The SEC approved MSRB amendments to Rules G-19 and G-48 to eliminate the potential for regulatory arbitrage and establish a "uniform standard of investor protection" for transactions in municipal securities by retail investors.
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Comments on an MSRB proposal to amend its suitability rules to align Regulation Best Interest standards for bank municipal securities dealers are due by May 31, 2022.
The SEC approved MSRB and FINRA proposals requiring securities dealers to disclose the compensation received in transactions with retail investors.
In an effort to respond to questions about certain trades that have a negative yield, as reported to the MSRB’s Real-Time Transaction Reporting System, the MSRB provided clarity on misunderstandings around negative yield municipal bonds.
The MSRB proposed to (i) amend its time of trade disclosure rule and related interpretive guidance and (ii) provide that SEC-registered investment advisers would no longer be required to make certain affirmations to qualify for Sophisticated Municipal Market Professional status.