Notice by Financial Institutions to Cease Municipal Securities Dealer Activities
A financial institution that intends to engage in municipal securities dealer activities must register with the Securities and Exchange Commission (SEC) and its appropriate regulatory authority (ARA) by using form MSD, "Application for Registration as a Municipal Securities Dealer." This notice collects the institution's identifying information and the names and titles of its managers of municipal securities activities; the notice requires the institution to state whether any person associated with the respondent's municipal securities activities has been involved in disciplinary proceedings related to securities sales. A financial institution that intends to cease engaging in municipal securities dealer activities must notify the SEC and its ARA by using form MSDW, "Notice of Withdrawal of Registration as a Municipal Securities Dealer."
Purpose: The federal banking regulatory agencies use the information in the notices to enforce regulations applicable to dealers at financial institutions on behalf of the SEC.
The Securities Exchange Act of 1934 (the Act) requires financial institutions to register with the SEC and to notify their ARA of their intent to engage in municipal dealer activity, to amend information submitted previously, and to record their termination of such activity. The Act established federal regulation of dealers of municipal securities, including banks and other financial institutions.
Financial institutions that intend to cease municipal securities dealer activities. Reporting is required.
The MSDW must be filed immediately upon cessation of municipal securities dealer activities.
The notices are available to the public upon request. The data are not published.
Last Update: March 12, 2017