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Municipal Advisor Regulatory Update National Society of Compliance Professionals National Conference October 22, 2014.

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Presentation on theme: "Municipal Advisor Regulatory Update National Society of Compliance Professionals National Conference October 22, 2014."— Presentation transcript:

1 Municipal Advisor Regulatory Update National Society of Compliance Professionals National Conference October 22, 2014

2 Lynnette Kelly MSRB Executive Director

3 3 About the MSRB A self-regulatory organization created by Congress in 1975 Regulates municipal securities dealers and municipal advisors Promotes a fair and efficient municipal market

4 4 Municipal Securities Rulemaking Board 4 MSRB Regulatory Framework MSRB continues to implement a comprehensive regulatory framework that includes: –Development of rules governing the professional conduct of municipal advisors –Establishment of a professional qualifications program that ensures municipal advisors are qualified in their duties –Extensive education and outreach to municipal advisors on duties and obligations

5 5 Municipal Securities Rulemaking Board 5 Status of Municipal Advisor Rulemaking RuleCurrent Draft RuleNext Steps Core standards of conduct rule (Rule G-42) MSRB Notice 2014-12Review comments received and prepare revised rule for filing Supervision and compliance obligations (Rule G-44) SEC Filing, July 24, 2014SEC action Professional qualifications (Rule G-3) MSRB Notice 2014-08Prepare rule for filing with SEC Pay-to-play rule (Rule G-37) MSRB Notice 2014-15 Review comments received Gifts and gratuities (Rule G- 20) To comePrepare draft rule for comment

6 6 Municipal Securities Rulemaking Board 6 Professional Qualifications Program ActionTimeline Survey of Registered Municipal Advisors about Business Activities June 2014 Analysis of Survey ResponsesAugust 2014 Development of Draft Content OutlineFall 2014 Finalization of Exam Content Outline2015 Pilot Exam2015 Exam Open to All Municipal Advisors2016

7 7 Municipal Securities Rulemaking Board 7 Education and Outreach SEC, FINRA and MSRB Compliance Outreach Program for Municipal Advisors –November 3, 2014 –Chicago, IL –Live webcast on sec.gov Online educational resources –msrb.org/MSRB-For/ Municipal-Advisors.aspxmsrb.org/MSRB-For/ Municipal-Advisors.aspx

8 8 Municipal Securities Rulemaking Board 8 EMMA for Compliance Professionals Monitoring Issuers –Issuer Homepages Market Research –Trade Activity –Market Statistics Tracking Issues –MyEMMA Supporting Compliance –Disclosure Email Reminders

9 9 Municipal Securities Rulemaking Board 9 Contact the MSRB MSRB Online msrb.org emma.msrb.org MSRB Support 703-797-6668 Hours of Operation: 7:30 a.m. - 6:30 p.m. ET MSRBsupport@msrb.org MSRBsupport@msrb.org MSRB Email Updates – Subscribe at msrb.orgmsrb.org Follow the MSRB on Twitter @MSRB_News

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