As of September 1, amendments to MSRB Rules G-8, G-9, and G-10 addressing firms’ responsibility regarding written customer complaints, are in effect. The amendments:
- Extend these rules to both nonsolicitor and solicitor municipal advisors (no longer just MSRB-registered broker/dealers)
- Update and make these MSRB rules more consistent with those of other financial regulators
Here is a summary of the new rules:
- Extend these rules to both nonsolicitor and solicitor municipal advisors (no longer just MSRB-registered broker/dealers)
- Update and make these MSRB rules more consistent with those of other financial regulators
- Rule G-8 requires all MSRB-regulated entities (MSRB-registered broker/dealers and municipal advisors) to:
- Maintain an electronic complaint log, using any software that sorts and archives data and provides prompt retrieval upon request
- Report certain complaints, including theft-related complaints, to all appropriate regulatory authorities, including the MSRB
- Rule G-9 requires broker/dealers and municipal advisors to retain client written complaint records for six years
- Rule G-10, which mandates delivery of the investor brochure, is now more consistent with FINRA Rule 2267, and requires:
- Each broker/dealer to notify customers about its registration status and the availability of the investor brochure annually
- Each municipal advisor to notify clients about its registration and the availability of educational material promptly after initiation of advisory or solicitation services, and at least once each calendar year
At FIRE Solutions, we continually update our exam prep and continuing education programs to reflect industry developments and regulatory rule updates. These MSRB Rules G-8, G-9, and G-10 updates affect our Series 10 exam prep and Municipal Advisors CE courses, which now reflect these updated rules.
As of September 1, amendments to MSRB Rules G-8, G-9, and G-10 addressing firms’ responsibility regarding written customer complaints, are in effect. The amendments:
- Extend these rules to both nonsolicitor and solicitor municipal advisors (no longer just MSRB-registered broker/dealers)
- Update and make these MSRB rules more consistent with those of other financial regulators
Here is a summary of the new rules:
- Extend these rules to both nonsolicitor and solicitor municipal advisors (no longer just MSRB-registered broker/dealers)
- Update and make these MSRB rules more consistent with those of other financial regulators
- Rule G-8 requires all MSRB-regulated entities (MSRB-registered broker/dealers and municipal advisors) to:
- Maintain an electronic complaint log, using any software that sorts and archives data and provides prompt retrieval upon request
- Report certain complaints, including theft-related complaints, to all appropriate regulatory authorities, including the MSRB
- Rule G-9 requires broker/dealers and municipal advisors to retain client written complaint records for six years
- Rule G-10, which mandates delivery of the investor brochure, is now more consistent with FINRA Rule 2267, and requires:
- Each broker/dealer to notify customers about its registration status and the availability of the investor brochure annually
- Each municipal advisor to notify clients about its registration and the availability of educational material promptly after initiation of advisory or solicitation services, and at least once each calendar year
At FIRE Solutions, we continually update our exam prep and continuing education programs to reflect industry developments and regulatory rule updates. These MSRB Rules G-8, G-9, and G-10 updates affect our Series 10 exam prep and Municipal Advisors CE courses, which now reflect these updated rules.