MSRB rules

FINRA found, and the SEC upheld, muni and other rule that violations Thaddeus North failed to prevent as chief compliance officer.

The first meeting for several new board members included discussions with other regulators and groups, the MSRB said Monday.

The number of MSRB-registered dealers has fallen by almost one-third since 2009 and FINRA and the MSRB have some concerns about it.

The municipal securities market is slowly looking more like the stock market.

The MSRB needs to better explain the mock advertisements in its compliance resource, a pair of industry groups told the board this week.

The MSRB, SEC, and FINRA will host an outreach event early next year as muni advisors prepare for a new principal exam among other requirements.

The Bond Dealers of America has formed a Fixed Income Market Structure Working Group to advise regulators, lawmakers and market participants on structural changes in the fixed income industry and marketplace.

Gary Hall, who became the new MSRB chair on Monday, says he has a "reverence" for the muni market.

SEC and MSRB officials responded to the concerns and frustrations of bond lawyers who were meeting in Chicago.

SIFMA is publishing a new model document that it says should help underwriters avoid regulatory risk.

The MSRB is hoping that new guidelines will encourage more conversation between its staff and the broker-dealers and muni advisors it regulates.

Municipal advisors may be subject simultaneously to conflicts of interest that should be fully disclosed under both federal and state law.

FINRA examiners alleged Mesirow violated disclosure and supervisory rules.

A Carlsbad, Calif.-based San Diego-based firm, Eric Hall & Associates, is accused of being unregistered when it served as municipal advisor to a school district.

A pilot program for the new Series 54 exam should be available early next year, the MSRB announced.

The MSRB's guidance on social media use by muni advisors under its new advertising rule could use some work, market participants said.

Where the SEC's Rick Fleming sees potential benefits, broker-dealers see burdensome, duplicative work.

The Municipal Securities Rulemaking Board on Monday released final and draft guidance on issues related to its G-40 advertising rules for municipal advisors.

Dealer firms are trying to comply with newer rules like markup disclosure, while regulators are finding some problems and working to communicate more clearly.

A total of three advisory groups will be providing input to the board in the new fiscal year.