MSRB

The municipal market appears to be shifting away from its traditional retail-dominated status, which has implications for regulatory policy that's largely aimed at protecting the retail investor.

A newly-published MSRB document is aimed at helping to reign in what the SEC has described as fairly widespread violations occurring at smaller municipal advisory firms.

Some worry that MSRB's late release of an updated set of FAQs on markup disclosure requirements will hinder their meeting the May 14 effective date.

The Municipal Securities Rulemaking Board must conduct a test of its business continuity and disaster recovery plans at least once every 12 months.

MSRB publishes a resource document after deciding not to take regulatory action on minimum denominations.

Analysts have noticed a definite hesitance of issuers to talk to them one-on-one and blame the MSRB's market advisory warning issuers against revealing material information to select investors.

Groups representing both dealer and non-dealer muni advisors are opposed to the MSRB's new rule and rule changes on advertising because they are too dissimilar from FINRA's rules and could be confusing.

As bond lawyers meeting in Phoenix discussed current topics in securities law and enforcement on Thursday, one theme that emerged was the importance of a smart response to SEC inquiries.

The MSRB's annual Fact Book paints a picture of a 2017 muni market that held fairly steady despite tax reform anxiety, with no major declines or drastic shifts in trading activity or trends.

Market participants want the Municipal Securities Rulemaking Board's compliance guidance to be clear and within the scope of its authority.

The MSRB has taken the relatively rare step of asking for public comments on a draft set of frequently asked questions related to the board's primary muni advisor rule.

The Municipal Securities Rulemaking Board wants to prepare broker-dealers for a forthcoming seismic regulatory change.

The Bond Dealers of America is proposing a multi-faceted "business plan" that would give dealers more time to comply with a rule requiring them to disclose their markups and markdowns to retail customers.

MA and broker-dealer compliance with relatively new rules, as well as the MSRB and FINRA, will be in the spotlight.

The sanctions involved eight transactions of Alaska bonds issued in 2015 and FINRA found the firm had inadequate supervisory procedures.

The Municipal Securities Rulemaking Board's decisions at last week's board meeting reveal that it feels a sense of urgency as the clock ticks down toward the effective date of its landmark markup disclosure rule.

SIFMA is urging the MSRB to be more forthcoming in providing interpretive guidance to dealers and other regulated entities.

The Municipal Securities Rulemaking Board issued a report saying its oversight of the muni market without enforcement power is among the advantages it offers as a self-regulator.

Municipal Securities Rulemaking Board members meeting here next Wednesday and Thursday will discuss the market comments it received on whether to write new rules or guidance on primary market practices.

The Municipal Securities Rulemaking Board’s net assets rose about $5.1 million to $74.4M in fiscal 2017, according to audited financial statements, adding to a healthy reserve the MSRB said it needs to ensure uninterrupted operations.