By Kyle Glazier Published February 08 2018, 2∶34pm EST More in Securities law, BDA, SEC, MSRB, FINRA PHOENIX — Bond Dealers of America is pushing the Securities and Exchange Commission for an extension of several months to comply with new markup disclosure rules, according to a letter the group sent SEC chairman Jay Clayton this…
Author: Bond Dealers of America
BDA Sends Follow-Up Letter to SEC Chairman Clayton Regarding Retail Confirmation Mark-Up Disclosure
On February 7, 2018, BDA sent a follow-up letter to SEC Chairman Clayton (cc’ing his fellow commissioners, SEC divisions, FINRA and the MSRB) regarding our January 17, 2018, SEC fly-in which focused on retail confirmation mark-up disclosures. During our meeting on January 17, Mr. Clayton candidly expressed to us that he feels if a flat…
BDA Update: Retail Confirmation Markup Disclosures
BDA is working swiftly to follow-up with SEC Chairman Clayton and his fellow commissioners regarding our January 17 SEC fly-in which focused on retail confirmation markup disclosures. BDA became aware in late 2017 that the chairman and commissioners were frustrated with industry calls for a flat delay of the rule, and quickly acted to set up BDA…
BDA 2017 Year in Review
Protecting Tax-Exempt Bonds and the Municipal Bonds for America Coalition
In December of 2017, Congress passed the Tax Cuts and Jobs Act and President Trump signed the package into law before the New Year. The sweeping legislation fully overhauled the U.S. tax code, including a reduction in the corporate rate and consolidation of deductions on the individual side. In November, the House set the stage…
SEC Holds First Meeting of its Fixed Income Market Structure Advisory Committee
The Securities and Exchange Commission held its first Fixed Income Market Structure Advisory Committee (FIMSAC) meeting on Thursday, January 11. The meeting was the first official activity for new SEC commissioners Hester Peirce and Robert Jackson, who were sworn in that morning. The 23-member FIMSAC group, which was announced in November, includes several significant players,…
SEC Accelerates Work on a ‘Fiduciary’ Standard
The Securities and Exchange Commission is accelerating work on its own version of the “fiduciary rule,” a regulation issued by the Labor Department that put restraints on brokers handling retirement accounts. The SEC hopes to vote to propose its own rule by the second quarter of 2018. That would be a first step toward creating…
MSRB Seeks Applicants for its Board of Directors
On January 8, 2018, the MSRB announced that it is accepting applications to fill five (5) positions for its Board of Directors for terms beginning October 1, 2018. You can view the MSRB’s press release here. The MSRB Board sets the overall direction for the organization, which includes overseeing MSRB operations, making policy decisions and authorizing…
MSRB Reminds Dealers of Existing Guidance on Filtering of Bids and Offers
On January 3, 2018, the MSRB published a notice on regulatory responsibilities related to filtering. The notice acknowledges the legitimate uses for filtering, but reminds dealers of existing guidance that can assist in assessing policies and procedures that govern when and how to use, review and change filters to ensure compliance with regulatory obligations. The…