Broker dealers

Since a temporary exemption allowing muni advisors to facilitate certain private placement deals expired, a federal court cannot strike it down, the SEC argued.

This will be MSRB’s first board meeting of the calendar year.

The group specifically revised six of its model disclosure documents for risk disclosure including floating rate notes, fixed-rate bonds, interest rate swaps, forward delivery bonds, tender offer bonds and variable rate demand obligations.

Sources say pricing of bonds will be a prevalent issue in 2021 following comments made by bipartisan SEC commissioners.

The program has drawn comparisons to the Securities and Exchange Commission's MCDC.

The firm violated municipal advertising and fair dealing rules, the SEC found.

SEC Chair Clayton told Rep. French Hill, R-Ark., late last week that he expects the program to sunset at year's end as scheduled.

Multiple news articles, which the SEC did not include, contradict the commission's major reasoning for why a temporary exemption for municipal advisors was needed, SIFMA said.

FINRA announced the settlement this week, in which RBC agreed to a censure while neither admitting nor denying FINRA’s findings that it violated Municipal Securities Rulemaking Board Rule G-27 on supervision. RBC was not fined.

The SEC said the court should oppose SIFMA's motion to include news articles in the proceedings, saying the group relied on only one rationale.