The Securities and Exchange Commission's decision not to extend the effective date of new markup disclosure requirements is disappointing to dealer groups, which have pushed hard for months for a delay.
A Securities and Exchange Commission proposal that may trigger additional MSRB rulemaking is open for comment, and the MSRB is scheduled to discuss it next week.
Lombard Securities and McDonald Partners agreed to pay fines after FINRA examiners found various violations of MSRB rules, including supervisory failures and trade reporting deficiencies.
Muni market groups told the MSRB that its latest FAQs about municipal advisors need to more clearly integrate existing guidance from both the board and the SEC to avoid creating confusion.
The MSRB said the paper was prompted in part by the tax law's prohibition on advance refundings and the fact that interest rate swap rules intersect with the board's rules for municipal advisors.
The SEC wants a quick end to its case against former Ramapo, N.Y. town supervisor Christopher St. Lawrence, but St. Lawrence's lawyer wants a federal judge to proceed to trial.
Former broker Deborah Kelley could end up paying close to half a million dollars in fines, penalties, and restitution for her role in defrauding the New York State Common Retirement Fund.
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.
