MSRB Rule G-44 – changes effective April 23, 2015

Supervisory and Compliance obligations of municipal advisers are set to change effective April 23, 2015.

The new rule requires all municipal advisors to establish, implement, and maintain a system to supervise their activities and those of their associates in compliance with all applicable securities laws and regulations.

MSRB Rule G44 changes

 

Specifically paragraph (a) {Rule G-44 (a)} specifies that final responsibility for proper supervision rests with the municipal advisor. It follows that the establishment, implementation, maintenance and enforcement of written supervisory procedures must be reasonably designed to achieve compliance with applicable rules.

Rule G-44 becomes effective on April 23, 2015, although the annual certification requirement will not become effective until a year later. The delayed effective date provides municipal advisors time to adopt and implement written supervisory and compliance policies and procedures, designate at least one supervisory principal and a CCO, and prepare the records required under the amendments to Rules G-8 and G-9.

Read the MSRB release for full details.


 

RND Resources, Inc is prepared to help Municipal Advisers meet their ongoing regulatory requirements with SEC, MSRB, and FINRA. We are a full-service securities brokerage support firm that specializes in preparing firms for regulatory inspections. Our veteran compliance experts can handle and oversee registrations, development of supervisory policies, system reviews, education, and employee training.

 

For further information about how we can assist you contact:

 

Tarik Munisoglu   (818) 835-7105

tarik@finracompliance.com

 

Dave Banerjee, CPA (818) 657-0288

dave@finracompliance.com

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