MSRB Highlights Regulatory Developments In 2016

In its 2016 Annual Report, the MSRB outlined regulatory developments of the past year. The report highlighted that the MSRB:

• implemented numerous municipal advisor professional conduct and qualification requirements, including provisions against pay-to-play activities (MSRB Rule G-37), as well as MSRB Rules G-42 and G-44;
• implemented the Municipal Advisor Representative Qualification Examination (Series 50);
• implemented a best-execution standard for municipal securities transactions (MSRB Rule G-18);
• created mark-up/mark-down requirements;
• assumed oversight of new tax-advantaged saving programs providing guidance under MSRB D-12;
• modernized close-out procedures for municipal securities (MSRB Rule G-12);