On January 3, 2018, the MSRB published a notice on regulatory responsibilities related to filtering. The notice acknowledges the legitimate uses for filtering, but reminds dealers of existing guidance that can assist in assessing policies and procedures that govern when and how to use, review and change filters to ensure compliance with regulatory obligations.
The reminder, does not create new legal or regulatory requirements, but rather summarizes existing guidance issued in 2012 on MSRB Rule G-43, MSRB Rule G-30 and implementation guidance provided in 2015 on MSRB Rule G-18 on best execution that addressed filtering.
The press release can be read here.
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