FINRA

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.

"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.

By harmonizing its gift rule with FINRA's amended gift rule, the MSRB "aims for consistency in the application of MSRB and FINRA rules among dealers that are FINRA members," the MSRB's Ernesto Lanza said. 

The board also approved issuing a request for comment relating to disclosure documents for 529 plans and other municipal fund securities.

The MSRB should "eliminate all location-based concepts of supervision," SIFMA's Leslie Norwood said in a March 16 comment letter.

BDA "strongly supports FINRA and the MSRB remaining independent self-regulatory organizations," Mike Nicholas said. 

The MSRB published the request for comment Nov. 3 to seek input on draft amendments to Rule D-15, which defines the term sophisticated municipal market professional.

"This would be an unnecessary change that would be difficult to administer and comply with and which would severely limit municipal entity choice," the Bond Dealers of America said in a comment letter.

"MSRB is committed to ensuring our regulatory framework keeps pace with an evolving market," MSRB Board Chair Natasha Holiday said.

"These municipal bond schemes improperly divert new issue bonds to bad actors at the expense of bona fide retail investors," FINRA's Meghan Ferguson said.

MSRB CEO Mark Kim described GFOA's letter suggesting changes the MSRB could make as "very constructive, very valuable."

"We are on the cusp of major changes in how the municipal securities market operates," Dave Sanchez, director of the Securities and Exchange Commission's Office of Municipal Securities, said last week.

It could signal the issuer did not get the best price during a negotiated deal, officials said.

Former WMATA CFO Yetunde Olumide has joined the MSRB as its chief financial officer.

"Compliance should never feel like a game of gotcha," SEC Chairman Paul Atkins said.

"BNY is pleased to have resolved this matter," a BNY spokesperson said.

"We are pleased to resolve this matter," Wells Fargo said in a statement.

BDA's Decker hopeful that the "sensible regulation" trend will continue. 

The compliance outreach program for municipal advisors and dealers, will be hosted jointly by the SEC, MSRB and FINRA.