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MSRB to enact streamlined registration process for dealers, advisers
By Jennifer Chiou
New York, Feb. 27 - The Municipal Securities Rulemaking Board announced that it has received SEC approval to consolidate its multiple registration requirements and forms for municipal securities dealers and advisers.
According to a board release, the change will make it easier for regulated entities to meet the new and ongoing registration requirements.
The MSRB rules require firms under its regulatory jurisdiction to register with the MSRB and provide certain identifying and contact information before engaging in municipal securities and advisory activities, the release stated. The MSRB amended its rules to create a simplified electronic registration process under a single rule, MSRB Rule A-12.
"As part of the MSRB's ongoing effort to enhance regulatory efficiency, the MSRB developed this streamlined registration process to make it easier for municipal securities dealers and municipal advisers to identify, understand and comply with MSRB registration requirements," executive director Lynnette Kelly said in the release.
The new process also improves the efficiency with which the MSRB collects necessary information about regulated entities, the board noted.
The MSRB's consolidated registration rule becomes effective on May 12.
Also beginning May 12, firms that are currently registered with the MSRB under the previous requirements will have 90 days to verify, update and complete their registration information, which will be transferred to the new form automatically by the MSRB.
The MSRB said it will provide these firms with additional information and resources to assist them in transitioning their registration information to the new form by the compliance deadline of Aug. 10.
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