SIFMA Submits Comments to the MSRB on Codifying Time of Trade Disclosure Obligation

SIFMA submitted comments to the MSRB on codifying time of trade disclosure obligation and Proposed Rule G-47, MSRB Notice 2013-04. SIFMA stated that it generally supports the concept behind this initial effort by the MSRB to "provide clarity to regulated entities by reorganizing or eliminating certain interpretive guidance associated with MSRB Rule G-17 ("Conduct of Municipal Securities and Municipal Advisory Activities") into new or revised rules that highlight core principles."

At the same time, however, SIFMA asserted that Proposed Rule G-47 ("Time of Trade Disclosure") has significant gaps and represents a significant expansion of the existing time of trade obligation, and does not fulfill the MSRB's objective.

Click here to view letter in full (links externally to SIFMA website).Related News: MSRB Requests Comment on Time-of-Trade Disclosure Requirements for Dealers (Significant Rule Proposal with Lofchie Comment) (February 11, 2013).