Federal Register / Vol. 79, No. 234 / Friday, December 5, 2014 / Notices 72233 

36 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 17 CFR 240.15Ga–1. 

4 15 U.S.C. 78s(b)(3)(A)(iii). 

5 17 CFR 240.19b–4(f)(6). 

6Pub. L. 111–203, 124 Stat. 1376 (2010). 

7See 17 CFR 240.15Ga–1. 

8 17 CFR 232.314. 

9 17 CFR 240.15Ga–1. 

(A) By order approve or disapprove 

such proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

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 email to rule-comments@

sec.gov. Please include File Number SR– 

MSRB–2014–08 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE., 

Washington, DC 20549. 

All submissions should refer to File 

Number SR–MSRB–2014–08. This file 

number should be included on the 

subject line if email 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 Web site viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE., 

Washington, DC 20549 on official 

business days between the hours of 

10:00 a.m. and 3:00 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– 

2014–08 and should be submitted on or 

before December 26, 2014. 

For the Commission, pursuant to delegated 

authority.36

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–28543 Filed 12–4–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73707; File No. SR–MSRB– 

2014–09] 

Self-Regulatory Organizations; 

Municipal Securities Rulemaking 

Board; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change Consisting of Amendments to 

MSRB’s Electronic Municipal Market 

Access (EMMA) System To Add 

Disclosures Related to Municipal 

Asset-Backed Securities 

December 1, 2014. 

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 November 25, 2014, the Municipal 

Securities Rulemaking Board (the 

‘‘MSRB’’ or ‘‘Board’’) filed with the 

Securities and Exchange Commission 

(the ‘‘SEC’’ or ‘‘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 is filing with the 

Commission a proposed rule change 

consisting of amendments to the 

MSRB’s Electronic Municipal Market 

Access (‘‘EMMA’’) system to add 

disclosures related to municipal assetbacked securities (‘‘ABS’’) required 

under Exchange Act Rule 15Ga–1 3 to be 

filed on Form ABS–15G to the list of 

categories of continuing disclosures that 

EMMA will accept and disseminate 

publicly (the ‘‘proposed rule change’’). 

The proposed rule change also makes 

minor changes of a technical nature, 

including removing outdated language, 

updating the naming convention used 

for published submitter and subscriber 

specification documents and updating 

information concerning how users can 

access submitter and subscriber 

specification documents (‘‘technical 

amendments’’). The MSRB filed the 

proposed rule change under Section 

19(b)(3)(A)(iii) of the Exchange Act 4

and Rule 19b–4(f)(6) 5 thereunder as a 

noncontroversial rule change that 

renders the proposal effective upon 

filing. The proposed rule change will be 

made operative no earlier than January 

9, 2015 and no later than January 31, 

2015, with the precise effective date in 

that range to be announced by the 

MSRB in a notice published on the 

MSRB Web site. 

The text of the proposed rule change 

is available on the MSRB’s Web site at 

www.msrb.org/Rules-andInterpretations/SEC-Filings/2014- 

Filings.aspx, 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 

Pursuant to Section 943 of the DoddFrank Wall Street Reform and Consumer 

Protection Act,6 the SEC adopted new 

rules related to representations and 

warranties in ABS. One of these rules, 

Exchange Act Rule 15Ga–1,7 requires, 

among other things, certain disclosures 

related to municipal ABS to be filed on 

Form ABS–15G. Pursuant to Rule 314 of 

Regulation S–T,8 the SEC identified 

EMMA, in addition to the Electronic 

Data Gathering, Analysis, and Retrieval 

system (‘‘EDGAR’’), as a venue that a 

municipal securitizer may use to make 

submissions of Form ABS–15G in 

compliance with Exchange Act Rule 

15Ga–1.9 Accordingly, the proposed 

rule change consists of amendments to 

the EMMA system to add disclosures 

related to municipal ABS required 


wreier-aviles on DSK5TPTVN1PROD with NOTICES
72234 Federal Register / Vol. 79, No. 234 / Friday, December 5, 2014 / Notices 

10 Id. 

11The proposed rule change also consists of 

technical amendments to the EMMA service. 

12 15 U.S.C. 78o–4(b)(2)(C). 

13 17 CFR 240.15Ga–1. 

14 Id. 

15 Id. 

16See Exchange Act Release Nos. 33–9175 and 

34–63741 (January 20, 2011), 76 FR 4489, 4509 

(January 26, 2011). 

17 17 CFR 240.15Ga–1. 

18 17 CFR 232.314. 

19 17 CFR 240.15Ga–1. 

20 17 CFR 232.314. 

21 15 U.S.C. 78s(b)(3)(A). 

22 17 CFR 240.19b–4(f)(6). 

under Exchange Act Rule 15Ga–1 10 on 

Form ABS–15G to the list of categories 

of continuing disclosures that EMMA 

will accept and disseminate publicly.11

2. Statutory Basis 

The MSRB has adopted the proposed 

rule change pursuant to Section 

15B(b)(2)(C) of the Exchange Act,12

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 

Exchange Act because it facilitates the 

implementation of Exchange Act Rule 

15Ga–1.13 In addition, the proposed rule 

change serves to remove impediments to 

and help perfect the mechanism of a 

free and open market in municipal 

securities and promotes the statutory 

mandate of the MSRB to protect 

investors and the public interest. The 

proposed rule change would aid in 

making 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 the 

disclosures related to municipal ABS 

required under Exchange Act Rule 

15Ga–1 14 on Form ABS–15G 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. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The MSRB does not believe that the 

proposed rule change would impose any 

burden on competition not necessary or 

appropriate in furtherance of the 

purposes of the Exchange Act. The SEC 

identified EMMA as a venue that a 

municipal securitizer may use to make 

submissions of Form ABS–15G in 

compliance with Exchange Act Rule 

15Ga–1.15 In identifying EMMA, in 

addition to EDGAR, as a venue for the 

disclosures on Form ABS–15G the SEC 

stated that ‘‘filing on EMMA will 

facilitate use by investors, since the 

demand, repurchase and replacement 

disclosures will generally be available 

in the same repository where investors 

are most likely to look for other 

municipal ABS disclosures.’’ 16 The 

proposed rule change would facilitate a 

requirement that already has been 

adopted by the SEC and carries the 

benefits articulated by the SEC as a 

result of permitting submissions of 

Form ABS–15G in compliance with 

Exchange Act Rule 15Ga–1 17 and Rule 

314 of Regulation S–T18 to be provided 

to investors on EMMA with other 

municipal ABS disclosures. While the 

SEC’s adoption of Exchange Act Rule 

15Ga–1 19 and Rule 314 of Regulation S– 

T20 are themselves significant, the 

proposed rule change to accommodate 

the intended alternative disclosure 

venue of EMMA and to make technical 

amendments to the EMMA service 

would not significantly affect the 

protection of investors or the public 

interest and would not impose any 

significant burden on competition. 

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 

Because the foregoing proposed rule 

change does not: 

(i) Significantly affect the protection 

of investors or the public interest; 

(ii) impose any significant burden on 

competition; and 

(iii) become operative for 30 days 

from the date on which it was filed, or 

such shorter time as the Commission 

may designate, 

it has become effective pursuant to 

Section 19(3)(A) of the Exchange Act 21

and Rule 19(b)–4(f)(6) 22 thereunder. 

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend 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 Exchange 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 Exchange 

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 email to rule-comments@

sec.gov. Please include File Number SR– 

MSRB–2014–09 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE., 

Washington, DC 20549. 

All submissions should refer to File 

Number SR–MSRB–2014–09. This file 

number should be included on the 

subject line if email 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 Web site viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE., 

Washington, DC 20549 on official 

business days between the hours of 

10:00 a.m. and 3:00 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– 

2014–09 and should be submitted on or 

before December 26, 2014. 


wreier-aviles on DSK5TPTVN1PROD with NOTICES
Federal Register / Vol. 79, No. 234 / Friday, December 5, 2014 / Notices 72235 

23 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The Penny Pilot was established in March 2008 

and in October 2009 was expanded and extended 

through December 31, 2014. See Securities 

Exchange Act Release Nos. 57579 (March 28, 2008), 

73 FR 18587 (April 4, 2008) (SR–NASDAQ–2008– 

026) (notice of filing and immediate effectiveness 

establishing Penny Pilot); 60874 (October 23, 2009), 

74 FR 56682 (November 2, 2009) (SR–NASDAQ– 

2009–091) (notice of filing and immediate 

effectiveness expanding and extending Penny 

Pilot); 60965 (November 9, 2009), 74 FR 59292 

(November 17, 2009) (SR–NASDAQ–2009–097) 

(notice of filing and immediate effectiveness adding 

seventy-five classes to Penny Pilot); 61455 

(February 1, 2010), 75 FR 6239 (February 8, 2010) 

(SR–NASDAQ–2010–013) (notice of filing and 

immediate effectiveness adding seventy-five classes 

to Penny Pilot); 62029 (May 4, 2010), 75 FR 25895 

(May 10, 2010) (SR–NASDAQ–2010–053) (notice of 

filing and immediate effectiveness adding seventyfive classes to Penny Pilot); 65969 (December 15, 

2011), 76 FR 79268 (December 21, 2011) (SR– 

NASDAQ–2011–169) (notice of filing and 

immediate effectiveness extension and replacement 

of Penny Pilot); 67325 (June 29, 2012), 77 FR 40127 

(July 6, 2012) (SR–NASDAQ–2012–075) (notice of 

filing and immediate effectiveness and extension 

and replacement of Penny Pilot through December 

31, 2012); 68519 (December 21, 2012), 78 FR 136 

(January 2, 2013) (SR–NASDAQ–2012–143) (notice 

of filing and immediate effectiveness and extension 

and replacement of Penny Pilot through June 30, 

2013); 69787 (June 18, 2013), 78 FR 37858 (June 24, 

2013) (SR–NASDAQ–2013–082) (notice of filing 

and immediate effectiveness and extension and 

replacement of Penny Pilot through December 31, 

2013); 71105 (December 17, 2013), 78 FR 77530 

(December 23, 2013) (SR–NASDAQ–2013–154) 

(notice of filing and immediate effectiveness and 

extension and replacement of Penny Pilot through 

June 30, 2014); and 79 FR 31151 (May 23, 2014), 

79 FR 31151 (May 30, 2014) (SR–NASDAQ–2014– 

056) ((notice of filing and immediate effectiveness 

and extension and replacement of Penny Pilot 

through December 31, 2014). See also NOM Rules, 

Chapter VI, Section 5. 

4The term ‘‘Customer’’ applies to any transaction 

that is identified by a Participant for clearing in the 

Customer range at The Options Clearing 

Corporation (‘‘OCC’’) which is not for the account 

of broker or dealer or for the account of a 

‘‘Professional’’ (as that term is defined in Chapter 

I, Section 1(a)(48)). 

5The term ‘‘Professional’’ means any person or 

entity that (i) is not a broker or dealer in securities, 

and (ii) places more than 390 orders in listed 

options per day on average during a calendar month 

for its own beneficial account(s) pursuant to 

Chapter I, Section 1(a)(48). All Professional orders 

shall be appropriately marked by Participants. 

6The term ‘‘NOM Market Maker’’ means a 

Participant that has registered as a Market Maker on 

NOM pursuant to Chapter VII, Section 2, and must 

also remain in good standing pursuant to Chapter 

VII, Section 4. In order to receive NOM Market 

Maker pricing in all securities, the Participant must 

be registered as a NOM Market Maker in at least one 

security. 

7Participants that add Customer, Professional, 

Firm, Non-NOM Market Maker and/or BrokerDealer liquidity in Penny Pilot Options and/or NonPenny Pilot Options of 1.25% or more of national 

customer volume in multiply-listed equity and ETF 

options classes in a month will receive an 

additional $0.02 per contract Penny Pilot Options 

Customer Rebate to Add Liquidity for each 

transaction which adds liquidity in Penny Pilot 

Options in that month. 

8 15 U.S.C. 78f(b). 

9 15 U.S.C. 78f(b)(5). 

For the Commission, pursuant to delegated 

authority.23

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–28548 Filed 12–4–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73713; File No. SR– 

NASDAQ–2014–113] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Relating to an 

Amendment To Conform Rule Text 

December 1, 2014. 

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 November 

18, 2014, The NASDAQ Stock Market 

LLC (‘‘NASDAQ’’ or ‘‘Exchange’’) filed 

with the Securities and Exchange 

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

the proposed rule change as described 

in Items I, II, and III below, which Items 

have been prepared by NASDAQ. 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 

NASDAQ proposes to modify Chapter 

XV, entitled ‘‘Options Pricing,’’ at 

Section 2 governing pricing for 

NASDAQ members using the NASDAQ 

Options Market (‘‘NOM’’), NASDAQ’s 

facility for executing and routing 

standardized equity and index options. 

Specifically, NOM proposes to 

conform certain language related to 

Penny Pilot Options3 rebates currently 

applicable to Customers,4 Professionals5

and NOM Market Makers.6

The text of the proposed rule change 

is available on the Exchange’s Web site 

at http://

www.nasdaq.cchwallstreet.com, at the 

principal office of the Exchange, 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 

Exchange 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 

Exchange 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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of the proposed rule 

change is to conform rule text in 

Chapter XV, entitled ‘‘Options Pricing,’’ 

at Section 2(1) governing the rebates and 

fees assessed for options orders entered 

into NOM. Specifically, the Exchange 

proposes to amend rule text describing 

the volume required to qualify for 

certain Customer and Professional 

Penny Pilot Options Rebate to Add 

Liquidity tiers and also certain NOM 

Market Maker Penny Pilot Options 

Rebate to Add Liquidity tiers. 

With respect to the Customer and 

Professional Tier 8 Penny Pilot Options 

Rebate to Add Liquidity, the NOM 

Market Maker Tier 6 Penny Pilot 

Options Rebate to Add Liquidity and 

the $0.02 per contract Tier 8 incentive 

for the Customer and Professional 

Penny Pilot Options Rebate to Add 

Liquidity,7 the Exchange proposes to 

amend the language which describes the 

required national customer volume in 

multiply-listed equity and ETF options 

classes in a month in these sections. The 

Exchange is proposing to conform this 

language with current rule text which 

describes total industry customer equity 

and ETF option average daily volume 

(‘‘ADV’’) contracts per day in a month. 

This proposed amendment is nonsubstantive as the two concepts are not 

different. The Exchange is proposing to 

conform the language to avoid 

confusion. This amendment will not 

amend the manner in which those 

rebates are paid today. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act 8 in general, and furthers the 

objectives of Section 6(b)(5) of the Act 9

in particular, in that it is designed to 

promote just and equitable principles of 

trade, to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system, and, in general to protect 

investors and the public interest, in that 


wreier-aviles on DSK5TPTVN1PROD with NOTICES