MSRB NOTICE 2007-28 (SEPTEMBER 17, 2007)

FURTHER TECHNICAL AMENDMENT FILED TO RULE A-3, ON MEMBERSHIP ON THE BOARD

Today the MSRB filed a partial amendment to File No. SR-MSRB-2007-02 regarding an amendment to Rule A-3, on membership on the Board, to comply with a request of SEC staff to revise certain language.  The partial amendment replaces part of the amended language of Rule A-3, and is effective upon filing with the SEC.  The partial amendment is intended to provide greater clarity and does not effect a change in the operation of the rule.

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Questions about this notice may be directed to Catherine A. Courtney, Assistant General Counsel.

 September 17, 2007

TEXT OF AMENDMENT [1]

Rule A-3 – On Membership on the Board

(a) – (b) No change.

(c) Nomination and Election of Members.

(i) Members shall be nominated and elected in accordance with the procedures specified by this rule. All members of the Board shall be elected for terms of three years, so that the terms of office of one-third of the whole Board shall expire each year. The terms of office of all members of the Board shall commence on October 1 of the year in which elected and shall terminate on September 30 of the year in which their terms expire.  A member of the Board may serve additional terms as a Board member upon nomination and election for each such additional term in accordance with the procedures specified by this rule, provided that, a member of the Board may immediately succeed himself or herself in office for only a single successive term and only upon nomination and election for such successive term in accordance with the procedures specified bythis rule.  No broker-dealer representative or bank representative may be succeeded in office by any person associated with the broker, dealer or municipal securities dealer with which such member was associated at the expiration of such member’s term except in the case of a Board member who succeeds himself or herself in office.

(ii)-(vii) No change.

(d) – (f) No change.


[1] Underlining indicates new language.