Client Alert

The Securities and Exchange Commission recently approved the Municipal Securities Rulemaking Board’s rule proposals that focus on fair dealing obligations of dealers in municipal securities. The new rules are effective on July 9, 2014 and include:

  • MSRB Rule G-47—Time of trade disclosure obligations;
  • MSRB Rule G-19—Suitability obligation for recommended transactions or investment strategies;
  • MSRB Rule D-15—Defines “Sophisticated Municipal Market Professional”; and
  • MSRB G-48—Modifies certain dealer obligations to SMMPs, including “customer-specific” suitability obligation.

The new suitability rule essentially mirrors FINRA Rule 2111. A comparison of the MSRB rule and the FINRA rule appears at the end of this Client Alert, and a link to the comparison is included below.

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