Federal Register / Vol. 74, No. 57 / Thursday, March 26, 2009 / Notices 13289 

23 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)(6). 

5See Securities Exchange Act Release No. 57577 

(March 28, 2008), 73 FR 18022 (April 2, 2008) (File 

No. SR–MSRB–2007–06). 6 15 U.S.C. 78o–4(b)(2)(C). 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

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

available for inspection and copying in 

the Commission’s Public Reference 

Room, 100 F Street, NE., Washington, 

DC 20549 on official business days 

between the hours of 10 a.m. and 3 p.m. 

Copies of such filing also will be 

available for inspection and copying at 

the principal office of the ISE. 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–ISE–2009–09 and should be 

submitted on or before April 16, 2009. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.23

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–6617 Filed 3–25–09; 8:45 am] 

BILLING CODE 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59602; File No. SR–MSRB– 

2009–01] 

Self-Regulatory Organizations; 

Municipal Securities Rulemaking 

Board; Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change To Extend the Electronic 

Municipal Market Access System Pilot 

March 19, 2009. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that on March 18, 

2009, the Municipal Securities 

Rulemaking Board (‘‘MSRB’’ or 

‘‘Board’’), filed with the Securities and 

Exchange Commission (‘‘Commission’’) 

the proposed rule change as described 

in Items I, II and III below, which Items 

have been substantially prepared by the 

MSRB. The MSRB has filed the proposal 

as a ‘‘non-controversial’’ rule change 

pursuant to Section 19(b)(3)(A)(iii) of 

the Act,3 and Rule 19b–4(f)(6) 

thereunder,4 which renders the proposal 

effective upon filing with the 

Commission. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The MSRB is proposing to extend the 

MSRB’s pilot of its Electronic Municipal 

Market Access system, currently 

operating as a facility of the MSRB’s 

Municipal Securities Information 

Library system (the ‘‘EMMA pilot’’), to 

the earlier of July 1, 2009 or the date on 

which the MSRB places into operation 

EMMA’s permanent primary market 

disclosure service for electronic 

submission and public availability on 

EMMA’s Internet portal (the ‘‘EMMA 

portal’’) of official statements, advance 

refunding documents and related 

primary market documents and 

information (the ‘‘primary market 

disclosure service’’) and permanent 

transparency service making municipal 

securities transaction price data 

publicly available on the EMMA portal 

(the ‘‘trade price transparency service’’ 

and, together with the primary market 

disclosure service, the ‘‘permanent 

EMMA services’’). The proposed rule 

change does not effect a change in 

existing rule language. 

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 Commission has previously 

approved the operation by the MSRB of 

the EMMA pilot for a period of one year 

from the date the EMMA pilot became 

operational.5 The EMMA pilot became 

operational on March 31, 2008. The 

MSRB expects to file with the 

Commission in the near future a 

proposed rule change to establish the 

permanent EMMA services, with a 

proposed date for commencement of 

operation of the permanent EMMA 

services on the later of (i) May 11, 2009 

or (ii) the date announced by the MSRB 

in a notice published on the MSRB Web 

site, which date shall be no earlier than 

ten business days after Commission 

approval of the permanent EMMA 

services and shall be announced no 

fewer than five business days prior to 

such date. Upon the permanent EMMA 

services being approved and placed into 

operation, the permanent EMMA 

services would replace the EMMA pilot, 

at which time the EMMA pilot would be 

terminated. 

In order to maintain the EMMA pilot 

in operation until the permanent EMMA 

services become operational, the MSRB 

is requesting that the Commission 

extend the EMMA pilot to the earlier of 

July 1, 2009 or the date on which the 

MSRB places into operation the 

permanent EMMA services. 

2. Statutory Basis 

The MSRB believes that the proposed 

rule change is consistent with Section 

15B(b)(2)(C) of the Act,6 which provides 

that the 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, to remove impediments to and 

perfect the mechanism of a free and open 

market in municipal securities, and, in 

general, to protect investors and the public 

interest. 

The MSRB believes that the proposed 

rule change is consistent with the Act. 

The extension of the EMMA pilot will 

continue to remove impediments to and 

help perfect the mechanisms of a free 

and open market in municipal 

securities, assist in preventing 

fraudulent and manipulative acts and 

practices, and will in general promote 

investor protection and the public 

interest by ensuring equal access for all 

market participants to the critical 

disclosure information needed by 

investors in the municipal securities 

market. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Board does not believe that the 

proposed rule change will impose any 

burden on competition not necessary or 

13290 Federal Register / Vol. 74, No. 57 / Thursday, March 26, 2009 / Notices 

7 15 U.S.C. 78s(b)(3)(A). 

8 17 CFR 240.19b–4(f)(6). 

9 In addition, Rule 19b–4(f)(6)(iii) requires a selfregulatory organization to give the Commission 

written notice of its intent to file the proposed rule 

change at least five business days prior to the date 

of filing of the proposed rule change, or such 

shorter time as designated by the Commission. 

10The MSRB provided the written notice 

required under Rule 19b–4(f)(6)(iii) on March 13, 

2009 and requested that the Commission waive the 

five business day notification period. The 

Commission hereby grants the MSRB’s request and 

believes that waiving the five business day 

notification period is consistent with the protection 

of investors and the public interest. For the 

purposes only of accelerating the operative date of 

this proposal, the Commission has considered the 

proposed rule change’s impact on efficiency, 

competition, and capital formation. See 15 U.S.C. 

78c(f). 

11See Section 19(b)(3)(C) of the Act, 15 U.S.C. 

78s(b)(3)(C). 

12 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). 

appropriate in furtherance of the 

purposes of the Act. Documents and 

information provided through the 

EMMA pilot will continue to be 

available to all persons on an equal 

basis. The MSRB will continue to make 

its official statement and advance 

refunding document collection available 

by subscription on an equal basis 

without imposing restrictions on 

subscribers from re-disseminating such 

documents or otherwise offering valueadded services and products based on 

such documents on terms determined 

by each subscriber. The MSRB believes 

that any incidental impact of the 

extension of the EMMA pilot on 

commercial enterprises would not 

create an unequal burden among such 

enterprises and would be substantially 

outweighed by the benefits provided by 

the continuation of the EMMA pilot in 

removing impediments to and helping 

to perfect the mechanisms of a free and 

open market in municipal securities, 

assisting in the prevention of fraudulent 

and manipulative acts and practices, 

and generally promoting investor 

protection and the public interest. 

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 with respect to 

the extension of the EMMA pilot. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The MSRB represented that the 

proposed rule change qualifies for 

immediate effectiveness pursuant to 

Section 19(b)(3)(A) of the Act 7 and Rule 

19b–4(f)(6) thereunder 8 because it: (i) 

does not significantly affect the 

protection of investors or the public 

interest; (ii) does not impose any 

significant burden on competition; and 

(iii) by its terms, does not become 

operative for 30 days after the date of 

the filing, or such shorter time as the 

Commission may designate if consistent 

with the protection of investors and the 

public interest.9

The MSRB has requested that the 

Commission waive the 30-day operative 

delay, so that the proposed rule change 

may become operative upon filing and 

ensure that the EMMA pilot is extended 

before its scheduled expiration. The 

Commission hereby grants the MSRB’s 

request and believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest.10 The extension of the 

EMMA pilot will ensure that there is no 

lapse in the availability to the public of 

the documents and information 

currently made available on the EMMA 

portal prior to the commencement of 

operations of the permanent EMMA 

services. 

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission may summarily abrogate 

such rule change if it appears to the 

Commission that such action is 

necessary or appropriate in the public 

interest, for the protection of investors, 

or otherwise in furtherance of the 

purposes of the Act.11

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

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

rules/sro.shtml); or 

• Send an e-mail to rulecomments@sec.gov. Please include File 

Number SR–MSRB–2009–01 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–MSRB–2009–01. This file 

number should be included on the 

subject line if e-mail is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

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

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

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

available for inspection and copying in 

the Commission’s Public Reference 

Room, 100 F Street, NE., Washington, 

DC 20549, on official business days 

between the hours of 10 a.m. and 3 p.m. 

Copies of such filing also will be 

available for inspection and copying at 

the principal office of the MSRB. All 

comments received will be posted 

without change; the Commission does 

not edit personal identifying 

information from submissions. You 

should submit only information that 

you wish to make available publicly. All 

submissions should refer to File 

Number SR–MSRB–2009–01 and should 

be submitted on or before April 16, 

2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–6616 Filed 3–25–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59610; File No. SR– 

NASDAQ–2009–023] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Relating to 

Trading the Two-Character Ticker 

Symbol ‘‘UG’’ 

March 20, 2009. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that on March 13, 

2009, The NASDAQ Stock Market LLC 

(‘‘Nasdaq’’) 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 Nasdaq. Nasdaq 

has filed this proposal pursuant to 

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