Broker dealers

The Municipal Securities Rulemaking Board will begin accepting applications for two public and two regulated representatives to join its 15-member board.

The tax on unrealized capital gains would be straightforward for securities that trade frequently, but less so for less-frequently traded assets like many munis.

The proposed guidance does not indicate any particular problems with compliance, the MSRB said.

The firm’s distribution capabilities across major and mid-size institutional accounts, professionally managed retail accounts, and high net worth individual accounts is a throwback to founder Archibald Bullock Roosevelt’s vision.

A huge investment in technology dominates the MSRB's budget.

The settled proceeding against Anthony Falsetta, announced Tuesday, is the latest in a string of SEC cases targeting violations of retail order periods.

The trouble stems from a West Virginia tender offer deal Crews & Associates recommended to an issuer.

At stake, from SIFMA's perspective, is the potential of the SEC to revive the exemption in the future.

The board will have 15 members for its fiscal year starting Oct. 1.

The board decided last month it would seek commission approval to tweak rules related to mandatory disclosures.

Alleged supervisory failures led to unsuitable trading patterns of Puerto Rico and other bonds, FINRA found.

Ed Sisk, a managing director and head of public finance at Bank of America Merrill Lynch, has been MSRB chair since Oct. 1, 2019.

The New York-based firm agreed to be censured, pay the penalty, and remedy alleged problems with its supervisory system.

The board had planned to abolish the requirement that MAs advising on competitive deals apply for CUSIP numbers, but has now decided to keep the rule as is.

A case settled this week was the first brought in decades by FINRA for a rule violation on quotations.

The agenda includes discussion of possible changes to MSRB Rule G-10, on investor and municipal advisory client education and protection.

In two municipal bond transactions, Aegis Capital Corp. sold to its customers at prices that were 40% higher than the market rate.

Among over 1,200 dealers registered with the MSRB, 21 firms are bank dealers who would be impacted by the change.

The charges against Ricky Mantei stem from allegations of prearranged trading in violation of his firm's established procedures.

Much of the material being retired dates back more than 35 years.