MSRB rules

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.

The Municipal Securities Rulemaking Board's assets dropped by $8.5 million.

Dealer groups want the SEC to examine broker-dealers and municipal advisors equally.

Some smaller firms are deciding to qualify more than half of their municipal advisor principals as a sort of backup plan.

Gary Hall of Siebert Williams Shank talks with Chip Barnett about the recent merger which created the largest minority- and women-owned investment bank in the U.S. He looks back at his time at the MSRB and looks ahead to what the market may see in 2020.

Events at the SEC are likely to create a number of important MSRB rule changes in the coming year.

The Municipal Securities Rulemaking Board will require more data starting Nov. 30, 2020.

Executive search firm Spencer Stuart has been calling industry leaders asking for feedback on the organization.

Issuers, bond lawyers, and analysts have all raised complaints about the proposed addition to EMMA.

The National Federation of Municipal Analysts has consistently called for steps to reduce investors' reliance on stale financial information.

The SEC chairman’s comments are consistent with his record, which has included repeated calls for the MSRB to take steps to be sure investors are aware that issuer financials filed to EMMA can often be many months old.