MSRB Issues Reminder Notice in Light of Coronavirus!
The Municipal Securities Rulemaking Board (MSRB) is closely monitoring the impact of the coronavirus disease (COVID-19) on municipal market participants, including municipal securities dealers, municipal advisers, issuers and investors. In light of the recent public health concerns due to the outbreak, the MSRB recognizes that the coronavirus may present operational challenges and business disruption for regulated entities.
The MSRB reminds us that Rule G-27 does not mandate that supervision be done in-person, recognizing that technology plays a prominent role in how dealers conduct their supervisory reviews and a reasonably designed supervisory system could incorporate remote supervision. Similarly, Rule G-44 does not mandate that supervision be done in-person, recognizing that technology plays a prominent role in how business is conducted, municipal advisers could establish a reasonably designed supervisory system that incorporates remote supervision.