29526 Federal Register / Vol. 74, No. 118 / Monday, June 22, 2009 / Notices 

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

10 15 U.S.C. 78f(b)(5). 

11 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. 59881 

(May 7, 2009), 74 FR 22615 (May 13, 2009) 

(‘‘Commission’s Notice’’). 

4See Securities Exchange Act Release No. 59061 

(December 5, 2008), 73 FR 75778 (December 12, 

member notwithstanding a statutory 

disqualification. When the Exchange 

exercises this waiver authority, Rule 

3.18.01 currently provides that the 

Exchange Department of Financial and 

Sales Practice Compliance shall 

determine whether the Exchange will 

concur in any the Exchange Act Rule 

19h–1 filing made by another SRO. The 

Exchange is proposing to make two 

clarifying changes to this provision. 

First, the Exchange proposes to replace 

the reference to the ‘‘Department of 

Financial and Sales Practice 

Compliance’’ with the ‘‘Exchange’’ 

because the Exchange no longer has a 

department by that name. The Exchange 

is also proposing to include the words 

‘‘member or’’ in the last sentence of 

Rule 3.18.01 to clarify that the Exchange 

may concur in any Exchange Act Rule 

19h–1 filing made by another SRO with 

respect to a member or an associated 

person. This change is consistent with 

the rest of Rule 3.18.01. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with Section 

6(b) of the Exchange Act,9 in general, 

and furthers the objectives of Section 

6(b)(5) of the Exchange Act,10 which 

requires, among other things, that the 

Exchange’s rules be designed to remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system, and 

protect investors and the public interest. 

The Exchange believes that the 

proposed rule change would better 

enable the Exchange to streamline the 

administration of its statutory 

disqualification program and better 

protect investors and the public interest 

by focusing Exchange resources on 

circumstances sufficient to warrant a 

statutory disqualification hearing. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

CBOE 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 Exchange Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 35 days of the date 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 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 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 e-mail to rulecomments@sec.gov. Please include File 

Number SR–CBOE–2009–033 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–CBOE–2009–033. 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 CBOE. 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–CBOE– 

2009–033 and should be submitted on 

or before July 13, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–14530 Filed 6–19–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60121, File No. SR–MSRB– 

2009–05] 

Self-Regulatory Organizations; 

Municipal Securities Rulemaking 

Board; Order Granting Approval of 

Proposed Rule Change Relating to the 

Subscription Service for Continuing 

Disclosure Documents Through the 

Electronic Municipal Market Access 

System (EMMA®) 

June 16, 2009. 

On April 22, 2009, the Municipal 

Securities Rulemaking Board (‘‘MSRB’’), 

filed with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Act’’),1 and 

Rule 19b–4 thereunder,2 a proposed rule 

change to establish a real-time 

subscription to the document collection 

of the continuing disclosure service of 

the MSRB’s Electronic Municipal 

Market Access system (‘‘EMMA’’). The 

proposed rule change was published for 

comment in the Federal Register on 

May 13, 2009.3 The Commission 

received no comment letters about the 

proposal. This order approves the 

proposed rule change. 

The Commission has previously 

approved the establishment of the 

continuing disclosure service of EMMA, 

which will commence operation on July 

1, 2009.4 The proposed rule change 


pwalker on PROD1PC71 with NOTICES
Federal Register / Vol. 74, No. 118 / Monday, June 22, 2009 / Notices 29527 

2008) (File No. SR–MSRB–2008–05) (approving the 

continuing disclosure service of EMMA with an 

effective date of July 1, 2009). 

5The proposed subscription price would cover a 

portion of the administrative, technical and 

operating costs of the EMMA continuing disclosure 

subscription service but would not cover all costs 

of such subscription service or of the EMMA 

continuing disclosure service. The MSRB has 

proposed establishing the subscription price at a 

fair and reasonable level consistent with the 

MSRB’s objective that subscriptions be made 

available on terms that promote the broad 

dissemination of documents and data throughout 

the marketplace. 

6 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). 

7 15 U.S.C. 78o–4(b)(2)(C). 

8 Id. 

9 15 U.S.C. 78s(b)(2). 

10 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

consists of a proposal to establish a realtime subscription to the continuing 

disclosure document collection. The 

real-time data stream subscription to the 

EMMA continuing disclosure service to 

be provided through a Web service 

would be made available for an annual 

fee of $45,000.5 The continuing 

disclosure subscription service would 

make available to subscribers all 

continuing disclosure documents and 

related information provided by 

submitters through the EMMA 

submission process that is posted on the 

EMMA portal. Such documents and 

information would be made available to 

subscribers simultaneously with the 

posting thereof on the EMMA portal. 

The MSRB would make the 

continuing disclosure subscription 

service available on an equal and nondiscriminatory basis. In addition, the 

MSRB would not impose any 

limitations on or additional charges for 

redistribution of such documents by 

subscribers to their customers, clients or 

other end-users. Subscribers would be 

subject to all of the terms of the 

subscription agreement to be entered 

into between the MSRB and each 

subscriber, including proprietary rights 

of third parties in information provided 

by such third parties that is made 

available through the subscription. The 

MSRB would not be responsible for the 

content of the information or documents 

submitted by submitters distributed to 

subscribers through the continuing 

disclosure subscription service. The 

MSRB has requested approval of the 

proposed rule change on or prior to July 

1, 2009. A full description of the 

proposal is contained in the 

Commission’s Notice. 

The Commission has carefully 

considered the proposed rule change 

and finds that the proposed rule change 

is consistent with the requirements of 

the Act and the rules and regulations 

thereunder applicable to the MSRB6

and, in particular, the requirements of 

Section 15B(b)(2)(C) of the Act 7 and the 

rules and regulations thereunder. 

Section 15B(b)(2)(C) of the 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.8 In particular, the 

Commission finds that the EMMA 

continuing disclosure subscription 

service would serve as a mechanism by 

which the MSRB works toward 

removing impediments to and helping 

to perfect the mechanisms of a free and 

open market in municipal securities. 

The subscription service would make 

the indexed comprehensive collection 

of continuing disclosure documents of 

the EMMA continuing disclosure 

service available to marketplace 

participants for re-dissemination and for 

use in creating value-added products 

and services. Such re-dissemination and 

third-party use would provide market 

participants, including investors and the 

general public, additional avenues for 

obtaining these key disclosures and 

would make additional tools available 

in making well-informed investment 

decisions. Broad access to continuing 

disclosure documents through the 

subscription service, in addition to the 

public access available through the 

EMMA Web portal, should further assist 

in preventing fraudulent and 

manipulative acts and practices by 

improving the opportunity for public 

investors to access material information 

about issuers, their securities and the 

prices at which such securities trade. 

Furthermore, broader redissemination and third-party use of 

continuing disclosure documents 

should promote a more fair and efficient 

municipal securities market in which 

transactions are effected on the basis of 

material information available to all 

parties to such transactions, which 

should allow for fairer pricing of 

transactions based on a more complete 

understanding of the terms of the 

securities (including any changes 

thereto), changes in circumstances of 

issuers and obligated persons, and the 

potential investment risks arising 

therefrom. 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,9 that the 

proposed rule change (SR–MSRB–2009– 

05), be, and it hereby is, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–14593 Filed 6–19–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60112; File No. SR–FINRA– 

2009–039] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing of 

Proposed Rule Change To Adopt 

FINRA Rule 3310 (Anti-Money 

Laundering Compliance Program) in 

the Consolidated FINRA Rulebook 

June 15, 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 June 1, 

2009, Financial Industry Regulatory 

Authority, Inc. (‘‘FINRA’’) (f/k/a 

National Association of Securities 

Dealers, Inc. (‘‘NASD’’)) 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 

substantially prepared by FINRA. 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 

FINRA is proposing to adopt: (1) 

NASD Rule 3011 (Anti-Money 

Laundering Compliance Program) as 

FINRA Rule 3310 (Anti-Money 

Laundering Compliance Program), 

without substantive change; (2) NASD 

IM–3011–1 (Independent Testing 

Requirements) as supplementary 

material to proposed FINRA Rule 3310, 

subject to certain amendments; and (3) 

NASD IM–3011–2 (Review of AntiMoney Laundering Compliance Person 

Information) as supplementary material 

to proposed FINRA Rule 3310, without 

substantive change. The proposed rule 

change would delete Incorporated NYSE 

Rule 445 (Anti-Money Laundering 


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