SEC

"We sued to take a stand against the SROs on principle," an ASA spokesperson said Wednesday in a reference to both the MSRB and FINRA.

"What we plan to tell the SEC is that municipal securities in general shouldn't be subject to Reg. AB," BDA's Michael Decker said.

Fippinger teamed up with co-authors Peg Henry and Ernesto Lanza for "The Securities Law of Public Finance (Fourth Edition)."

"BDA supports the proposal and we encourage the commission to approve it," its letter said.

"Over the next fiscal year, I look forward to collaborating with MSRB Board members from across our industry, and the nation," Board Chair Natasha Holiday said.

"I would say don't be afraid to pick up the phone and talk to investors directly," Nuveen's Molly Shellhorn said.

"Bond by bond, project by project the muni market has helped to build the spaces and places where American life unfolds," SEC Chairman Paul Atkins said in a speech delivered at the MSRB's 50th Anniversary Celebration Tuesday evening.

Prior to Dimensional's approval, only Vanguard held a patent to the ETF-as-a-share-class structure, but the patent expired in 2023.

"It shows the chairman's understanding of the practical realities of firms...," Peter Chan, a partner at Baker McKenzie said.

"Going forward, the staff will provide the other side with at least four weeks to make Wells submissions," SEC Chairman Paul Atkins said in a recent speech.

"It is a big problem across the board with all types of deal participants perhaps venturing into unregistered MA activity," said Susan Gaffney.

The board also said it plans to return more than $23 million in surplus operating reserves to the municipal bond industry.

SIFMA looks forward to "the SEC approving this rate card, and the resulting fee reductions," Leslie Norwood said.

The SEC-approved amendments will become effective in two stages, the MSRB said.

Sanchez cited affordable housing and "project-based" types of transactions as areas "where we are seeing … lawyers more openly engaging in structuring that might be problematic." 

If the SEC grants exemptive relief to firms seeking to offer a multi-class structure, "we will see more ETFs of actively managed municipal bond strategies."

"We're always happy to have these conversations," Sanchez said during a virtual conference co-hosted by XBRL US and the University of Denver.

The funds have net assets of around $187 million.

There have been critics of SRO authority since they started regulating the financial industry nearly a century ago, but their ideas have yet to find a political moment so suited to them.

The MSRB Board also elected PRAG's Wendell Gaertner as vice-chair and approved a budget and rate card.