Municipal advisors

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.

At the SEC's invitation, Bond Dealers of America submitted a proposed framework for an exemptive order aimed at muni advisors on private placement deals.

The 28 members of The Bond Buyer's 2019 Rising Stars class are taking on the evolving challenges of the muni market with technology and entrepreneurial zeal.

Managing Director, Miller Buckfire & Co.

The Municipal Securities Rulemaking Board doubled professional fees for municipal advisors last week.

“The City of Harvey, through no fault of Comer’s and unrelated to Comer’s fiduciary obligations, tainted the district’s offering,” according to the defense.

This is the second letter BDA has sent to the SEC in the last couple of months opposing any kind of relief for muni advisors involved in private placements.

Late last week FINRA sent out a notice reminding its members to register as MAs if they engage in investment-related activity with their clients.

Issuers and non-dealer muni advisors support the existing prohibition, while dealers asked the MSRB to provide some flexibility.

The National Association of Municipal Advisors wants SEC staff action to protect MAs and possible eventual rulemaking to create "regulatory parity" between MAs and broker-dealers.

At its quarterly board meeting last week, the MSRB decided to do away with Rule G-34’s provision that all municipal advisors, whether dealer or non-dealer, have to apply for a CUSIP number in competitive sales.

Registered advisory firm Dale Scott & Co. will pay $25,000, and one firm and one individual each will pay $10,000 for acting as unregistered solicitors.

Investor confusion about Harvey, Illinois, and a local library district contributed to a municipal advisor and broker-dealer facing Securities and Exchange Commission charges in a bond offering gone wrong.

Some stakeholders say the CUSIP requirement for MAs is needed, while other say it is burdensome.

Owners of two firms will join Hilltop Securites as managing directors, the firm said.

Achenbach, a former Moody’s analyst, opened AGVP Advisory to advocate for clean reliable energy and to do pubic finance consulting.

Issuers are concerned that the Municipal Securities Rulemaking Board reopening discussion of Rule G-23 could bring back "shady" practices.

The Securities and Exchange Commission is on the lookout for municipal advisors skirting the Series 50 Exam.