Select regulatory documents by category:
1. Bartholomew, Patricia E., 2014 Chair, Securities Industry Council on Continuing Education, and Bartol, William E., 2013 Chair, Securities Industry Council on Continuing Education: Letter dated January 13, 2014
2. Bond Dealers of America: Letter from Michael Nicholas, Chief Executive Officer, dated January 13, 2014
3. Diamant Investment Corporation: E-mail from Herbert Diamant dated December 13, 2013
4. Financial Services Institute: Letter from David T. Bellaire, Executive Vice President and General Counsel, dated January 13, 2014
5. Investment Company Institute: Letter from Tamara K. Salmon, Senior Associate Counsel, dated January 13, 2014
6. MetLife Securities, Inc.: Letter from Jennifer Lewis, Corporate Counsel, dated January 13, 2014
7. National Society of Compliance Professionals: Letter from Judy Werner, Executive Director, dated January 14, 2014
8. Romano Wealth Management: E-mail from Joe Romano dated January 13, 2014
9. RW Smith & Associates, Inc.: E-mail from Paige Pierce dated January 13, 2014
10. Securities Industry and Financial Markets Association: Letter from David L. Cohen, Managing Director and Associate General Counsel, dated January 13, 2014
11. Wulff, Hansen & Co.: Letter from Chris Charles, President, dated January 9, 2014
MSRB to Implement Protections for Investors Against Unexpected Changes in Bond Authorizing Documents
Bank Dealers, Dealers
Bank Dealers, Dealers
Bank Dealers, Dealers, Municipal Advisors
1. Financial Services Institute: Letter from David T. Bellaire, Executive Vice President and General Counsel, dated September 20, 2013
2. National Association of Independent Public Finance Advisors: Letter from Jeanine Rodgers Caruso, President, dated September 20, 2013
3. Securities Industry and Financial Markets Association: Letter from Leslie M. Norwood, Managing Director and Associate General Counsel, dated September 20, 2013
4. U.S. Bancorp Investments, Inc.: E-mail from Herbert Neufeld dated August 19, 2013
Bank Dealers, Dealers
Bank Dealers, Dealers, Municipal Advisors
1. Financial Services Institute: Letter from David T. Bellaire, Executive Vice President and General Counsel, dated September 20, 2013
2. Investment Company Institute: Letter from Tamara K. Salmon, Senior Associate Counsel, dated September 20, 2013
3. Securities Industry and Financial Markets Association: Letter from David L. Cohen, Managing Director, Associate General Counsel, dated September 20, 2013
4. Wells Fargo Advisors, LLC: Letter from Robert J. McCarthy, Director of Regulatory Policy, dated September 20, 2013
5. Wells Fargo Securities: Letter from Gerald K. Mayfield, Senior Counsel, dated September 20, 2013
Bank Dealers, Dealers
1. Ambassador Financial Group: E-mail from Allen Collins dated August 8, 2013
2. Barclays Capital Inc.: Letter from Jennifer Small, Municipal Compliance, dated October 7, 2013
3. Bond Dealers of America: Letter from Michael Nicholas, Chief Executive Officer, dated October 7, 2013
4. Financial Services Institute: Letter from David T. Bellaire, Executive Vice President and General Counsel, dated October 7, 2013
5. Interactive Data Corporation: Letter from Mark Hepsworth, President, Interactive Data Pricing and Reference Data, dated October 7, 2013
6. Investment Company Institute: Letter from Tamara K. Salmon, Senior Associate Counsel, dated September 20, 2013
7. J.J.B. Hilliard, W.L. Lyons LLC: Letter from Alex Rorke, Director, Public Finance
8. Melton, Chris: Letter dated September 26, 2013
9. Private Investor: E-mail from Private Investor dated September 2, 2013
10. Securities Industry and Financial Markets Association: Letter from David L. Cohen, Managing Director and Associate General Counsel, dated October 7, 2013
11. Wells Fargo Advisors, LLC: Letter from Robert J. McCarthy, Director of Regulatory Policy, dated October 7, 2013
Bank Dealers, Dealers, Municipal Advisors
1. Bond Dealers of America: Letter from Michael Nicholas, Chief Executive Officer, dated November 1, 2013
2. Corporate Treasury Investment Consulting LLC: Letter from Mark O. Conner, Principal, dated August 16, 2013
3. Financial Information Forum: Letter from Manisha Kimmel, Executive Director, dated November 1, 2013
4. Interactive Data Corporation: Letter from Mark Hepsworth, President, Interactive Data Pricing and Reference Data, dated November 1, 2013
5. Leonard, Jack: Letter dated August 1, 2013
6. Long, Cate: E-mail dated November 1, 2013
7. Sayer, Steven: E-mail dated November 3, 2013
8. Securities Industry and Financial Markets Association: Letter from Leslie M. Norwood, Managing Director and Associate General Counsel, dated November 1, 2013
9. Wells Fargo Advisors, LLC: Letter from Robert J.McCarthy, Director of Regulatory Policy, dated November 1, 2013
Bank Dealers, Dealers
Bank Dealers, Dealers, Municipal Advisors
Bank Dealers, Dealers
Bank Dealers, Dealers
1. Bond Dealers of America: Letter from Michael Nicholas, Chief Executive Officer, dated June 12, 2013
2. Securities Industry and Financial Markets Association: Letter from David L. Cohen, Managing Director, Associate General Counsel, dated June 12, 2013
3. Wells Fargo Advisors, LLC: Letter from Robert J. McCarthy, Director of Regulatory Policy, dated June 12, 2013
Bank Dealers, Dealers
Bank Dealers, Dealers
1. Bond Dealers of America: Letter from Michael Nicholas, Chief Executive Officer, dated May 6, 2013
2. College Savings Foundation: Letter from Roger Michaud, Chairman, dated May 6, 2013
3. College Savings Plans Network: Letter from Michael L. Fitzgerald, Treasurer of Iowa and Chairman, dated May 6, 2013
4. Financial Services Institute: Letter from David T. Bellaire, Executive Vice President and General Counsel, dated May 6, 2013
5. Investment Company Institute: Letter from Tamara K. Salmon, Senior Associate Counsel, dated May 5, 2013
6. Retail Investor: Email from Retail Investor dated August 25, 2013
7. Securities Industry and Financial Markets Association: Letter from David L. Cohen, Managing Director, Associate General Counsel, dated May 6, 2013
8. Wells Fargo Advisors, LLC: Letter from Robert J. McCarthy, Director of Regulatory Policy, dated May 6, 2013
Bank Dealers, Dealers, Municipal Advisors
1. Bond Dealers of America: Letter from Michael Nicholas, Chief Executive Officer, dated March 28, 2013
2. Boyle, Nick: Letter
3. City of Milwaukee: E-mail from Richard Li dated March 7, 2013
4. Government Finance Officers Association: Letter from Dustin McDonald, Director, Federal Liaison Center, dated April 30, 2013
5. National Association of Bond Lawyers: Letter from Scott R. Lilienthal, President, dated March 29, 2013
Bank Dealers, Dealers
1. Bond Dealers of America: Letter from Michael Nicholas, Chief Executive Officer, dated March 12, 2013
2. Charles Schwab & Co., Inc.: Letter from Michael P. Moran, Vice President, Compliance, dated March 12, 2013
3. Lumesis, Inc.: Letter from Gregg L. Bienstock, Co-Founder and Chief Executive Officer, dated March 11, 2013
4. Lumesis, Inc.: Letter from Gregg L. Bienstock, Co-Founder and Chief Executive Officer, dated July 17, 2013
5. R.W. Smith & Associates, Inc.: E-mail from Paige Pierce dated March 20, 2013
6. Securities Industry and Financial Markets Association: Letter from David L. Cohen, Managing Director and Associate General Counsel, dated March 12, 2013
7. TMC Bonds, L.L.C.: Letter from Thomas S. Vales, Chief Executive Officer, dated March 11, 2013
8. Wells Fargo Advisors, LLC: Letter from Robert J. McCarthy, Director of Regulatory Policy, dated March 12, 2013
Bank Dealers, Dealers
Bank Dealers, Dealers
1. Barclays Capital Inc.: Letter from Scott Coya, Director, Municipal Compliance, dated March 15, 2013
2. Bond Dealers of America: Letter from Michael Nicholas, Chief Executive Officer, dated March 15, 2013
3. Charles Schwab & Co. Inc.: Letter from Michael P. Moran, Vice President, Fixed Income Compliance, dated March 15, 2013
4. Eastern Bank: E-mail from James N. Fox, SVP and Managing Director, dated March 15, 2013
5. Financial Information Forum: Letter from Arsalan Shahid, Program Director, dated March 15, 2013
6. Financial Services Institute: Letter from David T. Bellaire, Executive Vice President and General Counsel, dated March 15, 2013
7. Frost Bank: Letter from Robert N. Jacobs, Assistant Vice President/Compliance Officer, dated March 11, 2013
8. Investment Company Institute: Letter from Dorothy Donohue, Deputy General Counsel-Securities Regulation, dated March 15, 2013
9. J.W. Korth & Company LP: E-mail from James Korth dated March 14, 2013
10. R.W. Smith & Associates, Inc.: E-mail from Paige Pierce, dated March 20, 2013
11. Securities Industry and Financial Markets Association: Letter from Leslie M. Norwood, Managing Director and Associate General Counsel, dated March 15, 2013
12. Seidel & Shaw, LLC: Letter from Thomas W. Shaw, President, dated March 15, 2013
13. Standish: E-mail from Daniel Rabasco dated March 15, 2013
14. TMC Bonds, L.L.C.: Letter from Thomas S. Vales, Chief Executive Officer, dated March 15, 2013
15. Tradition Asiel Securities, Inc.: Letter from Eric M. Earnhardt, Chief Compliance Officer, dated March 19, 2013
Notice of Interpretation of Rule G-17 Concerning Prompt Delivery of Securities
From time to time the Board has received inquiries from purchasers of municipal securities concerning the duty of municipal securities brokers and dealers to deliver securities to customers under the Board’s rules. In particular, customers have asked what, if any, remedies are available when long delays occur between the purchase, payment and delivery of municipal securities. The Board has advised such individuals that under rule G-17, the Board’s fair dealing rule, a municipal securities broker or dealer has a duty to deliver securities sold to customers in a prompt fashion.
The Board is mindful that a dealer’s failure to deliver municipal securities often is caused by its failure to receive delivery of the securities from another dealer or by other circumstances beyond its control. It nevertheless believes that a dealer’s duty to deliver securities promptly to customers is inherent in rule G-17.[1] A violation of that duty could occur, for example, if a dealer sells securities to a customer when it knows that it cannot effect delivery by the specified settlement date or within a reasonable length of time thereafter and does not disclose that fact to its customer.
The Board notes that customers who fail to receive securities are not entitled to take advantage of the Board’s procedures to close out a failed transaction which are available only for inter-dealer transactions under rule G-12. However, if a customer sustains a loss or otherwise is damaged by his dealer’s failure to deliver securities, he may seek recovery through the Board’s arbitration program or through litigation. These remedies may accrue to the customer whether or not a dealer’s failure to deliver violates rule G-17.
[1] The duty of a securities professional to complete promptly transactions with customers also has been found to flow from the federal securities laws by the SEC and the courts.
