MSRB outlines timetable of proposed dates for municipal advisor rules

By Susanna Moon

Chicago, Aug. 5 - The Municipal Securities Rulemaking Board set out a timetable for MSRB municipal advisor rules and proposed dates for rule initiatives to take effect.

The proposed dates would go into effect either when the Securities and Exchange Commission approves its final definition of "municipal advisor" or on the effective date of that definition, according to an MSRB press release.

The following rules are effective upon the effective date of SEC municipal advisor definition:

• Rule G-17 draft interpretive notice for municipal advisors;

• Proposed rule G-20 amendments on gifts; and

• Draft rule G-36 on fiduciary duty and draft interpretive notice.

The following rules are effective upon the approval date of SEC municipal advisor definition:

• Draft Rule G-42 on political contributions and

• Draft Rule G-44 on supervision.

The following rules will take effect from Oct. 1 through Nov. 15:

• Rules A-7 and A-8 on registration as of Nov. 1;

• Proposed Rule A-11 on assessments as of Oct. 1;

• Rules A-12 and A-14 on registration as of Nov. 9;

• Rules D-11, D-13 and D-14 on definitions as of Nov. 15;

• Rule G-5 on disciplinary actions as of Dec. 23;

• Rule G-17 on fair dealing as of Dec. 23; and

• Rule G-40 on electronic mail contacts as of Nov. 15.

The board noted that since Oct. 1, 2010, it has been proposing rules on fiduciary duty, conflicts of interest, pay-to-play and supervision. Final versions of the proposals require approval by the Securities and Exchange Commission. Rules currently in place include those on registration, assessment and fair dealing.

The MSRB said it will continue to update the timetable throughout the rulemaking process and will make it available online.

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