WASHINGTON — The Municipal Securities Rulemaking Board has filed a proposed rule with the Securities and Exchange Commission that would require muni advisors to establish supervisory systems to ensure they and their "associated persons" comply with SEC and MSRB rules.

The proposed Rule G-44 would not take effect until either the date the SEC approves final registration rules that define the term "municipal advisor," or a later date, if that is when the commission approves G-44.

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