Securities law

Vendors, dealers, and regulators say that the integration of sometimes subjective markup disclosure rule requirements into existing broker-dealer systems is proving to be a heavy lift for the industry.

A newly-published MSRB document is aimed at helping to reign in what the SEC has described as fairly widespread violations occurring at smaller municipal advisory firms.

Some worry that MSRB's late release of an updated set of FAQs on markup disclosure requirements will hinder their meeting the May 14 effective date.

Analysts have noticed a definite hesitance of issuers to talk to them one-on-one and blame the MSRB's market advisory warning issuers against revealing material information to select investors.

The Securities Exchange Commission and the former town attorney for Oyster Bay, N.Y. have agreed to a proposed settlement of SEC charges.

Groups representing both dealer and non-dealer muni advisors are opposed to the MSRB's new rule and rule changes on advertising because they are too dissimilar from FINRA's rules and could be confusing.

The SEC told a federal court that it will not pursue a judgment against the muni advisor firm or its principal unless it appears that the settlement process has stalled.

As bond lawyers meeting in Phoenix discussed current topics in securities law and enforcement on Thursday, one theme that emerged was the importance of a smart response to SEC inquiries.

Market participants want the Municipal Securities Rulemaking Board's compliance guidance to be clear and within the scope of its authority.

Third-party vendors are confident their products will help dealers comply with new markup disclosure rules, but need to integrate them to dealers' systems.

The MSRB has taken the relatively rare step of asking for public comments on a draft set of frequently asked questions related to the board's primary muni advisor rule.

The Municipal Securities Rulemaking Board wants to prepare broker-dealers for a forthcoming seismic regulatory change.

The Securities and Exchange Commission's spending would be beefed up and its focus on retail investors and self-regulators in the municipal market would be increased under the fiscal 2019 budget request made public Monday.

The Bond Dealers of America is proposing a multi-faceted "business plan" that would give dealers more time to comply with a rule requiring them to disclose their markups and markdowns to retail customers.

MA and broker-dealer compliance with relatively new rules, as well as the MSRB and FINRA, will be in the spotlight.

Orrick Herrington & Sutcliffe will establish its second-largest public finance team in Houston with more than two dozen hires from Andrews Kurth Kenyon.

All but one of the remaining defendants in the Securities and Exchange Commission's case against Ramapo, N.Y., have agreed to settlement terms, according to court documents.

The sanctions involved eight transactions of Alaska bonds issued in 2015 and FINRA found the firm had inadequate supervisory procedures.

The Municipal Securities Rulemaking Board's decisions at last week's board meeting reveal that it feels a sense of urgency as the clock ticks down toward the effective date of its landmark markup disclosure rule.

SIFMA is urging the MSRB to be more forthcoming in providing interpretive guidance to dealers and other regulated entities.