2014 Outlook for Securities Regulation
December 24, 2013 12:32 PM
MSRB chairman Dan Heimowitz said the board will be working hard on municipal advisor rules in 2014, beginning with a fiduciary duty rule.
"The implications of the Volcker Rule will be more apparent next year," said Susan Collet, senior vice president of government relations at the Bond Dealers of America.
SIFMA will continue efforts aimed at making sure non-dealer advisors and dealer-affiliated advisors have to play by the same rules, according to Leslie Norwood, associate general counsel and co-head of municipal Securities at the Securities Industry and Financial Markets Association.
Robert Doty, president and proprietor at AGFS, said the municipal advisor rules will be a major story in 2014 as non-dealer MAs adjust to being regulated for the very first time.
"Broker-dealer groups will continue to push for legislative changes to the municipal advisor rules," said Jeanine Rodgers Caruso, president of the National Association of Independent Public Finance Advisors.
Jeffrey Esser, executive director and CFO at the Government Finance Officers Association.GFOA will be working on the MA issue as well as looking at money market mutual fund reform, McDonald said. GFOA members are concerned proposed rules governing money market funds could be unworkable.
John Rich
Jeffrey Burger, chairman of the National Federation of Municipal Analysts.NFMA agrees that Volcker could pinch the market next year. Banks are faced with the prospect of having to overhaul their practices with respect to tender option bonds, because the Volcker rule prevents them from investing in the trusts set up during TOB transactions.
