MSRB Reminds Municipal Advisors of September Deadline to complete Series 50 Exam

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 “municipal advisor representative” by passing the Municipal Advisor Representative Qualification Examination (Series 50 exam). Read More…

Recent Revisions to MSRB Rule G-14

On May 22, 2015, the Securities and Exchange Commission (SEC) approved certain amendments to MSRB Rule G-14 related to transaction reporting, which became effective on July 18, 2016.  MSRB Rule G-14 requires dealers to report all executed transactions in most municipal securities to the MSRB’s Real-Time Transaction Reporting System (RTRS) within 15 minutes of the time of trade, with limited exceptions.  RTRS serves the dual objectives of price transparency and market surveillance.  The MSRB makes transaction data for transparency purposes available to the Read More…

Minimum Denominations for Municipal Securities

Regulators are focusing their attention on municipal securities firms that effect transactions in municipal securities in an amount lower than the minimum denomination of the issue. Several broker-dealers have been fined for their failure to comply with such minimum denominations.

Background

Issuers set minimum denominations for transactions in municipal bonds. The minimum denomination for a municipal Read More…