[Federal Register Volume 90, Number 141 (Friday, July 25, 2025)]
[Notices]
[Page 35325]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-14025]



[[Page 35325]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-103516; File No. SR-MSRB-2025-01]


Self-Regulatory Organizations; Municipal Securities Rulemaking 
Board; Notice of Designation of a Longer Period for Commission Action 
on a Proposed Rule Change To Amend Rule G-14 RTRS Procedures Under MSRB 
Rule G-14 Regarding the Timing of Reporting Transactions in Municipal 
Securities to the MSRB and To Make a Related Amendment to Rule G-12

July 22, 2025.
    On June 10, 2025, 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'' or ``Exchange Act'') \1\ 
and Rule 19b-4 thereunder,\2\ a proposed rule change to (i) amend Rule 
G-14 RTRS Procedures under MSRB Rule G-14, on reports of sales or 
purchases, to rescind a previously approved but not yet effective 
shortening of the amount of time within which brokers, dealers and 
municipal securities dealers (``dealers'') must report most 
transactions to the MSRB, reverting such timeframe to the currently 
effective 15-minute reporting timeframe, (ii) amend the Rule G-14 RTRS 
Procedures to eliminate two previously approved but not yet effective 
reporting exceptions and a manual trade indicator relating to the 
rescinded shortened timeframes, and (iii) make a related conforming 
amendment to MSRB Rule G-12, on uniform practice (``Rule G-12''), as 
described herein (the ``proposed rule change'').\3\ The proposed rule 
change was published for comment in the Federal Register on June 20, 
2025.\4\
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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. 34-103262 (June 16, 
2025), 90 FR 26390 (June 20, 2025) (``Notice''). Comments on the 
proposed rule change are available at https://www.sec.gov/comments/sr-msrb-2025-01/srmsrb202501.htm.
    \4\ Notice, 90 FR at 26390.
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    Section 19(b)(2) of the Act \5\ provides that, within 45 days of 
the publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, disapprove the proposed rule 
change, or institute proceedings to determine whether the proposed rule 
change should be disapproved. The 45th day after publication of the 
notice for this proposed rule change is August 4, 2025. The Commission 
is extending this 45-day time period.
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    \5\ 15 U.S.C. 78s(b)(2).
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    The Commission finds it appropriate to designate a longer period 
within which to take action on the proposed rule change, the issues 
raised therein, and the comments received.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\6\ designates September 18, 2025, as the date by which the 
Commission shall either approve or disapprove, or institute proceedings 
to determine whether to disapprove, the proposed rule change (File No. 
SR-MSRB-2025-01).
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    \6\ Id.

    For the Commission, pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-14025 Filed 7-24-25; 8:45 am]
BILLING CODE 8011-01-P