52384 Federal Register / Vol. 75, No. 164 / Wednesday, August 25, 2010 / Notices 

6See Release No. 34–62184A; File No. S7–15–09 

(May 26, 2010). 

7Currently primary offerings for demand 

securities as described in Exchange Act Rule 15c2– 

12(d)(1)(iii) are exempt from the requirements of 

Exchange Act Rule 15c2–12. 

8The Rule 15c2–12 Amendment expands the 

current language of such Rule 15c2–12 Event Notice 

category to include adverse tax opinions, the 

issuance by the IRS of proposed or final 

determinations of taxability, Notices of Proposed 

Issue (IRS Form 5701–TEB) or other material 

notices or determinations with respect to the tax 

status of the security or other material events 

affecting the tax status of the security. 

9The Rule 15c2–12 Amendment includes the 

following new Rule 15c2–12 Event Notices: Tender 

offers; bankruptcy, insolvency, receivership, or 

similar event of the issuer or obligated person; the 

consummation of a merger, consolidation, or 

acquisition involving an obligated person or the 

sale of all or substantially all of the assets of the 

obligated person, other than in the ordinary course 

of business, the entry into a definitive agreement to 

undertake such an action or the termination of a 

definitive agreement relating to any such actions, 

other than pursuant to its terms, if material; and the 

appointment of a successor or additional trustee, or 

the change of name of a trustee, if material. 

10The existing language of the EMMA continuing 

disclosure service would incorporate the changed 

list of Rule 15c2–12 Event Notices made by the Rule 

15c2–12 Amendment by reference to the thencurrent provisions of Exchange Act Rule 15c2–12 

and therefore no change in the language of the 

EMMA continuing disclosure service would be 

made. In addition, the removal of the exemption for 

demand securities from the continuing disclosure 

provisions of Exchange Act Rule 15c2–12 does not 

require changes to the EMMA continuing disclosure 

service in order to permit submission of disclosures 

in connection with demand securities. 

11See supra note 4. 

12 In approving this proposed rule change, the 

Commission notes that it has considered the 

proposed rule’s impact on efficiency, competition 

and capital formation. 15 U.S.C. 78c(f). 

13 15 U.S.C. 78o–4(b)(2)(C). 

14 Id. 

15 15 U.S.C. 78s(b)(2). 

16 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4 15 U.S.C. 78s(b)(2). 

submission of continuing disclosures to 

the MSRB (the ‘‘Rule 15c2–12 

Amendment’’).6 The Rule 15c2–12 

Amendment, among other things, (1) 

Removes the exemption from the 

continuing disclosure provisions of 

Exchange Act Rule 15c2–12 for demand 

securities; 7 (2) modifies Exchange Act 

Rule 15c2–12 to establish a timeliness 

standard for submission of Rule 15c2– 

12 Event Notices of ten business days 

after the occurrence of the event; (3) 

deletes the general materiality condition 

for certain of the Rule 15c2–12 Event 

Notices; (4) modifies the language of the 

Rule 15c2–12 Event Notice regarding 

adverse tax events; 8 and (5) adds new 

Rule 15c2–12 Event Notices.9

To permit issuers and obligated 

persons to meet the provisions of the 

Rule 15c2–12 Amendment on or prior to 

the compliance date of December 1, 

2010 established under the Rule 15c2– 

12 Amendment, this proposed rule 

change would modify the language of 

the EMMA continuing disclosure 

service to reflect the materiality 

standard changes under the Rule 15c2– 

12 Amendment and would modify the 

list of voluntary event-based disclosures 

that may be submitted to the EMMA 

continuing disclosure service to reflect 

changes in the list of Rule 15c2–12 

Event Notices made by the Rule 15c2– 

12 Amendment.10

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 

December 1, 2010 and shall be 

announced no later than five (5) 

business days prior to the effective date. 

A full description of the proposal is 

contained in the Commission’s Notice. 

The Commission received one 

comment letter supporting the 

proposal.11 NAIPFA does not believe 

the proposed rule change to allow the 

MSRB to modify EMMA to 

accommodate the Rule 15c2–12 

Amendment will impose any undue 

burden on issuers. In addition, NAIPFA 

agrees that the proposed changes are 

consistent with the Exchange Act and 

will effectuate the Commission’s recent 

Rule 15c2–12 Amendment. 

The Commission has carefully 

considered the proposed rule change 

and finds that the proposed rule change 

is consistent with the requirements of 

the Exchange Act and the rules and 

regulations thereunder applicable to the 

MSRB12 and, in particular, the 

requirements of Section 15B(b)(2)(C) of 

the Exchange Act 13 and the rules and 

regulations thereunder. Section 

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

requires, among other things, that the 

MSRB’s rules 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.14 In particular, the Commission 

finds that the proposed rule change is 

consistent with the Exchange Act 

because it effectuates the Commission’s 

Rule 15c2–12 Amendment under the 

Exchange Act. In addition, the proposed 

rule change serves to remove 

impediments to and help perfect the 

mechanisms of a free and open market 

in municipal securities and would serve 

to promote the statutory mandate of the 

MSRB to protect investors and the 

public interest. The proposed rule 

change would aid in providing 

additional information for making 

investment decisions more easily 

accessible to all participants in the 

municipal securities market on an equal 

basis throughout the life of the 

securities without barriers to obtaining 

such information. Broad access to 

additional continuing disclosure 

documents through the continuing 

disclosure service of EMMA should 

assist in preventing fraudulent and 

manipulative acts and practices by 

improving the opportunity for public 

investors to access material information 

about issuers and their securities. 

The proposed rule change will 

become effective on the date requested 

by the MSRB. 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Exchange Act,15

that the proposed rule change (SR– 

MSRB–2010–05), be, and it hereby is, 

approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–21082 Filed 8–24–10; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62729; File No. SR–FINRA– 

2010–032] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Designation 

of a Longer Period for Commission 

Action on Proposed Rule Change 

Relating to Clearly Erroneous 

Transactions 

August 16, 2010. 

On June 17, 2010, the Financial 

Industry Regulatory Authority, Inc. 

(‘‘FINRA’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’), 

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

Securities Exchange Act of 1934 

(‘‘Act’’),2 and Rule 19b–4 thereunder,3 a 

proposed rule change to amend its rules 

to set forth clearer standards and curtail 

its discretion with respect to breaking 

erroneous trades. 

Section 19(b)(2) of the Act 4 provides 

that within thirty-five days of the 

publication of notice of the filing of a 

proposed rule change, or within such 


srobinson on DSKHWCL6B1PROD with NOTICES
Federal Register / Vol. 75, No. 164 / Wednesday, August 25, 2010 / Notices 52385 

5See Securities Exchange Act Release No. 62341 

(June 21, 2010), 75 FR 36756 (June 28, 2010). 

6FINRA submitted through the Commission’s 

Electronic Form 19b–4 Filing System an extension 

of time period for Commission action through 

August 16, 2010. 

7 15 U.S.C. 78s(b)(2). 

longer period as the Commission may 

designate up to ninety days of such date 

if it finds such longer period to be 

appropriate and publishes its reasons 

for so finding, the Commission shall 

either approve the proposed rule change 

or institute proceedings to determine 

whether the proposed rule change 

should be disapproved. The 35th day for 

this filing was August 2, 2010.5 The 

Commission had received an extension 

of time from FINRA until August 16, 

2010.6

The Commission finds it appropriate 

to designate a longer period within 

which to take action on the proposed 

rule change so that it has sufficient time 

to consider this proposed rule change, 

relating to the amendment of clearly 

erroneous execution rules to provide 

greater transparency and certainty to the 

process of breaking trades, and the 

comment letters that have been 

submitted in connection with the filing. 

Accordingly, the Commission, 

pursuant to Section 19(b)(2) of the Act,7

designates August 30, 2010, as the date 

by which the Commission should either 

approve or institute proceedings to 

determine whether to disapprove the 

proposed rule change. 

By the Commission. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–21094 Filed 8–24–10; 8:45 am] 

BILLING CODE 8010–01–P 

DEPARTMENT OF STATE 

[Public Notice 7129] 

Culturally Significant Objects Imported 

for Exhibition Determinations: 

‘‘Paintings From the Reign of Victoria: 

The Royal Holloway Collection, 

London’’; Correction 

AGENCY: Department of State. 

ACTION: Notice; correction. 

SUMMARY: The Department of State 

published a document in the Federal 

Register of August 26, 2008, concerning 

culturally significant objects imported 

for exhibition determinations. The 

document did not state that the 

exhibition, ‘‘Paintings from the Reign of 

Victoria: The Royal Holloway 

Collection, London’’ would leave the 

United States after the last exhibit listed 

and then return for further exhibits. 

FOR FURTHER INFORMATION CONTACT: For 

further information, including a list of 

exhibit objects, contact Carol B. Epstein, 

Attorney-Adviser, Office of the Legal 

Adviser, U.S. Department of State 

(telephone: 202/632–6473). The address 

is U.S. Department of State, SA–5, L/PD, 

Fifth Floor, Washington, DC 20522– 

0505. 

Correction 

In the Federal Register of August 26, 

2008, in FR volume 73, page 50395, at 

the end of the determinations, should be 

added the following: I further determine 

that the return to the United States of 

this exhibition of culturally significant 

objects for display at the Chrysler 

Museum of Art, Norfolk, VA, from on or 

about September 25, 2010, until on or 

about January 3, 2011, and at an 

additional venue yet to be determined 

from on or about January 22, 2011, until 

on or about May 2, 2011, is in the public 

interest. 

Dated: August 17, 2010. 

Ann Stock, 

Assistant Secretary, Bureau of Educational 

and Cultural Affairs, Department of State. 

[FR Doc. C1–2010–21179 Filed 8–24–10; 8:45 am] 

BILLING CODE 4710–08–P 

DEPARTMENT OF STATE 

[Public Notice 7128] 

Bureau of Political-Military Affairs; 

Lifting of Policy of Denial Regarding 

ITAR Regulated Activities of Xe 

Services LLC, Formerly EP 

Investments, LLC (a/k/a Blackwater) 

ACTION: Notice. 

SUMMARY: Notice is hereby given that 

the Department of State is lifting the 

policy of denial regarding Xe Services 

LLC, formerly EP Investments, LLC (a/ 

k/a Blackwater) imposed on December 

18, 2008 (73 FR 77099) pursuant to 

section 38 of the Arms Export Control 

Act (AECA) (22 U.S.C. 2778) and section 

126.7 of the International Traffic in 

Arms Regulations (ITAR). 

DATES: Effective Date: August 17, 2010. 

FOR FURTHER INFORMATION CONTACT: Lisa 

V. Studtmann, Director, Office of 

Defense Trade Controls Compliance, 

Bureau of Political-Military Affairs, 

Department of State, (202) 663–2980. 

SUPPLEMENTARY INFORMATION: Section 

126.7 of the ITAR provides that any 

application for an export license or 

other approval under the ITAR may be 

disapproved, and any license or other 

approval or exemption granted may be 

revoked, suspended, or amended 

without prior notice whenever, among 

other things, the Department of State 

believes that 22 U.S.C. 2778, any 

regulation contained in the ITAR, or the 

terms of any U.S. Government export 

authorization (including the terms of a 

manufacturing license or technical 

assistance agreement, or export 

authorization granted pursuant to the 

Export Administration Act, as amended) 

has been violated by any party to the 

export or other person having a 

significant interest in the transaction; or 

whenever the Department of State 

deems such action to be in furtherance 

of world peace, the national security or 

the foreign policy of the United States, 

or is otherwise advisable. 

On December 2, 2008, the Department 

of State placed EP Investments, LLC, 

now Xe Services LLC (a/k/a Blackwater) 

(hereafter referred to as Xe), including 

its subsidiaries or associated companies, 

under a policy of denial to ensure that 

Xe is both capable of and willing to 

comply with the AECA and ITAR. 

The Department of State has 

determined that Xe has taken 

appropriate steps to address the causes 

of its ITAR violations, identify 

compliance problems, and resolve 

alleged violations. Xe replaced senior 

management; established, in October 

2008, an independent Export 

Compliance Committee to oversee its 

remedial compliance efforts; improved 

ITAR compliance procedures; 

conducted various ITAR training; and 

conducted a targeted ITAR audit to 

confirm the effectiveness of its 

compliance measures. Xe entered into a 

civil settlement with the Department to 

resolve outstanding violations, institute 

external compliance oversight, and 

continue and improve compliance 

measures. 

Therefore, the Department rescinds its 

denial policy against Xe and its 

subsidiaries and associated companies, 

effective August 17, 2010. 

Dated: August 18, 2010. 

Andrew J. Shapiro, 

Assistant Secretary, Bureau of PoliticalMilitary Affairs, Department of State. 

[FR Doc. 2010–21174 Filed 8–24–10; 8:45 am] 

BILLING CODE 4710–25–P 

DEPARTMENT OF TRANSPORTATION 

Pipeline and Hazardous Materials 

Safety Administration 

Office of Hazardous Materials Safety; 

Actions on Special Permit Applications 

AGENCY: Pipeline and Hazardous 

Materials Safety Administration 

(PHMSA), DOT. 


srobinson on DSKHWCL6B1PROD with NOTICES