Select regulatory documents by category:
Municipal Advisors
Dealers, Municipal Advisors
Dealers, Municipal Advisors
Dealers, Municipal Advisors
MSRB Amends Certain Fees for Dealers and Municipal Advisors and Proposes an Annual Rate Card Process
Bank Dealers, Dealers, Issuers
Municipal Advisors
Municipal Advisors
Municipal Advisors
Notice of Interpretation Requiring Dealers to Submit to Arbitration as a Matter of Fair Dealing
Section 2 of the Board’s Arbitration Code, rule G-35, requires all dealers to submit to arbitration at the instance of a customer or another dealer. From time to time, a dealer will refuse to submit to arbitration or will delay or even refuse to make payment of an award. Such acts constitute violations of rule G-35. The Board believes that it is a violation of rule G-17, on fair dealing, for a broker, dealer or municipal securities dealer or its associated persons to fail to submit to arbitration as required by Rule G-35, or to fail to comply with the procedures therein, including the production of documents, or to fail to honor an award of arbitrators unless a timely motion to vacate the award has been made according to applicable law.[1]
[1] A party typically has 90 days to seek judicial review of an arbitration award; after that the award cannot be challenged. Challenges to arbitration awards are heard only in limited, egregious circumstances such as fraud or collusion on the part of the arbitrators.