Resources/ Updates

Jan31

Municipal Advisors to Follow Revised Customer Complaint Rules

Revised MSRB customer complaint and related recordkeeping rules were approved by the SEC on January 27, 2017. These revisions become effective on October 13, 2017. The MSRB issued a regulatory notice to members.

Customer Complaint Rules Changes

The MSRB:

  • Extended its customer complaint recordkeeping requirements to all municipal advisors, including non-solicitor and solicitor municipal advisors.
  • Amended Rule G-8 to require that municipal dealers and municipal advisors keep a standardized complaint log electronically using product and problem codes tailored for municipal securities.
  • Amended Rule G-8 to define “written” complaints to include complaints received electronically by the municipal dealer or municipal advisor
  • Extended guidance under Rule G-32 to municipal advisors relating to electronic delivery and receipt of information.
  • Revised Rule G-10 to more closely focuses on customer and municipal advisory client education and protection. Each municipal dealer and municipal advisor must provide each new customer or client:
    • specified information at account opening an then annually
    • a statement that it is SEC and MSRB registered
    • the website address for the MSRB and
    • and an investor brochure posted on the MSRB website

Related Documents

MSRB Notice 2017- 3 ~ SEC Approves Extension of MSRB’s Customer Complaint and Related Recordkeeping Rules to Municipal Advisors ~ Jan 27, 2017 

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