[Federal Register Volume 77, Number 94 (Tuesday, May 15, 2012)]
[Notices]
[Page 28653]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-11733]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-66954; File No. SR-MSRB-2012-04]
Self-Regulatory Organizations; Municipal Securities Rulemaking
Board; Notice of a Designation of a Longer Period for Commission Action
on Proposed Rule Change Relating to Proposed Rule G-43, on Broker's
Brokers; Proposed Amendments to Rule G-8, on Books and Records, Rule G-
9, on Record Retention, and Rule G-18, on Execution of Transactions;
and a Proposed Interpretive Notice on the Duties of Dealers That Use
the Services of Broker's Brokers
May 9, 2012
On March 5, 2012, 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 proposed MSRB Rule G-43, on broker's
brokers; amendments to MSRB Rule G-8, on books and records; amendments
to MSRB Rule G-9, on record retention; amendments to MSRB Rule G-18, on
execution of transactions; and a proposed interpretive notice on duties
of dealers that use the services of broker's brokers. The proposed rule
change was published for comment in the Federal Register on March 26,
2012.\3\ The Commission received five comment letters regarding the
proposal.\4\ On May 3, 2012, the MSRB submitted a response to the
comment letters \5\ and filed Amendment No. 1 to the proposed rule
change.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 66625 (March 20,
2012), 77 FR 17548.
\4\ See Letters to Elizabeth M. Murphy, Secretary, Commission,
from John Webber, Chief Compliance Officer, Advisors Asset
Management, Inc., dated April 16, 2012; Michael Nicholas, Chief
Executive Officer, Bond Dealers of America, dated April 16, 2012;
Thomas S. Vales, Chief Executive Officer, TMC Bonds, LLC, received
April 16, 2012; Mark J. Epstein, President & Chief Executive
Officer, Hartfield, Titus & Donnelly, dated April 18, 2012; and
Paige W. Pierce, President & Chief Executive Officer, RW Smith &
Associates, Inc., received April 19, 2012. The comment letters
received by the Commission are available at http://www.sec.gov/comments/sr-msrb-2012-04/msrb201204.shtml.
\5\ See Letter to Elizabeth M. Murphy, Secretary, Commission,
from Margaret C. Henry, General Counsel, Market Regulation, MSRB,
dated May 3, 2012.
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Section 19(b)(2) of the Act \6\ provides that within 45 days of the
publication of notice of the filing of a proposed rule change, or
within such longer period up to 90 days as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding or as to which the self-regulatory organization
consents, the Commission shall either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether the proposed rule change should be disapproved. The
45th day from the publication of notice of filing of this proposed rule
change is May 10, 2012. The Commission is extending the 45-day time
period.
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\6\ 15 U.S.C. 78s(b)(2).
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The Commission finds that it is appropriate to designate a longer
period within which to take action on this proposed rule change. In
particular, an extension of time will ensure the Commission has
sufficient time to consider and take action on the MSRB's proposal in
light of, among other things, the comment letters received on the
proposal, and the MSRB's response to those comment letters.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Act,\7\ designates June 22, 2012 as the date by which the Commission
should either approve or disapprove or institute proceedings to
determine whether to disapprove this proposed rule change.
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\7\ 15 U.S.C. 78s(b)(2).
\8\ 17 CFR 200.30-3(a)(31).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-11733 Filed 5-14-12; 8:45 am]
BILLING CODE 8011-01-P