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SIFMA Submits Comments to SEC Regarding MSRB's Best Execution Rule Proposal and Changes to SMMP

SIFMA submitted comments to the SEC regarding proposed amendments to the MSRB's rules pertaining to best execution of municipal securities and transactions with Sophisticated Municipal Market Professionals ("SMMP").

In the letter, SIFMA noted that it supports raising the execution standard in the municipal market for retail customers in a way that reflects the current market structure and unique characteristics of the municipal market. In addition, SIFMA expressed support for the proposed revisions to MSRB Rules G-18 (presently reserved) and G-48 ("Transactions with Sophisticated Municipal Market Professionals").

However, SIFMA expressed significant concerns regarding the proposed changes to MSRB Rule D-15 ("Sophisticated Municipal Market Professional") and urged the SEC to either (i) postpone proposed changes to D-15 until further public comments are received or (ii) adopt SIFMA's proposed revisions.

See: Comment Letter.

Tags

Regulated Activities
Trading Suitability and Consumer Protection
Sub-Activity
Best Execution, SMMP, Institutional Investors
Regulated Entities
Broker-Dealers
Regulated Products
Municipal Securities
Body of Law
Securities Law
Jurisdiction
US - Federal
Organization
Trade / Industry Associations
Sub-Author
SIFMA