

[Federal Register: May 19, 2006 (Volume 71, Number 97)]
[Notices]               
[Page 29194-29195]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr19my06-94]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53804, File No. SR-MSRB-2006-02]

 
Self-Regulatory Organizations; Municipal Securities Rulemaking 
Board; Order Approving Proposed Rule Change Relating to Restated 
Articles of Incorporation and By-Laws

May 15, 2006.
    On March 20, 2006, 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 the MSRB's Restated 
Articles of Incorporation and By-Laws. The proposed rule change is 
intended to expand the indemnification provisions for Board members and 
employees and to make other revisions to the Board's Articles of 
Incorporation and By-Laws. The proposed rule change was published for 
comment in the Federal Register on April 14, 2006.\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. 53616 (April 7, 
2006), 71 FR 19571 (April 14, 2006).
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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 clarify provisions

[[Page 29195]]

relating to the operation and administration of the MSRB.
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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-2006-02) 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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Jill M. Peterson,
Assistant Secretary.
[FR Doc. E6-7637 Filed 5-18-06; 8:45 am]

BILLING CODE 8010-01-P
