Financial regulations

The group sent a letter to the Securities and Exchange Commission this week asking for fair dealing rule guidance to be better tailored to 529 savings plans.

The MSRB wants to work with other regulatory groups to decrease confusion surrounding suitability rules in conjunction with the SEC's new Regulation Best Interest.

Market participants want someone with a deep industry knowledge as the MSRB is set to begin its search for a new president.

Warren is among the most prominent Capitol Hill voices on issues related to financial regulation.

SEC Chair Clayton’s comments that information on EMMA is subject to more scrutiny could be true for some participants depending on issuers’ reliance on the MSRB site.

The National Association of Municipal Advisors wants SEC staff action to protect MAs and possible eventual rulemaking to create "regulatory parity" between MAs and broker-dealers.

Clayton noted a trend of issuers being advised that information they supply on EMMA is subject to more anti-fraud scrutiny than information provided in other ways.

At its quarterly board meeting last week, the MSRB decided to do away with Rule G-34’s provision that all municipal advisors, whether dealer or non-dealer, have to apply for a CUSIP number in competitive sales.

Prominent muni market figures will discuss the content and timeliness of disclosure at an SEC committee meeting next week.

Sen. John Kennedy introduced the bill in April, and is attempting to move it forward. It would overhaul MSRB board membership rules, particularly for members representing the public.