Broker/Dealer Compliance Services

Experienced Consulting and Analysis Services for Municipal Bond Broker/Dealers.

With increased regulation and required reporting, broker/dealers must meet a high and, at times, complex standard of individual analysis and legal compliance. What if they had someone to help?

A Major Undertaking… Or A Simple Phone Call

Broker/Dealers face significant requirements to obtain, analyze and disclose all “reasonably accessible” facts for the bonds they sell.

Firms can no longer depend solely on a municipal bond’s credit rating but must perform “an independent analysis” before bringing bonds to market.

Other regulations require firms to establish supervisory policies and procedures that ensure staff compliance and effectiveness of systems.

MBPA provides analytical reporting on municipal investments as well as consulting services to ensure firms are meeting their legal obligations.


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In-Depth: Broker/Dealer Compliance Services

MBPA Principals on Broker/Dealer Compliance

Municipal securities dealers are subject to numerous rules promulgated by the MSRB, FINRA and the SEC. Compliance with these rules is a major undertaking for these firms and requires constant supervision and attention.

MBPA is able to assist broker-dealers with their compliance efforts in a number of instances:

Securities Exchange Act Rule 15(c)2-12

Currently the SEC is examining broker-dealers to determine their compliance with Rule 15(c)2-12. The significance of complying with this rule was first brought to the attention of the municipal securities dealers by the National Examination Risk Alert that was issued by the SEC’s Office of Compliance Inspections and Examinations on March 19, 2012, wherein the SEC explained the duties and obligations of municipal broker-dealers.

Following that Alert, the SEC issued its Municipalities Continuing Disclosure Cooperation Initiative which led to the self-reporting of 15(c)2-12 violations by many municipal broker-dealers.