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ARTICLE · 26 JANUARY 2015

New Best Execution Requirement For Municipal Securities Transactions

Morgan Lewis
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Although the MSRB’s new best execution rule is generally consistent with FINRA’s, differences exist and questions remain regarding FINRA’s examination and enforcement of the requirements.

United StatesFinance and Banking
Steven Stone
Steven Stone
Peter Chan
Peter Chan
Ignacio Sandoval
Ignacio Sandoval

Although the MSRB's new best execution rule is generally consistent with FINRA's, differences exist and questions remain regarding FINRA's examination and enforcement of the requirements.

On December 5, 2014, the U.S. Securities and Exchange Commission (SEC) approved a Municipal Securities Rulemaking Board (MSRB) proposal to establish explicit best execution requirements for brokers, dealers, and municipal securities dealers (Dealers) effecting transactions in municipal securities, subject to certain exceptions.1. The MSRB's best execution rule is largely consistent with the best execution rule of the Financial Industry Regulatory Authority (FINRA), with some key differences.2.

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