[Federal Register Volume 75, Number 227 (Friday, November 26, 2010)]
[Notices]
[Page 72850]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-29720]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63340, File No. SR-MSRB-2010-09]


Self-Regulatory Organizations; Municipal Securities Rulemaking 
Board; Order Granting Approval of Proposed Rule Change Consisting of 
Fee Changes to Its Real-Time Transaction Price Service and 
Comprehensive Transaction Price Service, and Termination of its T+1 
Transaction Price Service

November 18, 2010.

I. Introduction

    On September 30, 2010, the Municipal Securities Rulemaking Board 
(``MSRB'' or ``Board''), filed with the Securities and Exchange 
Commission (``Commission''), pursuant to Section 19(b)(1) of the 
Securities Exchange Act of 1934 (``Exchange Act''),\1\ and Rule 19b-4 
thereunder,\2\ a proposed rule change relating to the MSRB's Real-time 
Transaction Reporting System (``RTRS''). The proposed rule change was 
published for comment in the Federal Register on October 18, 2010.\3\ 
The Commission received no comment letters about the proposed rule 
change. This order approves 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. 63089 (October 13, 
2010), 75 FR 63883 (the ``Commission's Notice'').
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II. Description of the Proposed Rule Change

    The proposed rule change consists of fee changes to the MSRB's 
Real-Time Transaction Price Service and Comprehensive Transaction Price 
Service of RTRS and the consolidation into the Comprehensive 
Transaction Price Service of its existing T+1 Transaction Price 
Service. In addition, the proposed rule change would change the name of 
the Real-Time Transaction Price Service to the ``MSRB Real-Time 
Transaction Data Subscription Service'' and would change the name of 
the Comprehensive Transaction Price Service to the ``MSRB Comprehensive 
Transaction Data Subscription Service.'' The MSRB proposes an effective 
date for this proposed rule change of January 1, 2011.
    A more complete description of the proposal is contained in the 
Commission's Notice.

III. Discussion and Commission Findings

    The Commission has carefully considered the proposed rule change 
and finds that the proposed rule change is consistent with the 
requirements of the Exchange Act and the rules and regulations 
thereunder applicable to the MSRB \4\ and, in particular, the 
requirements of Section 15B(b)(2)(J) of the Exchange Act \5\ and the 
rules and regulations thereunder. Section 15B(b)(2)(J) of the Exchange 
Act requires, in pertinent part, that the MSRB's rules shall:
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    \4\ In approving this proposed rule change, 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)(J).

    Provide that each municipal securities broker, municipal 
securities dealer, and municipal advisor shall pay to the Board such 
reasonable fees and charges as may be necessary or appropriate to 
defray the costs and expenses of operating and administering the 
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Board. Such rules shall specify the amount of such fees and charges.

    The Commission believes that the proposed rule change is consistent 
with the Exchange Act because the proposed rule change provides for 
commercially reasonable fees to partially offset costs associated with 
operating RTRS and producing and disseminating transaction reports to 
subscribers. The proposal will become effective January 1, 2011, as 
requested by the MSRB.
    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Exchange Act,\6\ that the proposed rule change (SR-MSRB-2010-09), be, 
and it hereby is, approved.
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    \6\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-29720 Filed 11-24-10; 8:45 am]
BILLING CODE 8011-01-P