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OCC Bulletin 2018-3
January 31, 2018
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Chief Executive Officers of All National Banks and Federal Savings Associations, Department and Division Heads, All Examining Personnel, and Other Interested Parties
The Office of the Comptroller of the Currency (OCC) issued today the updated “Municipal Securities Rulemaking Board Rules” booklet of the Comptroller’s Handbook. The booklet incorporates updated guidance and examination procedures following changes to the Municipal Securities Rulemaking Board’s (MSRB) rules on best execution, transactions with sophisticated municipal market professionals (SMMP), and regular-way settlement for municipal securities transactions. In addition, technical revisions were made to this booklet to incorporate changes to 12 CFR 10 regulatory filing requirements, which now apply to federal savings associations engaged in municipal securities dealer activities.
The updated booklet replaces the booklet of the same title issued in July 2014. Also replaced is OCC Bulletin 2014-36, “Municipal Securities Rulemaking Board Rules: New Comptroller’s Handbook Booklet and Rescissions.”
This booklet applies to the OCC’s supervision of national banks and federal savings associations engaged in municipal securities dealer activities. Community banks should be familiar with the application of MSRB rules to their operations.
The updated booklet incorporates updated guidance and examination procedures on the following changes to MSRB Rules and 12 CFR 10:
The updated booklet also contains less substantive changes, which are summarized in the “Table of Updates Since Publication” section of the booklet.
Contact David Barfield, National Bank Examiner, Market Risk Division, at (202) 649-6396.
Grace E. Dailey
Senior Deputy Comptroller for Bank Supervision Policy and Chief National Bank Examiner