Kathie O'Donnell

The meeting, set for July 22 and July 23, will be the board's final quarterly meeting of fiscal year 2026.

"Currently, we are spending a lot more time of our day in the regulatory space in responding to proposed rules and changes," GFOA's Paige Mellerio said.

The updated FAQs offer "important insights about recordkeeping requirements related to new issue pricing," NAMA Executive Director Susan Gaffney said.

"Nothing motivates enforcement staff more than protecting those who invest their savings in our markets," said David Woodcock, director of the SEC's Division of Enforcement.

"We're basically engaging more of the bond market ecosystem in everything we do," said Mike Nicholas, CEO of the Bond Market Association.

Conners & Co. consented to FINRA's findings without admitting or denying them.

"It's hard to know whether a decrease in enforcement is a statistical blip or early evidence of [a] meeker, milder FINRA in the current era," said Benjamin Edwards, an associate dean at UNLV law school.

The firm violated MSRB Rules G-47 and G-27, FINRA found

"I think generally there is an over-emphasis placed on the takedown at the expense of considering the overall cost of the transaction," Nikolai Sklaroff, capital finance director at the San Francisco Public Utilities Commission, said.

"I would say we were pleasantly surprised that there aren't mandates that are laced in this proposal," GFOA's Emily Brock said.

"My 10 years at Academy Securities building out the municipal platform while mentoring military veterans has been the highlight of my career," Kolman said.

Regulators may be questioning "whether these trading accounts are really institutions or whether they function like an unregistered broker."

"When FINRA and MSRB rules which cover similar functions differ in their application, it raises compliance costs for dealers and raises the risk of inadvertent noncompliance," the Bond Dealers of America said in its letter.

Ed Fierro, a partner at Bracewell, said "making any changes to the rule is a very lengthy process."

The former Massachusetts congressman "was a true champion for the municipal bond market," GFOA's Emily Brock said.

The SEC's reversal "is a very significant change," said Paul Kisslinger, a partner at Barnes & Thornburg.

The SEC is now focused on "quality of cases versus quantity," the SEC chairman said during a discussion held as part of the 2026 FINRA Annual Conference.

"I think any effort to make reporting less frequent is a step backwards in transparency," NFMA's Mary Francoeur said.

"MSRB's strategic plan was shaped by the many conversations we've had with stakeholders from across the municipal securities market," MSRB CEO Mark Kim said.

"Regulatory change in this area is needed without further delay," SIFMA said in a letter.