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Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Consisting of Amendments to MSRB Rule G-28, on Transactions With Employees and Partners of Other Municipal Securities Professionals, To Harmonize and Better Align With FINRA Rule 3210, on Accounts at Other Broker-Dealers and Financial Institutions
Plain English Summary
The Municipal Securities Rulemaking Board (MSRB) has updated its rules to better match the Financial Industry Regulatory Authority (FINRA) guidelines. This change affects municipal securities professionals who handle accounts with other financial institutions, such as banks and insurance companies. The new rules clarify which types of financial institutions are included in these regulations. Insurance agents should review these changes to ensure compliance when dealing with accounts at other broker-dealers and financial institutions.
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maintain such account.
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Proposed Supplementary Material .04 would provide that the terms “other financial institution” and “financial institution other than a broker, dealer or municipal securities dealer” include, but are not limited to, investment adviser, bank, <span class="match">insurance</span> company, trust company, credit union, investment company and any foreign or other broker-dealer not subject to MSRB rules.
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Proposed Supplementary Material .03, mirroring FINRA Rule 3210.04.
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Proposed Supplementary Material .04, aligning