MSRB

News & Analysis as of

"MSRB’s Rule G-42 Submitted to SEC for Approval; Rule G-44 Now in Effect"

This alert is to inform you that the Municipal Securities Rulemaking Board (MSRB) recently submitted Proposed Rule G-42 (standards of conduct for nonsolicitor municipal advisors) to the Securities and Exchange Commission...more

Financial Services Weekly News Roundup - April 2015 #4

FINRA’s Retrospective Rule Review Process Continues. On April 16, FINRA announced that the FINRA Board of Governors had authorized FINRA to publish a regulatory notice requesting comment on proposed amendments to Rules 2210...more

MSRB Files Proposed Municipal-Advisor Conduct Rule with SEC

The MSRB filed its Municipal-Advisor conduct rule proposal with the SEC on April 15. The Rule G-42 proposal has been around the block twice, since the Board first floated it in January last year (Reg. Notice 2014-01). The...more

"SEC Approves MSRB’s Professional Qualification Requirements for Municipal Advisors; Status Update of Other Municipal Advisor...

Municipal Advisor Professional Qualification Requirements and Exam - On March 2, 2015, the Municipal Securities Rulemaking Board (MSRB) announced that the Securities and Exchange Commission (SEC) approved the MSRB’s...more

MSRB Moves Foward Professional Qualification Standards For Municipal Advisors

The Municipal Securities Rulemaking Board, or MSRB, has received approval from the SEC to create baseline standards of professional qualification for municipal advisors. The new standards will be incorporated through...more

"MSRB Issues Status Update on Draft Rule G-42"

Earlier this week, the Municipal Securities Rulemaking Board (MSRB) released an update on the status of Draft Rule G-42, which outlines the duties of non-solicitor municipal advisors. The MSRB indicated that it has further...more

New Best Execution Requirement for Municipal Securities Transactions

Although the MSRB’s new best execution rule is generally consistent with FINRA’s, differences exist and questions remain regarding FINRA’s examination and enforcement of the requirements....more

Investment Management Update

In This Issue: - SEC Announces First-of-Its-Kind Whistleblower Award To an Audit and Compliance Professional - SEC Issues No-Action Letter To Allow for Amendment of a Sub-Advisory Agreement without Shareholder...more

SEC Approves MSRB Best Execution Rule

On December 5, the Securities and Exchange Commission approved Municipal Securities Rulemaking Board (MSRB) Rule G-18 (Best Execution Rule) that will require municipal securities dealers to seek the most favorable terms...more

Corporate and Financial Weekly Digest - Volume IX, Issue 48

In this issue: - Recent Developments Relating to Rights to Exclude Shareholder Proposals from Proxy Statements - SEC Approves MSRB Best Execution Rule - SEC Sanctions Operator of Unregistered Virtual...more

FINRA and MSRB Seek Disclosure of Fixed-Income Price Differentials

The respective proposals would require disclosure of price differentials in certain same-day fixed-income transactions that involve retail customers and go beyond existing price differential disclosure requirements in equity...more

SEC Makes Municipal Advisor Compliance Transcript Available

On November 3, 2014, the SEC, MSRB and FINRA held a compliance outreach program for municipal advisors. The SEC has made an unofficial transcript of the event...more

"MSRB Proposes Amendments Establishing Municipal Advisor Professional and Supervisory Qualification Requirements"

On November 19, 2014, the Municipal Securities Rulemaking Board (MSRB) announced that it submitted for approval by the Securities and Exchange Commission (SEC) proposed amendments to MSRB Rule G-3 to establish professional...more

FINRA and the MSRB Release Companion Proposals That Would Require Additional Disclosures for Transactions in Fixed Income...

On November 17, the Financial Industry Regulatory Authority, Inc. and the Municipal Securities Rulemaking Board (MSRB) released companion proposals that would require disclosure of pricing reference information in customer...more

Orrick's Financial Industry Week in Review

Bank of America and Merrill Lynch Settle RMBS Lawsuit with FDIC - On November 17, Bank of America and Merrill Lynch settled securities claims brought by the FDIC related to RMBS sold to United Western Bank. The FDIC,...more

FINRA and MSRB Release Proposals to Provide Pricing Reference Information for Investors in Fixed Income Markets

On November 17, the Financial Industry Regulatory Authority (FINRA) and the Municipal Securities Rulemaking Board (MSRB) released companion proposals that would require disclosure of pricing reference information on customer...more

Corporate and Financial Weekly Digest - Volume IX, Issue 46

In this issue: - US Court of Appeals for the District of Columbia Circuit Grants Petition for Rehearing of Decision on Conflicts Minerals Rule - Register for Our 2015 Proxy Season Update Webinar - SEC...more

FINRA Solicitor Pay-to-Play Rules Complete IA & MSRB Suite

Last Friday, FINRA proposed pay-to-play prohibitions that parallel and implement similar Investment Adviser Act provisions in Rule 206(4)-5. That IA Rule prohibits investment advisers from paying third-parties to solicit...more

"MSRB Releases Draft Amendments to Rule G-20 on Gifts, Gratuities and Noncash Compensation, Requests Comments"

On October 23, 2014, the Municipal Securities Rulemaking Board (MSRB) released Notice 2014-18 (the Notice), containing draft amendments to Rule G-20, with conforming changes to MSRB Rules G-8 and G-9 (required records and...more

"SEC Approves MSRB's First Dedicated Rule for Municipal Advisors"

On October 23, 2014, the Securities and Exchange Commission (SEC) approved Municipal Securities Rulemaking Board (MSRB) Proposed Rule G-44, the MSRB's first dedicated rule for municipal advisors, with conforming changes to...more

New Municipal Advisor Supervision Requirements Adopted

Rule G-44, proposed earlier this year by the Municipal Securities Regulation Board (MSRB) and approved by the Securities and Exchange Commission (SEC) this month, requires that municipal advisors develop internal supervisory...more

MSRB Creates Supervision and Compliance Requirements for Municipal Advisors

On October 23, the Municipal Securities Rulemaking Board received approval from the SEC to create the first new rule for municipal advisors since the SEC released its final registration rule for these professionals in...more

MSRB Proposes Gift Limitations for Municipal Advisors

The MSRB last week proposed an extension of its gift-limitations Rule G-20 to encompass municipal advisors. The Proposed Rule generally limits gifts in relation to municipal securities or advisory services to $100 per year. ...more

SEC Approves Supervision & Compliance Rule for Municipal Advisors

The SEC last week approved new MSRB Rule G-44 implementing supervision and compliance requirements for municipal advisors. The MSRB touted the Rule as “its first dedicated rule for municipal advisors” under the Dodd-Frank...more

Orrick's Financial Industry Week in Review

EBA Updates Single Rulebook Q&As - On October 17, the European Banking Authority (EBA) updated its Q&As on the single rulebook, publishing two new answers to questions relating to supervisory reporting and credit risk....more

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