SEC Approves MSRB-Proposed Amendments to Rule G-3 (Fed. Reg.)

The SEC Order approving the MSRB-proposed rule amendment to MSRB Rule G-3 ("Classification of Principals and Representatives; Numerical Requirements; Testing; Continuing Education Requirements") on professional qualification requirements was published in the Federal Register. In addition, non-substantive changes were made to Rule G-7 ("Information Concerning Associated Persons") and Rule G-27 ("Supervision").

The amendments to Rule G-3, which also affect Rules G-7 and G-27, include:

• limiting the scope of permitted activities for a limited representative investment company and variable contracts products to sales to, and purchases from, customers of municipal fund securities;
• eliminating the Financial and Operations Principal classification, qualification and numerical requirements in MSRB Rule G-3(d);
• in Supplementary Material .01 to Rule G-3, clarifying that references to sales include the solicitation of sales of municipal securities; and
• making certain technical and clarifying amendments to Rule G-3.

See: 79 FR 46290.See also: SEC Approves Amendments to MSRB Rule G-3 (MSRB Regulatory Notice 2014-13) (August 4, 2014); SIFMA Submits Comments to SEC Regarding MSRB's Proposed Amendments to Rules G-3, G-7 and G-27 (July 15, 2014); MSRB Requests SEC Approval of Proposed Amendments to Rules G-3, G-7 and G-27 (June 6, 2014).