SEC Approves MSRB Rule to Consolidate Registration Rules

The SEC approved an MSRB proposal to consolidate its multiple registration rules and forms for municipal securities dealers and municipal advisors into a single MSRB registration rule, Rule A-12, and into new Form A-12. The rule change details the process of registering with the MSRB, and of updating certain key information pertaining to categories of registration, types of business and contact personnel.

Additionally, the new rule would amend Rule G-14 ("Reports of Sales or Purchases") and would delete MSRB Rules A-14, A-15, and G-40 ("Electronic Mail Contacts"), and Forms RTRS and G-40. The rule change would also provide a waiver of the annual fee for dealers and municipal advisers that register in the last month of the MSRB's fiscal year, and would impose a late fee on those regulated entities that fail to pay MSRB in a timely manner.

The consolidated registration rule becomes effective on May 12, 2014, for all municipal securities dealers and municipal advisors seeking to register with the MSRB. Additionally, the changes require all MSRB-regulated entities to verify and augment their existing registration information with the MSRB beginning on May 12, 2014, and to complete the process no later than August 10, 2014.

See: MSRB Regulatory Notice Regarding Rule Change; SEC Order Approving Rule Change; MSRB Press Release. Related news: MSRB Notice 2013-19: Proposed Rule Change to Consolidate Registration Requirements (August 19, 2013); SIFMA Submits Comment Letter to MSRB Regarding Consolidated Registration Requirements (September 23, 2013).