MSRB rules

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.

The Financial Industry Regulatory Authority's 2019 Report on Examination Findings, released Wednesday, discussed violations FINRA personnel discovered.

The firm attached a corrective action statement detailing changes to its personnel, compliance department and municipal trading desk.

MSRB Chief Education Officer Ritta McLaughlin will be the fifth senior official to leave the MSRB in the last couple of months.

Though many participants were pleased with changes the Municipal Securities Rulemaking Board has proposed for its fair dealing guidance, some worried about new compliance expectations.

Administrative failures or a lack of understanding of the rule may be to blame.

Municipal advisors can begin taking their principal exams in November.

The Securities and Exchange Commission is seeking comment on exemptive relief for municipal advisors in some activities in private placement deals, eliciting fierce resistance from broker-dealer groups.