Regulatory Alerts2016-09-02 | 2016-20890Added · Updated
SEC Notice of Intent to Issue Order Regarding MSRB Rule G-37 and FINRA Rule 2030
The Securities and Exchange Commission intends to issue orders finding that the Municipal Securities Rulemaking Board's Rule G-37 and the Financial Industry Regulatory Authority's Rule 2030 impose substantially equivalent or more stringent restrictions on municipal advisors and broker-dealers than the SEC's Pay to Play Rule imposes on investment advisers. These determinations are necessary to classify these entities as regulated persons, thereby allowing them to serve as third-party solicitors under the SEC's ban on third-party solicitation. The notice provides interested persons an opportunity to request a hearing before the Commission finalizes these orders.
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