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.
PartnerTom Potter is a Partner in the firm's Nashville office and has over 35 years of experience representing business interests in securities, corporate and intellectual property disputes.
Tom represents broker-dealers and ...
