MSRB NOTICE 2013-17 (AUGUST 8, 2013)


The Municipal Securities Rulemaking Board (MSRB) is publishing this Notice to communicate its policy regarding interpretive guidance on MSRB rules for municipal securities brokers, dealers, municipal securities dealers and municipal advisors. The MSRB provides guidance both orally and in writing in the form of interpretive notices and interpretive letters. Among other things, the policy explains the differences between informal guidance and a formal written response. For example, while oral guidance to rules may provide inquirers with useful information on a rule or its history, such responses represent only the views of the MSRB’s Market Regulation staff and not necessarily those of the MSRB. The policy also describes situations in which, to promote the integrity of the examination, adjudicatory and disciplinary processes, the MSRB cannot provide interpretive guidance, and how complaints and regulatory referrals related to MSRB rules and other federal securities laws are handled.

Questions about the policy may be directed to Lawrence P. Sandor, Deputy General Counsel, at (703) 797-6600.

August 8, 2013