According to today’s Bond Buyer article, Larry Kidwell, president of Brentwood, Tenn.-based MA firm Kidwell & Co., and a board member of the National Association of Independent Public Finance Advisors, said, “We continue to see instances where banks and broker dealers seem to disregard G-23 and G-17 [on fair dealing] by seeking to serve in multiple transaction capacities by engaging in actions Dodd-Frank specifically intended to eliminate.”
But Michael Nicholas, chief executive officer of Bond Dealers of America, said if any firm is violating G-23, it is an isolated incident and stressed that the Securities and Exchange Commission needs to finalize its definition of an municipal advisor, so it is clear when firms are MAs.
For the full Bond Buyer article, click [here.]
For additional information on BDA’s involvement in the Muni Financial Advisor issue:
BDA Defends Muni Advisor Legislation [here.]
BDA Advocates Uniform Regulation for All Muni Advisors [here.]
BDA Representing Middle Market and Regional Dealers at House Financial Services Subcommittee Hearing [here.]