MSRB Seeks Comment on Proposal to Gather and Display Information on Bank Dealer Associated Persons

The MSRB requested comment on proposed rule changes that would require bank dealers to gather and display information about their associated persons municipal securities registration and related examination qualification status.

The MSRB asked for the following:

• Gathering of Information About Associated Persons. The MSRB asked for comment requiring bank dealers to update Form A-12 within 30 days of any change (as opposed to requiring change only annually). The MSRB said that the addition of a new associated person—or the termination of an existing associated person—are examples of necessary conditions that require the updating of information and the subsequent re-filing of Form A-12.
• Display of Information About Associated Persons. The MSRB asked for comment on the usefulness and timing of such publicly displayed information.

The MSRB also requested comment on a draft technical amendment to Rule A-12 ("Registration") to add an additional notification requirement for FINRA-member municipal advisor-only firms that add a new business line for municipal securities activities. The MSRB said this proposal is in line with "similar requirement for brokers, dealers and municipal securities dealers.

Comments are due by August 5, 2024.