MSRB Proposes Supervisory and Compliance Obligations for Municipal Advisors (Fed. Reg.)

The MSRB's proposed rule change to establish supervisory and compliance obligations for municipal advisors was published in the Federal Register.

The MSRB proposed the new Rule G-44 (to establish the supervisory and compliance obligations of municipal advisors), new amendments to Rule G-8 ("Books and Records to Be Made by Brokers, Dealers and Municipal Securities Dealers") and new amendments to Rule G-9 ("Preservation of Records"). The new Rule G-44 would draw on aspects of existing supervision and compliance frameworks from other programs and consist of a new supervisory system complemented by the designation of a chief compliance officer.

See: 79 FR 45546; Text of Proposed Rule Change.See generally: Lofchie's Guide to Broker-Dealer Regulation, Supervision. Related news: MSRB Proposes Supervisory and Compliance Obligations for Municipal Advisors (with Lofchie Comment) (July 24, 2014).