Regulatory Notice 09-35

FINRA Recommends Review of Municipal Securities Activities

Executive Summary

FINRA recommends that firms engaged in municipal securities business review and, if necessary, modify their policies and procedures in light of changes to the Municipal Securities Rulemaking Board's (MSRB) Electronic Municipal Market Access system (EMMA) that take effect July 1, 2009, and changes to MSRB rules that went into effect June 1, 2009.

 

FINRA also encourages firms to review the overall adequacy and effectiveness of their current policies and procedures for municipal securities activities generally, particularly those relating to the disclosure of material information, the suitability of recommendations to retail customers and the general supervision of their municipal securities activities.

 

Questions concerning this Notice should be directed to the Member Regulation Fixed Income Group at (202) 728-8085 or (202) 728-8133.

 

For information about compliance with MSRB rules, including the upcoming amendments to Rule 15c2-12, contact FINRA at the numbers above, or the MSRB at (703) 797-6600.