SIFMA

The debate between buy-side analysts and issuers and their underwriters flared up during a panel discussion at The Bond Buyer's California Public Finance Conference.

CEO Ken Bentsen and head of municipals Leslie Norwood talk markets, policy and regulations. John Hallacy and Lynne Funk host.

“A highly sophisticated frequent issuer may not need the same disclosures as a less sophisticated infrequent issuer,” the trade association for underwriters told the SEC.

Late last week FINRA sent out a notice reminding its members to register as MAs if they engage in investment-related activity with their clients.

The MSRB wants to work with other regulatory groups to decrease confusion surrounding suitability rules in conjunction with the SEC's new Regulation Best Interest.

Issuers and non-dealer muni advisors support the existing prohibition, while dealers asked the MSRB to provide some flexibility.

Market participants want someone with a deep industry knowledge as the MSRB is set to begin its search for a new president.

The evolution of muni advocacy has been in progression for years, though it was further galvanized by the shock and dismay at the 2017 tax reform.

Her announcement comes at a time of scrutiny from lawmakers and the SEC.

The MSRB filed proposed Rule G-17 interpretive guidance to the SEC on Tuesday, aiming to streamline underwriters' disclosures to issuers.