In its 2016 Annual Report, the MSRB outlined regulatory developments of the past year. The report highlighted that the MSRB:
- implemented numerous municipal advisor professional conduct and qualification requirements, including provisions against pay-to-play activities (MSRB Rule G-37), as well as MSRB Rules G-42 and G-44;
- implemented the Municipal Advisor Representative Qualification Examination (Series 50);
- implemented a best-execution standard for municipal securities transactions (MSRB Rule G-18);
- created mark-up/mark-down requirements;
- assumed oversight of new tax-advantaged saving programs providing guidance under MSRB D-12;
- modernized close-out procedures for municipal securities (MSRB Rule G-12);
- adopted rulemaking to transition to a two-day (T+2) regular-way settlement cycle;
- codified guidance on gifts and gratuities, non-cash compensation and expenses of issuance (MSRB Rule G-20);
- continued work on regulatory efficiency initiatives; and
- launched MuniEdProSM, a suite of interactive, online courses for municipal market participants, to increase the availability of quality municipal securities market education.
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