[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