MSRB rules

The MSRB's proposed amendments to Rule G-47 on time of trade disclosures codifies existing guidance and is being welcomed by dealer groups despite some minor objections.

The rule establishes the standards to which registered solicitor municipal advisors should adhere and includes amendments to Rule G-8 on books and records.

The amendments seek to align the Rules with the Securities and Exchange Commission's recent approval of T+1 clearing across bond markets.

The MSRB intends to file proposed amendments to Rule G-12 on uniform practice with the SEC and move forward with draft amendments to Rule G-32 on primary offering disclosures.

The Ohio-based was underwriter on 47 limited offerings, violating the Commission's limited offering exemption.

The board will be accepting comments on amendments to Rule G-47 until April 17.

FINRA fined Quint Capital Corporation $35,000 and its founder Alexander Quint $10,000 over their role in allowing a broker banned by the SEC and FINRA to work for the firm.

The proposed Rule G-46 seeks to clarify certain rules specific to solicitor municipal advisors, a very specific group of professionals.

"I think ESG is here to stay in our market. I think it's a natural fit with the types of infrastructure that our market finances," said MSRB CEO Mark Kim.

The Financial Industry Regulatory Authority found that BNA Wealth didn't meet the regulatory requirements when it sold shares in 529 plans.

The MSRB's quarterly meeting, set to take place Jan. 25-26, will also include discussion of EMMA modernization efforts and the impacts of the Financial Data Transparency Act.

The Municipal Securities Rulemaking Board's request for comment on amendments to its primary offering disclosure rule garnered just two submissions.

Underwriting fees generated for the board totaled some $7.4 million, an almost 50% drop from the $14.3 million the board received in 2020.

Without admitting or denying the findings, Blaylock Van consented to FINRA's findings that it failed to establish and maintain written supervisory procedures.

The Municipal Securities Rulemaking Board seeks four board members, particularly searching for an investor.

Regulators have ambitious plans for 2023, which include best execution and time of trade proposals.

The change would give broker dealers, municipal securities dealers and municipal advisors until Jan. 31 to annually affirm the information on Form A-12, among other changes.

While the MSRB's compliance resources are not a rule and it has not been filed with the SEC, one can infer that following the same will be beneficial should the SEC inquire.  

The proposed amendment to Rule G-3 is designed to promote diversity and inclusion in the muni market.

The Municipal Securities Rulemaking Board has filed to extend G-27 relief to give dealers an extra six-month window for remote inspections