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.

Subscribe to our Blog RSS Feed

Receive the latest Burr news and insights delivered straight to you.

Related Attorneys