Burr & Forman

03.11.2014   |   Blog Articles, Dodd-Frank, FINRA, MSRB, Securities Litigation

MSRB Proposes Municipal Advisor Supervisory Rule

On February 25, the Municipal Securities Rulemaking Board (“MSRB”) proposed new Rule G-44 imposing a supervision and compliance requirements for Municipal Advisors (“MA’s”). The Dodd-Frank Act imposed a new regulatory regime for MA’s. New Rule G-44 imposes requirements familiar from broker-dealer regulation, including:

  • A supervisory system reasonably designed to assure compliance with applicable laws and regulations;
  • Written supervisory procedures (“WSP’s”) tailored to a registrant’s business;
  • Registered principals in supervisory roles; and,
  • A Chief Compliance Officer having overall responsibility for compliance systems and testing.

MSRB Reg. Notice 2014-04. See also, e.g., FINRA rule 3130. The Comment period closes April 28, 2014. For more information on securities litigation topics, please contact one of the Burr & Forman team members for assistance. We are happy to answer any questions or concerns you may have.

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