Effective Date Set for MSRB Amendments to Annual Customer Notification Requirements

The MSRB recently approved amendments that narrow the scope of the annual customer notification requirements under (i) MSRB Rule G-10 ("Delivery of investor brochures"); and (ii) MSRB Rule G-48 ("Transactions with sophisticated municipal market professionals"). The amendments go into effect on October 12, 2021.

As previously covered, the amendments clarify that a carrying dealer can be compliant with MSRB Rule G-10 on an introducing dealer's behalf without specifying the arrangement in the carrying agreement. (See additional previous coverage.) The amendments also modify MSRB Rule G-48 to except dealers from making such annual notifications to sophisticated municipal market professionals, as long as the required information is available on the dealers' websites.