[Federal Register Volume 70, Number 168 (Wednesday, August 31, 2005)]
[Notices]
[Page 51857]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-4751]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-52333, File No. SR-MSRB-2005-13]


Self-Regulatory Organizations; Municipal Securities Rulemaking 
Board; Order Approving Proposed Rule Change Relating to Official 
Statement Delivery Requirements Under Rule G-32, Rule G-36, and Rule G-
11

August 25, 2005.
    On June 23, 2005, 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 consisting of amendments to Rule 
G-32 (on delivery of official statements to new issue customers), Rule 
G-36 (on delivery of official statements and advance refunding 
documents to the Board) and Rule G-11 (on new issue municipal 
securities during the underwriting period). The proposed rule change is 
intended to improve the efficiency of official statement dissemination 
in the municipal securities marketplace and the timeliness of official 
statement deliveries to customers. The proposed rule change was 
published for comment in the Federal Register on July 25, 2005.\3\ The 
Commission received no comment letters regarding 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. 52058 (July 19, 
2005), 70 FR 42604 (July 25, 2005).
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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 \5\ and the rules and 
regulations thereunder. 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 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.\6\ In particular, the 
Commission finds that the proposed rule change will increase the 
efficiency of official statement dissemination in the marketplace and 
the timeliness of official statement deliveries to customers.
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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).
    \6\ Id.
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\7\ that the proposed rule change (SR-MSRB-2005-13) be, and hereby 
is, approved.
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    \7\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-4751 Filed 8-30-05; 8:45 am]
BILLING CODE 8010-01-P