Mayor Benjamin recently sat down with the Bond Buyer to discuss the importance of advance refundings for municipal bond issuers, his agenda as president of the U.S. Conference of Mayors, and the work of the MBFA coalition. The podcast was released this morning and can be found here. Additionally, Mayor Benjamin introduced a resolution at…
Author: Bond Dealers of America
BDA Sends Letters of Support for PCAOB Audit Exemption Bill Senate Banking Committee to Hold Hearing on the Bill Next Week
June 21, 2018, the BDA sent letters to the Senate Banking and House and Financial Services Committees requesting their support of The Small Business Audit Correction Act. The Senate letter can be viewed here and the House letter can viewed here. S. 3004 & H.R. 6021 would exempt privately held, small non-custodial brokers and dealers in good…
BDA’s 2nd Qtr Advocacy Priorities
B. Riley FBR Joins the Bond Dealers of America
We are pleased to announce that B. Riley FBR is the newest member of the Bond Dealers of America. Founded in 2008 by 14 firms, the BDA now represents over 70 firms and is the only DC based trade association exclusively representing the fixed income interests of middle-market, regional and small securities dealers headquartered nationwide. The…
Rule 4210 Update: BDA Submits Capital Charge Letter to FINRA
On June 7, 2018, the BDA continued leading the advocacy push opposing FINRA Rule 4210 by submitting a letter in support of a “Capital Charge” provision in lieu of the proposed margin requirements. The letter, which comes on the heels of a 9 month delay of implementation of the rule by the SEC last month,…
PCAOB Audit Exemption Bill Introduced in Congress
On June 7, 2018, Senators Tom Cotton (R-AR) and Doug Jones (D-AL) and Representatives French Hill (R-AR) and Vicente Gonzalez (D-TX) formally introduced The Small Business Audit Correction Act. Press release of the bill’s introduction in Congress can be found here. S. 3004 & H.R. 6021 would exempt small, privately-held, non-custodial broker-dealer firms from the requirement to use a…
BDA Submits Comments to the House Ways and Means Tax Policy Subcommittee
The BDA has submitted written comments to the House House Ways and Means Tax Policy Subcommittee in support of fully reinstating tax-exempt advance refundings and expanding the use of private activity bonds (PABs). The comments can be viewed here. The comments were submitted in response to a recent hearing titled, “Tax Reform and Small Businesses: Growing Our Economy…
House Passes Senate-Approved Bank Regulatory Reform Bill – BDA’s Advocacy Efforts Help Classify Muni Bonds as HQLA
On May 22, 2018, the US House of Representatives passed by a vote of 258-159 the Senate’s bank regulatory reform bill, The Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155). With the bill’s passage in both Chambers, the President is expected to sign it into law before the start of the weekend. A legislative…
MBFA Chair Submits Commentary in the Bond Buyer
Why mayors are ‘completely baffled’ by loss of advance refunding The beginning of Infrastructure Week 2018 presents us with the perfect opportunity to highlight a major blow to community control and to local government infrastructure investment: the repeal of advance refunding of municipal bonds in the Tax Cuts and Jobs Act. I deeply appreciate that…
SEC Adopts Amendments to Modify MA Forms
The SEC recently adopted a set of rule amendments removing certain personally identifiable information (PII) from a group of SEC forms, including Forms MA and MA-I (and their variants). Specifically, the amendments eliminate portions of the forms that request filers to provide certain PII, including Social Security numbers, dates of birth, or Foreign ID numbers.…