The SEC set a comment deadline of May 30, 2023 for an MSRB rule proposal to (i) extend remote office inspection relief until June 30, 2024 and (ii) remove references to expired pandemic-related relief for brokers-dealers and municipal securities dealers.
The MSRB initially provided the relief during the pandemic to allow dealers to conduct remote inspections of municipal offices of supervisory jurisdiction, branch offices or non-branch locations under MSRB Rule G-27 (“Supervision”) Supplementary Material .01 (“Temporary Relief for Completing Office Inspections”). Under this MSRB proposal, dealers must make and maintain the required records for all offices or locations remotely inspected, including any offices or locations for which the dealer imposed additional supervisory procedures or more frequent monitoring. The proposal also removes outdated references to relief provided by the MSRB during the pandemic under MSRB Rule G-16 (“Periodic Compliance Examination”).
The proposed rule change is scheduled to become operative on July 1, 2023.
Fried Frank Harris Shriver & Jacobson LLP
May 8 2023