30892 Federal Register / Vol. 75, No. 105 / Wednesday, June 2, 2010 / Notices 

10 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–13161 Filed 6–1–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62175; File No. SR–MSRB– 

2010–03] 

Self-Regulatory Organizations; 

Municipal Securities Rulemaking 

Board; Notice of Filing of Proposed 

Rule Change Relating to Amendments 

to the Continuing Disclosure Service 

of the MSRB’s Electronic Municipal 

Market Access System (EMMA®) 

May 26, 2010. 

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 May 20, 2010, the Municipal 

Securities Rulemaking Board (the 

‘‘MSRB’’) filed with the Securities and 

Exchange Commission (the 

‘‘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 

Commission a proposed rule change to 

amend the continuing disclosure service 

of the MSRB’s Electronic Municipal 

Market Access system (‘‘EMMA’’) to 

provide for the posting of credit rating 

information on the EMMA public Web 

site. The MSRB has requested an 

effective date for the proposed rule 

change of a date to be announced by the 

MSRB in a notice published on the 

MSRB Web site, which date shall be no 

later than nine months after 

Commission approval of the proposed 

rule change and shall be announced no 

later than five (5) business days prior to 

the effective date. 

The text of the proposed rule change 

is available on the MSRB’s Web site at 

http://www.msrb.org/msrb1/sec.asp, 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. 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 proposed rule change would 

amend the EMMA continuing disclosure 

service to provide for the posting of 

credit rating information on the EMMA 

public Web site. If and to the extent that 

one or more Nationally Recognized 

Statistical Rating Organization 

(‘‘NRSRO’’) has agreed to provide credit 

rating and related information regarding 

municipal securities to the MSRB, at no 

charge, through an automated data feed 

for dissemination on the EMMA Web 

site, the EMMA Web site would display 

such credit rating and related 

information along with any documents 

and identifying information relating to 

the applicable municipal security 

otherwise displayed on the EMMA Web 

site. Currently, such other documents or 

information may include official 

statements, advance refunding 

documents, continuing disclosure 

documents, transaction price data, 

interest rate reset information, and 

identifying information relating to a 

specific municipal security. 

Credit rating and related information 

normally will be posted within 15 

minutes of successful transmission to 

the MSRB during the hours of 8:30 a.m. 

to 6 p.m. Eastern time on an MSRB 

business day, and any such information 

successfully transmitted outside of the 

MSRB’s normal business hours will be 

posted as soon as practicable. The 

MSRB shall have no obligation to 

supplement, modify or confirm credit 

rating and related information received 

by it through an NRSRO’s automated 

data feed based on information available 

from any other source, including but not 

limited to any such information made 

publicly available by an NRSRO by any 

means other than its automated data 

feed. 

The MSRB requests an effective date 

for the proposed rule change of a date 

to be announced by the MSRB in a 

notice published on the MSRB Web site, 

which date shall be no later than nine 

months after Commission approval of 

the proposed rule change and shall be 

announced no later than five (5) 

business days prior to the effective date. 

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, 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 inclusion of credit rating and 

related information provided by 

NRSROs agreeing to provide such 

information for display on the EMMA 

Web site would serve to promote the 

statutory mandate of the MSRB to 

protect investors and the public interest. 

Although credit rating information is 

just one of many factors to consider in 

making an investment decision and in 

evaluating the credit worthiness and 

value of existing municipal securities 

holdings, the proposed rule change 

would make such information more 

easily accessible on an equal basis to all 

participants in the municipal securities 

market, including in particular retail 

investors in municipal securities who 

do not normally have access to 

information services customarily used 

by professional market participants. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The MSRB does not believe the 

proposed rule change will impose any 

burden on competition not necessary or 

appropriate in furtherance of the 

purposes of the Exchange Act. Credit 

ratings and related information 

provided on the EMMA Web page 

would be available to all persons 

simultaneously. Any credit rating and 

related information of an NRSRO would 

be displayed on the EMMA Web site 

only with the agreement of such NRSRO 

to such use of its information. The 

MSRB believes that the benefits realized 

by the investing public from the broader 

and easier availability of credit rating 

and related information provided by 

NRSROs, including in particular retail 

investors in municipal securities who 

do not normally have access to 

information services customarily used 


sroberts on DSKD5P82C1PROD with NOTICES
Federal Register / Vol. 75, No. 105 / Wednesday, June 2, 2010 / Notices 30893 

3 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 60314 

(July 15, 2009), 74 FR 36300 (July 22, 2009) (the 

‘‘original proposed rule change’’). 

4See letters from: Ernesto A. Lanza, General 

Counsel, MSRB, dated August 6, 2009; Michael 

Decker, Co-CEO and Mike Nicholas, Co-Chief 

Executive Officer, Regional Bond Dealers 

Association (‘‘RBDA’’), dated August 12, 2009 

(‘‘RBDA Letter’’); Leon J. Bijou, Managing Director 

and Associate General Counsel, Securities Industry 

and Financial Markets Association (‘‘SIFMA’’), 

dated August 12, 2009 (‘‘SIFMA Letter’’); John 

Wallingford, Executive Board Member, Virginia 

Government Finance Officers’ Association 

(‘‘Virginia GFOA’’), dated August 12, 2009; William 

A. Holby, President, The National Association of 

Bond Lawyers (‘‘NABL’’), dated August 13, 2009 

(‘‘NABL Letter’’); Marycarol C. White, CPA, CPFO, 

President, Virginia Government Finance Officers’ 

Association, dated August 14, 2009 (‘‘Virginia 

GFOA Letter’’); Denise L. Nappier, Connecticut 

State Treasurer, dated August 20, 2009 

(‘‘Connecticut Treasurer Letter’’); and Heather 

Traeger, Associate Counsel, Investment Company 

Institute (‘‘ICI’’), dated August 21, 2009 (‘‘ICI 

Letter’’). 

5 15 U.S.C. 78s(b)(1). 

6 17 CFR 240.19b–4. 

7See Securities Exchange Act Release No. 61238 

(December 23, 2009), 75 FR 492 (January 5, 2010). 

8 15 U.S.C. 78s(b)(1). 

9 17 CFR 240.19b–4. 

10This is a technical amendment and is not 

subject to notice and comment. 

by professional market participants, 

would justify any potentially negative 

impact on such existing information 

services from the display of credit rating 

and related information on the EMMA 

Web site. 

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 on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 35 days 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 the proposed 

rule change, or 

(B) Institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

The MSRB has requested an effective 

date for the proposed rule change of a 

date to be announced by the MSRB in 

a notice published on the MSRB Web 

site, which date shall be no later than 

nine months after Commission approval 

of the proposed rule change and shall be 

announced no later than five (5) 

business days prior to the effective date. 

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–2010–03 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–2010–03. 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 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; 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–2010–03 and should 

be submitted on or before June 23, 2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.3

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–13159 Filed 6–1–10; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62182, File No. SR–MSRB– 

2009–09] 

Self-Regulatory Organizations; 

Municipal Securities Rulemaking 

Board; Order Granting Approval of 

Proposed Rule Change, as Modified by 

Amendment Nos. 1 and 2 Thereto, 

Relating to Rule G–32, on Disclosures 

in Connection with Primary Offerings, 

Form G–32, and the Primary Market 

Disclosure and Primary Market 

Subscription Services of the MSRB’s 

Electronic Municipal Market Access 

System (EMMA®) 

May 26, 2010. 

I. Introduction 

On July 14, 2009, the Municipal 

Securities Rulemaking Board (‘‘MSRB’’), 

filed with the Securities and Exchange 

Commission (‘‘Commission’’ or ‘‘SEC’’), 

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

Securities Exchange Act of 1934 

(‘‘Exchange Act’’),1 and Rule 19b-4 

thereunder,2 a proposed rule change 

relating to Rule G–32, relating to 

disclosures in connection with primary 

offerings, Form G–32, and the primary 

market disclosure and primary market 

subscription services of the MSRB’s 

Electronic Municipal Market Access 

System (‘‘EMMA’’). The proposed rule 

change was published for comment in 

the Federal Register on July 22, 2009.3

The Commission received eight 

comment letters about the proposed rule 

change.4 On December 18, 2009, the 

MSRB filed with the Commission, 

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

Exchange Act 5 and Rule 19b–4 

thereunder,6 Amendment No. 1 to the 

proposed rule change. Amendment No. 

1 to the proposed rule change was 

published for comment in the Federal 

Register on January 5, 2010.7 The 

Commission received no comment 

letters concerning Amendment No. 1. 

On May 21, 2010, the MSRB filed with 

the Commission, pursuant to Section 

19(b)(1) of the Exchange Act 8 and Rule 

19b-4 thereunder,9 Amendment No. 2 to 

the proposed rule change requesting an 

additional three months to implement 

the proposal.10 This order approves the 

proposed rule change, as modified by 

Amendment Nos. 1 and 2. 


sroberts on DSKD5P82C1PROD with NOTICES