MSRB

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.

The MSRB is requesting comment on whether Rule G-23 is still relevant and whether it helps the MSRB achieve its objectives of protecting issuers and investors.

Issuers are concerned that the Municipal Securities Rulemaking Board reopening discussion of Rule G-23 could bring back "shady" practices.

The Securities and Exchange Commission is on the lookout for municipal advisors skirting the Series 50 Exam.

Though some dealers endured a technological headache, the year-old rules have improved transparency without disrupting trading, the MSRB said.

At the National Federation of Municipal Analysts’ annual meeting in Charleston, South Carolina, members asked the board to find ways to open up communications between investors and issuers.

Data from a Municipal Securities Rulemaking Board report released Wednesday showed a continuing decline in the number of dealers.

In a letter sent to the SEC and the Municipal Securities Rulemaking Board late last week, the group said lapses in issuer financial disclosures are unacceptable.

Numbers showed 167 submissions for Rule 15c2-12's Event 15.

The new amendments to be filed to the Securities and Exchange Commission will give disclosure responsibility to the lead underwriter, meaning less duplicative disclosure for issuers.

Bond Dealers of America members said they have spent an average of more than $17 million on regulatory costs since the beginning of the 2008 credit crisis.