|
Advancing Municipal Advisor Regulation
The MSRB is advancing a regulatory framework for municipal advisors that includes rules for professional conduct, professional qualification examination requirements as well as education and outreach to municipal advisors. In light of the September 18, 2013 final registration rule from the Securities and Exchange Commission (SEC) defining who is a municipal advisor, which takes effect January 13, 2014, the MSRB has prioritized the development of municipal advisor rules in five key areas. They are: fiduciary duty and fair dealing standards of conduct of municipal advisors to municipal entities and obligated persons; supervision requirements for municipal advisory firms and their employees; rules to address the potential for pay-to-play activities by municipal advisors; limitations on gifts and gratuities to employees of municipal securities issuers and other market participants; and duties of solicitors.
The MSRB will seek public comment before proposing rules to the SEC for approval. The MSRB also is continuing to work with the municipal advisory industry to develop a professional qualification exam to establish standards of competency for municipal advisors.
MSRB Publishes Resources for Municipal Advisors on Preparing for Regulation and Participating in Rulemaking
The MSRB published a series of education resources to help municipal advisors prepare for regulatory oversight and actively participate in the MSRB’s rulemaking process.
 |
|
Preparing for Regulation: A Guide for Municipal Advisors, provides information in an easy-to-read checklist format about the importance of registration, the role of the MSRB and what it means to be regulated by a self-regulatory organization. The resource also helps municipal advisors begin to assess their business practices, access available resources and stay informed about MSRB activities.
Download a PDF of Preparing for Regulation.
|
 |
|
Participating in the Rulemaking Process provides information on the many ways municipal advisors can share their input on developing rules, from commenting on formal rule proposals to attending MSRB events and webinars. A companion resource, The Municipal Advisor’s Introduction to MSRB Rules, explains the rulemaking process in greater detail.
Download a PDF of Participating in the Rulemaking Process.
|
Download a PDF of The Municipal Advisor’s Introduction to MSRB Rules.
Access additional news and resources for municipal advisors on the MSRB’s website.
New MSRB Video Addresses Roles of Participants in a Municipal Bond Issuance
Municipal advisors may direct their state and local government clients to free educational resources on the MSRB's website, including a new video that explains the roles of key participants involved when a state or local government borrows money from the investing public by issuing a bond. The Issuance Process seeks to clarify for state and local government issuers the distinct roles of underwriters and municipal advisors so that they can understand the nature of their relationships with each of these entities throughout the issuance process.
Access additional resources for issuers in the MSRB's online State and Local Government Toolkit.
|
