FINRA

The MSRB is hoping that new guidelines will encourage more conversation between its staff and the broker-dealers and muni advisors it regulates.

FINRA examiners alleged Mesirow violated disclosure and supervisory rules.

Dealer firms are trying to comply with newer rules like markup disclosure, while regulators are finding some problems and working to communicate more clearly.

The top executives of FINRA, the MSRB, and some industry groups received total compensation of more than $1 million, The Bond Buyer’s latest survey of compensation levels at 23 municipal market-related groups shows.

After a bumpy but overall successful launch of markup disclosure, the muni industry looks ahead to regulatory scrutiny and finding ways to use the new data.

Deutsche Bank Securities and Central States Capital Markets agreed to settle with FINRA for a combined $80,000.

Ex-Morgan Stanley branch manager Terry Lee McCoy failed to act on several "red flags" that the accounts of an elderly and incapacitated customer were being abused, FINRA said.

Early returns indicate there have been some problems but firms seem to be working through them in complying with the new markup rules, regulators and industry officials said Tuesday.

The proposal would establish a standalone rule governing transactions in discretionary accounts, something the board hasn't had in more than 30 years.

FINRA found that Gates Capital and three of its employees breached several MSRB rules, some related to role-switching from advisor to underwriter on the same transaction.

The MSRB said its proposals should be approved, despite objections from dealers and municipal advisors.

Lombard Securities and McDonald Partners agreed to pay fines after FINRA examiners found various violations of MSRB rules, including supervisory failures and trade reporting deficiencies.

MSRB publishes a resource document after deciding not to take regulatory action on minimum denominations.

The Bond Dealers of America is proposing a multi-faceted "business plan" that would give dealers more time to comply with a rule requiring them to disclose their markups and markdowns to retail customers.

MA and broker-dealer compliance with relatively new rules, as well as the MSRB and FINRA, will be in the spotlight.

The sanctions involved eight transactions of Alaska bonds issued in 2015 and FINRA found the firm had inadequate supervisory procedures.

SIFMA is urging the MSRB to be more forthcoming in providing interpretive guidance to dealers and other regulated entities.

Three firms and an individual were fined a total of $187,500 for a range of rule violations related to the use of alternative trading systems, spending during rating agency trips, unsuitable trading, and untimely reporting of munis.

Best execution, suitability, and other areas of concern for the municipal as well as corporate markets are among FINRA regulatory and exam priorities for 2018.

The Board said "filtering" bids and offers can hurt retail investors, liquidity, and market efficiency.