MSRB

Founded in 2006, the women-owned firm ranks among the nation's top municipal advisors.

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

Currently, the 15-member board consists of eight public representatives and seven regulated representatives.

NFMA "serves a lot of core functions," said Angela Kukoda, its 2026 chair.

If building out AI tools requires a big investment, "it sure helps to have the capital," said Justin Marlowe, a research professor in the University of Chicago Harris School of Public Policy.

JPMS violated MSRB Rule G-32 as well as MSRB Rule G-27, FINRA found. 

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.

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.

"I was disappointed that it didn't go further," said Peg Henry, who launched a municipal securities legal consulting and expert witness services business last year.

The RFC asks a number of questions about the dealer supervisory rule.

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

"I don't think this topic is necessarily gaining traction as an enforcement matter," said Andrew Kintzinger, counsel at Hunton Andrews Kurth LLP.

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

Average trade size continued to decline in 2025, "consistent with a market that is becoming increasingly more electronic," the MSRB said.