MSRB Monthly Update: September 2015

Municipal Securities Rulemaking Board sent this bulletin at 09/11/2015 10:01 AM EDT

Best-Ex Rule Effective Date Linked to Publication of Implementation Guidance

To ensure that municipal securities dealers have sufficient time to review the forthcoming guidance on the new “best-execution” rule for retail investor transactions, the MSRB is linking the rule's effective date to the publication of implementation guidance. The MSRB's best execution rule (Rule G-18) requires dealers to seek the most favorable terms reasonably available for their retail customer transactions.

Linking the effective date of the best-execution rule to the publication of the guidance establishes a clear implementation period and provides dealers with adequate time to review and make use of the guidance as they continue to prepare to comply with the new rule. The MSRB plans to announce the effective date of the rule upon publication of the implementation guidance. For more information on the best-execution rule, see the MSRB's Regulatory Notice 2015-14.

Municipal Advisor Pilot Exam Coming in January 2016

The Municipal Advisor Representative Qualification Exam (Series 50) will be administered as a pilot exam January 15, 2016 – February 15, 2016. The exam registration window will be available beginning on September 21, 2015 and closing on January 14, 2016.

For more information regarding the Series 50 pilot exam, see the MSRB’s Regulatory Notice 2015-15.

Recent Press Releases

September 3, 2015: MSRB Links Effective Date for Best-Execution Rule to Publication of Guidance

September 2, 2015: MSRB Seeks Approval to Apply its Gifts Rule to Municipal Advisors

August 7, 2015: Proposed MSRB Rule G-42 Moves to Additional Phase of Rulemaking

August 5, 2015: Municipal Securities Trading Activity Rises in Second Quarter

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Regulatory Roundup

Regulatory Notice 2015-15: MSRB’s Series 50 Pilot Examination to be Offered January 15, 2016 – February 15, 2016

Regulatory Notice 2015-14: MSRB Revises Effective Date for MSRB Rule G-18, on Best Execution of Transactions in Municipal Securities, and Related Rule Amendments

SEC Filing 2015-10 (September 3, 2015)

SEC Filing 2015-09: Proposed Rule Change Consisting of Amendments to MSRB Rule G-20, on Gifts, Gratuities and Non-Cash Compensation, and MSRB Rule G-8, on Books and Records to be Made by Brokers, Dealers, Municipal Securities Dealers, and Municipal Advisors, and the Deletion of Prior Interpretive Guidance

Regulatory Notice 2015-13: MSRB Adjusts Fees to Align Revenues with Operational and Capital Expenses

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