WASHINGTON - The Municipal Securities Rulemaking Board has filed with the Securities and Exchange Commission a proposed change to its Rule G-8 on books and records that would eliminate the requirement for broker-dealers to maintain paper copies of Form G-40 listing their e-mail contacts.
If approved by the SEC, the proposed rule change would take effect on March 21, according to a notice the board released yesterday.
Rule G-8 currently requires broker-dealers to keep records of their Form G-40 and any amendments made to the form. The form, which firms must send to the MSRB, lists the names, e-mail addresses, and phone numbers of the firm's contacts for electronic communication.
When first adopted in 2002, the rule required broker-dealers to send the board Form G-40 by mail.
The rule was amended in 2005 to require all G-40 submissions to be made electronically to the MSRB. Broker-dealers accomplish this through their individual electronic G-40 accounts.
As a result of the amendment to the rule, there is no longer any need for a requirement to provide paper submissions in connection with Rule G-30, the board said in its notice yesterday.
