Broker dealers

The American Securities Association's federal appeals court case regarding an SEC order has been stayed until Aug. 13.

NewEdge Securities was also ordered to pay disgorgement of $750,746 plus interest.

Mesirow's George Barbar said the group's top legislative focus is preserving the municipal bond tax exemption.

The MSRB has said it is amending a pending rule change that would greatly shorten the reporting time standard for municipal bond trades, which could cause problems for certain transactions, dealer firms said.

Ongoing work to potentially simplify the new issue disclosure submission process and discussion of dealer supervisory obligations will be among topics on deck at the Municipal Securities Rulemaking Board's upcoming quarterly board meeting.

The MSRB has a full slate of initiatives teed up, with an emphasis on modernizing its rulebook.

The board is seeking one municipal advisor, one broker-dealer and two public representatives to join the board for FY 2026.

"The market is strong right now, and we expect that to continue into next year," Loop's head of public finance Bo Daniels said.

The Financial Industry Regulatory Authority adds Morgan Stanley to the growing list of firms charged with mark-up and mark-down failures on municipal securities transactions.

The amendments to MSRB rule A-12 on registration would cause bank dealers to disclose associated persons, the same requirements that currently apply to non-bank dealers.