Kathie O'Donnell

The statement "is a significant policy document providing guidance to MAs as to their roles, responsibilities, and potential liability under the federal securities laws," said Paul Kisslinger, a partner at Barnes & Thornburg.

The guidance comes after Dave Sanchez, director of the Office of Municipal Securities, earlier this year signaled a focus by the SEC on whether MAs are fulfilling their duties to clients.

"We welcome the SEC's approval of the amendments to Rule G-27 as we continue the ongoing retrospective rule review process and look for ways to provide more flexibility in a changing work environment," MSRB's Ernesto Lanza said.

Foley & Judell's Hathorn is to receive this year's Bernard P. Friel Medal while Barnes & Thornburg's Henck is to receive the Frederick O. Kiel Distinguished Service Award.

"We look forward to receiving stakeholder comments, which will inform our proposal and next steps in modernizing this important segment of the municipal securities market," MSRB's Ernesto Lanza said. 

The SEC looks to be trying to sharpen its muni expertise, which may offer clues about its future focuses in the market.

The SEC has issued a proposal to rescind its "pay-to-play" rule relating to investment advisers. The rule "was modeled, in large part," on MSRB Rule G-37, Commissioner Hester Peirce said.

In a June letter to the SEC, Truth in Accounting expressed its "strong concerns regarding the GASB Accounting Support Fee and the broader role of" GASB itself.

"SIFMA applauds the MSRB's forward-thinking efforts to modernize its rules," its comment letter said.

The New York-based business "acted as an unregistered broker in connection with 31 municipal bond offerings," the SEC alleged in its order.

The draft RBP "updates and augments" an RBP on LSTs released in 2000, the NFMA said.

"I actually think that this was a difficult case for the SEC enforcement division to bring, a close call, on the facts," attorney Andrew Kintzinger said.

In 2015, the SEC brought a complaint against Brogdon, alleging fraudulent conduct.

"The position is open in Washington, D.C. or any SEC regional office, including New York City," Rebecca Olsen, deputy chief of the Public Finance Abuse Unit, said in a LinkedIn post.

"They're totally more vulnerable," Michael Sudsina, president and CEO of Ohio-based municipal advisory firm Sudsina & Associates, LLC, said.

Jonathan Fiebach, David Womack, Elizabeth Coolidge and Jeff White have each been elected to serve a four-year term beginning on Oct. 1

The filing comes after the MSRB in January published a request for comment seeking input on draft amendments to Rule G-27.

During the meeting, the board also approved a $48 million FY2027 budget, representing a 3.7% increase from the MSRB's FY2026 budget.

Muni ETFs experienced "some of the most severe and prolonged pricing dislocations across all ETF categories in March 2020," the paper said.

While NAMA believes FA references should be eliminated, it urged the MSRB to address the proposed amendments as part of its retrospective review of MA rules.