Today, BDA submitted a comment letter to the SEC on FINRA’s rule proposal to require a new reporting and dissemination regime for CMOs. BDA’s letter expresses appreciation for the amendments that FINRA has proposed to its February 2015 request for comment. However, BDA argues that FINRA’s proposed $1 million threshold for real-time dissemination will create a bifurcated…
Author: Bond Dealers of America
BDA Submits Letter to House Leadership in Defense of Muni Bond Tax Exemption
The BDA recently submitted a letter to House Speaker Paul Ryan (R-WI) and Rep. Kevin Brady (R-TX), Chairman of the House Ways & Means Committee, in response to the federal tax reform plan known in Washington as the “Blueprint”. This letter focuses on maintaining the current law status for tax exempt municipal bonds. You can…
BDA Testifies at the IRS Public Hearing on the Proposed ‘Political Subdivision’ Amendments
On June 6, 2016, John Vahey of the BDA testified at the IRS public hearing on the proposed rule to re-define ‘political subdivision’. The BDA’s testimony is here and the hearing agenda can be viewed here. The testimony focuses on the policy points and recommendations that BDA raised in its May 2016 comment letter. The IRS…
BDA Attends MSRB Roundtable
On Friday, June 3, 2016, the MSRB held its second industry roundtable for 2016 in their Washington, DC offices. BDA was represented by staff, as well as Joey Frebes, Senior Vice President, Director Municipal Securities Compliance, KeyBanc Capital Markets Inc. and Linda Matkowski, Executive Vice President, Fixed Income, City Securities Corporation and BDA Board member.…
BDA Submits Comment Letter to MSRB on Bank Loan Disclosure Concept Proposal
BDA Submits Comment Letter to MSRB on Bank Loan Disclosure Concept Proposal The BDA submitted a comment letter to the MSRB that responds to the MSRB’s request for comment on a concept proposal to require the municipal advisor (MA) involved in a direct purchase or placement of a bank loan to disclose that direct purchase or bank loan…
BDA Adds Five New Members This Spring
This spring, the Bond Dealers of America add five new members to its roster. See the links below to learn new information on these members: Roosevelt & Cross Inc. New York, NY –BDA welcome letter U.S Bank Minneapolis, MN – BDA welcome letter The Karn Group Chicago, IL – BDA welcome letter Advisors Asset Management Boca Raton,…
BDA Submits Comment Letter to MSRB on Proposed Amendments to Rule G-15(f) on Minimum Denominations
On May 25, 2016, BDA submitted a comment letter to the MSRB on proposed amendments to Rule G-15(f) on minimum denominations. You can view a copy of the letter here. The MSRB’s proposed rule amends MSRB Rule G-15(f) to provide exceptions related to prohibitions which restrict municipal securities dealers from effecting transactions with customers below…
BDA Submits Comment Letter to the SEC: FINRA Rule 4210 "TBA" Margin Amendments
On May 2nd, BDA submitted a comment letter to the SEC in response to FINRA’s filing of Amendment #2 on its Rule 4210 “TBA” margin amendments. The SEC solicited public comment on Amendment #2 and designated a longer period for Commission action for assessing the proposed rule. The Commission has until June 16, 2016, the maximum allowable timeframe for the…
Guidance on Best Execution Obligations in Equity, Options and Fixed Income Markets
*As written from the FINRA website Executive Summary In light of the increasingly automated market for equity securities and standardized options, and recent advances in trading technology and communications in the fixed income markets, FINRA is issuing this Notice to reiterate the best execution obligations that apply when firms receive, handle, route or execute customer…