BDA

The American Securities Association sent a letter to the SEC regarding the regulator's proposed exemptive order for muni advisors, calling it an "ill-advised effort."

Members of the Public Finance Network sent a letter to Congress urging restoration of advance refunding for tax-exempt bonds.

Some muni market members don’t see hope for an infrastructure bill passing in 2020, even though Trump called for it in his address.

The dealer group has opposed the proposed order from the start, and is keeping the pressure on as the SEC appears poised to approve the proposal in some form.

The $760 billion, 5-year plan also calls for expanding qualified private activity bonds, reinstating tax credit bonds, and more bond-friendly provisions.

Bond Dealers of America sent the SEC a long list of requests to limit municipal advisors' roles in private placements.

An SEC advisory committee recommended allowing investment advisers affiliated with broker-dealers to offer and sell negotiated new issue muni bonds during the order period that the dealer also participates in.

As surface transportation funding is set to expire later in 2020, a new reauthorization could help push muni bond initiatives next year.

Another round of tax legislation is not expected to emerge until the very end of the year after the presidential election or in 2021 after a new Congress is sworn in.

The proposal would impact the private placement business and may require amendments of MSRB rules.

Some market participants worry about the viability of a key muni advocacy talking point if enough midsize issuers begin to embrace the taxable market.

Dealer groups believe that some sections of the proposed amended guidance such as complex financing and disclosure standards would add complexity to the rule.

The Bond Dealers of America is forming an Affiliate Member Division to bring a lobbyist voice to smaller firms.

Issuers and non-dealer muni advisors support the existing prohibition, while dealers asked the MSRB to provide some flexibility.

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

The evolution of muni advocacy has been in progression for years, though it was further galvanized by the shock and dismay at the 2017 tax reform.

Her announcement comes at a time of scrutiny from lawmakers and the SEC.

The Chicago-based firm adds to the dealer group's voice as it pushes for muni policy measures that have been stalled for years.

In late May, the MSRB enhanced its search functionality on its Electronic Municipal Market Access site (EMMA) by implementing an algorithm that allows for predictive searching.

Some stakeholders say the CUSIP requirement for MAs is needed, while other say it is burdensome.