Client Alert

The Securities and Exchange Commission recently released a notice of proposed Municipal Securities Rulemaking Board rule changes governing the conduct of brokerʼs brokers. The proposed definition of “brokerʼs broker” generally includes a broker, dealer, or municipal securities dealer that principally effects transactions for other broker-dealers or that holds itself out as a brokerʼs broker.  

  •   new MSRB Rule G-43, which would impose specific duties on municipal securities brokerʼs brokers and require adoption of certain policies and procedures;

  •  amendments to MSRB Rule G-8 on recordkeeping, MSRB Rule G-9 on record retention, and MSRB Rule G- 18 on agency trades and trades by brokerʼs brokers; and

  •  an interpretive notice on the duties of brokers, dealers, and municipal securities dealers that use the services of brokerʼs brokers.

Comments on the proposal are due 21 days from publication in the Federal Register, which has not yet occurred. The MSRB requested that the proposed rule changes be made effective six months after approval by the SEC. 

Relevant Documents

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