MSRB Reminds Dealers of September 30, 2014 Effective Date for Amendments to Rules G-3, G-7 and G-27.

The Municipal Securities Rulemaking Board (MSRB) reminds municipal securities dealers that amendments to MSRB Rule G-3, on professional qualifications, become effective on September 30, 2014. The amendments narrow the activities permitted of Limited Representatives – investment company and variable contracts products (Series 6 representatives) exclusively to sales to and purchases from customers of municipal fund securities (such as interests in 529 college savings plans); eliminate the Financial and Operations Principal (FINOP) classification, qualification and numerical requirements; and clarify in supplementary material that the term “sales” as used in Rule G-3 includes the solicitation of sales of municipal securities. In order to clarify MSRB rules and to conform other rules to the amendments, the MSRB has made several technical amendments to Rule G-3 and non-substantive conforming amendments to MSRB Rules G-27 and Rule G-7.

Read the August 4, 2014 MSRB Regulatory Notice.



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