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MSRB Requests Comment on Supervisory Rule for Municipal Advisors

by   |   May 25, 2011

The Municipal Securities Rulemaking Board, or MSRB, is requesting comment on a proposed rule that would require municipal advisors to adopt a basic supervisory structure to ensure compliance with applicable MSRB and Securities and Exchange Commission (SEC) rules.

MSRB Rule G-44 would require municipal advisors to establish and maintain a system to supervise the municipal advisory activities of associated persons. The rule would set the minimum requirements for this system, including the establishment and maintenance of written procedures. Ultimate responsibility for appropriate supervision rests with the municipal advisor.

The rule would also require municipal advisors to adopt, maintain and enforce written procedures to ensure municipal advisory activities are conducted in accordance with applicable MSRB and SEC rules. The rule would set the minimum requirements for these procedures, including those relating to the manner in which municipal advisory activities will be monitored and supervised for compliance.

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