SEC

Final disclosure standards, still years away, will likely be tailored to the municipal bond market.

The statement "is a significant policy document providing guidance to MAs as to their roles, responsibilities, and potential liability under the federal securities laws," said Paul Kisslinger, a partner at Barnes & Thornburg.

The guidance comes after Dave Sanchez, director of the Office of Municipal Securities, earlier this year signaled a focus by the SEC on whether MAs are fulfilling their duties to clients.

"We welcome the SEC's approval of the amendments to Rule G-27 as we continue the ongoing retrospective rule review process and look for ways to provide more flexibility in a changing work environment," MSRB's Ernesto Lanza said.

The SEC looks to be trying to sharpen its muni expertise, which may offer clues about its future focuses in the market.

The SEC has issued a proposal to rescind its "pay-to-play" rule relating to investment advisers. The rule "was modeled, in large part," on MSRB Rule G-37, Commissioner Hester Peirce said.

In a June letter to the SEC, Truth in Accounting expressed its "strong concerns regarding the GASB Accounting Support Fee and the broader role of" GASB itself.

"SIFMA applauds the MSRB's forward-thinking efforts to modernize its rules," its comment letter said.

The New York-based business "acted as an unregistered broker in connection with 31 municipal bond offerings," the SEC alleged in its order.

"I actually think that this was a difficult case for the SEC enforcement division to bring, a close call, on the facts," attorney Andrew Kintzinger said.

In 2015, the SEC brought a complaint against Brogdon, alleging fraudulent conduct.

The filing comes after the MSRB in January published a request for comment seeking input on draft amendments to Rule G-27.

While NAMA believes FA references should be eliminated, it urged the MSRB to address the proposed amendments as part of its retrospective review of MA rules.

"Currently, we are spending a lot more time of our day in the regulatory space in responding to proposed rules and changes," GFOA's Paige Mellerio said.

The updated FAQs offer "important insights about recordkeeping requirements related to new issue pricing," NAMA Executive Director Susan Gaffney said.

Prepay energy borrowings may not generate promised savings.

Artificial intelligence is changing the world, including the way bond issuers are dealing with disclosures to investors and relations with the Security and Exchange Commission.

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.