MSRB

The Securities and Exchange Commission has charged Alliance Global Partners with publishing daily quotes at above market prices on between 4,300 and 6,500 different municipal bonds over a two-year period.

In FY 2025, the Securities and Exchange Commission's Examination Division will be closely monitoring for compliance with MSRB Rule G-42 on the core standards of municipal advisors, in addition to enforcing the T+1 settlement cycle.

The Municipal Securities Rulemaking Board will hold its first meeting of fiscal 2025 on October 23 and 24, under its new chair, Warren "Bo" Daniels.

Data from the Municipal Securities Rulemaking Board indicates that trade volume may stay high after a consistent third quarter.

The board kicks off the new fiscal year with a new budget, a 2.9% increase from the prior year.

Daniels assumes the role at a pivotal time for the regulator, which in the next year will see the launch of a new EMMA system, and implement its first new budget since 2023.

The Louisiana native looks back on five years with the board, including two years as chair and one as vice chair.

The Commission approved changes to MSRB Rule G-14 on customer transaction reporting, paving the way for dealers and stakeholders to work with the MSRB to establish a reasonable path forward.

The Financial Industry Regulatory Authority found that the firm had not included the non-transaction-based compensation indicator on 23,000 municipal securities transactions.

The commission charged the municipal advisors $1.3 million in penalties due to recordkeeping failures stemming from use of unmonitored communications, such as text messages, to conduct business.