Client Alert
In December 2014, the Securities and Exchange Commission approved a new Municipal Securities Rulemaking Board best execution rule for transactions in municipal securities and related amendments applicable to “sophisticated municipal market professionals." The MSRB subsequently announced that it would provide additional guidance on implementation of the new best execution rule and delay effectiveness of the rule until 120 days after publication of that guidance. The MSRB recently published the implementation guidance, which provides answers to frequently asked questions about the new best execution rule and the SMMP exemption. On the same day the MSRB guidance was published, the Financial Industry Regulatory Authority, Inc. also issued guidance on best execution obligations for equity securities, options and non-municipal fixed income securities. New MSRB Rule G-18 (Best Execution) and amendments related to SMMPs in MSRB Rules G-48 (Transactions with Sophisticated Municipal Market Professionals) and D-15 (Sophisticated Municipal Market Professional) will be effective on March 21, 2016. 

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