Notice to Members 03-13

NASD Reminds Firms about Transaction Reporting Requirements and Announces Enforcement Actions Against Firms for Violations of MSRB Transaction Reporting Rules G-12 and G-14

NASD reminds member firms about the obligations imposed by Municipal Securities Rulemaking Board (MSRB) Rules G-12 and G-14, particularly the requirement that member firms report their municipal securities transactions to the MSRB accurately and on time. Accurate and timely automated comparison and reporting of municipal securities transaction information is critical to a member firm’s trade processing function, the accurate dissemination of transaction information, price transparency, and efficient and effective regulatory oversight of municipal securities trading and sales practices.

Questions about this Notice may be directed to Malcolm Northam, Director, Fixed Income Securities, at (202) 728-8085, or Cynthia Friedlander, Regulatory Specialist, at (202) 728-8133, in the Department of Member Regulation.