FINRA Podcast: Spring 2015 Firm Element Advisory - Part 1

FINRA released the first podcast in its three-part series on regulatory and sales practice topics for Firm Element Training plans.

The podcast discussed SEC-approved rule amendments to create professional qualification standards for municipal advisors and two new registration classes: (i) Municipal Advisor Representatives, for those who do the advising, and (ii) Municipal Advisor Principals, for those who manage, direct or supervise municipal advisory activities of others. The new professional qualification rules also require certain registered people to take annual firm training on municipal securities matters.

The podcast also noted a new best-execution rule for municipal transactions, which is "generally harmonized" with FINRA's best-execution rule but is tailored to the municipal market. Additionally, the podcast explained that the SEC's approval of the MSRB rule on supervisory and compliance obligations for municipal advisors follows a "widely accepted" model that includes a "reasonably designed supervisory system."

The podcast also highlighted the North American Securities Administrators Association's launch of its online electronic filing depository, which allows users to submit Form D offers to state securities regulators and pay related fees.

See: Transcription of Podcast; Listen to Podcast.