requested comments on initial draft rule amendments to Rule G-34 that would require a dealer to obtain Committee on Uniform Security Identification Procedures (CUS1P) numbers for new issue securities sold in private placement transactions, and also require municipal advisors that are not dealers to be subject to the CUSIP requirement.
Municipal advisors and municipal securities dealers, she continued, "will be seeing a significant increase in MSRB
outreach events, educational opportunities and the release of various forms of compliance aids, all with the goal of facilitating compliance with MSRB
For more information about the exam, see the MSRB
regulatesthe municipal securities firms, banks and municipal advisors that engage in municipal securities and advisory activities.
protects investors, state and local governments and other municipal entities, and the public interest by promoting a fair and efficient municipal securities market.
To do this, the MSRB
now regulates municipal advisors as well as municipal securities dealers, but does not regulate the activities of municipal entities or have jurisdiction over them.
rules clearly have been customized to the municipal
Executive Director Lynnette Kelly said, This program is consistent with the MSRBs
goal of assisting municipal advisors in understanding and complying with their regulatory obligations and municipal advisors will benefit from getting first-hand feedback from our staff.
expects this disclosure will affect an estimated 8,000 retail investor municipal securities transactions daily.
New and updated MSRB
rules, per the latest MSRB
According to MSRB
, the policy incorporates the core principles of the Securities and Exchange Commission's guidance on economic analysis in rulemakings, including identifying the need for a proposed rule, articulating a baseline against which to measure a rule's likely economic impact, evaluating alternative regulatory approaches and assessing the benefits and costs, both quantitative and qualitative, of the proposed rule, among other principles.
There are people who are clearly municipal advisors--about 700 advisors have been registered with MSRB
already since Dodd-Frank.