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®: CRE Regulatory Action of the Week

SEC Publishes Proposed Changes To Rules G-20 and G-8
The Securities and Exchange Commission has published a Notice of a Proposed Rule Change Consisting of Proposed Amendments to Rule G-20, on Gifts, Gratuities and Non-Cash Compensation, and Rule G-8, on Books and Records To Be Made by Brokers, Dealers, Municipal Securities Dealers, and Municipal Advisors, and the Deletion of Prior Interpretive Guidance. This proposed rule change is required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"). The Dodd Frank Act amended Section 15B of the Exchange Act to establish a new federal regulatory regime requiring municipal advisors to register with the SEC, deeming them to owe a fiduciary duty to their municipal entity clients and granting the Municipal Securities Rulemaking Board rulemaking authority over them. The MSRB, in the exercise of that rulemaking authority, has been developing a comprehensive regulatory framework for municipal advisors and their associated persons. Comments on this proposed rule change are due to the SEC by October 13, 2015.

  • Click here to read Federal Register notice of this proposed rule change.