MSRB Proposes Municipal Advisor Supervisory Rule

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On February 25, the Municipal Securities Rulemaking Board (“MSRB”) proposed new Rule G-44 imposing a supervision and compliance requirements for Municipal Advisors (“MA’s”).  The Dodd-Frank Act imposed a new regulatory regime for MA’s.  New Rule G-44 imposes requirements familiar from broker-dealer regulation, including:

  • A supervisory system reasonably designed to assure compliance with applicable laws and regulations;
  • Written supervisory procedures (“WSP’s”) tailored to a registrant’s business;
  • Registered principals in supervisory roles; and,
  • A Chief Compliance Officer having overall responsibility for compliance systems and testing.

MSRB Reg. Notice 2014-04.  See also, e.g., FINRA rule 3130.  The Comment period closes April 28, 2014.

Topics:  Compliance, Dodd-Frank, MSRB, Municipal Advisers

Published In: Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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