MSRB

The Securities and Exchange Commission is seeking comment on exemptive relief for municipal advisors in some activities in private placement deals, eliciting fierce resistance from broker-dealer groups.

Issuers look for more options in their private placement deals amid conversation on broker dealers’ and municipal advisors’ roles.

The Financial Industry Regulatory Authority previously sanctioned UBS in 2015 for similar violations.

Ernesto Lanza will be leaving his position at Clark Hill to go to the SEC's Office of Municipal Securities, sources said.

At the SEC's invitation, Bond Dealers of America submitted a proposed framework for an exemptive order aimed at muni advisors on private placement deals.

New MSRB Chair Edward Sisk will start in his new role on Oct. 1.

The Municipal Securities Rulemaking Board is reviewing its size and the composition of its board, and projects an operating deficit for the coming year.

The New York-based firm mismarked 90% of its municipal securities trades, FINRA found.

The Municipal Securities Rulemaking Board doubled professional fees for municipal advisors last week.

A new legal bulletin was requested by SEC Chair Jay Clayton after he observed lawyers noting that some platforms put financial disclosure under more scrutiny.

Some say a case announced yesterday echoed one last year where traders allegedly lied to get priority in their orders for newly-issued bonds.

“A highly sophisticated frequent issuer may not need the same disclosures as a less sophisticated infrequent issuer,” the trade association for underwriters told the SEC.

The group sent a letter to the Securities and Exchange Commission this week asking for fair dealing rule guidance to be better tailored to 529 savings plans.

Late last week FINRA sent out a notice reminding its members to register as MAs if they engage in investment-related activity with their clients.

The MSRB wants to work with other regulatory groups to decrease confusion surrounding suitability rules in conjunction with the SEC's new Regulation Best Interest.

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.

In Schwartz, MSRB loses an experienced lawyer, respected by his peers, as it faces a future without its longtime leader.

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

Edward Sisk, a managing director and head of public finance at Bank of America Merrill Lynch, will chair the Municipal Securities Rulemaking Board beginning Oct. 1.