Federal Register #SR-MSRB-2026-03

SEC Proposed Amendments to MSRB Rule G-28 for Regulatory Alignment

This notice from the Securities and Exchange Commission (SEC) announces proposed amendments to MSRB Rule G-28, focusing on regulatory alignment and enhanced supervision in municipal securities trading. - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - Municipal Securities Rulemaking Board (MSRB) - No OEMs or commercial vendors are involved; this is a regulatory action, not a procurement. - Products/Services Requested: - No physical products or commercial services are being procured - The action concerns amendments to MSRB Rule G-28, including: - Expanded scope of covered accounts for municipal securities professionals - New requirements for associated persons to obtain employer consent and notify executing dealers or financial institutions before opening accounts - Streamlined confirmation delivery obligations - Unique/Notable Requirements: - The amendments are designed to harmonize MSRB Rule G-28 with FINRA Rule 3210 - The rule change is effective upon filing, with a future operative date to allow for compliance - Aims to enhance supervisory obligations and investor protection in municipal securities trading

Description

The Securities and Exchange Commission has issued a notice regarding amendments to MSRB Rule G-28. The amendments aim to harmonize and better align the rule with FINRA Rule 3210 concerning transactions with employees and partners of other municipal securities professionals, and on accounts at other broker-dealers and financial institutions. The rule change is effective immediately and includes expanded scope, notification requirements, and streamlined confirmation delivery obligations. The proposed rule change is designated as noncontroversial and effective upon filing, with an operative date of September 16, 2026.

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