50850 Federal Register / Vol. 73, No. 168 / Thursday, August 28, 2008 / Notices 

14 15 U.S.C. 78f. 

15 15 U.S.C. 78f(b)(4). 

16 15 U.S.C. 78s(b)(3)(A). 

17 17 CFR 19b–4(f)(2). 18 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)(i). 

4 17 CFR 240.19b–4(f)(1). 

5The MSRB is also proposing corresponding 

revisions to the Series 51 question bank, but based 

upon instructions from the Commission staff, the 

MSRB is submitting SR–MSRB–2008–06 for 

immediate effectiveness pursuant to Section 

19(b)(3)(A)(i) of the Act and Rule 19b–4(f)(1) 

thereunder, and is not filing the 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 

available for Commission review. 

Exchange believes the proposed rule 

change will further the Exchange’s goal 

of introducing new products to the 

marketplace that are competitively 

priced. 

(b) Basis—The Exchange believes that 

the proposed rule change is consistent 

with the objectives of section 6 of the 

Act,14 in general, and furthers the 

objectives of section 6(b)(4),15 in 

particular, in that it is designed to 

provide for the equitable allocation of 

reasonable dues, fees and other charges 

among its members and other persons 

using its facilities. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The proposed rule change does not 

impose any burden on competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

The Exchange has not solicited, and 

does not intend to solicit, comments on 

this proposed rule change. The 

Exchange has not received any 

unsolicited written comments from 

members or other interested parties. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to section 19(b)(3) of 

the Act 16 and Rule 19b–4(f)(2) 17

thereunder. At any time within 60 days 

of the filing of such 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. 

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–ISE–2008–65 on the subject 

line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–ISE–2008–65. 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 will also be available 

for inspection and copying at the 

principal office of the self-regulatory 

organization. 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–

2008–65 and should be submitted on or 

before September 18, 2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–19985 Filed 8–27–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58406; File No. SR–MSRB–

2008–06] 

Self-Regulatory Organizations; 

Municipal Securities Rulemaking 

Board; Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change Relating to Revisions to the 

Series 51 Examination Program 

August 21, 2008. 

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 August 

18, 2008, the Municipal Securities 

Rulemaking Board (‘‘MSRB’’ or 

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

Exchange Commission (‘‘Commission’’

or ‘‘SEC’’) the proposed rule change as 

described in Items I, II and III below, 

which Items have been prepared by the 

MSRB. The MSRB has designated the 

proposed rule change as constituting a 

stated policy, practice, or interpretation 

with respect to the meaning, 

administration, or enforcement of an 

existing rule of the self-regulatory 

organization pursuant to Section 

19(b)(3)(A)(i) of the Act,3 and Rule 19b–

4(f)(1) 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 filing with the 

Commission revisions to the study 

outline and selection specifications for 

the Municipal Fund Securities Limited 

Principal Qualification Examination 

(Series 51) program.5 The proposed 

revisions consolidate certain job 

responsibilities (such as the 

recordkeeping functions) and regroup 

others in order to allow more detailed 

testing of particular rule requirements. 


jlentini on PROD1PC65 with NOTICES
Federal Register / Vol. 73, No. 168 / Thursday, August 28, 2008 / Notices 50851 

6 15 U.S.C. 78o–4(b)(2)(A). 

7A municipal securities principal (Series 53) is 

also qualified to supervise these responsibilities. 

The MSRB is not proposing any textual 

changes to its rules. 

The revised study outline is available 

on the MSRB’s Web site (http:// 

www.msrb.org), 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 

Section 15B(b)(2)(A) of the Act 6

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. The MSRB has developed 

examinations that are designed to 

establish that persons associated with 

brokers, dealers and municipal 

securities dealers that effect transactions 

in municipal securities have attained 

specified levels of competence and 

knowledge. The MSRB periodically 

reviews the content of the examinations 

to determine whether revisions are 

necessary or appropriate in view of 

changes pertaining to the subject matter 

covered by the examinations. 

MSRB Rule G–3(b)(iv) states that the 

municipal fund securities limited 

principal has responsibility to oversee 

the municipal securities activities of a 

securities firm or bank dealer solely as 

such activities relate to transactions in 

municipal fund securities. In this 

capacity, the municipal fund securities 

limited principal manages, directs or 

supervises one or more of the following 

activities relating to municipal fund 

securities: underwriting, trading or 

selling municipal fund securities; 

rendering financial advisory or 

consultant services to issuers of 

municipal fund securities; research or 

investment advice, or communications 

with customers, about any of the 

activities named heretofore; maintaining 

records on activities in municipal fund 

securities; processing, clearing, and (in 

the case of securities firms) safekeeping 

of municipal fund securities; and 

training of principals and 

representatives.7 The only examination 

that qualifies a municipal fund 

securities limited principal is the 

Municipal Fund Securities Limited 

Principal Qualification Examination. 

A committee of industry members and 

MSRB staff (the Series 51 Committee) 

recently undertook a review of the 

Series 51 examination program. As a 

result of this review, the MSRB is 

proposing to make revisions to the study 

outline to consolidate certain job 

responsibilities (such as the 

recordkeeping functions) and regroup 

others in order to allow more detailed 

testing of particular rule requirements. 

In addition, the detail on some existing 

topics is being expanded to include 

specific cites to rules that had been 

amended since the last update of the 

outline. The revised examination 

continues to cover areas of knowledge 

required for effective supervision of 

municipal fund securities activities. A 

summary of the changes to the content 

outline for the Series 51 Examination, 

detailed by major topic heading, is 

provided below. 

Part Three—General Supervision 

• The topic ‘‘Restrictions on 

apprentices’’ was moved to this major 

heading from the major heading Sales 

Supervision (Part Five) to be grouped 

with the qualification requirements for 

apprentices. 

• A reference to ‘‘Supervisory 

Controls’’ under Rule G–27 was added. 

• Technical changes to rule citations 

were made to reflect amendments to 

Rule G–27. 

Part Five—Sales Supervision 

• Reference to ‘‘Restrictions on 

apprentices’’ was moved to Part Three 

to be grouped with the qualification 

requirements for apprentices. 

• Technical changes to rule citations 

were made to reflect amendments to 

Rule G–27. 

• ‘‘Records of agency transactions’’

was moved to Part Seven to be grouped 

with similar requirements for the 

maintenance of books and records. 

• The topic ‘‘Books and records 

maintained by transfer agents’’ was 

moved to Part Seven to be grouped with 

similar requirements for the 

maintenance of books and records. 

Part Six—Underwriting and Disclosure 

Obligations 

• The sub-heading ‘‘Obligations of 

Municipal Underwriters under SEC 

Rules’’ was changed to ‘‘Obligations of 

Municipal Underwriters’’ in order to 

include relevant MSRB rules under the 

sub-heading. 

Part Seven—Operations 

• The topic ‘‘Records of agency 

transactions’’ was moved under this 

major heading from Part Five to be 

grouped with similar requirements for 

the maintenance of books and records. 

• The topic ‘‘Books and records 

maintained by transfer agents’’ was 

moved under this major heading from 

Part Five to be grouped with similar 

topics on the maintenance of books and 

records. 

The MSRB is proposing similar 

changes to the Series 51 selection 

specifications and question bank. The 

examination will continue to consist of 

60 multiple choice-questions assigned 

to the seven areas of the examination as 

shown below. The percentages given for 

each section are rounded to an even 

number. 

Percent 

Regulatory Structure ..................... 5 

Product Knowledge ...................... 27 

General Supervision ..................... 17 

Fair Practice and Conflicts of Interest ......................................... 17 

Sales Supervision ......................... 18 

Underwriting and Disclosure Obligations ....................................... 6 

Operations .................................... 10 

Candidates will continue to be 

allowed one and one-half hours for each 

testing session. Each question will 

continue to count one point, and each 

candidate must correctly answer 70 

percent of the questions in order to 

receive a passing grade. 

A candidate for the Series 51 must 

also pass the General Securities 

Principal Examination (Series 24) or the 

Investment Company Products/Variable 

Contracts Limited Principal 

Examination (Series 26). The Series 51 

Committee considered subject matter 

that would be covered in either of these 

examinations when developing the 

specifications for the Series 51 

Examination. 

2. Statutory Basis 

The MSRB believes that the proposed 

revisions to the Series 51 examination 

program are consistent with the 

provisions of Section 15B(b)(2)(A) of the 


jlentini on PROD1PC65 with NOTICES
50852 Federal Register / Vol. 73, No. 168 / Thursday, August 28, 2008 / Notices 

8 15 U.S.C. 78o–4(b)(2)(A). 

9 15 U.S.C. 78s(b)(3)(A)(i). 

10 17 CFR 240.19b–4(f)(1). 

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). 

Act,8 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. Section 15B(b)(2)(A) of the 

Act also provides that the Board may 

appropriately classify municipal 

securities brokers and municipal 

securities dealers and their associated 

personnel and require persons in any 

such class to pass tests prescribed by the 

Board. 

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 that is not 

necessary or appropriate in furtherance 

of the purposes of the Act, as amended. 

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 proposed rule change has become 

effective pursuant to Section 

19(b)(3)(A)(i) of the Act 9 and Rule 

19b–4(f)(1) thereunder,10 in that the 

proposed rule change constitutes a 

stated policy, practice, or interpretation 

with respect to the meaning, 

administration, or enforcement of an 

existing rule of the self-regulatory 

organization. The MSRB proposes to 

implement the revised Series 51 

examination program on November 1, 

2008. 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–2008–06 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–MSRB–2008–06. 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 am and 3 pm. 

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–2008–06 and should 

be submitted on or before September 18, 

2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–19944 Filed 8–27–08; 8:45 am] 

BILLING CODE 8010–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

Notice of Intent To Rule on Request To 

Release Airport Property at the Love 

Field Airport, Dallas, TX 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Notice of request to release 

airport property. 

SUMMARY: The FAA proposes to rule and 

invite public comment on the release of 

land at the Love Field Airport under the 

provisions of Section 125 of the 

Wendell H. Ford Aviation Investment 

Reform Act for the 21st Century (AIR 

21). 

DATES: Comments must be received on 

or before September 29, 2008. 

ADDRESSES: Comments on this 

application may be mailed or delivered 

to the FAA at the following address: Mr. 

Mike Nicely, Manager, Federal Aviation 

Administration, Southwest Region, 

Airports Division, Texas Airports 

Development Office, ASW–650, Fort 

Worth, Texas 76193–0650. 

In addition, one copy of any 

comments submitted to the FAA must 

be mailed or delivered to Mr. Dan 

Weber, Director of Aviation, at the 

following address: Dallas Love Field, 

Department of Aviation, 8008 Cedar 

Springs, LB 16, Dallas, Texas 75235. 

FOR FURTHER INFORMATION CONTACT: Mr. 

Rodney Clark, Program Manager, 

Federal Aviation Administration, Texas 

Airports Development Office, ASW–

650, 2601 Meacham Boulevard, Fort 

Worth, Texas 76193–0650, Telephone: 

(817) 222–5659, e-mail: 

Rodney.Clark@faa.gov, fax: (817) 222–

5989. 

The request to release property may 

be reviewed in person at this same 

location. 

SUPPLEMENTARY INFORMATION: The FAA 

invites public comment on the request 

to release property at the Love Field 

Airport under the provisions of the AIR 

21. 

On August 6, 2008, the FAA 

determined that the request to release 

property at Love Field Airport, 

submitted by the City, met the 

procedural requirements of the Federal 

Aviation Regulations, Part 155. The 

FAA may approve the request, in whole 

or in part, no later than October 6, 2008. 

The following is a brief overview of 

the request: 

The City of Dallas requests the release 

of 2.58 acres of non-aeronautical airport 

property. The land was acquired by the 

City of Dallas for use as an airport. The 


jlentini on PROD1PC65 with NOTICES