FINRA

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.

"We sued to take a stand against the SROs on principle," an ASA spokesperson said Wednesday in a reference to both the MSRB and FINRA.

"Ultimately, this report is essential because member firm compliance protects investors and safeguards the integrity of our markets," FINRA's Greg Ruppert said.

FINRA found that the firm failed to include the non-transaction-based compensation indicator when reporting 12,066 municipal securities transactions.

Fippinger teamed up with co-authors Peg Henry and Ernesto Lanza for "The Securities Law of Public Finance (Fourth Edition)."

The $16,250 was part of a $150,000 total fine Wedbush agreed to pay to settle FINRA allegations.

"Over the next fiscal year, I look forward to collaborating with MSRB Board members from across our industry, and the nation," Board Chair Natasha Holiday said.

Interactive Brokers said it "promptly addressed the issue that gave rise to the settlement."