MSRB Withdraws Pending Municipal Advisor Rule Proposals
On September 1, 2011, Andrews Kurth issued an alert advising of two recent filings by the Municipal Securities Rulemaking Board (“MSRB”) with the Securities and Exchange Commission (“SEC”) in which the MSRB had proposed important new standards of conduct for municipal advisors under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Our firm also advised that the proposed changes set forth in the two filings would not go into effect prior to the effective date of new SEC rules defining the term “municipal advisor.”
In a surprise move, on September 9, 2011, the MSRB withdrew the filings discussed in our alert with the explanation that “[u]pon the SEC’s adoption of a permanent definition of the term ‘municipal advisor’ under the Securities Exchange Act of 1934, the MSRB plans to resubmit the rule proposals.”
Andrews Kurth will continue to stay apprised of rules and filings by the MSRB that impact you.