[Federal Register Volume 69, Number 226 (Wednesday, November 24, 2004)]
[Notices]
[Pages 68431-68432]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E4-3308]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-50689; File No. SR-MSRB-2004-05]


Self-Regulatory Organizations; Municipal Securities Rulemaking 
Board; Order Approving Proposed Rule Change To Offer New Historical 
Data Product

November 18, 2004.
    On September 16, 2004, the Municipal Securities Rulemaking Board 
(``MSRB'' or ``Board''), filed with the Securities and Exchange 
Commission (``SEC'' or ``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 offer a new transparency 
product containing historical trade data obtained through the MSRB's 
Transaction Reporting System (the ``Historical Data Product''). The 
proposed rule change was published for comment in the Federal Register 
on October 18, 2004.\3\ The Commission received no comments on the 
proposal.
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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. 50491 (October 5, 
2004), 69 FR 61422 (October 18, 2004) (``Notice'').
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    The Commission finds that the proposed rule change is consistent 
with the requirements of the Act and the rules and regulations 
thereunder applicable to the MSRB \4\ and, in particular, the 
requirements of Section 15B(b)(2)(C) of the Act and the rules and 
regulations thereunder.\5\ 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

[[Page 68432]]

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.
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    \4\ In approving this rule the Commission notes that it has 
considered the proposed rule's impact on efficiency, competition and 
capital formation. 15 U.S.C. 78c(f).
    \5\ 15 U.S.C. 78o-4(b)(2)(C).
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    In particular, the Commission finds that the proposed rule change 
will increase transparency and facilitate the fair pricing of municipal 
securities transactions. The Commission believes that the Historical 
Data Product will provide more information on infrequently traded 
issues and will help achieve a wider dissemination of transaction 
information that will help ensure the fairest and most accurate pricing 
of municipal securities transactions.
    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\6\ that the proposed rule change (SR-MSRB-2004-05) be, and hereby 
is, approved.
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    \6\ 15 U.S.C. 78s(b)(2).

For the Commission, by the Division of Market Regulation, pursuant 
to delegated authority.\7\
J. Lynn Taylor,
Assistant Secretary.
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    \7\ 17 CFR 200.30-3(a)(12).
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 [FR Doc. E4-3308 Filed 11-23-04; 8:45 am]
BILLING CODE 8010-01-P