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.
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.
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.
Lanny Schwartz brings varied experience to a new role at the MSRB, including with the derivatives that could be poised to make a comeback because of the prohibition on advance refundings.
An unsealed whistleblower lawsuit accuses eight Wall Street and regional banks and broker-dealers that served as remarketing agents of fraud and collusion in resetting rates for variable rate demand obligations issued by state and local issuers in Illinois.
The MSRB said the paper was prompted in part by the tax law's prohibition on advance refundings and the fact that interest rate swap rules intersect with the board's rules for municipal advisors.
The municipal market appears to be shifting away from its traditional retail-dominated status, which has implications for regulatory policy that's largely aimed at protecting the retail investor.
A newly-published MSRB document is aimed at helping to reign in what the SEC has described as fairly widespread violations occurring at smaller municipal advisory firms.
