The SEC approved the MSRB rule amendments to establish core standards of conduct and duties for "solicitor municipal advisors."
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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."
A broker-dealer settled SEC charges for operating as an unregistered municipal advisory firm by providing advice to a municipality regarding securities that were purchased with the proceeds from an issuance of bonds.
The MSRB requested a second round of comments on revisions to proposed Rule G-46 to codify previously issued guidance on requirements applicable to solicitor municipal advisors. This new comment period will close on March 15, 2022.