MSRB

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MSRB Proposal Extends Rule G-37 “Pay-to-Play” Prohibitions to Municipal Advisors

In its August 18 Regulatory Notice No. 2014-15, the Municipal Securities Rulemaking Board (“MSRB”) proposed amendments to Rule G-37 that would extend the long-standing “pay-to-play” prohibition’s reach to newly-registered...more

Revised Draft Rule G-42: MSRB Continues to Fine-Tune Rules Applicable to Municipal Advisors

On July 23, 2014, the Municipal Securities Rulemaking Board (MSRB) issued Regulatory Notice 2014-12 requesting comments on a revised draft of MSRB Rule G-42 on standards of conduct and duties of municipal advisors when...more

SEC to Commence Examinations of Municipal Advisors

SEC rules that took effect on July 1, 2014 generally require municipal advisors to register with the SEC through the SEC’s EDGAR system under the final registration process during a four-month phase-in period by October 31,...more

MSRB Seeks to Extend Pay-to-Play Rule to Municipal Advisors

The Municipal Securities Rulemaking Board, or MSRB, is requesting comment on draft amendments to Rule G-37, the MSRB’s pay-to-play rule for municipal securities dealers, that would extend the rule to municipal advisors....more

"MSRB Actions Regarding Municipal Advisors: Release of Revised Draft Rule G-42 for Comment, and Submission of Proposed Rule G-44...

This mailing is to inform you of the Municipal Securities Rulemaking Board (MSRB) releasing Revised Draft Rule G-42 (setting forth duties of non-solicitor municipal advisors) for public comment, and submitting Proposed Rule...more

MSRB Proposes Revised Duties for Municipal Advisors

The MSRB proposed a Revised Draft of Rule G-42 (“Duties of Non-Solicitor Municipal Advisors”) by Reg. Not. 2014-12 issued July 23, 2014. We addressed the original proposal in our January 23 blog post. The Revised Draft...more

MSRB Seeks Second Round of Comments on Municipal Advisor Conduct Rule

The Municipal Securities Rulemaking Board (MSRB) recently released a revised draft of Rule G-42 (Draft Rule G-42) following receipt of more than 40 comments on its Initial Draft Rule in January 2014. Rule G-42 regulates...more

SEC’s Final Municipal Advisor Registration Rules Will Take Effect on July 1, 2014

The Securities and Exchange Commission’s (SEC) temporary stay on its final municipal advisor rules under Section 15B of the Securities Exchange Act of 1934 (the “Exchange Act”) expires July 1, 2014. Accordingly, municipal...more

"MSRB to Survey Municipal Advisors to Develop Professional Qualification Examination"

Today, the Municipal Securities Rulemaking Board (MSRB) announced that it will distribute a confidential electronic survey to registered municipal advisors to assess the business activities of municipal advisory...more

MSRB Says Pay-To-Play Rules Coming To Municipal Advisors

Following its quarterly meeting, the Municipal Securities Rulemaking Board, or MSRB, stated its Board agreed to extend its pay-to-play rules to municipal advisors....more

MSRB Imposes Annual Fee on Municipal Advisors

The Municipal Securities Rulemaking Board (MSRB) recently filed a rule change to adopt MSRB Rule A-11 (Rule). The new Rule calls for a $300 fee to be assessed annually against each municipal advisor professional who is...more

Municipal Securities Rulemaking Board Issues Draft Rule To Regulate Duties And Responsibilities Of Municipal Advisors

In a previous e-alert, dated February 5, 2014, we informed our clients that a range of municipal financial advisors, including banks, are now required to register with the Securities and Exchange Commission (the "Commission")...more

MSRB Reworks Fair-Dealing Rules For Municipal Securities Dealers

Effective July 5, 2014, the Municipal Securities Rulemaking Board (“MSRB”) implements a consolidation and re-write of its prior fail-dealing Rules and Guidance for municipal securities dealers. On March 7, the SEC...more

"MSRB Proposes Professional Qualification Requirements for Municipal Advisors; Approves New Consolidated Registration Form"

Proposed Professional Qualification Requirements for Municipal Advisors - On March 17, 2014, the MSRB proposed draft amendments to Rules G-2 and G-3 which would, among other things, establish professional qualification...more

MSRB Consolidates Registration Forms

The Securities and Exchange Commission last Thursday, February 27, approved a new consolidated set of registration forms and requirements for municipal market participants, MSRB Rule A-12. SEC Rel. 34-71616; MSRB Reg. Notice...more

MSRB Proposes Municipal Advisor Supervisory Rule

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...more

MSRB Proposes New Conduct Rule for Non-Solicitor Municipal Advisors and Amendments to Books and Records Rules for Municipal...

On January 9, 2014, the Municipal Securities Rulemaking Board (“MSRB”) published a request for comments on a proposed new conduct rule for non-solicitor municipal advisors and amendments to existing books and records rules to...more

Proposed New MSRB Rule on Standards of Conduct for Municipal Advisors

On January 9, 2014 the Municipal Securities Rulemaking Board (MSRB) issued proposed Rule G-42 on the standards of conduct and duties of municipal advisors when engaging in municipal advisory activities other than making...more

SEC Approves Revised Semi-Annual Data Reporting Requirements for Section 529 Plan Underwriters

After initially putting the brakes on the MSRB’s attempt to use underwriters of Section 529 college savings plans as its data-gathering team, the SEC has pressed the accelerator and approved an amended MSRB Rule G-45 ...more

MSRB Proposes Municipal Advisor Supervision Rule

Yesterday, the Municipal Securities Rulemaking Board (MSRB) issued a request for comment on a supervision rule for municipal advisors, draft Rule G-44. The proposed rule contains similar concepts to Rule G-27, the MSRB’s...more

The Municipal Securities Rulemaking Board And Rule G-42

The Municipal Securities Rulemaking Board (“MSRB”) held a webinar Feb. 6, 2014 discussing its proposed Rule G-42 to impose a broad range of duties, proscriptions and documentation requirements upon non-solicitor Municipal...more

The SEC’s Municipal Advisor Rule Will Prompt New Practices for Market Participants

A new rule will take effect on July 1, 2014 that regulates persons and firms that provide advice to municipal issuers and obligated parties regarding municipal financial products or the issuance of municipal securities....more

New SEC Municipal Advisor Registration Rules

SEC delays implementation of certain new Municipal Advisor Rules until July 1, 2014 - Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) amended Section 15B of the...more

2013 Review: SEC Municipal Market Enforcement Actions

In 2013, the Securities and Exchange Commission sought to demonstrate its resolve in enforcement by bringing more selective cases with a greater yield in financial penalties. Indeed, the SEC recently announced that its 2013...more

MSRB Proposes Conduct Rules For Municipal Advisors

On Thursday, January 9, the MSRB re-proposed new Rule G-42 promulgating standards of conduct for Municipal Advisors (“MA’s”) subject to the almost-newly-effective SEC MA Rule, 17 CFR § §240.15Ba1-1 to 15Ba1-8 (now delayed...more

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