WASHINGTON — The Securities and Exchange Commission has approved revisions that will tighten the Municipal Securities Rulemaking Board's rule on telemarketing so that it require dealers, among other things, to respect customers "do not call" requests indefinitely rather than for just five years.
The revisions will become effective on Thursday, Aug. 22.
MSRB filed the proposed changes to its Rule G-39 on telemarketing with the SEC on Feb. 11, 2013, after the commission asked the board and other self-regulators to make sure their rules were substantially similar to those of the Federal Trade Commission. The FTC's telemarketing rules have changed over the years to keep pace with telemarketing practices and technology.
The SEC published the MSRB's proposed rule changes in the Federal Register and asked for public comments, but received none.
The revised rule also requires dealers to permanently keep records of do-not-call requests.
It also says that if dealers outsource their compliance with Rule G-39 to other parties, they must make sure they are appropriately registered or licensed if required.
Copies of the revised rule can be found on both the MSRB and SEC websites.