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OCC BULLETIN 2014-36
Subject: Municipal Securities Rulemaking Board Rules
Date: July 24, 2014
To: Chief Executive Officers of All National Banks and Federal Savings Associations, Department and Division Heads, All Examining Personnel, and Other Interested Parties
Description: New Comptroller's Handbook Booklet and Rescissions
The Office of the Comptroller of the Currency (OCC) issued today the “Municipal Securities Rulemaking Board Rules” booklet of the Comptroller’s Handbook. This new booklet, part of the Securities Compliance series, consolidates certain guidance from the Comptroller’s Handbook booklet “Bank Dealer Activities,” issued in March 1990, and the Comptroller’s Handbook for Compliance, “Securities Activities” booklet, issued in September 1991.
The “Municipal Securities Rulemaking Board Rules” booklet
The Securities Acts Amendments of 1975 created the MSRB, a self-regulatory body, to formulate working rules for regulating the municipal securities industry. The OCC is statutorily required to enforce the MSRB’s rules as they apply to national banks and FSAs. The “Municipal Securities Rulemaking Board Rules” booklet provides guidance to bank examiners and bankers for evaluating compliance with the MSRB’s rules.
With the adoption of the U.S. Securities and Exchange Commission’s final rule on the registration of municipal advisors,1 the MSRB is implementing new rules and standards for municipal advisors. The OCC will update the “Municipal Securities Rulemaking Board Rules” booklet after the MSRB finalizes those rules.
With the issuance of this booklet, the following guidance is rescinded:
For further information, contact David Barfield, National Bank Examiner, Credit and Market Risk Division, at (202) 649-6360.
John C. Lyons Jr.