
[Federal Register Volume 80, Number 153 (Monday, August 10, 2015)]
[Notices]
[Pages 47976-47978]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-19539]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75602; File No. SR-MSRB-2015-06]


Self-Regulatory Organizations; Municipal Securities Rulemaking 
Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule 
Change Consisting of Revisions to the Electronic Municipal Market 
Access System, Real-Time Transaction Reporting System and Short-Term 
Obligation Rate Transparency System

August 4, 2015.
    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 July 23, 2015, the Municipal Securities Rulemaking Board (the 
``MSRB'' or ``Board'') filed with the Securities and Exchange 
Commission (the ``SEC'' or ``Commission'') the proposed rule change as 
described in Items I, II, and III below, which Items have been prepared 
by the MSRB. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The MSRB filed with the Commission a proposed rule change relating 
to the MSRB's Electronic Municipal Market Access (``EMMA'') system, 
Real-time Transaction Reporting System (``RTRS''), and Short-Term 
Obligation Rate Transparency (``SHORT'') system. The proposed rule 
change consists of revisions to the facilities for the EMMA system, 
RTRS, and SHORT system to better align the language of the information 
facilities to the MSRB's administration of these systems. The proposed 
rule change adds references to the MSRB's core operational hours, 
clarifies the twenty-four hours a day, seven days a week (``24/7'') 
availability of many aspects of the MSRB's systems, and makes minor 
changes of a technical nature. The MSRB has filed the proposed rule 
change under Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(6) \4\ thereunder, as a noncontroversial rule change that renders 
the proposal effective upon filing. The proposed rule change would be 
made operative on August 24, 2015.
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    The text of the proposed rule change is available on the MSRB's Web 
site at www.msrb.org/Rules-and-Interpretations/SEC-Filings/2015-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
    The EMMA system is an information facility for the collection and 
dissemination of municipal securities disclosure documents and related 
information. The EMMA system includes a public Web site, the EMMA 
portal, which provides for free public access to disclosures and 
transparency information for municipal securities. RTRS is an 
information facility for the collection and dissemination of 
information about transactions occurring in the municipal securities 
market. The SHORT system is an information facility for the collection 
and dissemination of information and disclosure documents about 
securities bearing interest at short-term rates (auction rate 
securities and variable-rate demand obligations). The information 
facilities for the EMMA system, RTRS, and SHORT system serve to outline 
the high level parameters by which the MSRB operates these systems.
    The purpose of the proposed rule change is to better align the 
language of the information facilities for the EMMA system, RTRS, and 
SHORT system to the MSRB's administration of these systems. The 
proposed rule change would add references to the MSRB's core 
operational hours, clarify the 24/7 availability of many aspects of the 
MSRB's systems and make minor changes of a technical nature to these 
information facilities. These changes are more fully described below.
MSRB Core Operational Hours
    The MSRB maintains core operational hours for its transparency 
systems of

[[Page 47977]]

7:00 a.m. to 7:00 p.m. Eastern Time on business days, which exclude 
weekends and holidays identified on the MSRB System Holiday Schedule 
published on the MSRB Web site. Core operational hours are consistent 
across the EMMA system, RTRS, and SHORT system and represent those 
hours when the MSRB's resources will be more readily available as 
compared with other hours to respond to inquiries and incidents 
experienced by users of the MSRB's systems. When the MSRB performs 
system maintenance that risks a reduction in the level of system 
performance, the MSRB schedules such maintenance whenever possible to 
occur outside of core operational hours.
    The MSRB's core operational hours reflect the time period when 
nearly all information and disclosure documents are submitted to the 
EMMA system, RTRS, or SHORT system. Over the MSRB's two prior fiscal 
years ended September 30, 2014, the EMMA system received 97.4% of all 
submissions of disclosure documents, the RTRS received 99.3% of all 
submissions of information, and the SHORT system received 99.6% of all 
submissions of information and 99.8% of all submissions of disclosure 
documents during the hours of 7:00 a.m. to 7:00 p.m. Eastern Time on 
business days.
    The information facilities for the EMMA and SHORT systems currently 
note that the systems are expected to operate at the highest 
performance during the hours of 8:30 a.m. to 6:00 p.m. Eastern Time. 
The RTRS information facility does not specifically reference the 
timeframe in which the system experiences the highest performance. The 
proposed rule change would provide that the core operational hours for 
each system, the EMMA system, RTRS, and SHORT system, are 7:00 a.m. to 
7:00 p.m. Eastern Time.
24/7 System Availability
    Many aspects of the EMMA system, RTRS, and SHORT system have 24/7 
availability. Since implementation of the EMMA and SHORT systems, the 
MSRB has maintained, as 24/7 services, the EMMA portal and the 
submission processes for submitting disclosure documents to the EMMA 
and SHORT systems. The RTRS web interface also has been maintained for 
brokers, dealers and municipal securities dealers (``dealers'') to view 
their submitted trade data on a 24/7 basis since 2007.\5\ The proposed 
rule change would formally highlight that the MSRB maintains these 
aspects of the EMMA system, RTRS, and SHORT system as 24/7 services.
---------------------------------------------------------------------------

    \5\ See ``RTRS Web Enhancement: Extended Hours,'' MSRB Notice 
2007-26 (August 22, 2007).
---------------------------------------------------------------------------

    Technological advancements to MSRB transparency systems enable the 
MSRB to conduct routine maintenance and system upgrades in a manner 
that is seamless to users. Nonetheless, on rare occasions system 
maintenance or upgrades may require the MSRB to schedule a system 
outage, which, to the extent feasible, would be scheduled outside of 
core operational hours. In addition, in the event of a cyber attack or 
security issue, the MSRB may need to make components of MSRB 
transparency systems unavailable to ensure the integrity of the 
systems. Accordingly, the amendments further clarify the MSRB's ability 
to make services unavailable outside of core operational hours for 
required maintenance, upgrades or other purposes, or at other times as 
needed to ensure the integrity of MSRB systems.
Minor Changes of a Technical Nature
    The proposed rule change includes three minor changes of a 
technical nature. First, the EMMA system enables users to request 
periodic email alerts based on the reporting of trade data or 
availability of disclosure documents for a specific security. The EMMA 
system's information facility language currently does not reflect all 
of the information and disclosures for which a user can request an 
email alert; the proposed rule change clarifies the availability of 
this service. Second, the information facilities for the EMMA system, 
RTRS, and SHORT system currently use inconsistent abbreviations for 
ante meridiem and post meridiem as well as inconsistent references that 
the time noted shall reflect Eastern Time; the proposed rule change 
would state all time conventions in a consistent manner. Third, the 
proposed rule change would correct a reference in the SHORT system 
information facility regarding future subscription products as the MSRB 
has since made such subscription products available.
2. Statutory Basis
    The MSRB believes that the proposed rule change is consistent with 
the provisions of Section 15B(b)(2)(C) of the Act,\6\ which provides 
that the MSRB's rules shall:
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78o-4(b)(2)(C).

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 and 
municipal financial products, to remove impediments to and perfect 
the mechanism of a free and open market in municipal securities and 
municipal financial products, and, in general, to protect investors, 
---------------------------------------------------------------------------
municipal entities, obligated persons, and the public interest.

    The proposed rule change would contribute to the MSRB's continuing 
efforts to improve market transparency and to protect investors, 
municipal entities, obligated persons and the public interest. The MSRB 
believes that users of MSRB transparency systems will benefit from a 
clearer understanding of the MSRB's administration of these systems.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The proposed rule change consists of revisions to the information 
facilities for the EMMA system, RTRS, and SHORT system to better align 
the language of the information facilities to the MSRB's administration 
of these systems. The proposed rule change seeks to clarify existing 
services and make minor changes of a technical nature to the 
information facilities. The proposed rule change will not modify the 
manner in which the MSRB administers these systems. Accordingly, the 
MSRB does not believe that the proposed rule change will result in any 
burden on competition that is not necessary or appropriate in 
furtherance of the Act.

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

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act \7\ and Rule 19b-
4(f)(6) thereunder.\8\
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    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 47978]]

public interest, for the protection of investors, or otherwise in 
furtherance of the purposes of the Act.

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 email to rule-comments@sec.gov. Please include 
File Number SR-MSRB-2015-06 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549.

All submissions should refer to File Number SR-MSRB-2015-06. This file 
number should be included on the subject line if email 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 Web site 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 
10:00 a.m. and 3:00 p.m. Copies of the 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-2015-06 and should be 
submitted on or before August 31, 2015.

    For the Commission, pursuant to delegated authority.\9\
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-19539 Filed 8-7-15; 8:45 am]
 BILLING CODE 8011-01-P


