[Federal Register Volume 76, Number 8 (Wednesday, January 12, 2011)]
[Notices]
[Pages 2162-2163]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-433]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-63645; File No. SR-MSRB-2010-18]
Self-Regulatory Organizations; Municipal Securities Rulemaking
Board; Notice of Filing and Immediate Effectiveness of Revisions to the
Selection Specifications for the Municipal Securities Representative
Qualification Examination (Series 52) Program
January 5, 2011.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``the Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on December 23, 2010, the Municipal Securities Rulemaking Board
(``Board'' or ``MSRB'') filed with the Securities and Exchange
Commission (``SEC'' or ``Commission'') a proposed rule change as
described in Items I, II, and III below, which Items have been
substantially prepared by the MSRB. The MSRB has designated the
proposed rule change as constituting a stated policy, practice, or
interpretation with respect to the meaning, administration, or
enforcement of an existing rule of the self-regulatory organization
pursuant to Section 19(b)(3)(A)(i) \3\ of the Act and Rule 19b-4(f)(1)
thereunder,\4\ which renders the proposal effective upon filing with
the Commission. The MSRB proposes to implement the revised Series 52
examination program on January 3, 2011. 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.
\3\ 15 U.S.C. 78s(b)(3)(A)(i).
\4\ 17 CFR 240.19b-4(f)(1).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The MSRB is filing with the Commission revisions to the selection
specifications for the Municipal Securities Representative
Qualification Examination (Series 52) program.
The text of the proposed rule change is available on the MSRB's Web
site at http://www.msrb.org/Rules-and-Interpretations/SEC-Filings/2010-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
Section 15B(b)(2)(A) of the Act \5\ authorizes the MSRB to
prescribe standards of training, experience, competence, and such other
qualifications as the Board finds necessary or appropriate in the
public interest or for the protection of investors and municipal
entities or obligated persons. On November 10, 2010, the MSRB filed
with the Commission a proposed rule change (File No. SR-MSRB-2010-12)
consisting of revisions to the study outline and selection
specifications for the Municipal Securities Representative
Qualification (Series 52) program. On November 12, 2010, the Commission
published a notice of filing and immediate effectiveness for the
revisions to the study outline and selection specifications for the
Series 52 program.\6\ The MSRB recently became aware that the selection
specifications filed with the Commission on November 10, 2010,
contained a technical error and the MSRB is filing this proposed rule
change to correct that error. The selection specifications indicate how
many questions are asked per examination on every topic.
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\5\ 15 U.S.C. 78o-4(b)(2)(A).
\6\ See Release No. 34-63310 (November 12, 2010); 75 FR 70760
(November 18, 2010).
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2. Statutory Basis
The MSRB believes that the proposed revisions to the selection
specifications are consistent with the provisions of Section
15B(b)(2)(A) of the Act, which authorizes the MSRB to prescribe
standards of training, experience, competence, and such other
qualifications as the Board finds necessary or appropriate in the
public interest or for the protection of investors and municipal
entities or obligated persons. Section 15B(b)(2)(A) of the Act also
provides that the Board may appropriately classify municipal securities
brokers, municipal securities dealers, and municipal advisors, and
persons associated with municipal securities brokers, municipal
securities dealers, and municipal advisors and require persons in any
such class to pass tests prescribed by the Board.
The MSRB believes that the proposed revisions to the selection
specifications are consistent with the provisions of Section
15B(b)(2)(A) of the Act in that the revisions will ensure that certain
key concepts or rules are tested on each administration of the
examination in order to test the competency of individuals seeking to
qualify as municipal securities representatives with respect to their
knowledge about MSRB rules and the municipal securities market.
B. Self-Regulatory Organization's Statement on Burden on Competition
The MSRB does not believe that the proposed rule change will impose
any burden on competition not necessary or appropriate in furtherance
of the purposes of the Act, as amended.
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 proposed rule change has become effective pursuant to Section
19(b)(3)(A)(i) of the Act \7\ and Rule 19b--4(f)(1) \8\ thereunder, in
that the proposed rule change constitutes a stated policy, practice, or
interpretation with respect to the meaning, administration, or
enforcement of an existing rule of the self-regulatory organization.
The MSRB proposes to implement the revised Series 52 examination
program on January 3, 2011. 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
[[Page 2163]]
public interest, for the protection of investors, or otherwise in
furtherance of the purposes of the Act.\9\
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\7\ 15 U.S.C. 78s(b)(3)(A)(i).
\8\ 17 CFR 240.19b-4(f)(1).
\9\ See Section 19(b)(3)(C) of the Act, 15 U.S.C. 78s(b)(3)(C).
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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 e-mail to [email protected]. Please include
File Number SR-MSRB-2010-18 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-MSRB-2010-18. 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 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
a.m. and 3 p.m. Copies of such 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-2010-18 and should be
submitted on or before February 2, 2011.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-433 Filed 1-11-11; 8:45 am]
BILLING CODE 8011-01-P