SIFMA Offers Clarifications for Proposed MSRB Compliance Resource on Advertising

SIFMA recommended a few clarifications on a draft MSRB compliance resource regarding the application of content standards to advertisements by municipal advisors. In comments submitted to MSRB, SIFMA offered additional suggestions on the proposed resource for municipal advisors. MSRB Rule G-40 comes into effect on February 7, 2019.

Specifically, SIFMA expressed concern about a firm's inability to use statistics or third-party information in an advertisement unless the reader is able to access that information. SIFMA asserted that a more reasonable approach would require a dealer to provide the backup source material only upon request. SIFMA also stated that additional examples of permissible advertisements would be helpful.

In addition, SIFMA requested further guidance from MSRB on other issues including the definition of advertising and exemptions, "especially related to RFP responses and correspondence with clients" and documentation standards, among other things.

Additional comments on the MSRB draft compliance can be found here.