BDA

The MSRB said its newly-approved rules are an important part of its regulatory efforts, while groups representing dealers and MAs are say they are confusing and need clarification.

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

The Securities and Exchange Commission's decision not to extend the effective date of new markup disclosure requirements is disappointing to dealer groups, which have pushed hard for months for a delay.

A Securities and Exchange Commission proposal that may trigger additional MSRB rulemaking is open for comment, and the MSRB is scheduled to discuss it next week.

Muni market groups told the MSRB that its latest FAQs about municipal advisors need to more clearly integrate existing guidance from both the board and the SEC to avoid creating confusion.

Bond Dealers of America urges the House Ways and Means Committee to take up and pass a bill that would restore advance refunding bonds according to prior law.

Some worry that MSRB's late release of an updated set of FAQs on markup disclosure requirements will hinder their meeting the May 14 effective date.

Groups representing both dealer and non-dealer muni advisors are opposed to the MSRB's new rule and rule changes on advertising because they are too dissimilar from FINRA's rules and could be confusing.

Market participants want the Municipal Securities Rulemaking Board's compliance guidance to be clear and within the scope of its authority.

Third-party vendors are confident their products will help dealers comply with new markup disclosure rules, but need to integrate them to dealers' systems.