Regulatory Update: MSRB Notice 2020-09 – Extends Deadlines and other Relief

Municipal Advisors and Municipal Broker Dealers

The Municipal Securities Rulemaking Board (MSRB) filed a proposed rule change with the U.S. Securities and Exchange Commission (SEC) to provide regulatory relief on a temporary basis to brokers, dealers and municipal securities dealers (“dealers”) and municipal advisors (collectively, “regulated entities”) in light of the operational challenges due to the disruptions to normal business operations as a result of the coronavirus disease (COVID19) pandemic.

Please see the notice of complete details.  Here are some highlights:

• Dealers & Advisors – Rule G-3:  Annual continuing education program (“firm element”);

• Dealers – Rule G-3:  Annual continuing education program (“regulatory element”);

• Dealers – Rule G-27:  office inspections;

• Dealers – Rule G-27:  Annual Compliance Meeting;

• Dealers – Rule G-27:  Annual Compliance Program Review/Controls Testing:

• Dealers & Advisors – Rule A-11 & A-12: Suspension of Certain Late Fees;

• Advisors – Rule G-3:  Series 54 deadline for Municipal Advisor Principals;

• Advisors – Rule G-44(d): Annual CEO Certification,

• and more….

Ref: http://msrb.org/~/media/Files/Regulatory-Notices/Announcements/2020-09.ashx??n=1