Municipal advisors

The Securities and Exchange Commission plans to focus on protecting Main Street investors in municipal bonds.

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

The proposal would impact the private placement business and may require amendments of MSRB rules.

Kenneth E. Bentsen Jr., the securities industry trade group's CEO, warned against a proposal to exempt some muni advisors from registering as broker-dealers.

Securities and Exchange Commission Chair Jay Clayton seemed noncommittal on a proposed exemptive order for municipal advisors.

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

The changes will slim down underwriters' disclosures to issuers, which many believed had become too lengthy and wordy to be useful.

The Berkeley County School District and its former financial advisors and bond counsel said settlement talks were unsuccessful.

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.

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.