[Federal Register Volume 89, Number 39 (Tuesday, February 27, 2024)]
[Notices]
[Page 14552]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-03902]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-99577; File No. SR-MSRB-2023-06]


Self-Regulatory Organizations; Municipal Securities Rulemaking 
Board; Notice of Withdrawal of Proposed Rule Change To Establish the 
2024 Rate Card Fees for Dealers and Municipal Advisors Pursuant to MSRB 
Rules A-11 and A-13

February 21, 2024.
    On November 30, 2023, the Municipal Securities Rulemaking Board 
(``MSRB'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 \1\ (``Exchange Act'') and Rule 19b-4 
thereunder,\2\ a proposed rule change to establish the 2024 Rate Card 
Fees for Dealers and Municipal Advisors.\3\ The proposed rule change 
was immediately effective upon filing with the Commission pursuant to 
Section 19(b)(3)(A) of the Exchange Act.\4\ The proposed rule change 
was published for comment in the Federal Register on December 12, 
2023.\5\ Pursuant to Section 19(b)(3)(C) of the Exchange Act,\6\ the 
Commission temporarily suspended the proposed rule change and 
instituted proceedings to determine whether to approve or disapprove 
the proposed rule change on January 29, 2024.\7\ The Commission 
requested public comment on: (i) what process the MSRB should undertake 
to ensure that the fees assessed in its Rate Card filing and underlying 
Budget are both reasonable and capable of meaningful evaluation by the 
public, market participants, and the Commission; (ii) what specific 
data and information the MSRB should publicly disclose (that it does 
not currently publicly disclose); (iii) when the MSRB should file its 
Rate Card each year; (iv) whether the MSRB's representations about the 
cost, functionality, and evolution of the EMMA system have been 
consistent with actual practice in the years since EMMA was adopted; 
and (v) what general steps could be taken in the future to minimize the 
potential operational disruption caused by either the Commission 
suspending a Rate Card filing or a Rate Card otherwise not being 
effective on January 1 of the calendar year.\8\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 34-99096 (December 
6, 2023), 88 FR 86188 (December 12, 2023) (``Notice'').
    \4\ 15 U.S.C. 78s(b)(3)(A). A proposed rule change may take 
effect upon filing with the Commission if it is designated by the 
SRO as ``establishing or changing a due, fee, or other charge 
imposed by the self-regulatory organization on any person, whether 
or not the person is a member of the self-regulatory organization.'' 
15 U.S.C. 78s(b)(3)(A)(ii).
    \5\ See Notice 88 FR at 86188. Comments on the proposed rule 
change can be found at: https://www.sec.gov/comments/sr-msrb-2023-06/srmsrb202306.htm.
    \6\ 15 U.S.C. 78s(b)(3)(C).
    \7\ See Securities Exchange Act Release No. 34-99444 (January 
29, 2024), 89 FR 7424 (February 2, 2024).
    \8\ Id. at 7428.
---------------------------------------------------------------------------

    On February 16, 2024, the MSRB withdrew the proposed rule change 
(SR-MSRB-2023-06).

    For the Commission, pursuant to delegated authority.\9\
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-03902 Filed 2-26-24; 8:45 am]
BILLING CODE 8011-01-P