Broker dealers

Conditions under a recently announced temporary exemption are narrow, SEC staff said, despite push back from dealers.

Days before the SEC's regulation best interest goes into place, the SEC approved corresponding changes to muni securities rules.

Rep. French Hill, R-Ark., said the SEC's temporary relief for MAs to facilitate some private placement deals without registering as a broker-dealer should not have been created through exemptive relief.

Sorth, who joins as a managing director, will provide municipal bond underwriting and advisory services to clients in Missouri and the Midwest.

The SEC released an emergency order Tuesday that would allow municipal advisors to facilitate some private placement deals, which have seen an uptick during the pandemic.

In March 2020, spreads skyrocketed to 97 basis points before dropping slightly to 88 basis points in April 2020.

SIFMA released two new model documents to reflect the senior managing underwriter’s role to make standard disclosures as well as its own dealer transaction specific disclosures to keep up with changes to the MSRB's fair dealing rule.

The House is expected to release a stimulus package in the next few days.

Broker-dealers oppose a proposed change to MSRB's governance rule that would reserve two seats for municipal advisors.

Charles Doraine settled with the Financial Industry Regulatory Authority on Monday without admitting or denying FINRA’s findings.

BDA wants the he Fed to consider a standby, short-term lending facility for states and localities experiencing cash flow timing shortfalls.

BDA told Fed Chair Jerome Powell that two existing programs could help the muni market overcome the impact of the virus.

Sources say action on the SEC's proposed exemptive order has slowed, though it could garner attention at next week's conference.

The longtime muni lobbyist is now BDA's vice president of policy and research, after having played a less formal role over the past year.

The American Securities Association sent a letter to the SEC regarding the regulator's proposed exemptive order for muni advisors, calling it an "ill-advised effort."

Bond Dealers of America sent the SEC a long list of requests to limit municipal advisors' roles in private placements.

The Municipal Securities Rulemaking Board's assets dropped by $8.5 million.

An SEC advisory committee recommended allowing investment advisers affiliated with broker-dealers to offer and sell negotiated new issue muni bonds during the order period that the dealer also participates in.

The Financial Industry Regulatory Authority released its annual Risk Monitoring and Examinations Priorities letter Thursday.

Jay Goldstone was considered instrumental in San Diego’s re-entry to the bond markets following the city’s pensions scandal in the mid-aughts.