MSRB NOTICE 2005-49 (SEPTEMBER 12, 2005)

TECHNICAL AMENDMENT TO RULE A-8(a), ON ADOPTION OF PROPOSED RULES AND SUBMISSION TO COMMISSION

On September 12, 2005, the Municipal Securities Rulemaking Board (“MSRB”) filed with the Securities and Exchange Commission (“SEC”) a technical amendment to Rule A-8(a), on adoption of proposed rules and submission to Commission.[1]  In November 2004, the SEC’s Electronic Form 19b-4 Filing System became operative.  Self-regulatory organizations are required to use this electronic filing system for submitting rule filings to the SEC instead of submitting paper filings.  As part of the process for using this electronic filing system, the person submitting the filing is required to “sign” the filing with an electronic signature and such signature is associated with a particular computer.  Due to the procedural steps involved in submitting filings to the SEC through its electronic system, the MSRB is revising Rule A-8(a) to delete the Chairman of the Board from the list of persons authorized to sign rule filings.  Thus, rule filings will be signed by one of the staff members designated by the Board to perform this function.  The amendment became effective upon filing with the SEC.

 Questions about this filing may be directed to Ronald W. Smith, Senior Legal Associate. 

 

September 12, 2005

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TEXT OF AMENDMENT[2]

 

Rule A-8: Rulemaking Procedures

 

(a)Adoption of Proposed Rules and Submission to Commission. The Board shall adopt such proposed rules as the Board shall deem necessary or appropriate to effect the purposes of the Act with respect to transactions in municipal securities effected by brokers, dealers and municipal securities dealers, including, as a minimum, proposed rules relating to those matters prescribed in section 15B(b)(2)(A) through (K) of the Act. Upon their adoption by the Board, the Board shall submit proposed rules to the Commission in accordance with the procedures set forth in section 19(b) of the Act and shall file such proposed rules with the appropriate regulatory agencies in accordance with the provisions of section 17(c) of the Act. A proposed rule of the Board shall become a rule of the Board upon its approval by the Commission, pursuant to section 19(b)(2) of the Act, or upon filing with the Commission in accordance with the provisions of section 19(b)(3)(A) of the Act, or upon the determination of the Commission in accordance with the provisions of section 19(b)(3)(B) of the Act. Documents required to be submitted to the Commission in connection with the proposed rules of the Board shall be signed on behalf of the Board by the [Chairman or] Secretary of the Board, or by any person designated by the Board for that purpose by resolution.

            (b) – (d) No changes.

 

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