MSRB seeks SEC approval to set up rule to supervise municipal advisers

By Susanna Moon

Chicago, July 24 – The Municipal Securities Rulemaking Board said it is proposing to add a rule to establish supervisory and compliance obligations for municipal advisers, with approval needed from the Securities and Exchange Commission.

The proposed rule is designed to ensure appropriate supervision of municipal adviser professionals and compliance with the securities laws, according to an MSRB press release.

The MSRB has additional rules and professional qualification standards for municipal advisers in various stages of development.

The MSRB is seeking public comment on a revised draft rule to establish core standards of conduct for municipal advisers.

Proposed MSRB Rule G-44 is the first municipal adviser rule for which the MSRB has sought SEC approval since the SEC’s adoption of a final definition of municipal adviser in September 2013, the release noted.

The board also is considering draft amendments to its pay-to-play rule to address the potential for pay-to-play activities by municipal advisers as well as draft amendments to establish limitations on gifts given by municipal advisers.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.