MSRB rules

The Municipal Securities Rulemaking Board has closed its second comment period on Rule G-46, collecting three responses.

Emily Brock, director of the federal liaison center at the Government Finance Officers Association, takes time out to talk with Chip Barnett at The Bond Buyer’s National Outlook Conference about infrastructure spending. She also looks at the possibility of Congress approving the return of tax-exempt advance refundings and the SEC and MSRB’s focus on issuers ESG disclosures. (17 minutes)

The 70-page report homed in on some muni-specific risks uncovered during examinations.

FINRA found that Michael Mancinelli improperly exercised discretion and caused his firm to have inaccurate books and records.

The defendants believe the charges are lacking on numerous levels while the SEC argued that fee-splitting is a clear and known rule violation.

The Municipal Securities Rulemaking Board voted to propose amendments to extend remote inspections until the end of this year, in addition to adjusting its fee model for the 2023 year.

Industry advocacy groups want uniform rules that enhance clarity and common understanding without adding complexity or liability.

Groups believe that the draft compliance resources contain some useful information, though they could be construed as creating new compliance requirements.

The Municipal Rulemaking Securities Board's annual report and audited financial statements were published Tuesday.

The Municipal Securities Rulemaking Board has begun accepting applications for two regulated and two public board positions until Feb. 7.

The MSRB's priorities for the year include action on ESG, updates to its EMMALabs platform, and more requests for comment aimed at modernizing its rulebook.

Some firms are voluntarily self-reporting potential supervisory and suitability rule violations.

FINRA found that RBC’s supervisory system did not flag recommendations that resulted in potentially unsuitable concentrations of high-yield bonds in certain customer accounts.

The defendants are raising questions about due process and the definition of fee-splitting arrangements.

The Municipal Securities Rulemaking Board will begin accepting applications for two public and two regulated representatives to join its 15-member board.

Former JP Morgan broker allegedly provided incorrect and misleading account reports to a customer.

Underwriter Cantone Research’s alleged fraudulent misrepresentations are tied to two defaulted bond offerings.

Modernizing rules and leveraging technology are focal points for the organization.

The presence of unregistered — and potentially unqualified — advisors providing municipal advisory services to state and local governments and other municipal entities is a cause for concern and greater regulatory scrutiny.

Erring on the side of caution and good documentation are key to managing conflicts of interest