As part of its routine examinations, FINRA will often coordinate with the MSRB to ensure its members are complying with applicable rules. MasterComplaince is posting this blog to remind MSRB members of their obligations and to share recent inquiries.
In August 2018, the U.S. Securities and Exchange Commission (the âSECâ) announced that it has adopted amendments to Rule 15c2-12 of the Securities Exchange Act of 1934, as amended (the âExchange Actâ), in an effort to enhance transparency in the municipal securities market. The SEC has stated that the commission believes the amendments will provide investors access to important information relating to obligated persons by increasing the amount of information that is publicly disclosed about material financial obligations incurred by obligated persons. Background Direct placements by issuers and obligated persons as financing alternatives to public offerings of municipal securities have Read more about SEC Adopts Amendments to Rule 15c2-12 to Improve Municipal Securities Disclosure[…]
FINRA announced that it has revised the Rule 4530 (Reporting Requirements) Product and Problem Codes and Filing Application Form to reflect changes related to the Department of Laborâs fiduciary rule and the MSRBâs rules on customer complaints and recordkeeping. The changes related to the DOLâs fiduciary rule became effective on June 9, 2017, while the changes related to the MSRBâs customer complaints rules will take effect on October 1, 2017. Read More…
Millions of investors participate in municipal bond ownership. It pays to do your homework. Learning more about the features and risks of an investment is important for all investors. Investors who own municipal bonds or who are considering adding them to their portfolios have access to a free online library of information. The Electronic Municipal Market Access website (âEMMAâ) is the official repository for information for municipal bonds, and can help you learn about, evaluate and monitor over 1.2 million outstanding municipal bonds. Read More…
As summarized below, the MSRB recently issued a reminder to remind member firms that engage in municipal advisory activities of the obligation to ensure that every Associated Person with your firm that engages in municipal advisory activities is appropriately qualified. Specifically, Associated Persons who engage in municipal advisory activities on behalf of a municipal advisor firm is required to be qualified as a âmunicipal advisor representativeâ by passing the Municipal Advisor Representative Qualification Examination (Series 50 exam). Read More…
As summarized below, the MSRB recently provided guidance regarding the application of several of the most important MSRB rules applicable to municipal advisors that undertake the solicitation of a municipal entity or obligated person. Because much of the content of this notice applies to municipal advisors generally, the guidance provided may be useful to non-solicitor municipal advisors as well. Read More…