On June 25, the SEC approved (i) MSRB Rule G-43 establishing obligations for municipal securities dealer firms that act as “broker’s brokers” and (ii) interpretative guidance on the duties of dealers that use such firms. The rule and interpretive guidance will be effective on December 22. MSRB Release. MSRB Rule. MSRB Guidance.
broker’s brokers
MSRB Request for Comment on Broker’s Brokers Rule
On February 24, the MSRB requested comments on a draft rule and amendments that would govern the activities of municipal securities dealers that principally act as intermediaries on transactions between dealers (known as broker’s brokers). The proposed rule would define and establish the basic duties of a broker’s broker. Comments must be submitted by April 21. MSRB Release. MSRB Request for Comment.