Bond Dealers of America – Page 39 – Bond Market Association

Legislative Update: PCAOB Audit Exemption Bill to be Introduced in the Senate

As a result of advocacy efforts led by the BDA and the small firm committee, Senators Tom Cotton (R-AR) and Doug Jones (D-AL) will introduce bipartisan legislation (The Small Business Audit Correction Act) that would exempt privately-held, non-custodial broker-dealer firms from the requirement to use a Public Company Accounting Oversight Board (PCAOB) registered audit firm…

BDA Submits Written Comments in Support of Reinstating Municipal Advance Refundings and Expanding PABs

On May 7, 2018, the BDA submitted written comments to the Senate Finance Committee in support of fully reinstating tax-exempt advance refundings, including qualified 501c (3) bonds and expanding the use of private activity bonds (PABs). The comments can be viewed here. The comments were submitted in response to a hearing titled, “Early Impressions of the New Tax…

SEC Approves Delay of Rule 4210

On May 7, 2018, official notice was sent stating that the SEC approved FINRA’s request to extend the effective date of implementation of Rule 4210 until March 25th, 2019. As a result of exhaustive advocacy efforts from BDA membership with the SEC, FINRA and Capitol Hill, the delay was granted, in large part, to further study of…

Update: BDA Sends Joint Letter with NAMA and SIFMA to SEC on MSRB’s Proposed Advertising Rule Change

On May 4, 2018, the BDA, along with the National Association of Municipal Advisors and the Securities Industry and Financial Markets Association, sent a letter to the SEC requesting that they disapprove proceedings with respect to the MSRB’s proposed amendments to Rule G-21 and new Rule G-40 until the MSRB further clarifies and addresses key issues…

LPL Financial Joins The Bond Dealers of America

We are very pleased to announce that LPL Financial is the newest member of the Bond Dealers of America. The BDA now represents over 70 firms headquartered nationwide and continues to be the strong, aggressive advocate in Washington, DC when representing the interests of fixed income dealers whose primary focus is the US capital markets. The addition…

BDA Submits Comment Letter: MSRB Seeks Input on a Compliance Resource to Help Distinguish Advice and Recommendations (Rule G-42)

The BDA has submitted a comment letter to the MSRB concerning municipal market participants and the public on a draft compliance resource about core requirements for municipal advisors related to providing advice on, and making recommendations of, municipal securities transactions or municipal financial products. The final comment letter can be viewed here. The letter states that…

Update on Possible Legislative Alternatives to Repeal of Advance Refundings

The BDA is closely monitoring proposed tax policy initiatives to identify useful arguments that may be marshaled on behalf of alternatives to the repeal of advance refundings. Currently, there are 3 potential policy alternatives that BDA has been proactively assessing including: Implementation of Revenue Ruling 2018-26 for advance refundings Revision of the current 90-day limitation…

BDA Announcing New Member: Sandler O’Neill + Partners, L.P.

The BDA very pleased to announce that Sandler O’Neill + Partners, L.P. is the newest member of the Bond Dealers of America. The BDA represents securities dealers headquartered nationwide and continues to be the strong, aggressive advocate in Washington, DC when representing the interests of fixed income firms whose primary focus is the US capital markets. The…

BDA Submits Written Comments in Support of Reinstating Municipal Advance Refundings

On March 28, 2018, the BDA submitted written comments to the House Ways and Means Committee in support of H.R. 5003, that would fully reinstate tax-exempt advance refundings, including qualified 501c (3) bonds. A copy of the comments can be viewed here. The comments were submitted in response to a hearing titled,“Post Tax Reform Evaluation of Recently Expired Tax…