MSRB

MSRB President and CEO Lynnette Kelly will be retiring at the end of the fiscal year after 12 years leading the organization.

Warren is among the most prominent Capitol Hill voices on issues related to financial regulation.

Market-moving developments should keep Puerto Rico securities very actively traded for months to come.

FINRA settled with two parties after they violated MSRB Rule G-17 by whiting out dates and failing to disclose a $2 million fee up until an issuance.

SEC Chair Clayton’s comments that information on EMMA is subject to more scrutiny could be true for some participants depending on issuers’ reliance on the MSRB site.

Clayton noted a trend of issuers being advised that information they supply on EMMA is subject to more anti-fraud scrutiny than information provided in other ways.

At its quarterly board meeting last week, the MSRB decided to do away with Rule G-34’s provision that all municipal advisors, whether dealer or non-dealer, have to apply for a CUSIP number in competitive sales.

GFOA is putting together a working group to address concerns about continuing disclosure in the municipal market, a topic increasingly discussed among stakeholders.

Prominent muni market figures will discuss the content and timeliness of disclosure at an SEC committee meeting next week.

The MSRB filed proposed Rule G-17 interpretive guidance to the SEC on Tuesday, aiming to streamline underwriters' disclosures to issuers.

The report came in advance of a three-day MSRB board meeting on options to enhance transparency and educate investors.

Sen. John Kennedy introduced the bill in April, and is attempting to move it forward. It would overhaul MSRB board membership rules, particularly for members representing the public.

Both BDA and SIFMA have now both asked the SEC not to grant regulatory relief to PFM, one of the largest municipal advisors in the business.

The SEC approved the changes to Rule G-11 on primary offerings and Rule G-32 on disclosures in connection with primary offerings late last week after a two-year review process by the MSRB.

A PFM letter caused a firestorm among dealer groups who say that if municipal advisors want to engage in broker-dealer activities, they need to register as such.

The new events became effective in late February, and hundreds of Event 15 disclosures have filed in, with just a handful of Event 16 filings.

On Wednesday, the SEC approved the final rule 3-1, with Commissioner Robert Jackson voting against the rule.

In late May, the MSRB enhanced its search functionality on its Electronic Municipal Market Access site (EMMA) by implementing an algorithm that allows for predictive searching.

Some stakeholders say the CUSIP requirement for MAs is needed, while other say it is burdensome.

J.W. Korth & Co. was found to have charged excessive markups in 38 sales of municipal securities.