed 

rule change is consistent with the 

Exchange Act. The proposed rule 

change would establish a subscription 

service that would make information 

collected by EMMA’s Primary Market 

Disclosure Service and the Continuing 

Disclosure Service available to market 

participants through an additional 

avenue. Broad access to the information 

collected by EMMA, in addition to the 

public access through the EMMA Web 

portal, should further assist in 

preventing fraudulent and manipulative 

acts and practices by improving the 

opportunity for public investors to 

access material information about 

primary market disclosure information 

and continuing disclosure information. 

The proposed rule change also provides 

for commercially reasonable fees to 


pmangrum on DSK3VPTVN1PROD with NOTICES
14576 Federal Register / Vol. 77, No. 48 / Monday, March 12, 2012 / Notices 

14The MSRB notes that purchasers may be 

subject to proprietary rights of third parties in 

information provided by such third parties that is 

made available through the purchase agreement. 15 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(3). 

partially offset costs associated with 

operating the Primary Market and 

Continuing Disclosure Services of 

EMMA and producing and 

disseminating information products to 

purchasers. 

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 Exchange Act since it 

will apply equally to all persons who 

choose to purchase 14 the Primary 

Market Disclosure Historical Product 

and the Continuing Disclosure 

Historical Product, and those who 

choose not to pay the charge may view 

the same information for free on the 

EMMA Web portal. 

C. Self-Regulatory Organization’s 

Statement on Comments Received on 

the Proposed Rule Change by Members, 

Participants, or Others 

Written comments were neither 

solicited nor received on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding or 

(ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

(A) By order approve or disapprove 

such proposed rule change, or 

(B) Institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

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 email to rulecomments@sec.gov. Please include File 

Number SR–MSRB–2012–02 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–2012–02. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

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

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

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

available for Web site viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE., 

Washington, DC 20549, on official 

business days between the hours of 10 

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

also will be available for inspection and 

copying at the MSRB’s offices. All 

comments received will be posted 

without change; the Commission does 

not edit personal identifying 

information from submissions. You 

should submit only information that 

you wish to make available publicly. All 

submissions should refer to File 

Number SR–MSRB–2012–02 and should 

be submitted on or before April 2, 2012. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–5907 Filed 3–9–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66520; File No. SR–CBOE– 

2012–021] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Make an Amendment 

Regarding the Administrative Fee 

Related to the Marketing Fee 

March 6, 2012. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that on March 1, 

2012, the Chicago Board Options 

Exchange, Incorporated (the ‘‘Exchange’’ 

or ‘‘CBOE’’) filed with the Securities 

and Exchange Commission (the 

‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Exchange has 

filed the proposal pursuant to Section 

19(b)(3)(A)(iii) of the Act 3 and Rule 

19b–4(f)(3) 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 Exchange proposes to make an 

amendment regarding the 

administrative fee related to the 

marketing fee. The text of the proposed 

rule change is available on the 

Exchange’s Web site (http:// 

www.cboe.com/AboutCBOE/ 

CBOELegalRegulatoryHome.aspx), at 

the Exchange’s Office of the Secretary, 

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 

Exchange 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 

Exchange has prepared summaries, set 

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


pmangrum on DSK3VPTVN1PROD with NOTICES