MSRB published investor education materials on mark-up and mark-down disclosures in municipal securities trade confirmations. The materials provide additional guidance for complying with new rules scheduled to take effect May 14, 2018.
FINRA reminded member firms that funding for the Governmental Accounting Standards Board ("GASB") comes from the GASB Account Support Fee, collected on a quarterly basis from member firms that report trades to the MSRB.
At an upcoming webinar, MSRB will review "key provisions" of amendments to requirements concerning (i) confirmation, clearance, settlement and other uniform practices and (ii) prices and commissions related to disclosure of markups and markdowns.
The MSRB provided guidance to investment advisers on the application of certain investor/customer protections. The new guidance relates to transactions for managed accounts in which a registered investment adviser is exercising discretion to buy and sell municipal securities on behalf of the account holder.