MSRB

A report by the Securities Industry and Financial Markets Association shows that the move to a T+1 settlement cycle has struck the right balance between increasing efficiencies and mitigating risk.

The data comes from a new MSRB study, on a topic related to a 2023 report.

Dealers are welcoming the widening of the exceptions to manual trades and de minimis trading activity but are still asking regulators to prove why such a move is necessary.

The Financial Industry Regulatory Authority adds Morgan Stanley to the growing list of firms charged with mark-up and mark-down failures on municipal securities transactions.

The amendments to MSRB rule A-12 on registration would cause bank dealers to disclose associated persons, the same requirements that currently apply to non-bank dealers.

The three new members will serve four-year terms beginning with the board's new fiscal year in October.

Regulators indicated they may prefer the use of Financial Instrument Global Identifiers for securities.

Riedl First Securities Company of Kansas has been fined $15,000 by FINRA for charging unfair prices, violating MSRB Rule G-30 on fair pricing and MSRB Rule G-27 on supervision.

The Jeffrey Matthews Financial Group has been charged $110,000 for charging unfair prices on 86 municipal bond transactions a week after being dinged for Reg BI violations.

During its final quarterly meeting for the FY 2024 fiscal year, the Municipal Securities Rulemaking Board elected a new chair and vice chair, and approved a $48.8 million budget for the upcoming year.

The board's next quarterly meeting, scheduled for July 24-25, will include a review of market regulations, structure, and transparency issues .

Birmingham, Alabama-based FNBB Capital Markets has been fined by the regulator for failing to include certain mark-ups and mark-downs on dealer confirmations sent to retail customers.

The amendments add disclosure scenarios, slightly update the definition of materiality as well as clarify details of supplementary material.

The SEC, MSRB and FINRA will gather in Denver Nov. 20-21 to discuss compliance for MAs and broker-dealers, examination priorities, and more.

According to the board, the addition is an important means to enhance market transparency and is in line with its FY24 priority to expand the EMMA platform.

New rules finalized by the Securities and Exchange Commission aim to bring dealer supervision up to the new standards of remote work but only address part of the problem

The board has issued a request for comment on amendments to Rule A-12 and Form A-12 on registration for associated persons for display on the MSRB site.

In its first report since 2017 on municipal issuer disclosure, the Municipal Securities Rulemaking Board found that the average audit time has risen slightly since 2018 to 209 days, its highest on record.

The board has knocked out nine pieces of interpretive guidance from its inter-dealer confirmation Rule G-12(c) following comments from SIFMA.

The latest round of criticism sounds the alarm bells for closer examination and further exemptions for certain trades and certain broker dealers.