71 FR 97 pgs. 29194-29195 - Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Order Approving Proposed Rule Change Relating to Restated Articles of Incorporation and By-Laws
Type: NOTICEVolume: 71Number: 97Pages: 29194 - 29195
Docket number: [Release No. 34-53804, File No. SR-MSRB-2006-02]
FR document: [FR Doc. E6-7637 Filed 5-18-06; 8:45 am]
Agency: Securities and Exchange Commission
Official PDF Version: PDF Version
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"),1and Rule 19b-4 thereunder,2a 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, 2006.3The Commission received no comment letters regarding the proposal.
Footnotes:
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).
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 MSRB4and, in particular, the requirements of Section 15B(b)(2)(C) of the Act5and 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.6In particular, the Commission finds that the proposed rule change will clarify provisions relating to the operation and administration of the MSRB.
Footnotes:
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.
It is therefore ordered, pursuant to Section 19(b)(2) of the Act,7that the proposed rule change (SR-MSRB-2006-02) be, and hereby is, approved.
Footnotes:
7 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Market Regulation, pursuant to delegated authority.8
Footnotes:
8 17 CFR 200.30-3(a)(12).
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E6-7637 Filed 5-18-06; 8:45 am]
BILLING CODE 8010-01-P