By Lynn Hume Published August 03 2018, 2∶52pm EDT WASHINGTON – Municipal bond market players in Michigan are at odds over a bill pending in the state Senate would require localities to sell municipal bond issues over $500,000 on a competitive or public basis to the underwriter offering the lowest interest cost. The municipalities also…
Author: Bond Dealers of America
MSRB Requests Comment on Draft FAQs Related to the Use of Social Media under Advertising Rules
The MSRB is seeking public comment on a draft set of frequently asked questions (FAQs) related to the use of social media in advertising by municipal advisors and municipal securities dealers applicable under Rule G-21 and Rule G-40. The draft FAQs can be viewed here. In May, the SEC approved the MSRB’s proposed Rule G-40, on advertising…
BDA Submits Comment Letter on CFTC’s Proposed Amendments to the De Minimis Exception to the Swap Dealer Definition
Today, August 13, 2018, the BDA submitted a comment letter to the Commodities Futures Trading Commission (CFTC) in response to its request for comment on proposed amendments to the de minimis exception within the swap dealer definition. You can review a copy of the BDA’s draft letter here. BDA Comment Letter Summary–Primary Areas of Focus: The aggregate…
BDA 3rd Qtr Advocacy Priorities 2018
BDA Submits Comment Letter on MSRB Retrospective Review of Underwriter Disclosures to Issuers
Today, August 6, 2018, the BDA submitted a comment letter in response to the MSRB’s request for public comment on existing interpretive guidance on the application of MSRB Rule G-17. The letter can be viewed here. The comment letter requests that the 2012 Guidance: Should be modified to allow for the timing of some of the…
BDA Announces a New Member – RBC Wealth Management – U.S.
We are pleased to announce that RBC Wealth Management – U.S. is the newest member of the Bond Dealers of America. Founded in 2008 by 14 firms, the BDA now represents over 75 firms and is the only DC based trade association exclusively representing the fixed income interests of middle-market, regional and small securities dealers…
BDA RECAP: Members Participate in Capitol Hill Fly-in on FINRA Rule 4210 & Host Congressional Fundraiser
On Thursday, July 12, BDA members participated in a Capitol Hill fly-in, and hosted a fundraiser for Representative Bill Huizenga (R-MI), Chairman of the House Financial Services Committee’s Subcommittee on Capital Markets, Securities and Investment. The primary focus of the meetings was amendments to FINRA Rule 4210. BDA members in attendance: Brian Brennan, KeyBanc Capital…
4210 Update: Rep Hultgren Sends Letter to SEC Chair Raising Anti-Competitive and FINRA Statutory Authority Concerns
House Municipal Finance Caucus Chairman Randy Hultgren (R-IL) last week wrote a letter to the SEC and FINRA, in favor of the BDA “Capital Charge” proposal and warns of regulatory overreach by FINRA. The letter highlights the potential effects of implementation of the rule on small and medium sized dealers in Illinois. The Congressman is strongly…
MSRB Requests Comment on Draft FAQs for Rule G-40
The MSRB is seeking comment on a draft set of frequently asked questions (FAQs) related to the application of Rule G-40, on advertising by municipal advisors, to the use of municipal advisory client lists and case studies by municipal advisors. Comments on the draft FAQs are due by July 27, 2018. The draft FAQs can…
Legislative Update: Senate Banking Committee Holds Hearing on PCAOB Audit Exemption Bill
June 26, 2018, the Senate Banking Committee considered The Small Business Audit Correction Act (S. 3004) at their hearing titled, “Legislative Proposals to Increase Access to Capital”. At the hearing, the co-sponsors of S. 3004, Senators Tom Cotton (R-AR) and Doug Jones (D-AL) highlighted that the bill would provide common sense regulatory relief to small businesses…