Broker dealers

The latest round of criticism sounds the alarm bells for closer examination and further exemptions for certain trades and certain broker dealers.

"It'll be very interesting to see when an event happens or the market get sloppy, what the secondary market does," said a sellside panelist at a Bond Buyer market outlook panel in Florida.

The amendments add three new scenarios that warrant disclosure under MSRB Rule G-47 on time of trade disclosure.

A letter co-sgned by Bond Dealers of America and the Securities Industry and Financial Markets Association urges the Municipal Securities Rulemaking Board to institute its 2024 rate card, for fear that reverting back to 2023 levels would be disruptive for dealers.

The hire by Missouri-based Stifel comes as some broker-dealers trim ranks amid weak issuance.

Rai joins Wells as senior strategist after he was let go by Citi in June.

The Republican ESG bill calls for studies on key muni market issues, including bans on soliciting business, ESG disclosure and investment decisions by underfunded state and local pension plans.

The MSRB will request comment on Rule G-12 on inter dealer confirmations and seeks to codify or retire nearly 40 pieces of interpretive guidance related to it.

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.

The Municipal Securities Rulemaking Board's intends to spend $45.5 million over the course of FY2023.

Brett, whose term ends this week, oversaw the MSRB's push for a greater integration of technology as well as overseeing some controversial rule proposals.