The MSRB proposed a rule change to extend the time period to January 31 to annually affirm the information on Form A-12, the MSRB’s consolidated electronic registration form. The operative date for the proposed rule is January 1, 2023. The MSRB will accept comments on the proposal until January 12, 2023. The Notice was published in the Federal Register.
The rule change applies to brokers, dealers and municipal securities dealers and municipal advisors.
As previously covered, the proposal would also remove the requirement for firms to provide a separate notice to regulators in Form A-12 prior to engaging in municipal securities or municipal advisory activities. Instead, each firm would be required to provide (i) its principal regulator (which will be a banking agency for banks that are registered as muni dealers) and (ii) contact information for the firm’s contact at that regulator. The primary regulatory contact at a municipal advisor firm would also be required to register as a municipal advisor principal after passing the Series 54 Municipal Advisor Principal Qualification Examination.
Fried Frank Harris Shriver & Jacobson LLP
December 22 2022