MSRB Proposes Extension of Pandemic-related Remote Inspection Relief
The MSRB proposed an extension of temporary regulatory relief under MSRB Rule G-27 ("Supervision") to allow covered entities to conduct office inspections remotely while working to implement long-term hybrid work arrangements. The current relief was set to end on December 31, 2022 and will now end on June 30, 2023.
The relief removes the requirement to conduct an on-site inspection of municipal offices, branch offices and non-branch locations. The MSRB said that entities will be permitted to conduct remote inspections so long as they (i) amend their supervisory controls to account for remote office inspections, (ii) use remote office inspections as part of a broader supervisory system that reviews activity at all office locations on an ongoing basis and (iii) maintain records for all remotely conducted office inspections.
The MSRB also proposed amendments to MSRB Rule G-3 ("Professional Qualification Requirements") to remove references to expired temporary relief implemented during the COVID-19 pandemic.
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