Document ID: SEC-2020-1577-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Municipal Securities Rulemaking Board
Posted Date: 2020-10-07T04:00Z

[Federal Register Volume 85, Number 195 (Wednesday, October 7, 2020)]
[Notices]
[Pages 63323-63324]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-22098]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90066; File No. SR-MSRB-2020-07]

Self-Regulatory Organizations; Municipal Securities Rulemaking 
Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule 
Change Consisting of Amendments to the By-Laws of the Municipal 
Securities Rulemaking Board To Reflect Recent Changes To MSRB Rules A-
3, A-4, and A-6

October 1, 2020.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'' or ``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ notice 
is hereby given that on September 25, 2020 the Municipal Securities 
Rulemaking Board (``MSRB'') 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 the MSRB. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The MSRB filed with the Commission a proposed rule change 
consisting of amendments to the By-Laws of the MSRB (``Bylaws'') to 
reflect recent changes to MSRB Rules A-3, A-4, and A-6 (the ``proposed 
rule change''). The MSRB has designated the proposed rule change as 
``concerned solely with the administration of the self regulatory 
organization'' under Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 
19b-4(f)(3) \4\ thereunder, which renders the proposal effective upon 
filing with the Commission.
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    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(3).
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    The text of the proposed rule change is available on the MSRB's 
website at www.msrb.org/Rules-and-Interpretations/SEC-Filings/2020-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
    MSRB Rules A-2 through A-10 are reproduced in the Bylaws as 
Articles 2 through 10. Accordingly, when amendments are made to MSRB 
Rules A-2 through A-10, the Bylaws must be updated to reflect the 
changes. On August 5, the Commission approved amendments to MSRB Rules 
A-3 and A-6, effective October 1, 2020.\5\ On September 15, the Board 
filed additional amendments to MSRB Rule A-3 and amendments to MSRB 
Rule A-4 that were immediately effective and will become operative on 
October 1, 2020.\6\ As a result of these amendments, changes to 
Articles 3, 4 and 6 of the Bylaws are necessary so that the Bylaws 
reflect the corresponding rules as they will read on October 1, 2020. 
Additionally, a cross-reference in Article 16 of the Bylaws to MSRB 
Rule A-4(c) must also be updated because the relevant provision of MSRB 
Rule A-4(c) has been moved into a new subsection, A-4(e).
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    \5\ See Exchange Act Release No. 89484 (Aug. 5, 2020), 85 FR 
48579 (Aug. 11, 2020) (File No. SR-MSRB-2020-04).
    \6\ File No. SR-MSRB-2020-05, available at http://www.msrb.org/Rules-and-Interpretations/SEC-Filings.aspx.
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2. Statutory Basis
    The MSRB believes that the proposed rule change is consistent with 
Section 15B(b)(2)(I) of the Exchange Act,\7\ which provides that the 
MSRB's rules shall:
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    \7\ 15 U.S.C. 78o-4(b)(2)(I).

provide for the operation and administration of the Board, including 
the selection of a Chairman from among the members of the Board, the 
compensation of the members of the Board, and the appointment and 
compensation of such employees, attorneys, and consultants as may be 
necessary or appropriate to carry out the Board's functions under 
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this section.

    The proposed rule change is consistent with Section 15B(b)(2)(I) of 
the Exchange Act \8\ because it provides for the operation and 
administration of the Board in that it ensures that the Bylaws reflect, 
and are consistent with,

[[Page 63324]]

the recent changes to the Board's administrative rules.
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    \8\ Id.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    Section 15B(b)(2)(C) of the Exchange Act requires that MSRB rules 
not be designed to impose any burden on competition not necessary or 
appropriate in furtherance of the purposes of the Exchange Act.\9\ The 
proposed rule change relates only to the administration of the Board 
and would not impose requirements on brokers, dealers, municipal 
securities dealers, municipal advisors or others. Accordingly, the MSRB 
does not believe that the proposed rule change would result in any 
burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Exchange Act.
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    \9\ 15 U.S.C. 78o-4(b)(2)(C).
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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

    The foregoing proposed rule change has become effective pursuant to 
Section 19(b)(3)(A) of the Act \10\ and paragraph (f) of Rule 19b-4 
thereunder.\11\ 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 Act.
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    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 17 CFR 240.19b-4(f).
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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-2020-07 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-2020-07. 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 website (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 website 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. Persons submitting comments are 
cautioned that we do not redact or edit personal identifying 
information from comment submissions. You should submit only 
information that you wish to make available publicly. All submissions 
should refer to File Number SR-MSRB-2020-07 and should be submitted on 
or before October 28, 2020.

    For the Commission, pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-22098 Filed 10-6-20; 8:45 am]
BILLING CODE 8011-01-P