MSRB Proposes Rule Change to Establish Fees for Municipal Advisors (Notice 2014-09)
The MSRB filed with the SEC an immediately effective proposed rule amendment to MSRB Rule A-11, to, among other things, establish an annual municipal advisor professional fee. The proposed rule will require a $300 fee per municipal advisor professional to be paid by registered municipal advisors. MSRB stated that this fee will help "defray" the costs and expenses of operating and administering the MSRB, including the increased costs associated with the regulation of municipal advisors.
In additionally, the rule will also assess late fees for delayed payments, as well as a transitional professional fee to take account of the SEC's phased-in compliance period for the permanent registration of municipal advisors.
Each municipal advisor registered, either temporarily or permanently, with the SEC on or before September 30, 2014, will be required to pay an assessment of $300 for each Form MA-I filed with the SEC within 10 business days after SEC approves the advisor's registration.