MSRB rules

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.

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.