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Monday, May 5, 2014

ABA to MSRB: Avoid Duplicative Supervision of Muni Advisers

Bank fiduciaries that are registered municipal advisers — who are already subject to robust supervision and examination by bank regulators — should not be subjected to an additional supervisory and compliance regime, ABA told the Municipal Securities Rulemaking Board in a comment letter. ABA said:

The regulatory regime applicable to bank fiduciaries satisfies the principles underlying the MSRB’s Draft Rule G-44. Compliance with already applicable regulations (and guidance) should be deemed to constitute compliance with Rule G-44 for bank fiduciaries that are municipal advisers.

ABA further noted that allowing bank fiduciaries to rely on the banking industry’s rigorous supervision would avoid a costly layering of regulatory burden with an additional securities-oriented compliance regime. “We are concerned that applying the draft rule’s requirements to bank fiduciaries would impose a duplicative and conflicting regulatory regime with no observable benefit to fiduciary clients, who ultimately would bear the costs of such redundant regulation,” ABA said.

Read the letter.
View ABA resources on municipal advisers.

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