Series 50: Written Supervisory Procedures

Written Supervisory Procedures

The MSRB requires each firm to establish, implement, and maintain a system to supervise municipal advisory activities and municipal advisory associates. The system should be designed to comply with applicable securities laws, regulations, and MSRB rules. The system should include:

• • Written supervisory procedures (WSPs). These procedures should ensure that the municipal advisor is compliant with all applicable laws and rules. It should be amended promptly to reflect changes in the rules, and these should be communicated to staff.
• • Designation of a principal. One or more principals should be designated as responsible for the implementation of the supervisory system.

In addition, municipal advisors must es