This proposal would streamline and codify existing guidance regarding the application of MSRB rules to transactions with SMMPs, currently set forth in interpretive guidance to MSRB Rule G-17. The MSRB is proposing to establish a stand-alone definition for SMMPs and a single, comprehensive rule addressing dealers’ obligations to SMMPs.
You can find the BDA’s final letter [here.]
The letter included discussion on the following items:
- Customer Affirmations Should Allow for Flexibility
- The Asset Threshold Language Should be Consistent with FINRA’s Rule
- Technical Corrections
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