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Compliance Corner: Spring 2023

Help Inform the MSRB’s Mission by Volunteering on its Compliance Advisory Group 

By Saliha Olgun, Interim Chief Regulatory Officer

Volunteering to serve on one of the MSRB’s Board Advisory Groups is an important way for municipal market participants to engage with the MSRB and help inform its mission and strategic initiatives. Lending insight and perspectives about the unique and often complex nature of the market can help the MSRB develop tools and resources to benefit the market and can be a rewarding experience for volunteers.   

“I joined the MSRB’s EMMA Development Advisory Group in 2013 and was immediately appreciative of the vast amounts of knowledge that came from discussions among the group,” says Board Member Donna Simonetti. “Everyone involved was committed to increasing transparency and developing technology to help protect investors, and several of us enjoyed the experience so much that we have continued to serve in various other roles with the MSRB.”  

The MSRB has relied on the input of municipal market experts on its advisory groups for nearly two decades. In 2005, the MSRB created its first advisory groups – the Issuer and Investor Advisory Groups -- to help fulfill its mission of investor protection at the time. Over the past two decades, the MSRB’s advisory groups have evolved to suit the needs of the MSRB and the municipal securities market.  

For FY 2023, the MSRB is seeking applicants for its Compliance Advisory Group (CAG) who are associated persons of a regulated entity and serve in compliance, legal, trading, and operations functional roles. The MSRB seeks individuals who will bring diverse backgrounds, experiences and perspectives, and endeavors to promote greater representation of underrepresented minorities and women on its advisory groups.  

Individuals interested in becoming a member of CAG should email their name, a resume or biography documenting their experience in the municipal securities market along with a statement of interest in serving on the advisory group, to Sara Ahmadzai at sahmadzai@msrb.orgThe MSRB will accept volunteer submissions through Monday, November 21, 2022.
See the notice for more information. 

 
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saliha

Saliha Olgun
Interim Chief
Regulatory Officer

 


Second Opportunity for Individuals Associated with a Broker-Dealer to Enroll in the Industry Adopted Maintaining Qualifications Program

FINRA has announced a second enrollment period for the Maintaining Qualifications Program (MQP) to allow eligible individuals associated with a broker-dealer another opportunity to participate in the program. For individuals who had a registration terminate between March 15, 2020, and March 15, 2022, the MQP allows such individuals to maintain certain qualifications for up to five years by completing CE annually rather than having to requalify by examination. Specifically, with respect to municipal securities professionals, persons who were qualified in a municipal securities representative, municipal securities principal, or a limited capacity, under MSRB Rule G-3, and whose qualification was subsequently terminated is eligible to enroll in the MQP in order to maintain their qualification(s). The new enrollment period opened on March 15, 2023 and will end on December 31, 2023.

The program helps to accommodate registered persons whose personal circumstances may take them away from the industry for a time.

Eligible individuals can make their election and enroll in the MQP using FINRA’s Financial Professional Gateway. To learn more, please visit the Enrolling in the MQP and Second Enrollment Period section of the MQP page .


Compliance Calendar

Dealers and municipal advisors should note the following key compliance dates and deadlines.

May 31, 2023 - Last Day to Submit Payments for 529 Underwriting Assessment

July 1, 2023 - First Day to File G-37 for Quarter Ending June 30

July 31, 2023 - Last Day to File G-37 for Quarter Ending June 30

August 29, 2023 - Last Day to Submit Form G-45 Report for Semi-Annual Reporting Period Ending June 30, 2023


Regulatory Roundup

Keep up with current requests for comment, updated regulatory requirements and upcoming rule filings, and learn about opportunities to provide input at various stages of the MSRB’s rulemaking process.

December 12, 2022 - MSRB Announces Members of 2023 Compliance Advisory Group

December 14, 2022 - MSRB Seeks Board of Directors Applicants

January 27, 2023 - MSRB Discusses Regulatory Initiatives to Improve Municipal Market Transparency at Quarterly Board Meeting

February 16, 2023 - MSRB Seeks Comment on Draft Amendments to its Rules Regarding Time of Trade Disclosure and Sophisticated Municipal Market Professionals