MSRB rules

Little Rock, Arkansas-based Stephens Inc. consented to FINRA's findings without admitting or denying them.

The $137,500 fine for allegedly violating MSRB Rule G-27 was part of a $275,000 total fine imposed.

The $28,800 fine pertaining to violations of Municipal Securities Rulemaking Board rules was part of a $75,000 total fine imposed by FINRA.

Vivian Altman, Nancy Feldman, Daniel Hartman and JoLinda L. Herring slated to serve four-year terms starting Oct. 1.

There have been critics of SRO authority since they started regulating the financial industry nearly a century ago, but their ideas have yet to find a political moment so suited to them.

The MSRB Board also elected PRAG's Wendell Gaertner as vice-chair and approved a budget and rate card.

The proposal would effectively cancel part of a rule change that had not yet become effective.

The action stems from conduct that occurred from 2020-2023, FINRA alleged.

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.

The American Securities Association's federal appeals court case regarding an SEC order has been stayed until Aug. 13.