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SEC Seeks Comment on MSRB Municipal Market Professional Guidance
Washington, DC, February 15, 2002 - The Municipal Securities Rulemaking Board (MSRB) filed an interpretive notice with the Securities and Exchange Commission that provides interpretive guidance on the application of various MSRB rules to sophisticated municipal market professionals (SMMPs). The SEC recently issued a release seeking comment on the MSRB’s interpretive notice.
The SEC’s release summarizes the MSRB’s proposed SMMP concept and explains its application to various MSRB rules, including:
- MSRB Rule G-17 regarding affirmative disclosure obligations;
- MSRB Rule G-18 regarding fair and reasonable transaction prices;
- MSRB Rule G-19 regarding suitability obligations; and
- MSRB Rule G-13 regarding quotations.
The SEC’s release also provides a discussion of the MSRB’s initial and revised draft notices, including a discussion of industry comments and the MSRB’s responses.
Comments on the MSRB’s proposal are due to the SEC by Monday, March 4, 2002.