Broker dealers

The Municipal Securities Rulemaking Board will require more data starting Nov. 30, 2020.

The proposal would impact the private placement business and may require amendments of MSRB rules.

Kenneth E. Bentsen Jr., the securities industry trade group's CEO, warned against a proposal to exempt some muni advisors from registering as broker-dealers.

Securities and Exchange Commission Chair Jay Clayton seemed noncommittal on a proposed exemptive order for municipal advisors.

Though enforcement cases slightly decreased this past year, lawyers say the Securities and Exchange Commission is just as aggressive as ever.

The changes will slim down underwriters' disclosures to issuers, which many believed had become too lengthy and wordy to be useful.

The Financial Industry Regulatory announced the action Wednesday, saying it stemmed from the firms' supervisory failures.

Dealer groups believe that some sections of the proposed amended guidance such as complex financing and disclosure standards would add complexity to the rule.

After getting national attention for allegedly swindling millions from a disabled billionaire client, brokers Ami Forte and Charles Lawrence have been barred from the industry.

The dealer entered into two municipal bond orders into a recently deceased customer's account.

The Bond Dealers of America is forming an Affiliate Member Division to bring a lobbyist voice to smaller firms.

The Securities and Exchange Commission is seeking comment on exemptive relief for municipal advisors in some activities in private placement deals, eliciting fierce resistance from broker-dealer groups.

The Financial Industry Regulatory Authority previously sanctioned UBS in 2015 for similar violations.

Illinois Gov. J.B. Pritzker’s first-year administration is not yet ready to tinker with the state’s underwriting pool for negotiated municipal bond sales.

At the SEC's invitation, Bond Dealers of America submitted a proposed framework for an exemptive order aimed at muni advisors on private placement deals.

The 28 members of The Bond Buyer's 2019 Rising Stars class are taking on the evolving challenges of the muni market with technology and entrepreneurial zeal.

The Municipal Securities Rulemaking Board doubled professional fees for municipal advisors last week.

This is the second letter BDA has sent to the SEC in the last couple of months opposing any kind of relief for muni advisors involved in private placements.

“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.