MSRB Monthly Update: October 2015

Municipal Securities Rulemaking Board sent this bulletin at 11/11/2015 04:56 PM EST

MSRB Publishes Mark-up Disclosure Proposal

The Municipal Securities Rulemaking Board (MSRB) is seeking public comment on a proposal to require municipal securities dealers to disclose on retail customer confirmations the amount of the mark-up in a class of principal transactions.

Under the mark-up proposal, dealers acting as principal would be required to disclose to retail customers their mark-up from the prevailing market price of a municipal security if the dealer makes a corresponding trade within two hours of the customer trade.

Comments on the draft amendments to MSRB Rule G-15 should be submitted no later than November 20, 2015.

View Regulatory Notice 2015-16.

Upcoming Events

October 29, 2015: Request for Comment on Draft Rule Amendments to MSRB Rule G-15 Webinar

During this free webinar, MSRB staff will provide an overview of the Request for Comment on Draft Rule Amendments to MSRB Rule G-15 to require municipal securities dealers to disclose the amount of the mark-up on retail customer confirmations for specified principal transactions. To support market participants' submission of comment letters, this webinar will review the key provisions of the draft rule amendments. Register for the webinar.

Attention Municipal Advisors: Enroll Today for the Series 50 Pilot Exam

The Municipal Advisor Representative Qualification Exam (Series 50) will be administered as a pilot exam January 15, 2016 – February 15, 2016. Enroll using the Financial Industry Regulatory Authority’s (FINRA) Form U10 by January 14, 2016 to participate.

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

Recent Press Releases

October 5, 2015: MSRB Requests Comment on Lengthening Board Member Terms

October 1, 2015: MSRB Seats New Board and Begins Fiscal Year

September 24, 2015: MSRB Requests Comment on Requiring Disclosure of Mark-Ups

September 21, 2015: Enrollment Opens for Pilot Series 50 Exam for Municipal Advisors

September 17, 2015: MSRB to Create Investor Advisory Group

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Regulatory Roundup

October 5, 2015: Request for Comment on Draft Amendments to MSRB Rule A-3 to Lengthen the Term of Board Member Service

September 30, 2015: MSRB Amends its Continuing Education Requirements to Facilitate Web-based Delivery of Regulatory Element Training

September 29, 2015: Proposed Rule Change to Provide a Web-Based Delivery Method for Completing the Regulatory Element of the Continuing Education Requirements Pursuant to Rule G-3(i)(i)

September 24, 2015: Request for Comment on Draft Rule Amendments to Require Confirmation Disclosure of Mark-ups for Specified Principal Transactions with Retail Customers

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