SEC Approves of MSRB Rules Regarding Supervisory and Compliance Obligations and Recordkeeping Requirements (Fed. Reg.)

The SEC's approval of MSRB-proposed new rules was published in the Federal Register. The new rules include Amendment No. 1 to Rule G-44, and related amendments to Rule G-8 ("Books and Records to Be Made by Brokers, Dealers and Municipal Securities Dealers") and Rule G-9 ("Preservation of Records").

Amendment No. 1 revises the supplementary material in Rule G-44 so that it will not limit the requirement as to how written supervisory procedures, in the absence of separate supervisory personnel, achieve compliance with applicable rules for single-person municipal advisors. The Amendment also expands the requirement's application to all firms with any associated person permitted to supervise their own activities.

Although the SEC has approved the proposed rule change, comments on Amendment No. 1 may be submitted until November 19, 2014.

See: 79 FR 64429.Related news: MSRB Issues Regulatory Notice Regarding SEC's Approval of First Municipal Advisor Rule and Other Amendments(October 24, 2014).