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
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 SEC approved the MSRB rule amendments to establish core standards of conduct and duties for "solicitor municipal advisors."
Comments on an MSRB proposal to establish core standards of conduct and duties for "solicitor municipal advisors" are due by March 7, 2023.
The MSRB proposed a new rule that would "establish the core standards of conduct and duties of 'solicitor municipal advisors' when engaging in solicitation activities that would require them to register with the SEC and the MSRB as municipal advisors."