MSRB rules

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.

Many of the MSRB’s past and current public board members have had significant connections with regulated dealers or banks, the unions said.

The MSRB is looking to cut back on repetition in its broker-dealer suitability rules, which is a welcome change for the dealer community as Reg BI goes into effect in less than two months.

Broker-dealers oppose a proposed change to MSRB's governance rule that would reserve two seats for municipal advisors.

At a virtual quarterly board meeting this week, the board discussed its search for the next CEO, which has been affected by the virus.

The MSRB's proposal to implement a more strict standard for public board members would impede the recruitment of qualified candidates, ICI said.

The MSRB wants to give dealers and muni advisors more time to implement amended rules and interpretive guidance as well as finish professional qualification and supervisory requirements.

Morgan Stanley, Ameritas Investment Company LLC and a former Stifel broker agreed this week to pay the fines for violating multiple muni securities rules.

First Manhattan Co. bought municipal securities from an unaffiliated dealer without making a reasonable effort to obtain fair and reasonable prices, FINRA said.

The SEC said that the timeliness of disclosures is a “major challenge” in the secondary market for municipal securities.

The submission calculator received criticism from issuers and analysts with some saying it isn't ready for "prime time."

Bond Dealers of America sent the SEC a long list of requests to limit municipal advisors' roles in private placements.

The board is considering whether it should allow dealer-affiliated municipal advisors to count towards the MA board seat requirement on a smaller board.

The Municipal Securities Rulemaking Board on Monday detailed plans to reduce its board size and alter its composition.

The Municipal Securities Rulemaking Board has received criticism for the large size of its board and its selection of public board members.

The board will, among other things, review comments on a proposed order that would allow municipal advisors to participate in some private placement activities.

The median time it takes for municipal bond borrowers to complete their annual audits was 156 days for fiscal 2018: equal to the slowest time in the past 11 years.