MSRB rules

By harmonizing its gift rule with FINRA's amended gift rule, the MSRB "aims for consistency in the application of MSRB and FINRA rules among dealers that are FINRA members," the MSRB's Ernesto Lanza said. 

The board also approved issuing a request for comment relating to disclosure documents for 529 plans and other municipal fund securities.

"Retiring these terms eliminates unnecessary ambiguities associated with their use in MSRB rules," MSRB Board Vice Chair Wendell Gaertner said.

If building out AI tools requires a big investment, "it sure helps to have the capital," said Justin Marlowe, a research professor in the University of Chicago Harris School of Public Policy.

BDA's Decker hopeful that the "sensible regulation" trend will continue. 

The approved rates will go into effect on Jan. 1.

"Ultimately, this report is essential because member firm compliance protects investors and safeguards the integrity of our markets," FINRA's Greg Ruppert said.

FINRA found that the firm failed to include the non-transaction-based compensation indicator when reporting 12,066 municipal securities transactions.

"The Nominating Committee's goal is to achieve broad representation of the municipal securities market on the MSRB Board of Directors," the committee's chair said.

"The county will file an appeal," Suffolk County said in the Dec. 1 EMMA filing.

The $16,250 was part of a $150,000 total fine Wedbush agreed to pay to settle FINRA allegations.

"Over the next fiscal year, I look forward to collaborating with MSRB Board members from across our industry, and the nation," Board Chair Natasha Holiday said.

"Bond by bond, project by project the muni market has helped to build the spaces and places where American life unfolds," SEC Chairman Paul Atkins said in a speech delivered at the MSRB's 50th Anniversary Celebration Tuesday evening.

Interactive Brokers said it "promptly addressed the issue that gave rise to the settlement."

SIFMA looks forward to "the SEC approving this rate card, and the resulting fee reductions," Leslie Norwood said.

Serving on MSRB's Board of Directors over the past four years has been a privilege and an honor.

BDA plans to hold the fly-ins twice a year, CEO Mike Nicholas said.

The SEC-approved amendments will become effective in two stages, the MSRB said.

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.