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SEC Approves New MRSB Broker's Brokers Rule

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June 29, 2012
Client Alert

The Securities and Exchange Commission recently approved the Municipal Securities Rulemaking Board rule proposals governing the conduct of brokerʼs brokers. The new rules consist of (a) new MSRB Rule G-43 governing the municipal securities activities of brokerʼs brokers and certain alternative trading systems; (b) amendments to MSRB Rules G-8, G-9, and G-18 concerning recordkeeping, record retention, and agency trades by brokerʼs brokers; and (c) interpretive notice on the duties of dealers that use the services of brokerʼs brokers. The new rule, amendments, and interpretive notice become effective on December 22, 2012. 

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