FINRA fined a muni dealer for MSRB Rule violations including (i) failing to timely cancel or close out inter-dealer municipal securities transactions after settlement; (ii) failing "to take prompt steps to obtain physical possession or control of 247 short positions resulting from failed inter-dealer municipal securities transactions;" and (iii) related supervisory violations.
News & Insights
The SEC approved an amendment to MSRB Rule G-12 ("Uniform Practice") to require the completion of allocations, confirmations, and affirmations by the end of trade date for municipal securities transactions.
A municipal securities firm settled FINRA charges for failing to file complete and timely quarterly reports with the Municipal Securities Rulemaking Board and for failing to establish, maintain, and enforce an adequate supervisory system.
The MSRB proposed a rule change "to promote the completion of allocations, confirmations, and affirmations by the end of trade date for transactions in municipal securities between brokers, dealers and municipal securities dealers and their institutional customers."
In an annual report, the SEC Division of Examinations identified current risks for investors and registrants and highlighted key areas for examination in 2024.