SEC Approves Amendments to Rule G-40 on E-Mail Contacts, Effective December 31, 2007

On December 12, 2007, the Securities and Exchange Commission (“SEC”) approved amendments to MSRB Rule G-40, on e-mail contacts, that more fully conform MSRB requirements to Financial Industry Regulatory Authority (“FINRA”) requirements relating to contact information in order to ensure a coordinated regulatory approach in this area.[1] 

The amendments to Rule G-40 require dealers to: (i) promptly update any change in the required information for their Primary Contact, but not later than 30 days following such change; (ii) review and, if necessary, update required information on their Primary Contact within 17 business days after the end of each calendar year; and (iii) promptly comply with any request by the appropriate regulatory agency (as defined in Section 3(a)(34) of the Securities Exchange Act of 1934, as amended) for such information but not later than 15 days following such request, or such longer period that may be agreed to by the appropriate regulatory agency.

The amendments become effective December 31, 2007. 

A summary and the complete text of the amendments is available in MSRB Notice 2007-31 (October 16, 2007) at the MSRB web site (www.msrb.org).

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Questions regarding the amendments may be directed to Jill C. Finder, Associate General Counsel, or Ronald W. Smith, Senior Legal Associate.

December 18, 2007