MSRB Seeks Approval to Consolidate and Harmonize Fair Dealing Obligations for Municipal Securities Dealers
MSRB asked the SEC to approve a package of rule proposals to consolidate the existing interpretive guidance under MSRB Rule G-17 ("Conduct of Municipal Securities and Municipal Advisory Activities") related to three key fair dealing obligations for municipal securities dealers. The package of rule proposals includes a proposed Rule G-47 on time-of-trade disclosures that consolidates existing requirements for dealers to disclosure material information to customers in connection with the purchase or sale of a municipal security, among other proposed rules. The MSRB also asked the SEC to approve its proposal to harmonize proposed MSRB Rule G-19 ("Suitability of Recommendations and Transactions; Discretionary Accounts") with that of FINRA's suitability provisions by adding additional considerations for analyzing the suitability of a recommendation to a customer.