MSRB rules

The Municipal Securities Rulemaking Board's David Hodapp said an MA's fiduciary duty to an issuer trumps fair dealing obligations to investors.

Eliseo Sampayo was fined $20,000, half of which will go to the Municipal Securities Rulemaking Board for violating its rules.

The settlement in which Roosevelt & Cross, Inc. agreed to pay $1 million is part of a now more than two-year crackdown on "flipping" arrangements.

Regulators found Stifel effected 56 pairs of pre-arranged transactions and the firm did not have a supervisory system reasonably designed to catch that activity.

Changes to the MSRB come a year after the proposal of legislation that would decrease the size of the board and increase the cooling off period for public board members.

Marshall will still keep her position as chief compliance officer as she also takes on the role of interim chief regulatory officer. Lanny Schwartz left his position as chief regulatory officer almost a year ago.

Hilltop was fined a total of $475,000, with $100,000 pertaining to violations of municipal securities rules.

In a virtual meeting, the board will set its budget, but won't select an incoming class of board members, because of a proposed size change.

This is the latest case to involve 'flipping' — improperly allocating bonds meant for retail customers and instead selling them to other market participants — following multiple related actions made by the SEC over the years.

Several groups are arguing their case to keep their seats on a smaller board.

Conditions under a recently announced temporary exemption are narrow, SEC staff said, despite push back from dealers.

BNY Mellon Capital Markets failed to submit accurate minimum denomination and maximum interest rate information 54,270 times, FINRA found.

Days before the SEC's regulation best interest goes into place, the SEC approved corresponding changes to muni securities rules.

Despite criticism, the Municipal Securities Rulemaking Board said the calculator will help track the timeliness of secondary market disclosures.

There is absolutely no good reason why, 10 years after Dodd-Frank was enacted, the MSRB has not rationalized its fee structure.

A sticking point for dealers is the MSRB's proposal to reserve two seats on its board for municipal advisors.

The MSRB is seeking to reduce the size of its board to 15 members and to extend the "cooling off" period for bankers and muni advisors seeking seats as members of the public.

Dealer groups supported the MSRB's move, saying it would remove a disincentive to use the Fed's short-note program.

SIFMA released two new model documents to reflect the senior managing underwriter’s role to make standard disclosures as well as its own dealer transaction specific disclosures to keep up with changes to the MSRB's fair dealing rule.

BB&T failed to submit accurate minimum denomination and maximum interest rates to the MSRB’s Short-Term Obligation Rate Transparency (SHORT) System in 3,710 instances, FINRA found.