SEC

Regulators may be questioning "whether these trading accounts are really institutions or whether they function like an unregistered broker."

"When FINRA and MSRB rules which cover similar functions differ in their application, it raises compliance costs for dealers and raises the risk of inadvertent noncompliance," the Bond Dealers of America said in its letter.

The former Massachusetts congressman "was a true champion for the municipal bond market," GFOA's Emily Brock said.

The SEC's reversal "is a very significant change," said Paul Kisslinger, a partner at Barnes & Thornburg.

The SEC is now focused on "quality of cases versus quantity," the SEC chairman said during a discussion held as part of the 2026 FINRA Annual Conference.

"I think any effort to make reporting less frequent is a step backwards in transparency," NFMA's Mary Francoeur said.

"MSRB's strategic plan was shaped by the many conversations we've had with stakeholders from across the municipal securities market," MSRB CEO Mark Kim said.

"Regulatory change in this area is needed without further delay," SIFMA said in a letter.

By harmonizing its gift rule with FINRA's amended gift rule, the MSRB "aims for consistency in the application of MSRB and FINRA rules among dealers that are FINRA members," the MSRB's Ernesto Lanza said. 

The board also approved issuing a request for comment relating to disclosure documents for 529 plans and other municipal fund securities.

"Retiring these terms eliminates unnecessary ambiguities associated with their use in MSRB rules," MSRB Board Vice Chair Wendell Gaertner said.

From Jan. 1, 2020 through mid April of this year, borrowers using conduit issuers accounted 87% of payment defaults by number in the muni market, Municipal Market Analytics' Matt Fabian said.

"I find this a very encouraging appointment," Peter Chan, a partner at law firm Baker McKenzie, said of Woodcock's appointment.

The MSRB should "eliminate all location-based concepts of supervision," SIFMA's Leslie Norwood said in a March 16 comment letter.

Acting Director Sam Waldon "will be a steady hand for the division during this period, including for municipal securities-related enforcement activity," said Kathleen Marcus, a partner at Stradling.

BDA "strongly supports FINRA and the MSRB remaining independent self-regulatory organizations," Mike Nicholas said. 

Currently, the 15-member board consists of eight public representatives and seven regulated representatives.

"This matter involves unregistered municipal advisory activity by Ford Research and its president, founder, owner, and sole employee Ford," the SEC's order said.

The MSRB published the request for comment Nov. 3 to seek input on draft amendments to Rule D-15, which defines the term sophisticated municipal market professional.

"This would be an unnecessary change that would be difficult to administer and comply with and which would severely limit municipal entity choice," the Bond Dealers of America said in a comment letter.