MSRB

News & Analysis as of

Municipal Securities Rulemaking Board Issues Draft Rule To Regulate Duties And Responsibilities Of Municipal Advisors

In a previous e-alert, dated February 5, 2014, we informed our clients that a range of municipal financial advisors, including banks, are now required to register with the Securities and Exchange Commission (the "Commission")...more

MSRB Reworks Fair-Dealing Rules For Municipal Securities Dealers

Effective July 5, 2014, the Municipal Securities Rulemaking Board (“MSRB”) implements a consolidation and re-write of its prior fail-dealing Rules and Guidance for municipal securities dealers. On March 7, the SEC...more

"MSRB Proposes Professional Qualification Requirements for Municipal Advisors; Approves New Consolidated Registration Form"

Proposed Professional Qualification Requirements for Municipal Advisors - On March 17, 2014, the MSRB proposed draft amendments to Rules G-2 and G-3 which would, among other things, establish professional qualification...more

MSRB Consolidates Registration Forms

The Securities and Exchange Commission last Thursday, February 27, approved a new consolidated set of registration forms and requirements for municipal market participants, MSRB Rule A-12. SEC Rel. 34-71616; MSRB Reg. Notice...more

MSRB Proposes Municipal Advisor Supervisory Rule

On February 25, the Municipal Securities Rulemaking Board (“MSRB”) proposed new Rule G-44 imposing a supervision and compliance requirements for Municipal Advisors (“MA’s”). The Dodd-Frank Act imposed a new regulatory regime...more

MSRB Proposes New Conduct Rule for Non-Solicitor Municipal Advisors and Amendments to Books and Records Rules for Municipal...

On January 9, 2014, the Municipal Securities Rulemaking Board (“MSRB”) published a request for comments on a proposed new conduct rule for non-solicitor municipal advisors and amendments to existing books and records rules to...more

Proposed New MSRB Rule on Standards of Conduct for Municipal Advisors

On January 9, 2014 the Municipal Securities Rulemaking Board (MSRB) issued proposed Rule G-42 on the standards of conduct and duties of municipal advisors when engaging in municipal advisory activities other than making...more

SEC Approves Revised Semi-Annual Data Reporting Requirements for Section 529 Plan Underwriters

After initially putting the brakes on the MSRB’s attempt to use underwriters of Section 529 college savings plans as its data-gathering team, the SEC has pressed the accelerator and approved an amended MSRB Rule G-45 ...more

MSRB Proposes Municipal Advisor Supervision Rule

Yesterday, the Municipal Securities Rulemaking Board (MSRB) issued a request for comment on a supervision rule for municipal advisors, draft Rule G-44. The proposed rule contains similar concepts to Rule G-27, the MSRB’s...more

The Municipal Securities Rulemaking Board And Rule G-42

The Municipal Securities Rulemaking Board (“MSRB”) held a webinar Feb. 6, 2014 discussing its proposed Rule G-42 to impose a broad range of duties, proscriptions and documentation requirements upon non-solicitor Municipal...more

The SEC’s Municipal Advisor Rule Will Prompt New Practices for Market Participants

A new rule will take effect on July 1, 2014 that regulates persons and firms that provide advice to municipal issuers and obligated parties regarding municipal financial products or the issuance of municipal securities....more

New SEC Municipal Advisor Registration Rules

SEC delays implementation of certain new Municipal Advisor Rules until July 1, 2014 - Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) amended Section 15B of the...more

2013 Review: SEC Municipal Market Enforcement Actions

In 2013, the Securities and Exchange Commission sought to demonstrate its resolve in enforcement by bringing more selective cases with a greater yield in financial penalties. Indeed, the SEC recently announced that its 2013...more

MSRB Proposes Conduct Rules For Municipal Advisors

On Thursday, January 9, the MSRB re-proposed new Rule G-42 promulgating standards of conduct for Municipal Advisors (“MA’s”) subject to the almost-newly-effective SEC MA Rule, 17 CFR § §240.15Ba1-1 to 15Ba1-8 (now delayed...more

SEC Municipal-Advisor Rules Effective July 1

The SEC’s new Municipal-Advisor Rules, 17 CFR § § 240.15Ba1-1 to 15Ba1-8 were to become effective Monday, January 13, 2014 but that morning were delayed until July 1. SEC Rel. 34-71288. Adopted last September, SEC Rel....more

Post-Issuance Tax Compliance and Continuing Disclosure Responsibilities for Issuers and Borrowers of Tax-Exempt Bonds

Chapter One: Introduction: Why Post-Issuance Compliance? Over the past few years, the tax-exempt bond market has been under heightened scrutiny by various regulators, including the Internal Revenue Service...more

MSRB Requests Comment On Consolidated Registration Rule

The Municipal Securities Rulemaking Board, or MSRB, is seeking comment on proposed rule changes that would set forth in a single rule the requirements to and process by which brokers, dealers and municipal securities dealers...more

New Help Remembering Your Continuing Disclosure Obligations

The life of a tax-exempt bond issuer is not always sunshine and discounted money. Your bondholders look to you not only for notifications of material events, but also for routine continuing disclosures of financial and...more

Additional Pay-to-Play Disclosure Required of Municipal Securities Dealers

Brokers, dealers, and municipal securities dealers are now required to disclose additional information about their bond ballot contributions under amendments to the Municipal Securities Rulemaking Board’s (MSRB) “pay-to-play”...more

Rule G-17 One Year Later – Understanding the Relationship between Governmental Issuers and the Underwriter

In the spring of 2012, the Securities and Exchange Commission approved the release of MSRB Notice 2012-25, which provided interpretive guidance on how SEC Rule G-17 applied to underwriters of municipal securities...more

Voluntary Secondary Market Disclosure About Bank Loans

Recently, a Task Force made up of representatives of the American Bankers Association, the Bond Dealers of America, GFOA, the Investment Company Institute, the National Association of Bond Lawyers, the National Federation of...more

MSRB Provides Additional Guidance on the Disclosure Duties of Underwriters to Government Issuers under Rule G-17

In 2012, the Municipal Securities Rulemaking Board ("MSRB") expanded the disclosure obligations of underwriters to government issuers under Rule G-17. The MSRB recently published answers to frequently asked questions about...more

Securities Regulators Provide Good News, Not-so-Good News for Section 529 Programs

Municipal securities regulators this week provided previews of upcoming regulatory action that suggest that one issue of concern to Section 529 college savings programs will fade away while another one may appear on the...more

MSRB Proposes Rule G-47 on Time of Trade Disclosure Obligations

MSRB Rule G-17 has been interpreted by the MSRB as requiring a broker or dealer (“broker”) to disclose to its customer, at or prior to the time of trade of a municipal security, all material information about the transaction...more

Goldman Sachs Pays First-Of-Its-Kind Settlement to Close Pay to Play Action with the SEC by Grant Nichols

On September 27, 2012, Goldman Sachs agreed to pay $12 million to settle claims with the Securities and Exchange Commission (“SEC”) alleging that one of its employees engaged in a pay-to-play scheme. The scheme, as described...more

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