MSRB Publishes Guidance on Its New Registration Requirements Rule (Notice 2014-10)

The MSRB published guidance regarding its new consolidated registration rule, MSRB Rule A-12, and new Form A-12. The guidance states that, for existing registrations, the MSRB will pre-populate information from their Forms RTRS and G-40 onto new Form A-12.

Registered municipal advisors and dealers can assess the new Form A-12 via their Gateway account on the MSRB website. The MSRB prepared a new registration manual that contains screen shots of Form A-12 and guides municipal advisors and dealers through the registration process.

Additionally, the guidance provides FAQs regarding the new registration process. The guidance also emphasizes that the MSRB's new registration rule is separate and distinct from the SEC's permanent registration regime for municipal advisors.

All dealers and advisors must submit an updated Form A-12 by August 10, 2014.

See:Information Notice 2014-10; Updated MSRB Registration Manual. Related news: SEC Approves MSRB Rule to Consolidate Registration Rules (February 27, 2014); 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).