[Federal Register Volume 62, Number 47 (Tuesday, March 11, 1997)]
[Notices]
[Pages 11236-11237]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-5982]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-38366; File No. SR-MSRB-97-1]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Municipal Securities
Rulemaking Board Relating to Delivery of Official Statements to the
Board
March 5, 1997.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on February 20, 1997, the Municipal Securities Rulemaking Board
(``Board'' or ``MSRB'') filed with the Securities and Exchange
Commission (``Commission'' or ``SEC'') the proposed rule change (File
No. SR-MSRB-97-1). The proposed rule change is described in Items, I,
II, and III below, which Items have been prepared by the Board. 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) (1988).
\2\ 17 CFR 240.19b-4 (1991).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Board is filing a proposed rule change to rule G-36 and Form G-
36(OS), relating to delivery of official statements to the Board
(hereafter referred to as the ``proposed rule change''), which updates
the citation to SEC Rule 15c2-12 in rule G-36 to correspond to the
recently revised subsection of that Rule and which makes clear that
limited placements only are exempt from rule G-36.
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 Board 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
texts of these statements may be examined at the places specified in
Item IV below. The Board 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
Board rule G-36 requires that managing underwriters deliver to the
Board copies of final official statements for most primary offerings of
municipal securities, if an official statement was prepared. Rule G-36
also requires Form G-36(OS) to be sent with the official statement. The
Board enters the official statement into the Municipal Securities
Information Library (``MSIL'') System.\3\ Rule G-36
applies to all primary offerings with official statements, except for
limited placements that are exempt under SEC Rule 15c2-12(d)(1)(i).
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\3\ The MUNICIPAL SECURITIES INFORMATION LIBRARY and MSIL are
registered trademarks of the Board.
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Rule G-36 and Form G-36(OS) contain cross-references to SEC Rule
15c2-12. The proposed rule change to rule G-36(c)(iii) and Form G-
36(OS) updates the citation to Rule 15c2-12 to correspond to the
recently revised subsection of Rule 15c2-12 and makes clear that
limited placements only are exempt from rule G-36.
The Board believes the proposed rule change is consistent with
Section 15B(b)(2)(C) of the Act, which provides that the Board's rules
shall:
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.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Board 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.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received from Members, Participants, or Others
The Board has neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing
for Commission Action
Because the foregoing proposed rule change: (1) does not
significantly affect the protection of investors or the public
interest; (2) does not impose any significant burden on competition;
(3) does not become operative for thirty days from February 20, 1997,
the date on which it was filed, and the MSRB provided the Commission
with written notice of its intent to file the proposed rule change at
least five business days prior to the filing date, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \4\ and Rule 19b-
4(e)(6) \5\ thereunder. In particular, the Commission believes the
proposal would qualify as a ``non-controversial filing'' in that the
proposed standards do not significantly affect the protection of
investors or the public interest and do not impose any significant
burden on competition. At any time within sixty days of the filing of
the proposed rule change, the Commission may summarily abrogate such
rule change it if appears to the Commission that such action is
necessary or appropriate in the public interest, for the protection of
investors, or otherwise in furtherance of the purposes of the Act.
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\4\ 15 U.S.C. Sec. 78s(b)(3)(A).
\5\ 17 CFR 240.19b-4(e)(6).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing. Persons making written submissions
should file six copies thereof with the Secretary, Securities and
Exchange Commission, 450 Fifth Street, N.W., Washington, D.C. 20549.
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 inspection and copying in the
Commission's Public Reference Room. Copies of the filing will also be
available for inspection and copying at the Board's principal offices.
All submissions should refer to File No. SR-MSRB-97-1 and should be
submitted by April 1, 1997.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\6\
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\6\ 17 CFR 200.30-3(a)(12).
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[[Page 11237]]
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-5982 Filed 3-10-97; 8:45 am]
BILLING CODE 8010-01-M
