Broker dealers

The Ohio-based was underwriter on 47 limited offerings, violating the Commission's limited offering exemption.

The Financial Industry Regulatory Authority found that BNA Wealth didn't meet the regulatory requirements when it sold shares in 529 plans.

The MSRB took no concrete actions at its meeting that ended last week, but discussed initiatives important to market participants.

The three firms were ordered to pay $515,000 in restitution, but were spared any additional financial penalty.

The MSRB's quarterly meeting, set to take place Jan. 25-26, will also include discussion of EMMA modernization efforts and the impacts of the Financial Data Transparency Act.

The regulation would establish a universal standard requiring dealers in any transaction with a customer to use reasonable diligence to get the customer the best price.

The change would give broker dealers, municipal securities dealers and municipal advisors until Jan. 31 to annually affirm the information on Form A-12, among other changes.

The Municipal Securities Rulemaking Board has announced its fifteen-member Compliance Advisory Group for the 2023 fiscal year, which includes eleven women and four men.

The Securities and Exchange Commission's 2020 amendments to rule 15c2-11 on the publication of quotes by broker dealers won't be enforced until 2025.

Should the proposal go forward, the board should provide analysis and evidence as to how such a requirement would benefit the market, dealers said.