Proposed Rule Changes of Self Regulatory Organizations; Annual Filing of Amendments to Registration Statements of National Securities Exchanges, Securities Associations, and Reports of the Municipal Securities Rulemaking Board

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The Securities and Exchange Commission (``Commission'') is adopting amendments to Rule 19b-4 and Form 19b-4 under the Securities Exchange Act of 1934 to expand the scope of proposed rule changes filed by self-regulatory organizations that may become effective immediately. The Commission also is amending its rules to delegate to the Director of the Division of Market Regulation certain related functions. The amendments implement recommendations contained in the Market 2000 report and are designed to expedite and streamline the process by which proposed rule changes of self-regulatory organizations are filed and become effective. In addition, the Commission is streamlining and conforming the requirements for national securities exchanges and securities associations to file annual amendments to their registration statements, and for the Municipal Securities Rulemaking Board to file annual reports.