MSRB

This is the latest case to involve 'flipping' — improperly allocating bonds meant for retail customers and instead selling them to other market participants — following multiple related actions made by the SEC over the years.

Several groups are arguing their case to keep their seats on a smaller board.

Coronavirus-related disclosures last week reached to just over 600 filings, but it is still a far cry from just less than a month before which saw 1,200 filings.

From 2009 to the first half of 2019, the number of competitive bids increased, helping issuers get the best selling price, the MSRB says.

Conditions under a recently announced temporary exemption are narrow, SEC staff said, despite push back from dealers.

Analysts had mixed reactions on what could have caused the decline, pointing to some municipalities closing out their fiscal years at the end of June.

BNY Mellon Capital Markets failed to submit accurate minimum denomination and maximum interest rate information 54,270 times, FINRA found.

Days before the SEC's regulation best interest goes into place, the SEC approved corresponding changes to muni securities rules.

Despite criticism, the Municipal Securities Rulemaking Board said the calculator will help track the timeliness of secondary market disclosures.

Especially helpful is the MSRB’s weekly report aggregating disclosures made to the EMMA website that describe the impact of COVID-19 on state and local governments’ financial condition and operating status.

There is absolutely no good reason why, 10 years after Dodd-Frank was enacted, the MSRB has not rationalized its fee structure.

Primary market COVID-19 disclosures increased to 2,926 filings from 2,529 the week prior. Continuing disclosures increased to 6,107 filings from 5,677.

No real clear, universal definition of ‘green’ exists and it is complicating investor understanding of the market.

Municipalities are making draws on reserves as revenues fall due to the pandemic.

A sticking point for dealers is the MSRB's proposal to reserve two seats on its board for municipal advisors.

The MSRB is seeking to reduce the size of its board to 15 members and to extend the "cooling off" period for bankers and muni advisors seeking seats as members of the public.

State and local governments have increasingly filed COVID-19-related disclosures to the market, but only about 931 issuers out of roughly 40,000 have filed over 1,500 material event notices and continuing disclosures since the pandemic began.

Dealer groups supported the MSRB's move, saying it would remove a disincentive to use the Fed's short-note program.

Issuers say the Treasury's intent was to open up COVID-19 funds for public safety costs.

An injunction was issued against U.S. Immigration and Customs Enforcement, which could impact a prison's facility's revenue bonds.