MSRB rules

Both BDA and SIFMA have now both asked the SEC not to grant regulatory relief to PFM, one of the largest municipal advisors in the business.

The SEC approved the changes to Rule G-11 on primary offerings and Rule G-32 on disclosures in connection with primary offerings late last week after a two-year review process by the MSRB.

Investor confusion about Harvey, Illinois, and a local library district contributed to a municipal advisor and broker-dealer facing Securities and Exchange Commission charges in a bond offering gone wrong.

A PFM letter caused a firestorm among dealer groups who say that if municipal advisors want to engage in broker-dealer activities, they need to register as such.

On Wednesday, the SEC approved the final rule 3-1, with Commissioner Robert Jackson voting against the rule.

In late May, the MSRB enhanced its search functionality on its Electronic Municipal Market Access site (EMMA) by implementing an algorithm that allows for predictive searching.

Some stakeholders say the CUSIP requirement for MAs is needed, while other say it is burdensome.

J.W. Korth & Co. was found to have charged excessive markups in 38 sales of municipal securities.

The MSRB is requesting comment on whether Rule G-23 is still relevant and whether it helps the MSRB achieve its objectives of protecting issuers and investors.

Municipal Securities Rulemaking Board Chair Gary Hall said the MSRB will examine governance rules such as the time period between when individuals leave their industry jobs and when they are allowed to become public board members.