Document ID: SEC-2013-2227-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Municipal Securities Rulemaking Board
Posted Date: 2013-12-26T05:00Z

[Federal Register Volume 78, Number 248 (Thursday, December 26, 2013)]
[Notices]
[Page 78451]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-30765]

[[Page 78451]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71144; File No. SR-MSRB-2013-04]

Self-Regulatory Organizations; Municipal Securities Rulemaking 
Board; Notice of Designation of Longer Period for Commission Action on 
Proceedings To Determine Whether To Disapprove Proposed Rule Change 
Relating to a New MSRB Rule G-45, on Reporting of Information on 
Municipal Fund Securities

December 19, 2013.
    On June 10, 2013, 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 consisting of new MSRB Rule G-45 (reporting of 
information on municipal fund securities) and MSRB Form G-45; 
amendments to MSRB Rule G-8 (books and records); and MSRB Rule G-9 
(preservation of records). The proposed rule change was published for 
comment in the Federal Register on June 28, 2013.\3\ The Commission 
received five comment letters on the proposal.\4\ On August 9, 2013, 
the MSRB granted an extension of time for the Commission to act on the 
filing until September 26, 2013. On September 26, 2013, the Commission 
initiated proceedings to determine whether to disapprove the proposed 
rule change and solicited additional comments.\5\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 69835 (June 24, 2013), 
78 FR 39048.
    \4\ See letters to Elizabeth M. Murphy, Secretary, Commission, 
from Tamara K. Salmon, Senior Associate Counsel, Investment Company 
Institute, dated July 16, 2013; David L. Cohen, Managing Director, 
Associate General Counsel, Securities Industry and Financial Markets 
Association, dated July 18, 2013; Roger Michaud, Chairman, College 
Savings Foundation, dated July 19, 2013; Michael L. Fitzgerald, 
Chairman, College Savings Plans Network, dated July 19, 2013; and 
Michael B. Koffler, Partner, Sutherland Asbill & Brennan, dated July 
19, 2013.
    \5\ Securities Exchange Act Release No. 70531 (September 26, 
2013), 78 FR 60985 (October 2, 2013) (``Order Instituting 
Proceedings'').
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    The Commission thereafter received four comment letters on the 
proposal.\6\
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    \6\ See letters to Elizabeth M. Murphy, Secretary, Commission, 
from Tamara K. Salmon, Senior Associate Counsel, Investment Company 
Institute, dated November 8, 2013; Roger Michaud, Chairman, College 
Savings Foundation, dated November 18, 2013; Michael L. Fitzgerald, 
Chairman, College Savings Plans Network, dated November 18, 2013; 
and Michael B. Koffler, Partner, Sutherland Asbill & Brennan, dated 
November 18, 2013.
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    Section 19(b)(2) of the Act \7\ provides that, after initiating 
disapproval proceedings, the Commission shall issue an order approving 
or disapproving the proposed rule change not later than 180 days after 
the date of publication of notice of the filing of the proposed rule 
change. The Commission, however, may extend the period for issuing an 
order approving or disapproving the proposed rule change by not more 
than 60 days if the Commission determines that a longer period is 
appropriate and publishes the reasons for such determination. The 
proposed rule change was published for comment in the Federal Register 
on June 28, 2013. December 25, 2013, is 180 days from that date, and 
February 23, 2014, is an additional 60 days from that date.
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    \7\ 15 U.S.C. 78s(b)(2).
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    The Commission finds it appropriate to designate a longer period 
within which to issue an order approving or disapproving the proposed 
rule change so that it has sufficient time to consider the proposed 
rule change and the issues raised in the comment letters that have been 
submitted in connection with the same. Specifically, as the Commission 
noted in more detail in the Order Instituting Proceedings, the proposal 
raises issues such as (1) whether the proposed rule change is 
sufficiently clear as to whom the obligations of the rule apply and (2) 
whether the proposed rule change applies the terms ``underwriters'' and 
``broker dealers'' consistent with the Act and the Securities Act of 
1933 and the rules thereunder. Extending the time within which to 
approve or disapprove the proposed rule change will enable the 
Commission to more fully consider these issues, as well as the other 
issues raised in the comment letters and in the Order Instituting 
Proceedings.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\8\ designates February 23, 2014, as the date by which the 
Commission should either approve or disapprove the proposed rule 
change.
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    \8\ 15 U.S.C. 78s(b)(2).
    \9\ 17 CFR 200.30-3(a)(31).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-30765 Filed 12-24-13; 8:45 am]
BILLING CODE 8011-01-P