SEC

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.

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.