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SEC Approves MSRB Bid to Streamline Registration

Tuesday, March 4, 2014

Feb. 27 -- The Municipal Securities Rulemaking Board Feb. 27 announced that the Securities and Exchange Commission has approved its proposal to consolidate its multiple registration requirements and forms for municipal securities dealers and municipal advisors.

The self-regulatory organization had proposed a simplified electronic registration process under a single rule: MSRB Rule A-12 (161 SLD, 8/20/13).

“As part of the MSRB's ongoing effort to enhance regulatory efficiency, the MSRB developed this streamlined registration process to make it easier for municipal securities dealers and municipal advisors to identify, understand and comply with MSRB registration requirements,” MSRB Executive Director Lynnette Kelly said in a related release. “The new process also improves the efficiency with which the MSRB collects necessary information about regulated entities.”

The consolidated registration rule is effective May 12 for entities seeking to newly register with the MSRB. Starting on that date, currently registered firms will have 90 days--until Aug. 10--to verify, update and complete their registration information, which will be automatically transferred by the MSRB to a new electronic form, the MSRB said.

In related developments, the MSRB Feb. 25 announced that it is seeking comments on a draft rule to impose supervisory and compliance obligations for municipal advisors (38 SLD, 2/26/14).


The MSRB's notice and related release are available at http://www.msrb.org/News-and-Events/Press-Releases/2014/MSRB-to-Implement-Streamlined-Registration-Process-for-Dealers-and-Advisors.aspx.

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