MSRB Is Unable to File Proposal to Extend Effective Date for Advertising Rules

As a result of the partial federal government shutdown, the MSRB has been unable to file with the SEC a proposal to extend the February 7, 2019 effective date for previously approved amendments to MSRB Rule G-21 and new MSRB Rule G-40. The MSRB is seeking to extend the effective date of the amendments by a period of no more than six months from the date the MSRB publishes a notice announcing the extension. The MSRB noted that, in the event that the SEC does not reopen before February 7, 2019, the MSRB will seek a "retroactive change in the effective date." The MSRB stated that extending the effective date will give dealers and municipal advisors more time to institute effective policies for compliance with the rules.