PRESS RELEASE

Release Date:    October 16, 2007

Contact:             Lynnette Kelly Hotchkiss, Executive Director
                          (703) 797-6600
                          lhotchkiss@msrb.org

Amendments Filed to Rule G-40 on Electronic Mail Contacts

Alexandria, VA – Today, the MSRB filed with the SEC proposed amendments to Rule G-40, on e-mail contacts, that would more fully conform MSRB requirements to FINRA requirements relating to contact information. The MSRB has proposed that the amendments become effective on December 31, 2007 to coincide with the effective date of recently-approved FINRA requirements in this area.

The MSRB attempts, whenever possible, to adopt rule provisions and language similar to FINRA rules in order to facilitate dealer understanding of and compliance with such provisions, as well as inspection and enforcement. The Commission recently approved a FINRA proposal relating to firm contact information, which becomes effective December 31, 2007. The MSRB has determined to similarly amend Rule G-40 to ensure a coordinated regulatory approach in this area. Thus, the proposed amendments to Rule G-40 would require dealers to: (i) promptly update any change in the required information for their Primary Contact but not later than 30 days following such change; (ii) review and, if necessary, update required information on their Primary Contact within 17 business days after the end of each calendar year; and (iii) promptly comply with any request by the appropriate regulatory agency (as defined in Section 3(a)(34) of the Act) for such information but not later than 15 days following such request, or such longer period that may be agreed to by the appropriate regulatory agency.

The MSRB believes that by substantially conforming Rule G-40 to comparable FINRA requirements relating to e-mail contact information, the proposed rule change will promote regulatory consistency by facilitating dealer compliance with such requirements, as well as the inspection and enforcement thereof.

A copy of a notice describing the proposal in more detail is attached and will soon be available at the MSRB’s web site at www.msrb.org.