While the MSRB's compliance resources are not a rule and it has not been filed with the SEC, one can infer that following the same will be beneficial should the SEC inquire.
The City of Rochester, New York, and its former finance director appear set in fighting SEC charges that they defrauded investors in connection with a 2019 bond offering.
The status allows the firm to assign the label to bonds based on a review of a project's adherence to the Climate Bonds Standard and Certification Scheme.