PROPOSED CHANGE FILED TO CERTAIN FEES RELATING TO THE OS/ARD SUBSYSTEM

(Volume 16, Number 2) JUNE 1996

PROPOSED CHANGE FILED TO CERTAIN FEES RELATING TO THE OS/ARD SUBSYSTEM

Route To: Manager, Muni Department Underwriting Public Finance

Notice of Filing The Board has filed with the Securities and Exchange Commission a proposed change to certain fees relating to the operation of its Official Statement/Advance Refunding Document (OS/ARD) subsystem of the Municipal Securities Information Library[TM](MSIL[TM])system.

Questions about the filing may be directed to Thomas A. Hutton, Director of MSIL.

On May 28, 1996, the Board filed with the Securities and Exchange Commission (Commission) a proposed change to certain fees relating to the operation of its Official Statement/Advance Refunding Document (OS/ARD) subsystem of the Municipal Securities Information Library[TM] (MSIL[TM]) system.[1] The Board is changing from $12,000 to $14,000 (plus postage or delivery charges) the annual subscription fee for daily magnetic tapes of images of official statements and advance refunding documents. In addition, the Board is establishing a price of $9,000 (plus delivery or postage charges) for its 1995 document collection of official statements and refunding documents, sold as a "backlog" collection. These fee changes were effective upon filing with the Commission.[2]

The OS/ARD subsystem, which was activated on April 20, 1992, is a central electronic facility through which information collected and stored pursuant to MSRB rule G-36 is made available electronically and in paper form to market participants and information vendors.[3] Since 1992, the annual subscription fee for daily tapes of images of current year documents from the OS/ARD system has been $12,000. The Board proposes to increase the annual subscription fee to $14,000 because of the rise in the cost of operations since the subscription fee was first instituted.

May 28, 1996

ENDNOTES

[1] Municipal Securities Information Library and MSIL are registered trademarks of the Board. The MSIL system, which was approved in Securities Exchange Act Release No. 29298 (June 13, 1991), is a central facility through which information about municipal securities is collected, stored and disseminated.

[2] File No. SR-MSRB-96-4. Comments submitted to the Commission should refer to this file number.

[3] Rule G-36 requires underwriters to provide copies of final official statements and advance refunding documents within certain specified time frames for most new issues issued since January 1, 1990.

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