MSRB

News & Analysis as of

"SEC Extends Comment Period on Proposed Rule G-42, MSRB Files Partial Amendment"

On August 6, 2015, the Securities and Exchange Commission (“SEC”) filed an Order instituting proceedings intended to determine whether to approve or disapprove Proposed Municipal Securities Rulemaking Board (“MSRB”) Rule G-42...more

FINRA Fines UBS for Muni-Interest Reporting Errors

The Financial Institutions Regulatory Authority fined a UBS unit $750,000 for mistakenly reporting customers’ municipal-bond-account interest was tax-exempt, when the firm’s handling of the trades made it taxable instead....more

MSRB Proposes Further Changes to Municipal Advisor Conduct Rule

The MSRB responded August 12 to the SEC’s initiation of proceedings on proposed conduct standards for Municipal Advisors, filing some amendments to the proposed Rule. The MSRB’s Amendment No. 1: MSRB declined to make a number...more

SEC Takes More Time to Consider Municipal Advisor Conduct Rule

The SEC instituted proceedings August 6 to allow additional time – and analysis – of the MSRB’s proposed Rule G-42 establishing broad conduct standards for municipal advisors. The Order essentially buys more time for the SEC...more

FINRA Proposes New TRACE Data Set

The Financial Industry Regulatory Authority (FINRA) announced last week that it is seeking comment on a proposal to create a new academic Trade Reporting and Compliance Engine (TRACE) data set. While academic researchers...more

SEC Sets Compliance Date for Pay-to-Play Rule's Ban on Third-Party Solicitation of Government Entities

On June 25, 2015, the Securities and Exchange Commission (SEC) set a compliance date of July 31, 2015 for the ban on payments to third parties for the solicitation of advisory business from any government entity under Rule...more

Effective Date of Investment Adviser Pay-to-Play Rule Ban on Third-Party Solicitation

The Securities and Exchange Commission’s Rule 206(4)-5 (Pay-to-Play Rule) under the Investment Advisers Act of 1940, as amended, prohibits, among other restrictions, an investment adviser subject to the rule, and its covered...more

SEC Announces Compliance Date for Pay-to-Play Rule

Despite the July 31, 2015 compliance date, the SEC will not enforce the third-party solicitation ban until corresponding FINRA/MSRB Rules take effect. On June 25, 2015, the Securities and Exchange Commission (SEC)...more

New MSRB Rule Will Increase Available Information Regarding Trades of Municipal Securities

Last month, the Securities and Exchange Commission (the “SEC”) approved amendments by the Municipal Securities Rulemaking Board (the “MSRB”) to MSRB Rule G-14 regarding the reporting of trades of municipal securities. These...more

Pay-to-Play Implications of Governor Chris Christie’s Presidential Run

After today’s announcement, New Jersey Governor Chris Christie joins a long list of 2016 presidential candidates, from both parties. But Christie’s position as a sitting governor means that he is subject to different...more

"Update on Compliance Date of SEC Rule 206(4)-5's Placement Agent Provision"

On June 25, 2015, the Securities and Exchange Commission (SEC) issued Release No. IA-4129 setting July 31, 2015, as the compliance date for SEC Rule 206(4)-5's placement agent restrictions on using third-party and affiliated...more

MSRB Provides Guidance on Developing Supervision and Compliance Programs for Municipal Advisors

Rule G-44 of the Municipal Securities Rulemaking Board, or MSRB, became effective on April 23, 2015. That Rule establishes the supervisory and compliance obligations of municipal advisors. The MSRB has provided an...more

Voluntary Reporting of Bank Loans – Best Practice or Sword of Damocles?

One of the hottest current topics in the world of municipal finance is the issue of the “voluntary” reporting on the Municipal Securities Rulemaking Board’s (“MSRB”) Electronic Municipal Marketplace Access system (“EMMA”) of...more

The Financial Report - Volume 4, No. 9 • May 2015 (Global)

Discussion and Analysis - Securities and investment advisory services offered through . . . That phrase is ubiquitous among small and “independent” financial services firms, regularly appearing in 6-point or...more

"MSRB Announces Publication of Proposed Rule G-42 in Federal Register"

On May 11, 2015, the Municipal Securities Rulemaking Board (MSRB) announced that Proposed Rule G-42 (standards of conduct for nonsolicitor municipal advisors), with conforming changes to Rule G-8 (books and records), was...more

"MSRB Submits Content Outline for Municipal Advisor Representative Qualification Examination to SEC; Pilot Exam to Be Held in Fall...

The Municipal Securities Rulemaking Board (MSRB) recently filed the content outline for the Municipal Advisor Representative Qualification Examination (Series 50) with the Securities and Exchange Commission (SEC). Our March...more

MSRB Releases Content Outline for Municipal Advisor Exam

The MSRB recently released a content outline for the new Series 50 Municipal Advisor Representative examination, which the SEC approved in principle earlier this year. See MSRB Reg. Notice 2015-06. The MSRB filed the Rule...more

"MSRB’s Rule G-42 Submitted to SEC for Approval; Rule G-44 Now in Effect"

This alert is to inform you that the Municipal Securities Rulemaking Board (MSRB) recently submitted Proposed Rule G-42 (standards of conduct for nonsolicitor municipal advisors) to the Securities and Exchange Commission...more

Financial Services Weekly News Roundup - April 2015 #4

FINRA’s Retrospective Rule Review Process Continues. On April 16, FINRA announced that the FINRA Board of Governors had authorized FINRA to publish a regulatory notice requesting comment on proposed amendments to Rules 2210...more

MSRB Files Proposed Municipal-Advisor Conduct Rule with SEC

The MSRB filed its Municipal-Advisor conduct rule proposal with the SEC on April 15. The Rule G-42 proposal has been around the block twice, since the Board first floated it in January last year (Reg. Notice 2014-01). The...more

"SEC Approves MSRB’s Professional Qualification Requirements for Municipal Advisors; Status Update of Other Municipal Advisor...

Municipal Advisor Professional Qualification Requirements and Exam - On March 2, 2015, the Municipal Securities Rulemaking Board (MSRB) announced that the Securities and Exchange Commission (SEC) approved the MSRB’s...more

MSRB Moves Foward Professional Qualification Standards For Municipal Advisors

The Municipal Securities Rulemaking Board, or MSRB, has received approval from the SEC to create baseline standards of professional qualification for municipal advisors. The new standards will be incorporated through...more

"MSRB Issues Status Update on Draft Rule G-42"

Earlier this week, the Municipal Securities Rulemaking Board (MSRB) released an update on the status of Draft Rule G-42, which outlines the duties of non-solicitor municipal advisors. The MSRB indicated that it has further...more

New Best Execution Requirement for Municipal Securities Transactions

Although the MSRB’s new best execution rule is generally consistent with FINRA’s, differences exist and questions remain regarding FINRA’s examination and enforcement of the requirements....more

Investment Management Update

In This Issue: - SEC Announces First-of-Its-Kind Whistleblower Award To an Audit and Compliance Professional - SEC Issues No-Action Letter To Allow for Amendment of a Sub-Advisory Agreement without Shareholder...more

81 Results
|
View per page
Page: of 4

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×