MSRB rules

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.

The Financial Industry Regulatory Authority found D.A. Davidson & Co. provided inaccurate pricing in issue price certificates.

The Municipal Securities Rulemaking Board assigned muni market veterans to give input on rules and transparency related to municipal fund securities.

Matt Posner started his new role as director of market structure-transparency on Monday.

Though enforcement cases slightly decreased this past year, lawyers say the Securities and Exchange Commission is just as aggressive as ever.

“The channel doesn’t matter in terms of responsibility for the information,” said SEC Chairman Jay Clayton.

If the proposal is approved, the timing of issuers' annual financial disclosures would be prominently displayed as soon as the beginning of 2020.

The Financial Industry Regulatory announced the action Wednesday, saying it stemmed from the firms' supervisory failures.

Dealer groups believe that some sections of the proposed amended guidance such as complex financing and disclosure standards would add complexity to the rule.

The Municipal Securities Rulemaking Board plans a review after pressure from Sens. John Kennedy and Elizabeth Warren to change the makeup of its membership.

After getting national attention for allegedly swindling millions from a disabled billionaire client, brokers Ami Forte and Charles Lawrence have been barred from the industry.