Broker dealers

MSRB appreciates "the robust stakeholder engagement and response" to its requests for feedback on both the rate card and a municipal fund securities concept release, Board Chair Bo Daniels said.

FINRA fined three individuals a total of $40,000, a settlement document shows

Responses to an MSRB request for comment indicated broad support for an option designed to modernize delivery of municipal fund securities disclosure documents, but there was less unanimity regarding the need for a stand-alone time of trade disclosure rule.

It is sadly not possible to prevent 100% fraud scenarios from occurring; however, reassessing your firm's processes for identifying red flags may be a good place to start.  

The judge cited "substantial evidence" for charges of collusion among the banks to fix interest rates on millions of variable-rate demand bonds.

As an alleged fraud scheme puts a spotlight on due diligence, some say it may be time to rethink practices in that area amid the rise of AI.

If the MSRB pursues a pre-trade transparency initiative—though its necessity is debatable given the private sector has already addressed this need—it should leverage existing tools and services used by market participants.

United First Partners was fined for reporting and supervisory rule violations as part of a wider FINRA disciplinary action involving the firm.

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.

The acquisition comes as the Philadelphia-based firm has been in growth mode.

Rating agencies approve of AI-managed infrastructure and trading desks are automating.